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
(Registrants Telephone Number, Including Area Code)
September 30
Date of Fiscal Year End
December 31, 2018
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Municipal Bond Fund
December 31, 2018
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments 166.3%
Security | Principal Amount (000s omitted) |
Value | ||||||
Education 17.8% |
||||||||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47 |
$ | 13,880 | $ | 13,939,545 | ||||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46 |
3,250 | 3,555,467 | ||||||
Houston Higher Education Finance Corp., TX, (St. Johns School), 5.25%, 9/1/33 |
3,985 | 4,368,915 | ||||||
Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42 |
20 | 22,803 | ||||||
Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42(1) |
9,525 | 10,859,833 | ||||||
Massachusetts Development Finance Agency, (Boston University), (LOC: TD Bank, N.A.), 1.60%, 10/1/42(2) |
1,750 | 1,750,000 | ||||||
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/33(1) |
3,000 | 3,536,850 | ||||||
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35 |
750 | 783,293 | ||||||
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46(1) |
2,000 | 2,262,380 | ||||||
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/27 |
5,710 | 7,154,573 | ||||||
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/30 |
8,325 | 10,544,528 | ||||||
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35 |
870 | 906,871 | ||||||
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/47(1) |
10,000 | 10,552,800 | ||||||
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38 |
65 | 76,285 | ||||||
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38(1) |
8,500 | 9,975,685 | ||||||
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40(1) |
15,300 | 15,514,812 | ||||||
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41(1) |
10,000 | 11,232,000 | ||||||
South Carolina Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning, (Furman University), (SPA: Wells Fargo Bank, N.A.), 1.65%, 10/1/39(2) |
12,650 | 12,650,000 | ||||||
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 |
720 | 729,900 | ||||||
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 |
2,460 | 2,493,825 | ||||||
University of Cincinnati, OH, 5.00%, 6/1/45(1) |
6,000 | 6,762,480 | ||||||
University of Massachusetts Building Authority, 5.00%, 11/1/39(1) |
14,175 | 15,433,456 | ||||||
University of Michigan, 5.00%, 4/1/40(1) |
15,000 | 16,939,650 | ||||||
University of Michigan, 5.00%, 4/1/48(1) |
3,500 | 4,033,855 | ||||||
|
|
|||||||
$ | 166,079,806 | |||||||
|
|
|||||||
Electric Utilities 5.4% |
||||||||
Energy Northwest, WA, (Columbia Generating Station), 5.00%, 7/1/40 |
$ | 2,320 | $ | 2,574,504 | ||||
Michigan Public Power Agency, 5.00%, 1/1/43 |
700 | 731,024 | ||||||
Nebraska Public Power District, 5.00%, 1/1/34 |
5,000 | 5,694,350 | ||||||
Omaha Public Power District, NE, 5.00%, 2/1/40 |
225 | 250,394 | ||||||
Omaha Public Power District, NE, 5.00%, 2/1/40(1) |
10,000 | 11,128,600 | ||||||
Omaha Public Power District, NE, 5.00%, 2/1/42(1) |
10,000 | 11,394,000 | ||||||
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40 |
10,000 | 10,446,900 | ||||||
Unified Government of Wyandotte County/Kansas City Board of Public Utilities, KS, 5.00%, 9/1/36 |
3,425 | 3,655,879 | ||||||
Utility Debt Securitization Authority, NY, 5.00%, 12/15/35 |
4,500 | 5,000,760 | ||||||
|
|
|||||||
$ | 50,876,411 | |||||||
|
|
1
Security | Principal Amount (000s omitted) |
Value | ||||||
Escrowed/Prerefunded 19.8% |
||||||||
California Department of Water Resources, Prerefunded to 12/1/20, 5.25%, 12/1/35(1) |
$ | 9,715 | $ | 10,379,700 | ||||
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to 8/15/19, 5.00%, 8/15/39 |
11,570 | 11,813,086 | ||||||
Comstock Park Public Schools, MI, Prerefunded to 5/1/21, 5.25%, 5/1/33 |
60 | 64,554 | ||||||
Connecticut Health and Educational Facilities Authority, (Wesleyan University), Prerefunded to 7/1/20, 5.00%, 7/1/39(1) |
14,700 | 15,395,016 | ||||||
Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/35 |
8,275 | 8,531,525 | ||||||
Honolulu City and County, HI, Wastewater System, Prerefunded to 7/1/21, 5.25%, 7/1/36(1) |
9,750 | 10,564,417 | ||||||
Houston Higher Education Finance Corp., TX, (William Marsh Rice University), Prerefunded to 5/15/20, 5.00%, 5/15/35(1) |
15,000 | 15,640,650 | ||||||
Kalamazoo Hospital Finance Authority, MI, (Bronson Healthcare Group), Prerefunded to 5/15/21, 5.25%, 5/15/33 |
430 | 462,654 | ||||||
King County, WA, Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/34(1) |
4,000 | 4,251,280 | ||||||
King County, WA, Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/34(1) |
6,000 | 6,364,740 | ||||||
Marco Island, FL, Utility System, Prerefunded to 10/1/20, 5.00%, 10/1/34 |
1,445 | 1,524,533 | ||||||
Marco Island, FL, Utility System, Prerefunded to 10/1/20, 5.00%, 10/1/40 |
6,325 | 6,673,128 | ||||||
Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30 |
1,175 | 1,270,986 | ||||||
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/29 |
490 | 495,184 | ||||||
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), Prerefunded to 7/1/19, 5.00%, 7/1/34 |
500 | 508,040 | ||||||
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), Prerefunded to 7/1/19, 5.00%, 7/1/39 |
750 | 762,060 | ||||||
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/20, 5.25%, 11/15/40 |
4,735 | 5,042,444 | ||||||
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.25%, 11/15/38 |
4,640 | 5,094,766 | ||||||
Mississippi, Prerefunded to 10/1/21, 5.00%, 10/1/30(1) |
10,000 | 10,847,300 | ||||||
Mississippi, Prerefunded to 10/1/21, 5.00%, 10/1/36(1) |
12,075 | 13,098,115 | ||||||
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 4/1/19, 5.00%, 10/1/38(1) |
13,500 | 13,610,430 | ||||||
North Carolina, Limited Obligation Bonds, Prerefunded to 5/1/21, 5.00%, 5/1/30(1) |
10,000 | 10,726,100 | ||||||
Oregon, Prerefunded to 8/2/21, 5.00%, 8/1/36 |
1,140 | 1,227,974 | ||||||
Oregon Department of Administrative Services, Lottery Revenue, Prerefunded to 4/1/21, 5.25%, 4/1/30 |
6,425 | 6,904,369 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34 |
720 | 776,124 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34 |
760 | 819,242 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34 |
3,520 | 3,794,384 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40 |
450 | 474,026 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40 |
5,655 | 5,956,920 | ||||||
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 |
1,270 | 1,287,463 | ||||||
University of Colorado, (University Enterprise Revenue), Prerefunded to
6/1/21, |
10,000 | 10,807,800 | ||||||
|
|
|||||||
$ | 185,169,010 | |||||||
|
|
|||||||
General Obligations 23.2% |
||||||||
Boston, MA, 5.00%, 5/1/38(1) |
$ | 2,000 | $ | 2,353,540 | ||||
California, 5.00%, 10/1/33(1) |
18,800 | 21,203,204 | ||||||
California, 5.00%, 8/1/46(1) |
15,000 | 16,911,300 | ||||||
Chicago Park District, IL, (Harbor Facilities), 5.25%, 1/1/37(1) |
8,320 | 8,596,474 |
2
Security | Principal Amount (000s omitted) |
Value | ||||||
Comstock Park Public Schools, MI, 5.125%, 5/1/31 |
$ | 205 | $ | 218,817 | ||||
Comstock Park Public Schools, MI, 5.25%, 5/1/33 |
105 | 112,249 | ||||||
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 |
3,000 | 3,814,050 | ||||||
District of Columbia, 5.00%, 6/1/43(1) |
12,000 | 13,774,560 | ||||||
Humble Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/43(1) |
20,000 | 22,570,000 | ||||||
Jackson Public Schools, MI, 5.00%, 5/1/48(1) |
2,150 | 2,404,667 | ||||||
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36(1) |
2,000 | 2,113,940 | ||||||
Massachusetts, 5.00%, 9/1/38(1) |
10,000 | 11,620,700 | ||||||
Morgan Hill Unified School District, CA, (Election of 2012), 4.00%, 8/1/47(1) |
10,000 | 10,382,600 | ||||||
New York, NY, 5.00%, 10/1/32 |
10,000 | 10,902,900 | ||||||
Ocean City, NJ, 1.00%, 11/15/28 |
2,295 | 1,955,409 | ||||||
Oregon, 5.00%, 8/1/35(1) |
6,750 | 7,233,300 | ||||||
Oregon, 5.00%, 8/1/36 |
860 | 919,116 | ||||||
Plymouth, MA, 5.00%, 5/1/31 |
225 | 239,477 | ||||||
Plymouth, MA, 5.00%, 5/1/32 |
205 | 217,950 | ||||||
Port of Houston Authority of Harris County, TX, 5.00%, 10/1/35 |
7,500 | 7,851,975 | ||||||
Tacoma School District No. 10, WA, 5.00%, 12/1/39(1) |
10,000 | 11,253,000 | ||||||
Trenton Public Schools, MI, 5.00%, 5/1/42(1) |
2,150 | 2,428,403 | ||||||
Walled Lake Consolidated School District, MI, 5.00%, 5/1/34 |
635 | 705,529 | ||||||
Washington, 4.00%, 7/1/28(1) |
10,000 | 10,553,900 | ||||||
Washington, 5.00%, 2/1/35(1) |
18,250 | 20,320,645 | ||||||
Washington, 5.00%, 2/1/38(1) |
10,000 | 11,561,600 | ||||||
Wayland, MA, 5.00%, 2/1/33 |
340 | 360,295 | ||||||
Wayland, MA, 5.00%, 2/1/36 |
510 | 539,692 | ||||||
Will County, IL, 5.00%, 11/15/45(1) |
12,100 | 13,377,639 | ||||||
Winchester, MA, 5.00%, 4/15/36 |
160 | 170,213 | ||||||
|
|
|||||||
$ | 216,667,144 | |||||||
|
|
|||||||
Hospital 10.5% |
||||||||
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27 |
$ | 1,000 | $ | 1,067,940 | ||||
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28 |
1,770 | 1,891,033 | ||||||
Grand Traverse Hospital Finance Authority, MI, (Munson Healthcare Obligated Group), 5.375%, 7/1/35 |
750 | 811,103 | ||||||
Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.50%, 7/1/38 |
2,790 | 3,094,863 | ||||||
Kent Hospital Finance Authority, MI, (Spectrum Health System), 5.00%, 1/15/31 |
750 | 798,555 | ||||||
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/41(1) |
10,000 | 11,064,600 | ||||||
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/47(1) |
2,375 | 2,614,637 | ||||||
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 |
775 | 780,898 | ||||||
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29 |
1,000 | 1,015,480 | ||||||
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32 |
500 | 544,580 | ||||||
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/42(1) |
7,300 | 8,167,386 | ||||||
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.25%, 7/1/35 |
4,385 | 4,867,043 | ||||||
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.00%, 1/1/32 |
10,950 | 11,807,385 | ||||||
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/39 |
1,000 | 1,081,010 | ||||||
Tampa, FL, (BayCare Health System), 5.00%, 11/15/46(1) |
12,000 | 13,282,680 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45(1) |
10,000 | 11,027,700 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 4.00%, 12/1/42 |
2,000 | 2,037,220 |
3
Security | Principal Amount (000s omitted) |
Value | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/33 |
$ | 1,600 | $ | 1,819,152 | ||||
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38 |
7,605 | 8,309,679 | ||||||
Wisconsin Health and Educational Facilities Authority, (Ascension Health Alliance Senior Credit Group), 5.00%, 11/15/41(1) |
11,500 | 12,254,055 | ||||||
|
|
|||||||
$ | 98,336,999 | |||||||
|
|
|||||||
Housing 0.4% |
||||||||
Seattle Housing Authority, WA, 3.50%, 12/1/38 |
$ | 2,245 | $ | 2,175,922 | ||||
Seattle Housing Authority, WA, 3.625%, 12/1/43 |
1,000 | 965,690 | ||||||
Tennessee Housing Development Agency, 3.90%, 7/1/42 |
990 | 992,841 | ||||||
|
|
|||||||
$ | 4,134,453 | |||||||
|
|
|||||||
Industrial Development Revenue 0.5% |
||||||||
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 |
$ | 4,245 | $ | 4,346,286 | ||||
|
|
|||||||
$ | 4,346,286 | |||||||
|
|
|||||||
Insured Bond Bank 0.1% |
||||||||
Puerto Rico Municipal Finance Agency, (AGM), 5.00%, 8/1/27 |
$ | 700 | $ | 721,602 | ||||
|
|
|||||||
$ | 721,602 | |||||||
|
|
|||||||
Insured Education 2.5% |
||||||||
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 |
$ | 700 | $ | 910,000 | ||||
Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59 |
1,105 | 1,362,089 | ||||||
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32 |
15,900 | 20,171,694 | ||||||
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) |
750 | 951,495 | ||||||
|
|
|||||||
$ | 23,395,278 | |||||||
|
|
|||||||
Insured Electric Utilities 0.8% |
||||||||
Louisiana Energy and Power Authority, (AGM), 5.25%, 6/1/38 |
$ | 4,905 | $ | 5,402,416 | ||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23 |
1,095 | 1,142,096 | ||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 |
610 | 639,140 | ||||||
|
|
|||||||
$ | 7,183,652 | |||||||
|
|
|||||||
Insured Escrowed/Prerefunded 5.7% |
||||||||
American Municipal Power-Ohio, Inc., OH, (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39 |
$ | 5,000 | $ | 5,024,000 | ||||
Iowa Finance Authority, Health Facilities, (Iowa Health System), (AGC), Prerefunded to 8/15/19, 5.625%, 8/15/37 |
2,625 | 2,686,582 | ||||||
Kane, Cook and DuPage Counties School District No. 46, IL, (AMBAC), Escrowed to Maturity, 0.00%, 1/1/22 |
13,145 | 12,344,207 | ||||||
Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26 |
1,600 | 1,327,904 | ||||||
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/25 |
220 | 226,061 | ||||||
Michigan Hospital Finance Authority, (St. John Health System), (AMBAC), Escrowed to Maturity, 5.00%, 5/15/28 |
1,135 | 1,213,440 | ||||||
Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/23 |
2,615 | 2,357,292 | ||||||
Paducah Electric Plant Board, KY, (AGC), Prerefunded to 4/1/19, 5.25%, 10/1/35 |
2,735 | 2,758,630 | ||||||
Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/24 |
1,985 | 2,032,898 |
4
Security | Principal Amount (000s omitted) |
Value | ||||||
Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/26 |
$ | 1,575 | $ | 1,613,005 | ||||
Palm Springs Unified School District, CA, (AGC), Prerefunded to 8/1/19, 5.00%, 8/1/32 |
8,955 | 9,134,010 | ||||||
Revere, MA, (AGC), Prerefunded to 4/1/19, 5.00%, 4/1/39 |
1,000 | 1,008,150 | ||||||
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/20 |
5,570 | 5,397,943 | ||||||
Washington Health Care Facilities Authority, (MultiCare Health System), (AGC), Prerefunded to 8/15/19, 6.00%, 8/15/39 |
5,795 | 5,942,367 | ||||||
|
|
|||||||
$ | 53,066,489 | |||||||
|
|
|||||||
Insured General Obligations 6.3% |
||||||||
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38 |
$ | 500 | $ | 553,060 | ||||
Chicago Park District, IL, (Limited Tax Park), (BAM), 5.00%, 1/1/39 |
35 | 37,353 | ||||||
Chicago Park District, IL, (Limited Tax Park), (BAM), 5.00%, 1/1/39(1) |
13,600 | 14,514,464 | ||||||
Cincinnati City School District, OH, (AGM), (FGIC), 5.25%, 12/1/30 |
3,750 | 4,753,425 | ||||||
Clark County, NV, (AMBAC), 2.50%, 11/1/36 |
11,845 | 10,370,061 | ||||||
Frisco Independent School District, TX, (PSF Guaranteed), (AGM), 2.75%, 8/15/39 |
9,530 | 8,294,721 | ||||||
Kane, Cook and DuPage Counties School District No. 46, IL, (AMBAC), 0.00%, 1/1/22 |
16,605 | 15,391,673 | ||||||
Livonia Public Schools, MI, (AGM), 5.00%, 5/1/43 |
750 | 824,490 | ||||||
Massachusetts, (AMBAC), 5.50%, 8/1/30 |
1,900 | 2,425,920 | ||||||
Okemos Public Schools, MI, (NPFG), 0.00%, 5/1/19 |
1,330 | 1,320,903 | ||||||
Westland Tax Increment Finance Authority, MI, (BAM), 5.25%, 4/1/34 |
500 | 546,795 | ||||||
|
|
|||||||
$ | 59,032,865 | |||||||
|
|
|||||||
Insured Hospital 1.4% |
||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 |
$ | 13,115 | $ | 13,348,840 | ||||
|
|
|||||||
$ | 13,348,840 | |||||||
|
|
|||||||
Insured Industrial Development Revenue 1.0% |
||||||||
Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc.), (BHAC), 5.00%, 10/1/39(1) |
$ | 9,000 | $ | 9,188,100 | ||||
|
|
|||||||
$ | 9,188,100 | |||||||
|
|
|||||||
Insured Other Revenue 1.7% |
||||||||
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 |
$ | 16,795 | $ | 8,688,557 | ||||
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 7.00%, 3/1/49 |
6,750 | 6,815,813 | ||||||
|
|
|||||||
$ | 15,504,370 | |||||||
|
|
|||||||
Insured Special Tax Revenue 5.5% |
||||||||
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27 |
$ | 15,975 | $ | 15,785,696 | ||||
Houston, TX, Hotel Occupancy Tax, (AMBAC), 0.00%, 9/1/24 |
18,035 | 15,511,904 | ||||||
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 |
750 | 946,380 | ||||||
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), |
15,000 | 19,349,250 | ||||||
|
|
|||||||
$ | 51,593,230 | |||||||
|
|
|||||||
Insured Student Loan 0.4% |
||||||||
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27 |
$ | 3,270 | $ | 3,313,033 | ||||
|
|
|||||||
$ | 3,313,033 | |||||||
|
|
|||||||
Insured Transportation 8.0% |
||||||||
Chicago, IL, (OHare International Airport), (AGM), 5.00%, 1/1/28 |
$ | 2,500 | $ | 2,744,175 | ||||
Chicago, IL, (OHare International Airport), (AGM), 5.00%, 1/1/29 |
1,000 | 1,094,870 | ||||||
Chicago, IL, (OHare International Airport), (AGM), 5.125%, 1/1/30 |
1,800 | 1,977,120 |
5
Security | Principal Amount (000s omitted) |
Value | ||||||
Chicago, IL, (OHare International Airport), (AGM), 5.125%, 1/1/31 |
$ | 1,570 | $ | 1,721,364 | ||||
Chicago, IL, (OHare International Airport), (AGM), 5.25%, 1/1/32 |
1,015 | 1,113,993 | ||||||
Chicago, IL, (OHare International Airport), (AGM), 5.25%, 1/1/33 |
1,150 | 1,259,883 | ||||||
Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39 |
8,080 | 8,296,059 | ||||||
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/21 |
10,200 | 9,559,950 | ||||||
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 |
25,000 | 9,614,750 | ||||||
Metropolitan Washington Airports Authority, D.C., (BHAC), 5.00%, 10/1/29 |
1,785 | 1,825,519 | ||||||
Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/24 |
1,605 | 1,290,484 | ||||||
Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/25 |
1,950 | 1,498,809 | ||||||
Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/26 |
1,000 | 733,320 | ||||||
San Joaquin Hills Transportation Corridor Agency, CA, (Toll Road Bonds), (NPFG), 0.00%, 1/15/25 |
26,215 | 21,696,845 | ||||||
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/20 |
10,275 | 9,925,855 | ||||||
|
|
|||||||
$ | 74,352,996 | |||||||
|
|
|||||||
Insured Water and Sewer 4.9% |
||||||||
Chicago, IL, Wastewater Transmission Revenue, (NPFG), 0.00%, 1/1/23 |
$ | 13,670 | $ | 12,189,676 | ||||
DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32(1) |
10,000 | 11,878,500 | ||||||
Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/32 |
5,540 | 7,114,911 | ||||||
Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/38 |
1,070 | 1,392,766 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/31 |
1,500 | 1,662,945 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32 |
2,615 | 2,892,059 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33 |
2,240 | 2,471,347 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35 |
2,730 | 3,010,507 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37 |
2,240 | 2,461,805 | ||||||
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 |
355 | 365,657 | ||||||
|
|
|||||||
$ | 45,440,173 | |||||||
|
|
|||||||
Lease Revenue/Certificates of Participation 2.5% |
||||||||
Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47 |
$ | 755 | $ | 809,466 | ||||
Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47 |
1,225 | 1,326,626 | ||||||
Michigan State Building Authority, 5.00%, 10/15/51(1) |
2,200 | 2,423,036 | ||||||
North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26 |
10 | 11,454 | ||||||
North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26(1) |
16,000 | 18,326,880 | ||||||
|
|
|||||||
$ | 22,897,462 | |||||||
|
|
|||||||
Other Revenue 1.6% |
||||||||
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/36(1) |
$ | 10,750 | $ | 11,451,975 | ||||
Oregon Department of Administrative Services, Lottery Revenue, 5.25%, 4/1/30 |
1,275 | 1,364,008 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30 |
1,700 | 1,835,609 | ||||||
|
|
|||||||
$ | 14,651,592 | |||||||
|
|
|||||||
Senior Living/Life Care 0.1% |
||||||||
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48 |
$ | 1,250 | $ | 1,348,912 | ||||
|
|
|||||||
$ | 1,348,912 | |||||||
|
|
6
Security | Principal Amount (000s omitted) |
Value | ||||||
Special Tax Revenue 19.6% |
||||||||
Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, Green Bonds, 5.00%, 11/1/30(1) |
$ | 12,575 | $ | 14,528,023 | ||||
Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, Green Bonds, 5.00%, 11/1/41(1) |
10,000 | 11,326,000 | ||||||
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/31(1) |
20,000 | 21,534,200 | ||||||
Denver City and County, CO, Dedicated Tax Revenue, 5.00%, 8/1/41(1) |
10,000 | 11,259,800 | ||||||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, 5.00%, 8/15/37(1) |
20,200 | 22,736,716 | ||||||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, 5.00%, 11/15/46(1) |
1,500 | 1,693,080 | ||||||
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/47(1) |
2,000 | 2,262,000 | ||||||
Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, Green Bonds, 5.00%, 11/15/47 |
5,450 | 6,188,421 | ||||||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/37(1) |
10,000 | 10,445,200 | ||||||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/42 |
2,725 | 2,801,900 | ||||||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/37(1) |
20,000 | 21,441,200 | ||||||
New York Convention Center Development Corp., Hotel Occupancy Tax, 5.00%, 11/15/45(1) |
13,000 | 14,457,170 | ||||||
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31 |
10,000 | 11,013,800 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/46(1) |
14,000 | 14,353,920 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34 |
3,285 | 3,618,657 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/35 |
12,040 | 13,232,562 | ||||||
|
|
|||||||
$ | 182,892,649 | |||||||
|
|
|||||||
Transportation 14.4% |
||||||||
Chicago, IL, (OHare International Airport), 5.00%, 1/1/36 |
$ | 6,000 | $ | 6,648,240 | ||||
Chicago, IL, (OHare International Airport), 5.00%, 1/1/38 |
2,105 | 2,318,594 | ||||||
Chicago, IL, (OHare International Airport), 5.00%, 1/1/38 |
1,500 | 1,701,915 | ||||||
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30 |
3,205 | 3,583,254 | ||||||
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31 |
4,950 | 5,517,567 | ||||||
Illinois Toll Highway Authority, 5.00%, 1/1/37(1) |
10,000 | 11,113,400 | ||||||
Illinois Toll Highway Authority, 5.00%, 1/1/41(1) |
10,425 | 11,534,845 | ||||||
Kansas Department of Transportation, 5.00%, 9/1/35(1) |
10,000 | 11,406,300 | ||||||
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.25%, 5/15/28 |
3,285 | 3,441,366 | ||||||
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/32 |
1,000 | 1,028,190 | ||||||
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37 |
500 | 513,795 | ||||||
Massachusetts Port Authority, 5.00%, 7/1/34 |
435 | 452,744 | ||||||
Metropolitan Transportation Authority, NY, 5.25%, 11/15/32 |
4,380 | 4,897,234 | ||||||
Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/38 |
1,595 | 1,623,662 | ||||||
Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41 |
10,825 | 11,244,144 | ||||||
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/37 |
4,615 | 5,090,807 | ||||||
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/24 |
10,000 | 11,065,000 | ||||||
New Jersey Turnpike Authority, 4.00%, 1/1/43 |
3,500 | 3,587,780 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35 |
2,305 | 2,410,477 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35 |
610 | 638,377 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/40 |
1,010 | 1,056,218 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/40 |
1,580 | 1,653,502 | ||||||
Port Authority of New York and New Jersey, 4.00%, 9/1/43(1) |
10,000 | 10,348,400 | ||||||
Port Authority of New York and New Jersey, 5.00%, 12/1/34(1) |
14,360 | 16,093,826 | ||||||
Port Authority of New York and New Jersey, 5.00%, 7/15/39 |
5,000 | 5,209,150 | ||||||
|
|
|||||||
$ | 134,178,787 | |||||||
|
|
7
Security | Principal Amount (000s omitted) |
Value | ||||||
Water and Sewer 12.2% |
||||||||
Charleston, SC, Waterworks and Sewer Revenue, 5.00%, 1/1/45(1) |
$ | 25,000 | $ | 27,928,000 | ||||
Dallas, TX, Waterworks and Sewer System Revenue, 5.00%, 10/1/41(1) |
15,000 | 16,915,200 | ||||||
Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32 |
1,070 | 1,147,479 | ||||||
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39 |
1,965 | 2,109,958 | ||||||
Detroit, MI, Water Supply System, 5.25%, 7/1/41 |
2,910 | 3,096,531 | ||||||
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/43(1) |
2,500 | 2,838,850 | ||||||
Massachusetts Water Resources Authority, Green Bonds, 5.00%, 8/1/40(1) |
2,000 | 2,254,840 | ||||||
Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/35(1) |
8,750 | 9,951,287 | ||||||
Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/36(1) |
7,925 | 8,973,478 | ||||||
New York City Municipal Water Finance Authority, NY, 5.00%, 6/15/31 |
10,000 | 10,960,100 | ||||||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: State Street Bank and Trust Co.), 1.68%, 6/15/49(2) |
4,500 | 4,500,000 | ||||||
Port Huron, Water Supply System, MI, 5.25%, 10/1/31 |
250 | 268,805 | ||||||
Portland, OR, Water System, 5.00%, 5/1/36 |
5,385 | 5,736,533 | ||||||
Texas Water Development Board, 5.00%, 10/15/40(1) |
15,500 | 17,470,360 | ||||||
|
|
|||||||
$ | 114,151,421 | |||||||
|
|
|||||||
Total Tax-Exempt Investments
166.3% |
$ | 1,551,871,560 | ||||||
|
|
|||||||
Other Assets, Less Liabilities (66.3)% |
|
$ | (618,716,182 | ) | ||||
|
|
|||||||
Net Assets 100.0% |
|
$ | 933,155,378 | |||||
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
At December 31, 2018, the concentration of the Funds investments in the various states and territories, determined as a percentage of total investments, is as follows:
New York |
14.4 | % | ||
Texas |
10.5 | % | ||
Others, representing less than 10% individually |
75.1 | % |
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, 2018, 22.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 6.2% of total investments.
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
(2) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at December 31, 2018. |
8
Futures Contracts
Description |
Number of Contracts |
Position | Expiration Date |
Notional Amount |
Value/ Unrealized Depreciation |
|||||||||||||||
Interest Rate Futures |
||||||||||||||||||||
U.S. Long Treasury Bond |
229 | Short | 3/20/19 | $ | (33,434,000 | ) | $ | (1,570,024 | ) | |||||||||||
|
|
|||||||||||||||||||
$ | (1,570,024 | ) | ||||||||||||||||||
|
|
Abbreviations:
At December 31, 2018, 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 objectives. 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, 2018, 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 $1,570,024.
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| Level 1 quoted prices in active markets for identical investments |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
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, 2018, the hierarchy of inputs used in valuing the Funds 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 |
$ | | $ | 1,551,871,560 | $ | | $ | 1,551,871,560 | ||||||||
Total Investments |
$ | | $ | 1,551,871,560 | $ | | $ | 1,551,871,560 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts |
$ | (1,570,024 | ) | $ | | $ | | $ | (1,570,024 | ) | ||||||
Total |
$ | (1,570,024 | ) | $ | | $ | | $ | (1,570,024 | ) |
9
For information on the Funds policy regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements included in its semiannual or annual report to shareholders.
Reorganizations
As of the close of business on December 14, 2018, the Fund acquired the net assets of Eaton Vance Massachusetts Municipal Bond Fund (Massachusetts Fund) and Eaton Vance Michigan Municipal Bond Fund (Michigan Fund) pursuant to Agreements and Plans of Reorganization approved by the respective shareholders of Massachusetts Fund and Michigan Fund. The investment portfolios of Massachusetts Fund and Michigan Fund, with a fair value of $38,996,775 and $34,639,956, respectively, and identified cost of $37,519,639 and $33,730,348, respectively, were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the identified cost of the investments received from Massachusetts Fund and Michigan Fund were carried forward to align ongoing reporting of the Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $877,422,524. The net assets of Massachusetts Fund and Michigan Fund at that date of $25,238,430 and $21,836,875, respectively, were combined with those of the Fund, resulting in combined net assets of $924,497,829.
Subsequent Events
On December 20, 2018, the shareholders of Eaton Vance Ohio Municipal Bond Fund (Ohio Fund), Eaton Vance New Jersey Municipal Bond Fund (New Jersey Fund) and Eaton Vance Pennsylvania Municipal Bond Fund (Pennsylvania Fund) approved Agreements and Plans of Reorganization providing for the reorganization of the Ohio Fund, New Jersey Fund and Pennsylvania Fund into the Fund. The transactions were completed as of the close of business on January 18, 2019.
The Special Meeting of Shareholders held on December 20, 2018 relating to the reorganization of Eaton Vance Municipal Bond Fund II into the Fund was adjourned until January 24, 2019. At the January 24, 2019 reconvened meeting, the meeting was further adjourned until February 8, 2019, at which time the meeting was adjourned to February 28, 2019.
10
Item 2. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrants internal control over financial reporting.
Item 3. Exhibits
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.
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 25, 2019 |
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 25, 2019 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | February 25, 2019 |