EVM Eaton Vance California Municipal Bond Fund

Eaton Vance

Municipal Bond Funds

Annual Report

September 30, 2023

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

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, the Funds' adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Annual Report September 30, 2023

Eaton Vance

Municipal Bond Funds

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
Municipal Bond Fund	3
California Municipal Bond Fund	5
New York Municipal Bond Fund	7
The Fund’s Investment Objectives, Principal Strategies and Principal Risks	9
Endnotes and Additional Disclosures	19
Financial Statements	20
Report of Independent Registered Public Accounting Firm	48
Federal Tax Information	49
Annual Meeting of Shareholders	50
Dividend Reinvestment Plan	51
Board of Trustees’ Contract Approval	53
Management and Organization	57
Privacy Notice	60
Potential Conflicts of Interest	62
Important Notices	68

Eaton Vance

Municipal Bond Funds

September 30, 2023

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

For municipal bond investors, the 12-month period ended September 30, 2023, was a roller-coaster ride. In the opening month of the period, municipal bonds posted negative returns. Municipal mutual funds experienced net outflows as investors reacted to statements by U.S. Federal Reserve (Fed) officials that the central bank was not done with interest rate hikes and fighting inflation remained its top priority.

However, in the final months of 2022, municipal bond performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Bloomberg Municipal Bond Index (the Index) rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.

Although the Fed did deliver a smaller 0.50% rate hike in December 2022, it raised expectations of how high rates might go in 2023. The Index -- helped by attractive yields and limited supply -- nonetheless eked out positive performance in December 2022.

In January 2023, municipal bonds delivered a third straight month of positive returns, driven by the ongoing supply-demand imbalance and the return of net inflows into open-end mutual funds. In February, however, the municipal rally stalled as robust economic reports -- including unexpectedly strong job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.

In March 2023, municipal returns turned positive again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove municipal bonds to their strongest March performance since 2008, despite the Fed announcing its ninth consecutive rate hike that month.

But from April 2023 through period-end, the municipal bond market experienced another sell-off. Although positive technical factors -- most importantly, demand that exceeded municipal bond supply -- produced brief periods of positive performance, the Fed’s 10th and 11th rate hikes in a little over a year -- in May and July 2023 -- overwhelmed positive technical factors and caused municipal rates to rise and bond prices to fall.

In August and September, above-average supply -- reversing the previous favorable supply-demand imbalance -- plus a typical end-of-summer slowdown in coupon reinvestment, helped reduce demand for municipal bonds even more. And while the Fed left rates unchanged at its September 2023 meeting, investors interpreted the Fed’s message to be that rates would stay higher for longer than investors expected just weeks earlier -- adding further fuel to the municipal bond sell-off.

For the period as a whole, the Index returned 2.66% as coupon payments outpaced declining bond prices. While interest rates rose and bond prices fell across the municipal bond yield curve, the largest rate increases occurred at the long and short ends of the yield curve. U.S. Treasurys, meanwhile, underperformed municipal bonds throughout the yield curve during the period.

Fund Performance

For the 12-month period ended September 30, 2023, Eaton Vance Municipal Bond Fund (the Municipal Fund), Eaton Vance California Municipal Bond Fund (the California Fund), and Eaton Vance New York Municipal Bond Fund (the New York Fund) at net asset value of their common shares (NAV) underperformed the Funds’ benchmark, the Bloomberg Municipal Bond Index (the Index), which returned 2.66%.

The Funds’ managers may employ leverage through residual interest bond financing to enhance tax-exempt income potential. The use of leverage has the effect of achieving additional exposure to the municipal bond market, magnifying a Fund’s exposure to its underlying investments in both up and down markets.

During the period, leverage detracted from the Municipal Fund’s performance versus the Index, contributed to the California Fund’s performance versus the Index, and did not have a significant impact on the New York Fund’s performance versus the Index.

Fund-Specific Results

Eaton Vance Municipal Bond Fund returned 1.30% at NAV, underperforming the Index, which returned 2.66% during the period.

Detractors from performance versus the Index included the use of leverage, security selections in bonds with 22 years or more remaining to maturity, and security selections and an underweight position in the transportation sector.

Chief contributors to returns versus the Index included security selections and overweight positions in the special tax sector, in zero-coupon bonds, and in BBB-rated bonds, which generally outperformed higher-rated bonds during the period.

Eaton Vance California Municipal Bond Fund returned 2.50% at NAV, underperforming the Index, which returned 2.66% during the period.

Detractors from performance relative to the Index during the period included security selections and an underweight position in the transportation sector, security selections and an underweight position in A-rated bonds, and security selections in 4% coupon bonds.

In contrast, an overweight position in bonds with 22 years or more remaining to maturity, an overweight position in zero-coupon bonds, and the use of leverage all contributed to the California Fund’s returns relative to the Index during the period.

Eaton Vance New York Municipal Bond Fund returned 1.82% at NAV, underperforming the Index, which returned 2.66% during the period.

Detractors from performance relative to the Index included security selections and an overweight position in AA-rated bonds, security selections in the transportation sector, and security selections in bonds with 22 years or more remaining to maturity.

In contrast, contributors to the New York Fund’s performance versus the Index included security selections and an overweight position in BBB-rated bonds, an overweight position in 4% coupon bonds, and security selections and an overweight position in bonds with 17-22 years remaining to maturity. 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Municipal Bond Fund

September 30, 2023

Performance

Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA

% Average Annual Total Returns1,2	Inception Date	One Year	Five Years	Ten Years
Fund at NAV	08/30/2002	1.30%	0.27%	3.49%
Fund at Market Price	—	(3.47)	(0.67)	2.44
Bloomberg Municipal Bond Index	—	2.66%	1.05%	2.29%

% Premium/Discount to NAV3
As of period end	(14.99)%

Distributions 4
Total Distributions per share for the period	$0.419
Distribution Rate at NAV	3.79%
Taxable-Equivalent Distribution Rate at NAV	6.40
Distribution Rate at Market Price	4.46
Taxable-Equivalent Distribution Rate at Market Price	7.53

% Total Leverage5
Residual Interest Bond (RIB) Financing	32.23%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Municipal Bond Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)1,2

Footnotes:

1

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

2

The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

4

Eaton Vance

California Municipal Bond Fund

September 30, 2023

Performance

Portfolio Manager(s) Trevor G. Smith and Carl A. Thompson, CFA

% Average Annual Total Returns1,2	Inception Date	One Year	Five Years	Ten Years
Fund at NAV	08/30/2002	2.50%	0.13%	3.02%
Fund at Market Price	—	(0.56)	0.20	2.44
Bloomberg Municipal Bond Index	—	2.66%	1.05%	2.29%

% Premium/Discount to NAV3
As of period end	(15.15)%

Distributions 4
Total Distributions per share for the period	$0.363
Distribution Rate at NAV	3.66%
Taxable-Equivalent Distribution Rate at NAV	7.98
Distribution Rate at Market Price	4.32
Taxable-Equivalent Distribution Rate at Market Price	9.40

% Total Leverage5
RIB Financing	30.63%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

5

Eaton Vance

California Municipal Bond Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)1,2

Footnotes:

1

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

2

The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

6

Eaton Vance

New York Municipal Bond Fund

September 30, 2023

Performance

Portfolio Manager(s) Christopher J. Eustance, CFA and Paul Metheny, CFA

% Average Annual Total Returns1,2	Inception Date	One Year	Five Years	Ten Years
Fund at NAV	08/30/2002	1.82%	(1.41)%	1.97%
Fund at Market Price	—	1.95	(1.69)	1.37
Bloomberg Municipal Bond Index	—	2.66%	1.05%	2.29%

% Premium/Discount to NAV3
As of period end	(14.62)%

Distributions 4
Total Distributions per share for the period	$0.356
Distribution Rate at NAV	3.67%
Taxable-Equivalent Distribution Rate at NAV	7.60
Distribution Rate at Market Price	4.30
Taxable-Equivalent Distribution Rate at Market Price	8.90

% Total Leverage5
RIB Financing	33.09%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

7

Eaton Vance

New York Municipal Bond Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)1,2

Footnotes:

1

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

2

The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

8

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡

Eaton Vance Municipal Bond Fund

Investment Objectives. The Fund’s investment objective is to provide current income exempt from federal income tax.

Principal Strategies. During normal market conditions, at least 80% of the Fund’s net assets will be invested in municipal obligations, the interest on which is exempt from federal income tax, including the alternative minimum tax (“AMT”), and that are rated A or better by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”). The foregoing 80% policy may not be changed without shareholder approval. Under normal market conditions, the Fund expects to be fully invested (at least 95% of its net assets) in accordance with its investment objective. The Fund may invest up to 20% of its net assets in municipal obligations rated BBB/Baa or below (or unrated obligations deemed by the Fund’s adviser, Eaton Vance Management (“Eaton Vance”), to be of equivalent quality), provided that not more than 15% of its net assets may be invested in municipal obligations rated below B (or unrated obligations deemed by Eaton Vance to be of equivalent quality) and may invest up to 20% of its net assets in bonds on which the interest is subject to the AMT. When a municipal obligation is split rated (meaning rated in different categories by Moody’s, S&P or Fitch) the Fund will deem the higher rating to apply.

The Fund may purchase derivative instruments, which derive their value from another instrument, security or index, including financial futures contracts and related options, interest rate swaps and forward rate contracts. The Fund also may invest in residual interests of a trust (the “trust”) that holds municipal securities (“RIBs”). These trusts will also issue floating-rate notes to third parties that may be senior to a Fund’s residual interest. The Fund may purchase and sell financial futures contracts and related options, including futures contracts and related options based on various debt securities and securities indices, as well as interest rate swaps and forward rate contracts, to seek to hedge against changes in interest rates or for other risk management purposes.

Except for certain fundamental investment restrictions set forth in the Fund’s registration statement and the 80% requirement pertaining to investment in municipal and insured municipal obligations set forth above, the investment objective and policies of the Fund may be changed by the Board without shareholder action.

The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. The Fund generally will not use leverage if the investment adviser anticipates that it would result in a lower return to shareholders for any significant amount of time. There can be no assurance that the use of leverage will be successful.

Principal Risks

Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.

Market Risk. The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Interest Rate Risk. In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. Upon a determination by regulators to phase out the use of LIBOR, market participants have been transitioning to the use of alternative reference rates over the past few years. As of June 30, 2023, the administrator of LIBOR ceased publishing LIBOR settings. Although the transition process away from LIBOR has become increasingly well defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments that were historically based on LIBOR and changes in the value of such instruments.

See Endnotes and Additional Disclosures in this report.

9

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.

Municipal Obligations Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume.

Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. The Fund intends to use leverage to provide the holders of common shares with a potentially higher return. To the extent the income derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced. In the latter case, the investment adviser in its best judgment may nevertheless determine to maintain the Fund’s leveraged position if it deems such action to be appropriate. The use of leverage through issuance of preferred shares by the Fund creates an opportunity for increased net income, but, at the same time, creates special risks. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.

Restricted Securities Risk. Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the

See Endnotes and Additional Disclosures in this report.

10

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.

Recent Market Conditions. The outbreak of COVID-19 and efforts to contain its spread have resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and the effects of other infectious illness outbreaks, epidemics or pandemics, may be short term or may continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.

Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.

Tax-Sensitive Investing Risk. The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its net asset value, interfere with Fund shareholders’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of Fund shares and distributions thereon can decline.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit, may affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred significant losses and financial hardships including bankruptcy as a result of exposure to sub-prime mortgages and other lower quality credit investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position. The counterparty risk for cleared derivatives is generally lower than for uncleared

See Endnotes and Additional Disclosures in this report.

11

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund.

Anti-Takeover Provisions. The Fund's Declaration of Trust contains provisions that could have the effect of limiting the ability of other persons or entities to acquire control of the Fund or to change the composition of its Board.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Eaton Vance California Municipal Bond Fund

Investment Objectives. The Fund’s investment objective is to provide current income exempt from federal income tax.

Principal Strategies. During normal market conditions, at least 80% of the Fund’s net assets will be invested in municipal obligations, the interest on which is exempt from federal income tax, including the alternative minimum tax (“AMT”) and California personal income taxes, and that are rated A or better by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”). The foregoing 80% policy may not be changed without shareholder approval. Under normal market conditions, the Fund expects to be fully invested (at least 95% of its net assets) in accordance with its investment objective. The Fund may invest up to 20% of its net assets in municipal obligations rated BBB/Baa or below (or unrated obligations deemed by the Fund’s adviser, Eaton Vance Management (“Eaton Vance”), to be of equivalent quality), provided that not more than 15% of its net assets may be invested in municipal obligations rated below B (or unrated obligations deemed by Eaton Vance to be of equivalent quality) and may invest up to 20% of its net assets in bonds on which the interest is subject to the AMT. When a municipal obligation is split rated (meaning rated in different categories by Moody’s, S&P or Fitch) the Fund will deem the higher rating to apply.

The Fund may purchase derivative instruments, which derive their value from another instrument, security or index, including financial futures contracts and related options, interest rate swaps and forward rate contracts. The Fund also may invest in residual interests of a trust (the “trust”) that holds municipal securities (“RIBs”). These trusts will also issue floating-rate notes to third parties that may be senior to a Fund’s residual interest. The Fund may purchase and sell financial futures contracts and related options, including futures contracts and related options based on various debt securities and securities indices, as well as interest rate swaps and forward rate contracts, to seek to hedge against changes in interest rates or for other risk management purposes.

Except for certain fundamental investment restrictions set forth in the Fund’s registration statement and the 80% requirement pertaining to investment in municipal and insured municipal obligations set forth above, the investment objective and policies of the Fund may be changed by the Board without shareholder action.

The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. The Fund generally will not use leverage if the investment adviser anticipates that it would result in a lower return to shareholders for any significant amount of time. There can be no assurance that the use of leverage will be successful.

Principal Risks

Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.

Market Risk. The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Interest Rate Risk. In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for

See Endnotes and Additional Disclosures in this report.

12

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. Upon a determination by regulators to phase out the use of LIBOR, market participants have been transitioning to the use of alternative reference rates over the past few years. As of June 30, 2023, the administrator of LIBOR ceased publishing LIBOR settings. Although the transition process away from LIBOR has become increasingly well defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments that were historically based on LIBOR and changes in the value of such instruments.

Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.

Municipal Obligations Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume.

Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. The Fund intends to use leverage to provide the holders of common shares with a potentially higher return. To the extent the income derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced. In the latter case, the investment adviser in its best judgment may nevertheless determine to maintain the Fund’s leveraged position if it deems such action to be appropriate. The use of leverage through issuance of preferred shares by the Fund creates an opportunity for increased net income, but, at the same time, creates special risks. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.

See Endnotes and Additional Disclosures in this report.

13

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

Restricted Securities Risk. Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.

Recent Market Conditions. The outbreak of COVID-19 and efforts to contain its spread have resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and the effects of other infectious illness outbreaks, epidemics or pandemics, may be short term or may continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.

Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.

Tax-Sensitive Investing Risk. The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in

See Endnotes and Additional Disclosures in this report.

14

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its net asset value, interfere with Fund shareholders’’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of Fund shares and distributions thereon can decline.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit, may affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred significant losses and financial hardships including bankruptcy as a result of exposure to sub-prime mortgages and other lower quality credit investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund.

Anti-Takeover Provisions. The Fund's Declaration of Trust contains provisions that could have the effect of limiting the ability of other persons or entities to acquire control of the Fund or to change the composition of its Board.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Eaton Vance New York Municipal Bond Fund

Investment Objectives. The Fund’s investment objective is to provide current income exempt from federal income tax.

Principal Strategies. During normal market conditions, at least 80% of the Fund’s net assets will be invested in municipal obligations, the interest on which is exempt from federal income tax, including the alternative minimum tax (“AMT”), and New York State and New York City personal income taxes and that are rated A or better by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”). The foregoing 80% policy may not be changed without shareholder approval. Under normal market conditions, the Fund expects to be fully invested (at least 95% of its net assets) in accordance with its investment objective. The Fund may invest up to 20% of its net assets in municipal obligations rated BBB/Baa or below (or unrated obligations deemed by the Fund’s adviser, Eaton Vance Management (“Eaton Vance”), to be of equivalent quality), provided that not more than 15% of its net assets may be invested in municipal obligations rated below B (or unrated obligations deemed by Eaton Vance to be of equivalent quality) and may invest up to 20% of its net assets in bonds on which the interest is subject to the AMT. When a municipal obligation is split rated (meaning rated in different categories by Moody’s, S&P or Fitch) the Fund will deem the higher rating to apply.

The Fund may purchase derivative instruments, which derive their value from another instrument, security or index, including financial futures contracts and related options, interest rate swaps and forward rate contracts. The Fund also may invest in residual interests of a trust (the “trust”) that holds municipal securities (“RIBs”). These trusts will also issue floating-rate notes to third parties that may be senior to a Fund’s residual interest. The Fund may purchase and sell financial futures contracts and related options, including futures contracts and related options based on various debt securities and securities indices, as well as interest rate swaps and forward rate contracts, to seek to hedge against changes in interest rates or for other risk management purposes.

Except for certain fundamental investment restrictions set forth in the Fund’s registration statement and the 80% requirement pertaining to investment in municipal and insured municipal obligations set forth above, the investment objective and policies of the Fund may be changed by the Board without shareholder action.

The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. The Fund generally will not use leverage if the investment adviser anticipates that it would result in a lower return to shareholders for any significant amount of time. There can be no assurance that the use of leverage will be successful.

Principal Risks

Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.

See Endnotes and Additional Disclosures in this report.

15

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

Market Risk. The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Interest Rate Risk. In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. Upon a determination by regulators to phase out the use of LIBOR, market participants have been transitioning to the use of alternative reference rates over the past few years.  As of June 30, 2023, the administrator of LIBOR ceased publishing LIBOR settings. Although the transition process away from LIBOR has become increasingly well defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments that were historically based on LIBOR and changes in the value of such instruments.

Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.

Municipal Obligations Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume.

Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. The Fund intends to use leverage to provide the holders of common shares with a potentially higher return. To the extent the income derived from securities purchased with funds received from leverage exceeds the cost of leverage, the

See Endnotes and Additional Disclosures in this report.

16

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

Fund’s return will be greater than if leverage had not been used. Conversely, if the income from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced. In the latter case, the investment adviser in its best judgment may nevertheless determine to maintain the Fund’s leveraged position if it deems such action to be appropriate. The use of leverage through issuance of preferred shares by the Fund creates an opportunity for increased net income, but, at the same time, creates special risks. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.

Restricted Securities Risk. Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.

Issuer Non-Diversification Risk. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might be, and the value of the Fund's shares may be more volatile than the values of shares of more diversified funds.

Recent Market Conditions. The outbreak of COVID-19 and efforts to contain its spread have resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and the effects of other infectious illness outbreaks, epidemics or pandemics, may be short term or may continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations.  For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain

See Endnotes and Additional Disclosures in this report.

17

Eaton Vance

Municipal Bond Funds

September 30, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund.  Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.

Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.

Tax-Sensitive Investing Risk. The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operation.  This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its net asset value, interfere with Fund shareholders’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of Fund shares and distributions thereon can decline.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit, may affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred significant losses and financial hardships including bankruptcy as a result of exposure to sub-prime mortgages and other lower quality credit investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund.

Anti-Takeover Provisions. The Fund's Declaration of Trust contains provisions that could have the effect of limiting the ability of other persons or entities to acquire control of the Fund or to change the composition of its Board.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

See Endnotes and Additional Disclosures in this report.

18

Eaton Vance

Municipal Bond Funds

September 30, 2023

Endnotes and Additional Disclosures

19

Eaton Vance

Municipal Bond Fund

September 30, 2023

Portfolio of Investments

Eaton Vance

Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

California Municipal Bond Fund

September 30, 2023

Portfolio of Investments

Eaton Vance

California Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

California Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

California Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Trust Units — 0.4%

Security	Notional Amount (000's omitted)		Value
Transportation — 0.4%
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41	$	1,000	$       981,170
Total Trust Units (identified cost $994,570)			$      981,170
Total Investments — 145.8% (identified cost $366,404,394)			$  344,264,064
Other Assets, Less Liabilities — (45.8)%			$  (108,096,071)
Net Assets — 100.0%			$  236,167,993

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).
(2)	When-issued security.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2023, the aggregate value of these securities is $3,319,312 or 1.4% of the Fund's net assets.
(4)	Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, represents the rate in effect at September 30, 2023.
The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2023, 17.6% 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 or financial guaranty assurance agency ranged from 0.3% to 8.2% of total investments.

Abbreviations:
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– AMBAC Financial Group, Inc.
AMT	– Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	– Build America Mutual Assurance Co.
BHAC	– Berkshire Hathaway Assurance Corp.
NPFG	– National Public Finance Guarantee Corp.
SPA	– Standby Bond Purchase Agreement

29

See Notes to Financial Statements.

Eaton Vance

New York Municipal Bond Fund

September 30, 2023

Portfolio of Investments

Eaton Vance

New York Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

New York Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Eaton Vance

New York Municipal Bond Fund

September 30, 2023

Portfolio of Investments — continued

Trust Units — 0.6%

Security	Notional Amount (000's omitted)		Value
Transportation — 0.6%
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41	$	1,000	$       981,170
Total Trust Units (identified cost $994,570)			$      981,170
Total Investments — 149.2% (identified cost $281,733,200)			$  260,165,197
Other Assets, Less Liabilities — (49.2)%			$   (85,756,503)
Net Assets — 100.0%			$  174,408,694

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).
(2)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2023, the aggregate value of these securities is $2,448,707 or 1.4% of the Fund's net assets.
(3)	When-issued security.
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. At September 30, 2023, 11.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 9.5% of total investments.

Abbreviations:
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– AMBAC Financial Group, Inc.
AMT	– Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	– Build America Mutual Assurance Co.
FHLMC	– Federal Home Loan Mortgage Corp.
FNMA	– Federal National Mortgage Association
GNMA	– Government National Mortgage Association

33

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Statements of Assets and Liabilities

	September 30, 2023
	Municipal Fund	California Fund	New York Fund
Assets
Investments:
Identified cost	$ 1,138,906,305	$ 366,404,394	$ 281,733,200
Unrealized depreciation	(40,215,250)	(22,140,330)	(21,568,003)
Investments, at value	$1,098,691,055	$344,264,064	$260,165,197
Restricted cash	$ 2,250,000	$ 650,000	$ —
Interest receivable	12,451,187	3,415,715	2,985,865
Receivable for investments sold	23,911,823	—	16,244,685
Trustees' deferred compensation plan	289,130	95,965	70,901
Due from broker for floating rate notes issued	8,000,000	8,000,000	—
Total assets	$1,145,593,195	$356,425,744	$279,466,648
Liabilities
Payable for floating rate notes issued	$ 356,644,991	$ 104,299,522	$ 86,244,658
Due to broker for floating rate notes redeemed	17,940,000	—	8,000,000
Payable for investments purchased	1,705,966	—	3,100,883
Payable for when-issued securities	12,544,000	13,865,126	6,417,204
Due to custodian	2,230,284	873,702	170,119
Payable to affiliates:
Investment adviser fee	598,012	177,774	143,138
Trustees' deferred compensation plan	289,130	95,965	70,901
Interest expense and fees payable	3,444,025	786,484	772,272
Accrued expenses	279,072	159,178	138,779
Total liabilities	$ 395,675,480	$120,257,751	$105,057,954
Net Assets	$ 749,917,715	$236,167,993	$174,408,694
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized	$ 711,532	$ 246,729	$ 179,613
Additional paid-in capital	881,899,948	307,340,617	227,918,886
Accumulated loss	(132,693,765)	(71,419,353)	(53,689,805)
Net Assets	$ 749,917,715	$236,167,993	$174,408,694
Common Shares Issued and Outstanding	71,153,184	24,672,939	17,961,289
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding	$ 10.54	$ 9.57	$ 9.71

34

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Statements of Operations

	Year Ended September 30, 2023
	Municipal Fund	California Fund	New York Fund
Investment Income
Interest income	$ 53,582,549	$ 15,777,561	$ 12,749,927
Total investment income	$ 53,582,549	$15,777,561	$12,749,927
Expenses
Investment adviser fee	$ 7,816,647	$ 2,373,503	$ 1,848,611
Trustees’ fees and expenses	84,063	25,931	20,443
Custodian fee	188,758	62,430	49,675
Transfer and dividend disbursing agent fees	19,195	18,535	18,135
Legal and accounting services	162,042	96,065	93,755
Printing and postage	197,132	60,676	24,197
Interest expense and fees	17,142,804	4,961,691	4,415,256
Miscellaneous	96,882	66,275	46,082
Total expenses	$ 25,707,523	$ 7,665,106	$ 6,516,154
Net investment income	$ 27,875,026	$ 8,112,455	$ 6,233,773
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ (23,640,552)	$ (5,141,517)	$ (6,371,605)
Net realized loss	$(23,640,552)	$ (5,141,517)	$ (6,371,605)
Change in unrealized appreciation (depreciation):
Investments	$ 3,261,365	$ 2,102,260	$ 2,901,954
Net change in unrealized appreciation (depreciation)	$ 3,261,365	$ 2,102,260	$ 2,901,954
Net realized and unrealized loss	$(20,379,187)	$ (3,039,257)	$ (3,469,651)
Net increase in net assets from operations	$ 7,495,839	$ 5,073,198	$ 2,764,122

35

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Statements of Changes in Net Assets

	Year Ended September 30, 2023
	Municipal Fund	California Fund	New York Fund
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 27,875,026	$ 8,112,455	$ 6,233,773
Net realized loss	(23,640,552)	(5,141,517)	(6,371,605)
Net change in unrealized appreciation (depreciation)	3,261,365	2,102,260	2,901,954
Net increase in net assets from operations	$ 7,495,839	$ 5,073,198	$ 2,764,122
Distributions to common shareholders	$ (27,527,620)	$ (7,743,226)	$ (6,401,404)
Tax return of capital to common shareholders	$ (2,411,030)	$ (1,213,051)	$ —
Capital share transactions:
Cost of shares repurchased (see Note 5)	$ (8,115,776)	$ —	$ —
Net decrease in net assets from capital share transactions	$ (8,115,776)	$ —	$ —
Net decrease in net assets	$ (30,558,587)	$ (3,883,079)	$ (3,637,282)
Net Assets
At beginning of year	$ 780,476,302	$ 240,051,072	$ 178,045,976
At end of year	$749,917,715	$236,167,993	$174,408,694

36

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2022
	Municipal Fund	California Fund	New York Fund
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 37,556,152	$ 10,820,634	$ 7,678,849
Net realized loss	(31,659,488)	(7,865,315)	(13,594,140)
Net change in unrealized appreciation (depreciation)	(189,740,034)	(60,092,184)	(47,426,480)
Net decrease in net assets from operations	$ (183,843,370)	$ (57,136,865)	$ (53,341,771)
Distributions to common shareholders	$ (39,502,298)	$ (11,203,143)	$ (7,564,013)
Tax return of capital to common shareholders	$ —	$ (262,187)	$ —
Capital share transactions:
Cost of shares repurchased (see Note 5)	$ —	$ (2,981,867)	$ (1,495,853)
Net decrease in net assets from capital share transactions	$ —	$ (2,981,867)	$ (1,495,853)
Net decrease in net assets	$ (223,345,668)	$ (71,584,062)	$ (62,401,637)
Net Assets
At beginning of year	$1,003,821,970	$ 311,635,134	$ 240,447,613
At end of year	$ 780,476,302	$240,051,072	$178,045,976

37

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Statements of Cash Flows 

	Year Ended September 30, 2023
	Municipal Fund	California Fund	New York Fund
Cash Flows From Operating Activities
Net increase in net assets from operations	$ 7,495,839	$ 5,073,198	$ 2,764,122
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased	(648,859,093)	(144,900,392)	(155,262,774)
Investments sold	891,588,435	258,297,581	195,395,394
Net amortization/accretion of premium (discount)	1,885,242	1,502,579	1,088,156
Decrease in interest receivable	4,513,079	1,006,050	802,031
Increase in Trustees’ deferred compensation plan	(289,130)	(95,965)	(70,901)
Decrease in payable to affiliate for investment adviser fee	(106,937)	(51,892)	(14,898)
Increase (decrease) in interest expense and fees payable	210,299	(67,301)	170,859
Increase in payable to affiliate for Trustees' deferred compensation plan	289,130	95,965	70,901
Increase (decrease) in accrued expenses	(7,542)	12,100	962
Net change in unrealized (appreciation) depreciation from investments	(3,261,365)	(2,102,260)	(2,901,954)
Net realized loss from investments	23,640,552	5,141,517	6,371,605
Net cash provided by operating activities	$ 277,098,509	$ 123,911,180	$ 48,413,503
Cash Flows From Financing Activities
Cash distributions paid to common shareholders	$ (29,938,650)	$ (8,956,277)	$ (6,401,404)
Repurchases of common shares	(8,115,776)	—	—
Proceeds from secured borrowings	255,450,000	16,000,000	55,445,000
Repayment of secured borrowings	(493,925,000)	(129,465,000)	(97,350,000)
Increase (decrease) in due to custodian	1,680,917	(1,679,903)	(657,099)
Net cash used in financing activities	$(274,848,509)	$(124,101,180)	$ (48,963,503)
Net increase (decrease) in cash and restricted cash	$ 2,250,000	$ (190,000)	$ (550,000)
Cash and restricted cash at beginning of year	$ —	$ 840,000	$ 550,000
Cash and restricted cash at end of year	$ 2,250,000	$ 650,000	$ —
Supplemental disclosure of cash flow information:
Cash paid for interest and fees	$ 16,932,505	$ 5,028,992	$ 4,244,397

38

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Financial Highlights

	Municipal Fund
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 10.850	$ 13.950	$ 14.050	$ 13.980	$ 12.940
Income (Loss) From Operations
Net investment income(1)	$ 0.390	$ 0.522	$ 0.593	$ 0.571	$ 0.522
Net realized and unrealized gain (loss)	(0.296)	(3.073)	(0.098)	0.033	0.982
Total income (loss) from operations	$ 0.094	$ (2.551)	$ 0.495	$ 0.604	$ 1.504
Less Distributions
From net investment income	$ (0.385)	$ (0.549)	$ (0.595)	$ (0.563)	$ (0.517)
Tax return of capital	(0.034)	—	—	—	—
Total distributions	$ (0.419)	$ (0.549)	$ (0.595)	$ (0.563)	$ (0.517)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$ 0.015	$ —	$ —	$ —	$ 0.022
Discount on tender offer(1)	$ —	$ —	$ —	$ 0.029	$ 0.031
Net asset value — End of year	$ 10.540	$ 10.850	$ 13.950	$ 14.050	$ 13.980
Market value — End of year	$ 8.960	$ 9.680	$ 13.380	$ 13.170	$ 12.960
Total Investment Return on Net Asset Value(2)	1.30%	(18.50)%	3.75%	4.99%	12.72%
Total Investment Return on Market Value(2)	(3.47)%	(24.19)%	6.16%	6.15%	17.28%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$749,918	$780,476	$1,003,822	$1,011,234	$1,114,236
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.05%	1.09%	1.09%	1.13%	1.11%
Interest and fee expense(3)	2.12%	0.78%	0.41%	1.05%	1.51%
Total expenses	3.17%	1.87%	1.50%	2.18%	2.62%
Net investment income	3.44%	4.12%	4.18%	4.09%	3.89%
Portfolio Turnover	52%	35%	10%	7%	18%

(1)	Computed using average 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. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

39

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Eaton Vance

Municipal Bond Funds

September 30, 2023

Financial Highlights — continued

	California Fund
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.730	$ 12.470	$ 12.660	$ 12.570	$ 11.780
Income (Loss) From Operations
Net investment income(1)	$ 0.329	$ 0.434	$ 0.503	$ 0.473	$ 0.438
Net realized and unrealized gain (loss)	(0.126)	(2.730)	(0.190)	0.080	0.802
Total income (loss) from operations	$ 0.203	$ (2.296)	$ 0.313	$ 0.553	$ 1.240
Less Distributions
From net investment income	$ (0.314)	$ (0.448)	$ (0.503)	$ (0.463)	$ (0.454)
Tax return of capital	(0.049)	(0.011)	—	—	(0.020)
Total distributions	$ (0.363)	$ (0.459)	$ (0.503)	$ (0.463)	$ (0.474)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$ —	$ 0.015	$ —	$ —	$ 0.024
Net asset value — End of year	$ 9.570	$ 9.730	$ 12.470	$ 12.660	$ 12.570
Market value — End of year	$ 8.120	$ 8.510	$ 11.940	$ 11.360	$ 11.330
Total Investment Return on Net Asset Value(2)	2.50%	(18.37)%	2.78%	4.93%	11.54%
Total Investment Return on Market Value(2)	(0.56)%	(25.43)%	9.67%	4.46%	18.91%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$236,168	$240,051	$311,635	$316,361	$314,277
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.07%	1.14%	1.11%	1.12%	1.15%
Interest and fee expense(3)	1.97%	0.85%	0.40%	1.00%	1.59%
Total expenses	3.04%	1.99%	1.51%	2.12%	2.74%
Net investment income	3.22%	3.81%	3.96%	3.76%	3.61%
Portfolio Turnover	37%	43%	19%	20%	17%

(1)	Computed using average 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. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

40

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Eaton Vance

Municipal Bond Funds

September 30, 2023

Financial Highlights — continued

	New York Fund
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.910	$ 13.270	$ 13.250	$ 13.480	$ 12.770
Income (Loss) From Operations
Net investment income(1)	$ 0.347	$ 0.424	$ 0.492	$ 0.490	$ 0.476
Net realized and unrealized gain (loss)	(0.191)	(3.377)	0.037	(0.236)	0.745
Total income (loss) from operations	$ 0.156	$ (2.953)	$ 0.529	$ 0.254	$ 1.221
Less Distributions
From net investment income	$ (0.356)	$ (0.418)	$ (0.498)	$ (0.484)	$ (0.497)
Tax return of capital	—	—	(0.011)	—	(0.014)
Total distributions	$ (0.356)	$ (0.418)	$ (0.509)	$ (0.484)	$ (0.511)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$ —	$ 0.011	$ —	$ —	$ —
Net asset value — End of year	$ 9.710	$ 9.910	$ 13.270	$ 13.250	$ 13.480
Market value — End of year	$ 8.290	$ 8.450	$ 12.270	$ 11.800	$ 12.440
Total Investment Return on Net Asset Value(2)	1.82%	(22.30)%	4.34%	2.37%	10.25%
Total Investment Return on Market Value(2)	1.95%	(28.32)%	8.30%	(1.21)%	17.47%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$174,409	$178,046	$240,448	$240,042	$244,319
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.11%	1.07%	1.06%	1.09%	1.10%
Interest and fee expense(3)	2.33%	0.66%	0.35%	0.93%	1.38%
Total expenses	3.44%	1.73%	1.41%	2.02%	2.48%
Net investment income	3.29%	3.55%	3.65%	3.68%	3.63%
Portfolio Turnover	54%	61%	15%	31%	25%

(1)	Computed using average 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. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

41

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

September 30, 2023

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Municipal Bond Fund (Municipal Fund), Eaton Vance California Municipal Bond Fund (California Fund) and Eaton Vance New York Municipal Bond Fund (New York 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). New York Fund is a as non-diversified, closed-end management investment company. Municipal Fund and California Fund are diversified closed-end management investment companies. The Funds' investment objective is to provide current income exempt from regular federal income tax and, in state specific funds, taxes in their specified state and city (if any).

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 (U.S. GAAP). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations 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 ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, 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 debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated a Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that a 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 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 companies or 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 company’s or entity’s financial statements, 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 non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of September 30, 2023, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  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.

E  Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP 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.

F  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, upon request by the shareholder, 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

42

Eaton Vance

Municipal Bond Funds

September 30, 2023

Notes to Financial Statements — continued

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.

G  Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV 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 residual interest bond 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 Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond 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 SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 6) at September 30, 2023. Interest expense related to a Fund’s 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 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. At September 30, 2023, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Municipal Fund	California Fund	New York Fund
Floating Rate Notes Outstanding	$356,644,991	$104,299,522	$ 86,244,658
Interest Rate or Range of Interest Rates (%)	3.98 - 4.28	3.87 - 4.06	4.01 - 4.18
Collateral for Floating Rate Notes Outstanding	$461,581,032	$132,340,357	$108,534,045

In addition, at September 30, 2023, Municipal Fund and California Fund pledged cash collateral of $2,250,000 and $650,000, respectively, for the benefit of a liquidity provider for certain Floating Rate Notes. Such collateral is reflected as restricted cash on the Statement of Assets and Liabilities.

For the year ended September 30, 2023, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	Municipal Fund	California Fund	New York Fund
Average Floating Rate Notes Outstanding	$481,541,014	$140,115,000	$118,455,753
Average Interest Rate	3.56%	3.54%	3.73%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker 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 had no shortfalls as of September 30, 2023.

The Funds may also purchase residual interest bonds 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 residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Funds' investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds 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 residual interest bonds 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. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. Consistent with Rule 18f-4, the Funds may treat their investments in residual interest bonds and similar financing transactions as subject to the asset

43

Eaton Vance

Municipal Bond Funds

September 30, 2023

Notes to Financial Statements — continued

coverage requirements of Section 18 of the 1940 Act, or as derivatives transactions subject to the Funds' value-at-risk (VaR)-based limits on leverage risk. Effective October 11, 2023, the Funds have opted to treat such investments as derivatives transactions. The Funds may change this approach at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

H  When-Issued Securities and Delayed Delivery Transactions—The Funds may purchase 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 cash and/or 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. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

2  Distributions to Shareholders and Income Tax Information

Each Fund intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, each Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are 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.

The tax character of distributions declared for the years ended September 30, 2023 and September 30, 2022 was as follows:

	Year Ended September 30, 2023
	Municipal Fund	California Fund	New York Fund
Tax-exempt income	$27,017,470	$7,245,788	$6,146,878
Ordinary income	$ 510,150	$ 497,438	$ 254,526
Tax return of capital	$ 2,411,030	$1,213,051	$  —

	Year Ended September 30, 2022
	Municipal Fund	California Fund	New York Fund
Tax-exempt income	$38,891,231	$10,619,255	$7,447,497
Ordinary income	$ 611,067	$ 583,888	$ 116,516
Tax return of capital	$  —	$ 262,187	$  —

During the year ended September 30, 2023, accumulated loss was decreased by $27,020 and paid-in capital was decreased by $27,020 for New York Fund due to the tax treatment of distributions in excess of net tax-exempt income. These reclassifications had no effect on the net assets or net asset value per share of New York Fund.

As of September 30, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	Municipal Fund	California Fund	New York Fund
Deferred capital losses	$ (97,027,104)	$ (49,211,492)	$ (33,297,778)
Net unrealized depreciation	(35,666,661)	(22,207,861)	(20,392,027)
Accumulated loss	$(132,693,765)	$(71,419,353)	$(53,689,805)

At September 30, 2023, the following Funds, for federal income tax purposes, had deferred capital losses which would 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

44

Eaton Vance

Municipal Bond Funds

September 30, 2023

Notes to Financial Statements — continued

would 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 deferred capital losses are treated as arising on the first day of a Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	Municipal Fund	California Fund	New York Fund
Deferred capital losses:
Short-term	$66,373,889	$21,602,827	$15,695,787
Long-term	$30,653,215	$27,608,665	$17,601,991

The cost and unrealized appreciation (depreciation) of investments of each Fund at September 30, 2023, as determined on a federal income tax basis, were as follows:

	Municipal Fund	California Fund	New York Fund
Aggregate cost	$ 777,712,725	$ 262,172,403	$ 194,312,566
Gross unrealized appreciation	$ 13,641,238	$ 1,369,960	$ 664,186
Gross unrealized depreciation	(49,307,899)	(23,577,821)	(21,056,213)
Net unrealized depreciation	$ (35,666,661)	$ (22,207,861)	$ (20,392,027)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to each Fund. The investment adviser fee is computed at an annual rate of 0.60% of each Fund’s average weekly gross assets and is payable monthly. Gross assets of a Fund are calculated by deducting accrued liabilities of the Fund except (i) the principal amount of any indebtedness for money borrowed, including debt securities issued by the Fund and the amount of floating-rate notes included as a liability in the Fund’s Statement of Assets and Liabilities of up to $801,875,000 for Municipal Fund, $228,750,000 for California Fund and $165,000,000 for New York Fund, and (ii) the amount of any outstanding preferred shares issued by the Fund. EVM also serves as the administrator of each Fund, but receives no compensation. For the year ended September 30, 2023, the investment adviser fees were as follows:

	Municipal Fund	California Fund	New York Fund
Investment Adviser Fee	$7,816,647	$2,373,503	$1,848,611

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with EVM 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. Certain officers and Trustees of the Funds are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended September 30, 2023 were as follows:

	Municipal Fund	California Fund	New York Fund
Purchases	$656,815,067	$144,024,378	$159,001,452
Sales	$906,253,186	$235,860,571	$198,179,161

45

Eaton Vance

Municipal Bond Funds

September 30, 2023

Notes to Financial Statements — continued

5  Common Shares of Beneficial Interest

The Funds may issue common shares pursuant to their dividend reinvestment plans. There were no common shares issued by the Funds for the years ended September 30, 2023 and September 30, 2022 pursuant to such plans.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Funds. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, each Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value (NAV). The share repurchase program does not obligate a Fund to purchase a specific amount of shares. During the years ended September 30, 2023 and September 30, 2022, the number, cost (including brokerage commissions), average price per share and weighted average discount per share to NAV of common shares repurchased, were as follows:

	Year Ended September 30, 2023
	Municipal Fund
Common shares repurchased	800,000
Cost, including brokerage commissions, of common shares repurchased	$8,115,776
Average price per share	$ 10.14
Weighted average discount per share to NAV	11.58%

	Year Ended September 30, 2022
	California Fund	New York Fund
Common shares repurchased	321,400	157,005
Cost, including brokerage commissions, of common shares repurchased	$2,981,867	$1,495,853
Average price per share	$ 9.28	$ 9.53
Weighted average discount per share to NAV	11.42%	11.83%

There were no repurchases of common shares by California Fund and New York Fund for the year ended September 30, 2023. There were no repurchases of common shares by Municipal Fund for the year ended September 30, 2022.

At September 30, 2023, according to the filings made on Schedule 13D and 13G pursuant to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended, three affiliated entities together owned 10.0% of California Fund's common shares and 13.5% of New York Fund's common shares.

6  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)

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.

46

Eaton Vance

Municipal Bond Funds

September 30, 2023

Notes to Financial Statements — continued

At September 30, 2023, the hierarchy of inputs used in valuing the Funds' investments, which are carried at value, were as follows:

Municipal Fund
Asset Description	Level 1	Level 2	Level 3	Total
Corporate Bonds	$  —	$     8,110,829	$  —	$     8,110,829
Tax-Exempt Mortgage-Backed Securities	—	2,674,337	—	2,674,337
Tax-Exempt Municipal Obligations	—	1,087,047,374	—	1,087,047,374
Trust Units	—	858,515	—	858,515
Total Investments	$ —	$1,098,691,055	$ —	$1,098,691,055

California Fund
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Municipal Obligations	$  —	$   328,778,163	$  —	$   328,778,163
Taxable Municipal Obligations	—	14,504,731	—	14,504,731
Trust Units	—	981,170	—	981,170
Total Investments	$ —	$  344,264,064	$ —	$  344,264,064

New York Fund
Asset Description	Level 1	Level 2	Level 3	Total
Corporate Bonds	$  —	$       788,309	$  —	$       788,309
Tax-Exempt Municipal Obligations	—	256,896,065	—	256,896,065
Taxable Municipal Obligations	—	1,499,653	—	1,499,653
Trust Units	—	981,170	—	981,170
Total Investments	$ —	$  260,165,197	$ —	$  260,165,197

47

Eaton Vance

Municipal Bond Funds

September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Eaton Vance Municipal Bond Fund, Eaton Vance California Municipal Bond Fund and Eaton Vance New York Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance Municipal Bond Fund, Eaton Vance California Municipal Bond Fund and Eaton Vance New York Municipal Bond Fund (collectively, the “Funds”), including the portfolios of investments, as of September 30, 2023, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 20, 2023

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

48

Eaton Vance

Municipal Bond Funds

September 30, 2023

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

Exempt-Interest Dividends. For the fiscal year ended September 30, 2023, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

Municipal Bond Fund	98.30%
California Municipal Bond Fund	94.45%
New York Municipal Bond Fund	96.02%

49

Eaton Vance

Municipal Bond Funds

September 30, 2023

Annual Meeting of Shareholders (Unaudited)

Municipal Bond Fund held its Annual Meeting of Shareholders on July 12, 2023 and California Municipal Bond Fund and New York Municipal Bond Fund held their Annual Meeting of Shareholders on August 11, 2023. The following action was taken by the shareholders:

Proposal 1(b). The election of Alan C. Bowser, George J. Gorman, Marcus L. Smith and Susan J. Sutherland as Class III Trustees of the Fund, each for a three-year term ending in 2026.

	Nominee for Trustee: Alan C. Bowser	Nominee for Trustee: George J. Gorman	Nominee for Trustee: Marcus L. Smith	Nominee for Trustee: Susan J. Sutherland
Municipal Fund
For	47,336,134	45,627,213	47,436,728	47,410,561
Withheld	11,185,938	12,894,859	11,085,344	11,111,511

Proposal 1(a). The election of Alan C. Bowser, George J. Gorman, Marcus L. Smith and Susan J. Sutherland as Class III Trustees of each Fund, each for a three-year term ending in 2026.

	Nominee for Trustee: Alan C. Bowser	Nominee for Trustee: George J. Gorman	Nominee for Trustee: Marcus L. Smith	Nominee for Trustee: Susan J. Sutherland
California Fund
For	16,676,495	16,700,166	16,700,449	16,697,157
Withheld	3,642,374	3,618,703	3,618,420	3,621,712
New York Fund
For	10,378,097	10,354,239	10,384,754	10,370,276
Withheld	3,797,343	3,821,201	3,790,686	3,805,164