Eaton Vance Municipal Bond Fund II

Eaton Vance
Municipal Bond Fund II
March 31, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance¹


NYSE Amex Symbol	EIV
Inception Date 11/29/02


% Average Annual Total Returns at net asset value (NAV)

Six Months		-14.44
One Year		-6.82
Five Years		-1.04
Since Inception		3.05


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-5.90
One Year		0.83
Five Years		3.57
Since Inception		5.44


% Premium/(Discount) to NAV (3/31/11)		21.13


% Market Yields

Market Yield²		7.56
Taxable-Equivalent Market Yield³		11.63


% APS Leverage⁴		22.05


% RIB Leverage⁴		26.46


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper General Municipal Debt Funds (Leveraged) Classification at NAV		-8.66	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁶




AAA	10.1	BBB	9.6
AA	62.0	D	1.3
A	16.9	Not Rated	0.1

See Endnotes and Additional Disclosures on page 10.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

Eaton Vance
California Municipal Bond Fund II
March 31, 2011

Portfolio Manager Cynthia J. Clemson

Performance¹


NYSE Amex Symbol	EIA
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-15.48
One Year		-7.75
Five Years		-1.22
Since Inception		2.25


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-18.64
One Year		-8.19
Five Years		-0.66
Since Inception		2.47


% Premium/(Discount) to NAV (3/31/11)		1.87


% Market Yields

Market Yield²		8.31
Taxable-Equivalent Market Yield³		14.29


% APS Leverage⁴		34.81


% RIB Leverage⁴		11.79


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper California Muni. Debt Funds Classification at NAV		-10.59	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)




AAA	16.4	BBB	2.8
AA	60.0	BB	1.5
A	19.3

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
Massachusetts Municipal Bond Fund
March 31, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance¹


NYSE Amex Symbol	MAB
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-12.39
One Year		-4.05
Five Years		1.50
Since Inception		4.20


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-13.77
One Year		-5.63
Five Years		1.32
Since Inception		4.37


% Premium/(Discount) to NAV (3/31/11)		1.43


% Market Yields

Market Yield²		6.64
Taxable-Equivalent Market Yield³		10.79


% APS Leverage⁴		34.87


% RIB Leverage⁴		8.55


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper Other States Muni. Debt Funds Classification at NAV		-6.73	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)




AAA	18.2	BBB	1.8
AA	38.1	Not Rated	6.4
A	35.5

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
Michigan Municipal Bond Fund
March 31, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance¹


NYSE Amex Symbol	MIW
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-7.80
One Year		-1.13
Five Years		2.82
Since Inception		4.73


% Average Annual Total Returns at market price, NYSE Amex

Six Months		2.86
One Year		8.14
Five Years		5.19
Since Inception		6.02


% Premium/(Discount) to NAV (3/31/11)		10.73


% Market Yields

Market Yield²		6.20
Taxable-Equivalent Market Yield³		9.97


% APS Leverage⁴		40.46


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper Michigan Muni. Debt Funds Classification at NAV		-7.07	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
New Jersey Municipal Bond Fund
March 31, 2011

Portfolio Manager Adam A. Weigold, CFA

Performance¹


NYSE Amex Symbol	EMJ
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-12.51
One Year		-5.24
Five Years		1.85
Since Inception		4.52


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-14.46
One Year		-11.72
Five Years		2.07
Since Inception		5.03


% Premium/(Discount) to NAV (3/31/11)		4.14


% Market Yields

Market Yield²		7.26
Taxable-Equivalent Market Yield³		12.27


% APS Leverage⁴		35.09


% RIB Leverage⁴		8.58


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper New Jersey Muni. Debt Funds Classification at NAV		-8.60	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)




AAA	12.7	BBB	5.7
AA	62.6
A	19.0

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
New York Municipal Bond Fund II
March 31, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance¹


NYSE Amex Symbol	NYH
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-9.70
One Year		-3.33
Five Years		1.08
Since Inception		4.21


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-11.86
One Year		-8.16
Five Years		2.66
Since Inception		4.46


% Premium/(Discount) to NAV (3/31/11)		1.97


% Market Yields

Market Yield²		7.41
Taxable-Equivalent Market Yield³		12.52


% APS Leverage⁴		24.11


% RIB Leverage⁴		21.44


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper New York Muni. Debt Funds Classification at NAV		-7.60	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)




AAA	11.3	BBB	10.5
AA	50.4	Not Rated	1.3
A	26.5

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
Ohio Municipal Bond Fund
March 31, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance¹


NYSE Amex Symbol	EIO
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-12.03
One Year		-5.10
Five Years		-0.61
Since Inception		2.52


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-16.51
One Year		-9.73
Five Years		0.35
Since Inception		2.92


% Premium/(Discount) to NAV (3/31/11)		3.26


% Market Yields

Distribution Rate Market Yield²		6.78
Taxable-Equivalent Market Yield³		11.13


% APS Leverage⁴		36.00


% RIB Leverage⁴		4.93


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper Other States Muni. Debt Funds Classification at NAV		-6.73	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)




AAA	2.7	BBB	8.3
AA	55.7	Not Rated	5.5
A	27.8

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
Pennsylvania Municipal Bond Fund
March 31, 2011

Portfolio Manager Adam A. Weigold, CFA

Performance¹


NYSE Amex Symbol	EIP
Inception Date 11/29/02


% Average Annual Total Returns at NAV

Six Months		-11.43
One Year		-3.27
Five Years		1.45
Since Inception		4.06


% Average Annual Total Returns at market price, NYSE Amex

Six Months		-11.02
One Year		-4.97
Five Years		2.81
Since Inception		4.64


% Premium/(Discount) to NAV (3/31/11)		4.80


% Market Yields

Market Yield²		7.14
Taxable-Equivalent Market Yield³		11.33


% APS Leverage⁴		36.39


% RIB Leverage⁴		5.93


Comparative Performance (9/30/10 - 3/31/11)⁵	% Return

Barclays Capital Municipal Bond Index		-3.68	^*
Barclays Capital Long (22+) Municipal Bond Index		-7.94	^*
Lipper Pennsylvania Muni. Debt Funds Classification at NAV		-7.82	^*


^* Source: Lipper.

Fund Profile

Rating Distribution⁶ (% of total investments)




AA	50.5	Not Rated	7.6
A	31.9
BBB	10.0

See Endnotes and Additional Disclosures on page 10.

Eaton Vance
Municipal Bond Funds

March 31, 2011

Endnotes and Additional Disclosures

^1.		Six-month returns are cumulative. All other returns are presented on an average annual basis. Performance reflects the effects of leverage.

^2.		Fund market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period.

^3.		Taxable-equivalent figure assumes maximum combined federal and state income tax rates, except for Municipal Bond Fund II, which assumes a maximum 35.00% federal income tax rate. Lower income tax rates would result in lower tax-equivalent figures. The maximum combined income tax rates for state funds were as follows as of 3/31/11:


California II	41.86	%
Massachusetts	38.45	%
Michigan	37.83	%
New Jersey	40.83	%
New York II	40.83	%
Ohio	39.06	%
Pennsylvania	37.00	%

^4.		The Fund employs leverage through outstanding Auction Preferred Shares (APS) and/or the use of residual interest bond (RIB) financing. Leverage provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV and market price of common shares). See “Floating Rate Notes Issued in Conjunction with Securities Held” in Note 1 to the financial statements for more information on RIB investments. APS leverage represents the liquidation value of the Fund’s APS outstanding as of 3/31/11 as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 3/31/11 as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

^5.		It is not possible to invest directly in an Index or a Lipper Classification. Total returns shown for an Index do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Lipper total return is the average total return, at NAV, of funds that are in the Fund’s Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. Index and Lipper returns are available as of month end only.

^6.		Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Eaton Vance

Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 191.9%

Principal Amount

Security (000’s omitted) Value

Bond Bank — 2.4%

Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32
$ 2,500 $ 2,468,050

$ 2,468,050

Electric Utilities — 1.4%

South Carolina Public Service Authority, (Santee Cooper), 5.50%, 1/1/38
$ 1,420 $ 1,466,420

$ 1,466,420

Escrowed / Prerefunded — 0.6%

New York, NY, Prerefunded to 1/15/13, 5.25%, 1/15/33
$ 595 $ 644,718

$ 644,718

General Obligations — 7.0%

Chicago Park District, IL, 5.25%, 1/1/37⁽¹⁾
$ 1,680 $ 1,633,632

New York, 5.00%, 2/15/34⁽¹⁾
2,750 2,800,270

New York, NY, 5.25%, 1/15/33
155 155,341

New York, NY, 5.25%, 1/15/33⁽¹⁾
2,750 2,756,050

$ 7,345,293

Hospital — 5.7%

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35
$ 900 $ 702,045

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27
750 658,642

Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.60%, 7/1/33
500 458,365

Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36
1,285 1,200,948

Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38
1,850 312,724

Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39
5,000 791,500

Lehigh County, PA, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32
960 924,240

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38
1,140 934,310

$ 5,982,774

Industrial Development Revenue — 2.2%

St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37
$ 2,500 $ 2,302,375

$ 2,302,375

Insured – Electric Utilities — 7.6%

American Municipal Power-Ohio, Inc., OH, (Prairie State Energy), (AGC), 5.75%, 2/15/39
$ 1,000 $ 1,008,100

Chelan County, WA, Public Utility District No. 1, (Columbia River), (NPFG), 0.00%, 6/1/23
6,335 3,447,063

Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41
2,205 1,846,798

South Carolina Public Service Authority, (Santee Cooper), (BHAC), 5.50%, 1/1/38
1,595 1,649,214

$ 7,951,175

Insured – Escrowed / Prerefunded — 0.1%

Highlands County, FL, Health Facilities Authority, (Adventist Health System), (BHAC), Prerefunded to 11/15/16, 5.25%, 11/15/36
$ 115 $ 135,684

$ 135,684

Insured – General Obligations — 18.3%

Coast Community College District, CA, (Election of 2002), (AGM), 0.00%, 8/1/33
$ 17,000 $ 3,736,770

District of Columbia, (FGIC), (NPFG), 4.75%, 6/1/33
2,625 2,458,969

Goodyear, AZ, (NPFG), 3.00%, 7/1/26
1,350 1,144,274

Los Angeles, CA, Unified School District, (Election of 2004), (AGC), 5.00%, 1/1/34
2,000 1,894,520

Palm Springs, CA, Unified School District, (Election of 2008), (AGC), 5.00%, 8/1/33
2,750 2,711,582

Philadelphia, PA, (AGC), 7.00%, 7/15/28
1,250 1,386,837

Washington, (AGM), 5.00%, 7/1/25⁽¹⁾
5,500 5,753,825

$ 19,086,777

Insured – Hospital — 26.8%

Arizona Health Facilities Authority, (Banner Health), (BHAC), 5.375%, 1/1/32
$ 1,750 $ 1,759,677

California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.05%, 8/15/38⁽¹⁾
1,500 1,314,030

Centre County, PA, Hospital Authority, (Mount Nittany Medical Center), (AGC), 6.125%, 11/15/39
1,695 1,715,713

Centre County, PA, Hospital Authority, (Mount Nittany Medical Center), (AGC), 6.25%, 11/15/44
450 455,252

Colorado Health Facilities Authority, (Catholic Health), (AGM), 5.10%, 10/1/41⁽¹⁾
2,200 2,011,614

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Hospital (continued)

Highlands County, FL, Health Facilities Authority, (Adventist Health System), (BHAC), 5.25%, 11/15/36⁽¹⁾
$ 3,000 $ 2,964,420

Highlands County, FL, Health Facilities Authority, (Adventist Health System), (NPFG), 5.00%, 11/15/35
1,490 1,345,500

Illinois Finance Authority, (Children’s Memorial Hospital), (AGC), 5.25%, 8/15/47⁽¹⁾
2,500 2,229,426

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41
1,750 1,626,467

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41⁽¹⁾
750 697,057

Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32
2,090 2,083,187

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽¹⁾
1,000 960,450

New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38⁽¹⁾
500 459,260

New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38
2,245 2,218,240

New York Dormitory Authority, (Health Quest Systems), (AGC), 5.125%, 7/1/37
2,500 2,357,125

Washington Health Care Facilities Authority, (MultiCare Health System), (AGC), 6.00%, 8/15/39
1,545 1,575,297

Washington Health Care Facilities Authority, (Providence Health Care), (AGM), 5.25%, 10/1/33
2,300 2,239,326

$ 28,012,041

Insured – Industrial Development Revenue — 1.3%

Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc. Project), (BHAC), 5.00%, 10/1/39
$ 1,340 $ 1,300,390

$ 1,300,390

Insured – Lease Revenue / Certificates of Participation — 9.5%

Essex County, NJ, Improvement Authority, (NPFG), 5.50%, 10/1/30
$ 1,000 $ 1,044,000

Hudson Yards Infrastructure Corp., NY, (NPFG), 4.50%, 2/15/47
4,600 3,406,438

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34
875 884,223

San Diego County, CA, Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾
3,250 3,077,002

Tri-Creek Middle School Building Corp., IN, (AGM), 5.25%, 1/15/34⁽¹⁾
1,500 1,479,285

$ 9,890,948

Insured – Other Revenue — 1.4%

Harris County-Houston, TX, Sports Authority, (NPFG), 0.00%, 11/15/34
$ 2,540 $ 358,750

New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC), 7.00%, 3/1/49
1,000 1,074,530

$ 1,433,280

Insured – Private Education — 3.9%

Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59
$ 2,500 $ 2,586,350

Miami-Dade County, FL, Educational Facilities Authority, (University of Miami), (AMBAC), (BHAC), 5.00%, 4/1/31
1,555 1,534,692

$ 4,121,042

Insured – Public Education — 3.6%

University of South Alabama, (BHAC), 5.00%, 8/1/38
$ 3,900 $ 3,750,864

$ 3,750,864

Insured – Solid Waste — 1.1%

Palm Beach County, FL, Solid Waste Authority, (BHAC), 5.00%, 10/1/24
$ 740 $ 759,062

Palm Beach County, FL, Solid Waste Authority, (BHAC), 5.00%, 10/1/26
425 433,551

$ 1,192,613

Insured – Special Tax Revenue — 11.5%

Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (NPFG), 5.25%, 6/15/42
$ 4,000 $ 3,665,240

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39
3,000 1,827,660

New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45
2,045 1,724,467

New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44
1,675 1,490,030

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
29,695 1,474,951

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
12,035 1,169,320

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Special Tax Revenue (continued)

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
$ 7,595 $ 683,170

$ 12,034,838

Insured – Student Loan — 1.7%

Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27
$ 1,760 $ 1,782,827

$ 1,782,827

Insured – Transportation — 31.5%

Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39
$ 1,585 $ 1,464,445

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/22
7,800 3,588,702

Manchester, NH, (Manchester-Boston Regional Airport), (AGM), 5.125%, 1/1/30
1,305 1,286,338

Maryland Transportation Authority, (AGM), 5.00%, 7/1/41⁽¹⁾
10,000 9,991,500

Metropolitan Washington, DC, Airports Authority, (BHAC), 5.00%, 10/1/24
1,000 1,042,170

Metropolitan Washington, DC, Airports Authority, (BHAC), 5.00%, 10/1/29
535 539,424

Minneapolis and St. Paul, MN, Metropolitan Airports Commission, (FGIC), (NPFG), 4.50%, 1/1/32
2,845 2,550,486

Nevada Department of Business and Industry, (Las Vegas Monorail -1st Tier), (AMBAC), 0.00%, 1/1/20
13,885 1,847,538

New Jersey Transportation Trust Fund Authority, (AGC), 5.50%, 12/15/38
1,040 1,051,617

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 5.50%, 1/1/29
255 262,510

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 5.75%, 1/1/39
290 290,960

North Texas Tollway Authority, (BHAC), 5.75%, 1/1/48
1,750 1,752,730

Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30
2,540 2,648,305

Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 5.00%, 8/15/42
5,555 4,601,429

$ 32,918,154

Insured – Water and Sewer — 12.3%

Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/26
$ 670 $ 700,170

Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/27
420 435,939

Bossier City, LA, Utilities Revenue, (BHAC), 5.50%, 10/1/38
660 668,692

Chicago, IL, Wastewater Transmission Revenue, (BHAC), 5.50%, 1/1/38
1,635 1,641,246

District of Columbia Water and Sewer Authority, (AGC), 5.00%, 10/1/34⁽¹⁾
1,250 1,240,612

Houston, TX, Utility System, (AGM), (BHAC), 5.00%, 11/15/33
435 435,583

New York, NY, Municipal Water Finance Authority, (BHAC), 5.75%, 6/15/40
2,205 2,318,139

Pearland, TX, Waterworks and Sewer Systems, (NPFG), 3.50%, 9/1/31
6,920 5,359,194

$ 12,799,575

Insured – Water Revenue — 17.3%

Los Angeles, CA, Department of Water and Power, (BHAC), (FGIC), 5.00%, 7/1/43⁽¹⁾
$ 5,500 $ 5,161,200

Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/35
1,000 1,032,750

Massachusetts Water Resources Authority, (AMBAC), 4.00%, 8/1/40
6,110 5,080,465

Metropolitan Water District, CA, Water and Sewer Systems, (BHAC), (FGIC), 5.00%, 10/1/36⁽¹⁾
6,750 6,735,488

$ 18,009,903

Private Education — 8.4%

Connecticut Health and Educational Facilities Authority, (Wesleyan University), 5.00%, 7/1/39⁽¹⁾
$ 2,200 $ 2,165,460

Houston, TX, Higher Education Finance Corp., (William Marsh Rice University), 5.00%, 5/15/35
1,000 1,020,880

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.50%, 11/15/36
2,710 2,873,223

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40
1,500 1,476,090

North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38⁽¹⁾
500 498,890

Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 5.00%, 11/1/40
750 734,648

$ 8,769,191

Public Education — 2.5%

Tennessee School Bond Authority, 5.50%, 5/1/38
$ 1,000 $ 1,038,830

University of Virginia, 5.00%, 6/1/40⁽²⁾
1,500 1,520,190

$ 2,559,020

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Senior Living / Life Care — 0.2%

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30
$ 235 $ 233,035

$ 233,035

Special Tax Revenue — 4.6%

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/33
$ 750 $ 795,248

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾
3,800 3,976,966

$ 4,772,214

Transportation — 8.0%

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
$ 1,715 $ 1,666,106

Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41
2,815 2,471,035

Orlando-Orange County, FL, Expressway Authority, 5.00%, 7/1/35
420 387,803

Orlando-Orange County, FL, Expressway Authority, 5.00%, 7/1/40
505 456,247

South Carolina Transportation Infrastructure Bank, 5.25%, 10/1/40
1,000 965,130

Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/37
2,500 2,433,475

$ 8,379,796

Water and Sewer — 1.0%

Marco Island, FL, Utility System, 5.00%, 10/1/34
$ 205 $ 190,043

Marco Island, FL, Utility System, 5.00%, 10/1/40
910 832,841

$ 1,022,884

Total Tax-Exempt Investments — 191.9%

(identified cost $220,907,622)
$ 200,365,881

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (42.8)%
$ (44,701,691 )

Other Assets, Less Liabilities — (49.1)%
$ (51,242,430 )

Net Assets Applicable to Common Shares — 100.0%
$ 104,421,760

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
BHAC		- Berkshire Hathaway Assurance Corp.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

At March 31, 2011, the concentration of the Fund’s investments in the various states, determined as a percentage of total investments is as follows:


New York			13.3%
California			12.3%
Others, representing less than 10% individually			74.4%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 77.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 19.4% of total investments.


⁽¹⁾		Security represents the underlying municipal bond of an inverse floater (see Note 1H).

⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

California Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 182.7%

Principal Amount

Security (000’s omitted) Value

Electric Utilities — 6.5%

Puerto Rico Electric Power Authority, 5.25%, 7/1/40
$ 1,060 $ 915,785

Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/30
1,000 976,960

Vernon, Electric System Revenue, 5.125%, 8/1/21
675 679,185

$ 2,571,930

General Obligations — 7.9%

California, 5.50%, 11/1/35
$ 1,300 $ 1,261,599

Palo Alto, (Election of 2008), 5.00%, 8/1/40
1,850 1,842,822

$ 3,104,421

Hospital — 15.8%

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32
$ 1,330 $ 1,293,731

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39
1,445 1,254,361

California Statewide Communities Development Authority, (Cottage Health System), 5.00%, 11/1/40
620 521,141

California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36
500 428,285

California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45
1,900 1,614,886

Washington Township Health Care District, 5.00%, 7/1/32
555 467,072

Washington Township Health Care District, 5.25%, 7/1/29
750 660,045

$ 6,239,521

Insured – Electric Utilities — 10.1%

Glendale Electric, (NPFG), 5.00%, 2/1/32
$ 1,475 $ 1,430,337

Los Angeles Department of Water and Power, (AMBAC), (BHAC), 5.00%, 7/1/26⁽¹⁾
1,500 1,538,310

Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27
1,000 1,012,550

$ 3,981,197

Insured – Escrowed / Prerefunded — 13.1%

California Infrastructure & Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33
$ 1,150 $ 1,305,204

California Infrastructure & Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/36
1,025 1,163,334

Clovis Unified School District, (FGIC), (NPFG), Escrowed to Maturity, 0.00%, 8/1/20
3,130 2,305,652

Orange County Water District, Certificates of Participation, (NPFG), Escrowed to Maturity, 5.00%, 8/15/34
395 405,053

$ 5,179,243

Insured – General Obligations — 35.5%

Antelope Valley Community College District, (Election of 2004), (NPFG), 5.25%, 8/1/39
$ 740 $ 702,460

Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/38
7,125 1,009,114

Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/40
3,115 372,772

Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/41
3,270 365,390

Carlsbad Unified School District, (Election of 2006), (NPFG), 5.25%, 8/1/32
1,500 1,503,090

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35
6,675 1,256,302

El Camino Hospital District, (NPFG), 4.45%, 8/1/36
865 724,991

Long Beach Unified School District, (Election of 1999), (AGM), 5.00%, 8/1/31
925 889,535

Los Angeles Community College District, (Election of 2001), (AGM), (FGIC), 5.00%, 8/1/32
2,075 1,994,594

Mount Diablo Unified School District, (AGM), 5.00%, 8/1/25
1,000 1,005,400

Palm Springs Unified School District, (Election of 2008), (AGC), 5.00%, 8/1/33
1,250 1,232,537

Santa Clara Unified School District, (Election of 2004), (AGM), 4.375%, 7/1/30
1,390 1,265,984

Union Elementary School District, (FGIC), (NPFG), 0.00%, 9/1/22
3,200 1,662,816

$ 13,984,985

Insured – Hospital — 6.8%

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽¹⁾
$ 1,250 $ 1,127,475

California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.05%, 8/15/38⁽¹⁾
1,750 1,533,035

$ 2,660,510

Insured – Lease Revenue / Certificates of Participation — 10.4%

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
$ 1,250 $ 1,451,088

San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾
1,750 1,656,847

See Notes to Financial Statements.

Eaton Vance

California Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Lease Revenue / Certificates of Participation (continued)

San Jose Financing Authority, (Civic Center), (AMBAC), 5.00%, 6/1/32
$ 1,075 $ 1,006,910

$ 4,114,845

Insured – Private Education — 1.1%

California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/32
$ 420 $ 407,270

$ 407,270

Insured – Public Education — 11.4%

California State University, (AGM), (BHAC), 5.00%, 11/1/39⁽¹⁾
$ 2,000 $ 1,824,520

California State University, (AMBAC), 5.00%, 11/1/33
2,860 2,676,216

$ 4,500,736

Insured – Sewer Revenue — 2.0%

Clovis Public Financing Authority, Wastewater Revenue, (AMBAC), 4.50%, 8/1/38
$ 1,000 $ 798,470

$ 798,470

Insured – Special Assessment Revenue — 6.4%

Cathedral City Public Financing Authority, (Housing Redevelopment), (NPFG), 5.00%, 8/1/33
$ 2,000 $ 1,613,760

Los Osos Community Services District, (Wastewater Assessment District No. 1), (NPFG), 5.00%, 9/2/33
1,250 918,600

$ 2,532,360

Insured – Special Tax Revenue — 8.3%

Hesperia Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37
$ 1,535 $ 971,808

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
11,485 570,460

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
4,600 446,936

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
2,905 261,305

Santa Clara Valley Transportation Authority, Sales Tax Revenue, (AMBAC), 5.00%, 4/1/32
1,000 1,007,470

$ 3,257,979

Insured – Transportation — 2.2%

San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/27
$ 3,520 $ 870,179

$ 870,179

Insured – Water Revenue — 14.0%

Calleguas Las Virgines Public Financing Authority, (Municipal Water District), (BHAC), (FGIC), 4.75%, 7/1/37
$ 1,235 $ 1,140,028

East Bay Municipal Utility District, Water System Revenue, (AGM), (FGIC), 5.00%, 6/1/32
100 101,210

East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32
1,445 1,460,563

Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30
1,500 1,105,275

Riverside, Water Revenue, (AGM), 5.00%, 10/1/38
445 425,478

Santa Clara Valley Water District, (AGM), 3.75%, 6/1/28
1,475 1,272,733

$ 5,505,287

Private Education — 13.9%

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39
$ 1,345 $ 1,272,585

California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30
380 362,911

California Educational Facilities Authority, (Santa Clara University), 5.00%, 2/1/29
890 899,763

California Educational Facilities Authority, (Santa Clara University), 5.00%, 2/1/40
1,155 1,096,650

California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31⁽²⁾
500 499,980

California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36
115 116,600

California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39
1,200 1,212,216

$ 5,460,705

Public Education — 2.5%

University of California, 5.25%, 5/15/39
$ 1,000 $ 983,340

$ 983,340

Special Tax Revenue — 3.4%

San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28
$ 1,300 $ 1,349,153

$ 1,349,153

Transportation — 8.8%

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29
$ 1,190 $ 1,228,818

Long Beach, Harbor Revenue, 5.00%, 5/15/27
540 555,309

See Notes to Financial Statements.

Eaton Vance

California Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Transportation (continued)

Los Angeles Department of Airports, (Los Angeles International Airport),
5.00%, 5/15/35⁽¹⁾⁽³⁾
$ 1,060 $ 999,050

San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/40
780 698,794

$ 3,481,971

Water and Sewer — 2.6%

Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/39
$ 1,050 $ 1,030,596

$ 1,030,596

Total Tax-Exempt Investments — 182.7%

(identified cost $79,683,848)
$ 72,014,698

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (65.2)%
$ (25,700,268 )

Other Assets, Less Liabilities — (17.5)%
$ (6,882,361 )

Net Assets Applicable to Common Shares — 100.0%
$ 39,432,069

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
BHAC		- Berkshire Hathaway Assurance Corp.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 66.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 22.2% of total investments.


⁽¹⁾		Security represents the underlying municipal bond of an inverse floater (see Note 1H).

⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽³⁾		Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $204,050.

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 167.9%

Principal Amount

Security (000’s omitted) Value

Escrowed / Prerefunded — 5.5%

Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), Prefunded to 7/31/13, 5.75%, 7/1/33
$ 500 $ 561,970

Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32
600 660,138

$ 1,222,108

General Obligations — 4.0%

Wayland, 5.00%, 2/1/33
$ 340 $ 355,154

Wayland, 5.00%, 2/1/36
510 524,535

$ 879,689

Hospital — 16.1%

Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37
$ 775 $ 709,939

Massachusetts Health and Educational Facilities Authority, (Lahey Clinic Medical Center), 5.25%, 8/15/28
400 391,940

Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/39
1,250 1,165,875

Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29
370 358,989

Massachusetts Health and Educational Facilities Authority, (Southcoast Hospitals Group, Inc.), 5.00%, 7/1/29
1,000 922,200

$ 3,548,943

Insured – Electric Utilities — 5.0%

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23
$ 1,095 $ 1,097,365

$ 1,097,365

Insured – Escrowed / Prerefunded — 6.8%

Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26
$ 2,900 $ 1,501,939

$ 1,501,939

Insured – General Obligations — 15.4%

Massachusetts, (AMBAC), 5.50%, 8/1/30
$ 1,900 $ 2,121,198

Revere, (AGC), 5.00%, 4/1/39
1,000 957,180

Tewksbury, (AGM), 4.625%, 3/15/27
300 306,798

$ 3,385,176

Insured – Hospital — 1.0%

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25
$ 220 $ 212,808

$ 212,808

Insured – Lease Revenue / Certificates of Participation — 5.3%

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
$ 1,000 $ 1,160,870

$ 1,160,870

Insured – Other Revenue — 3.2%

Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42
$ 750 $ 710,190

$ 710,190

Insured – Private Education — 20.6%

Massachusetts Development Finance Agency, (Boston College), (NPFG), 5.00%, 7/1/38
$ 1,000 $ 978,800

Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59
1,105 1,143,167

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾
750 784,035

Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/35
750 722,895

Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/37
950 913,026

$ 4,541,923

Insured – Public Education — 8.2%

Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39
$ 700 $ 723,842

Massachusetts Health and Educational Facilities Authority, (Worcester State College), (AMBAC), 5.00%, 11/1/32
1,150 1,073,686

$ 1,797,528

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Special Tax Revenue — 18.8%

Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32
$ 1,225 $ 1,189,218

Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29
750 784,252

Massachusetts Bay Transportation Authority, Sales Tax Revenue, (NPFG), 5.50%, 7/1/28
400 451,472

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37⁽¹⁾
1,160 1,144,038

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
5,265 261,513

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
2,090 203,064

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
1,325 119,184

$ 4,152,741

Insured – Water Revenue — 4.0%

Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/36
$ 860 $ 883,745

$ 883,745

Other Revenue — 2.2%

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/29
$ 490 $ 491,269

$ 491,269

Private Education — 29.1%

Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33
$ 750 $ 722,085

Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35
750 736,995

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38⁽¹⁾
2,000 2,029,360

Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/36⁽²⁾
1,000 1,054,560

Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35
870 815,173

Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38
1,025 1,047,447

$ 6,405,620

Senior Living / Life Care — 2.7%

Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31
$ 745 $ 605,901

$ 605,901

Special Tax Revenue — 5.5%

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/35
$ 1,210 $ 1,207,374

$ 1,207,374

Transportation — 8.5%

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/32
$ 1,000 $ 971,010

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37
500 463,155

Massachusetts Port Authority, 5.00%, 7/1/34
435 428,210

$ 1,862,375

Water and Sewer — 6.0%

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33
$ 585 $ 628,741

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34
640 684,326

$ 1,313,067

Total Tax-Exempt Investments — 167.9%

(identified cost $38,204,678)
$ 36,980,631

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (61.6)%
$ (13,576,032 )

Other Assets, Less Liabilities — (6.3)%
$ (1,379,267 )

Net Assets Applicable to Common Shares — 100.0%
$ 22,025,332

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 164.4%

Principal Amount

Security (000’s omitted) Value

Electric Utilities — 3.2%

Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29
$ 620 $ 620,105

$ 620,105

Escrowed / Prerefunded — 10.3%

Michigan Hospital Finance Authority, (Chelsea Community Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30
$ 400 $ 456,580

Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36
1,500 1,563,465

$ 2,020,045

Hospital — 8.1%

Michigan Hospital Finance Authority, (Oakwood Hospital System), 5.75%, 4/1/32
$ 1,000 $ 964,600

Michigan Hospital Finance Authority, (Trinity Health), 5.375%, 12/1/30
640 620,685

$ 1,585,285

Insured – Electric Utilities — 7.3%

Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
$ 500 $ 467,125

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
1,000 956,430

$ 1,423,555

Insured – Escrowed / Prerefunded — 49.4%

Detroit School District, (School Bond Loan Fund), (AGM), Prerefunded to 5/1/12, 5.125%, 5/1/31
$ 750 $ 787,500

Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31
1,250 1,265,137

Lansing Building Authority, (NPFG), Prerefunded to 6/1/13, 5.00%, 6/1/29
1,500 1,639,875

Michigan Hospital Finance Authority, (St. John Health System), (AMBAC), Escrowed to Maturity, 5.00%, 5/15/28
1,150 1,153,634

Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/22
1,750 1,095,325

Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/23
2,615 1,543,504

Reed City Public Schools, (AGM), Prerefunded to 5/1/14, 5.00%, 5/1/29
1,300 1,459,809

Ypsilanti Community Utilities Authority, (Sanitary Sewer System No. 3), (FGIC), Prerefunded to 5/1/12, 5.00%, 5/1/32
705 739,693

$ 9,684,477

Insured – General Obligations — 23.2%

Grand Rapids and Kent County Joint Building Authority, (DeVos Place), (NPFG), 0.00%, 12/1/27⁽¹⁾
$ 1,960 $ 807,755

Greenville Public Schools, (NPFG), 5.00%, 5/1/25
750 751,942

Okemos Public School District, (NPFG), 0.00%, 5/1/19
1,330 928,460

Pinconning Area Schools, (AGM), 5.00%, 5/1/33
1,000 974,510

Royal Oak, (AGC), 6.25%, 10/1/28
1,000 1,096,030

$ 4,558,697

Insured – Hospital — 6.5%

Michigan Hospital Finance Authority, (Mid-Michigan Obligation Group), (AMBAC), 5.00%, 4/15/32
$ 500 $ 452,860

Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35
975 830,466

$ 1,283,326

Insured – Lease Revenue / Certificates of Participation — 6.1%

Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
$ 1,000 $ 311,020

Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
3,100 875,130

$ 1,186,150

Insured – Public Education — 15.4%

Central Michigan University, (AMBAC), 5.05%, 10/1/32
$ 750 $ 721,463

Ferris State University, (AGC), 5.125%, 10/1/33
435 430,989

Lake Superior State University, (AMBAC), 5.125%, 11/15/26
750 728,760

Wayne University, (NPFG), 5.00%, 11/15/37
1,200 1,143,120

$ 3,024,332

Insured – Sewer Revenue — 2.1%

Detroit Sewer Disposal System, (NPFG), 4.50%, 7/1/35
$ 500 $ 405,860

$ 405,860

Insured – Special Tax Revenue — 8.8%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
$ 6,100 $ 302,987

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Special Tax Revenue (continued)

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
$ 1,670 $ 162,257

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
1,115 100,294

Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (NPFG), 5.00%, 12/1/30
1,000 869,220

Ypsilanti Community Utilities Authority, (Sanitary Sewer System No. 3), (FGIC), (NPFG), 5.00%, 5/1/32
295 287,484

$ 1,722,242

Insured – Utilities — 7.7%

Lansing Board of Water and Light, (Water Supply, Steam and Electric Utility), (AGM), 5.00%, 7/1/25
$ 1,000 $ 999,920

Lansing Board of Water and Light, (Water Supply, Steam and Electric Utility), (AGM), 5.00%, 7/1/26
510 512,815

$ 1,512,735

Insured – Water Revenue — 11.8%

Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
$ 1,425 $ 1,295,239

Grand Rapids Water Supply System, (AGC), 5.00%, 1/1/29
1,000 1,022,160

$ 2,317,399

Private Education — 1.1%

Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35
$ 250 $ 220,763

$ 220,763

Water and Sewer — 3.4%

Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
$ 650 $ 668,961

$ 668,961

Total Tax-Exempt Investments — 164.4%

(identified cost $32,886,985)
$ 32,233,932

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (68.0)%
$ (13,325,279 )

Other Assets, Less Liabilities — 3.6%
$ 701,925

Net Assets Applicable to Common Shares — 100.0%
$ 19,610,578

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 84.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.4% to 34.3% of total investments.


⁽¹⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 171.9%

Principal Amount

Security (000’s omitted) Value

General Obligations — 4.6%

Monmouth County Improvement Authority, 5.00%, 1/15/27
$ 1,375 $ 1,464,169

$ 1,464,169

Hospital — 8.9%

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35
$ 180 $ 140,409

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34
760 664,035

New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37
595 549,994

New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.125%, 7/1/35
250 222,502

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46
1,395 1,211,139

$ 2,788,079

Insured – Electric Utilities — 3.0%

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
$ 1,000 $ 956,430

$ 956,430

Insured – General Obligations — 39.0%

Bayonne, (AGM), 0.00%, 7/1/23
$ 2,415 $ 1,309,389

Bayonne, (AGM), 5.50%, 7/1/39
1,000 1,001,880

Delaware Township, Hunterdon County, (AGC), 5.00%, 10/15/35
320 329,200

Delaware Township, Hunterdon County, (AGC), 5.10%, 10/15/36
340 350,740

Delaware Township, Hunterdon County, (AGC), 5.15%, 10/15/37
360 371,999

Delaware Township, Hunterdon County, (AGC), 5.20%, 10/15/38
382 395,397

Egg Harbor Township School District, (AGM), 3.50%, 4/1/28
840 730,489

Hudson County Improvement Authority, (NPFG), 0.00%, 12/15/38
2,000 280,740

Irvington Township, (AGM), 0.00%, 7/15/26
5,475 2,367,280

Jackson Township School District, (NPFG), 2.50%, 6/15/27
2,385 1,778,638

Jersey City, (AGM), 5.00%, 1/15/29
1,000 1,009,560

Lakewood Township, (AGC), 5.75%, 11/1/31
700 752,311

Monroe Township Board of Education, Middlesex County, (AGC), 4.75%, 3/1/34
1,115 1,088,329

Nutley School District, (NPFG), 4.75%, 7/15/30
110 110,855

Nutley School District, (NPFG), 4.75%, 7/15/31
410 410,303

$ 12,287,110

Insured – Hospital — 18.1%

New Jersey Health Care Facilities Financing Authority, (Englewood Hospital), (NPFG), 5.00%, 8/1/31
$ 1,500 $ 1,500,570

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽¹⁾
2,000 1,920,900

New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38
615 564,890

New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38⁽¹⁾
250 229,630

New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38
1,500 1,482,120

$ 5,698,110

Insured – Lease Revenue / Certificates of Participation — 17.7%

Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30
$ 1,000 $ 1,044,000

Middlesex County, Certificates of Participation, (NPFG), 5.00%, 8/1/31
1,250 1,250,038

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34
1,300 1,313,702

New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28
500 510,685

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
1,250 1,451,087

$ 5,569,512

Insured – Other Revenue — 4.8%

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39
$ 1,500 $ 1,500,345

$ 1,500,345

Insured – Public Education — 11.3%

New Jersey Educational Facilities Authority, (College of New Jersey), (AGM), 5.00%, 7/1/35
$ 735 $ 705,034

New Jersey Educational Facilities Authority, (Montclair State University), (NPFG), 3.75%, 7/1/24
450 408,582

New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/27
920 722,587

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Public Education (continued)

New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28
$ 465 $ 357,194

New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 4.75%, 7/1/34
1,145 1,094,460

New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 5.00%, 7/1/38
275 264,110

$ 3,551,967

Insured – Special Tax Revenue — 14.1%

Garden State Preservation Trust, (AGM), 0.00%, 11/1/21
$ 1,000 $ 643,840

Garden State Preservation Trust, (AGM), 5.80%, 11/1/21
500 563,080

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (BHAC), (NPFG), 5.00%, 7/1/27
975 975,790

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26
2,390 973,088

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27
1,120 424,525

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
7,675 381,217

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
3,005 291,966

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
1,900 170,905

$ 4,424,411

Insured – Transportation — 25.4%

New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26
$ 1,560 $ 634,577

New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31
3,235 906,770

New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29
1,500 1,614,450

Port Authority of New York and New Jersey, (AGM), 5.00%, 11/1/27⁽¹⁾
3,875 3,941,448

Port Authority of New York and New Jersey, (AGM), 5.00%, 8/15/33
720 720,151

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33
180 186,210

$ 8,003,606

Insured – Water and Sewer — 8.2%

Middlesex County Improvement Authority, (Perth Amboy), (AMBAC), 0.00%, 9/1/24
$ 4,500 $ 2,067,930

Passaic Valley Sewerage Commissioners, (FGIC), (NPFG), 2.50%, 12/1/32
895 498,569

$ 2,566,499

Lease Revenue / Certificates of Participation — 1.9%

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38
$ 625 $ 594,494

$ 594,494

Private Education — 5.7%

New Jersey Educational Facilities Authority, (Princeton University), 4.25%, 7/1/40⁽²⁾
$ 2,000 $ 1,794,660

$ 1,794,660

Public Education — 0.8%

Rutgers State University, 5.00%, 5/1/39
$ 250 $ 246,830

$ 246,830

Other Revenue — 1.9%

New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48
$ 375 $ 367,762

Port Authority of New York and New Jersey, (JFK International Air Terminal LLC), 6.00%, 12/1/42
250 237,123

$ 604,885

Transportation — 6.5%

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
$ 590 $ 573,179

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40
210 200,739

South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33
1,325 1,267,839

$ 2,041,757

Total Tax-Exempt Investments — 171.9%

(identified cost $56,335,944)
$ 54,092,864

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (62.3)%
$ (19,600,614 )

Other Assets, Less Liabilities — (9.6)%
$ (3,024,188 )

Net Assets Applicable to Common Shares — 100.0%
$ 31,468,062

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
BHAC		- Berkshire Hathaway Assurance Corp.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 82.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.6% to 29.0% of total investments.


⁽¹⁾		Security represents the underlying municipal bond of an inverse floater (see Note 1H).

⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

New York Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 173.7%

Principal Amount

Security (000’s omitted) Value

General Obligations — 3.4%

New York, 5.00%, 2/15/34⁽¹⁾
$ 1,000 $ 1,018,280

$ 1,018,280

Hospital — 3.5%

New York Dormitory Authority, (Highland Hospital of Rochester), 5.00%, 7/1/26
$ 135 $ 131,823

New York Dormitory Authority, (Highland Hospital of Rochester), 5.20%, 7/1/32
180 171,103

Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32
750 750,015

$ 1,052,941

Industrial Development Revenue — 1.3%

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35
$ 390 $ 377,984

$ 377,984

Insured – Electric Utilities — 3.5%

Long Island Power Authority, (BHAC), 5.50%, 5/1/33
$ 500 $ 521,500

Long Island Power Authority, (BHAC), 6.00%, 5/1/33
500 540,830

$ 1,062,330

Insured – Escrowed / Prerefunded — 3.9%

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
$ 545 $ 295,695

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
550 281,705

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30
1,385 588,043

$ 1,165,443

Insured – General Obligations — 25.5%

Brentwood Union Free School District, (AGC), 4.75%, 11/15/23
$ 535 $ 578,094

Brentwood Union Free School District, (AGC), 5.00%, 11/15/24
560 610,669

Freeport Union Free School District, (AGC), 4.00%, 4/1/23
180 183,973

Freeport Union Free School District, (AGC), 4.00%, 4/1/24
200 203,336

Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24
250 251,375

Hoosic Valley Central School District, (AGC), 4.00%, 6/15/23
250 253,590

Longwood Central School District, Suffolk County, (AGC), 4.15%, 6/1/23
185 188,870

Longwood Central School District, Suffolk County, (AGC), 4.25%, 6/1/24
190 193,912

New York, (AGM), 5.00%, 4/1/22
1,000 1,066,790

New York Dormitory Authority, (School Districts Financing Program), (NPFG), 5.00%, 10/1/30
1,795 1,788,358

Plattsburgh, (AGC), 4.25%, 11/15/19
100 107,006

Plattsburgh, (AGC), 4.25%, 11/15/20
300 320,259

Sachem Central School District, (FGIC), (NPFG), 4.25%, 10/15/28
410 405,445

Syracuse, (AGC), 5.00%, 6/15/19
235 259,360

Wantagh Union Free School District, (AGC), 4.50%, 11/15/19
185 200,958

Wantagh Union Free School District, (AGC), 4.50%, 11/15/20
190 203,914

Wantagh Union Free School District, (AGC), 4.75%, 11/15/22
210 225,145

Wantagh Union Free School District, (AGC), 4.75%, 11/15/23
220 234,087

William Floyd Union Free School District, (AGC), 4.00%, 12/15/24
350 345,114

$ 7,620,255

Insured – Hospital — 6.3%

New York City Health and Hospitals Corp., (AGM), 5.50%, 2/15/20
$ 500 $ 556,750

New York Dormitory Authority, (Health Quest Systems), (AGC), 5.125%, 7/1/37
910 857,993

New York Dormitory Authority, (Hudson Valley Hospital Center), (AGM), (BHAC), 5.00%, 8/15/36
500 481,875

$ 1,896,618

Insured – Housing — 3.3%

New York City Housing Corp., (NPFG), 4.95%, 11/1/33
$ 1,000 $ 977,350

$ 977,350

Insured – Lease Revenue / Certificates of Participation — 6.7%

Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
$ 1,390 $ 1,029,337

New York City Transitional Finance Authority, (BHAC), 5.50%, 7/15/38
950 977,179

$ 2,006,516

See Notes to Financial Statements.

Eaton Vance

New York Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Other Revenue — 15.4%

New York City Cultural Resource Trust, (American Museum of Natural History), (NPFG), 5.00%, 7/1/44
$ 800 $ 764,408

New York City Cultural Resource Trust, (Museum of Modern Art), (AMBAC), (BHAC), 5.125%, 7/1/31⁽¹⁾
2,500 2,488,875

New York City Industrial Development Agency, (Yankee Stadium), (NPFG), 4.75%, 3/1/46
1,700 1,346,281

$ 4,599,564

Insured – Private Education — 33.0%

New York Dormitory Authority, (Barnard College), (FGIC), (NPFG), 5.00%, 7/1/24
$ 1,440 $ 1,482,696

New York Dormitory Authority, (Brooklyn Law School), (XLCA), 5.125%, 7/1/30
1,135 1,117,850

New York Dormitory Authority, (Fordham University), (AGC), (BHAC), 5.00%, 7/1/38⁽¹⁾
2,250 2,228,332

New York Dormitory Authority, (New York University), (AMBAC), (BHAC), 5.00%, 7/1/31⁽¹⁾
1,000 992,370

New York Dormitory Authority, (Pratt Institute), (AGC), 5.00%, 7/1/34
345 330,786

New York Dormitory Authority, (Pratt Institute), (AGC), 5.125%, 7/1/39
815 772,473

New York Dormitory Authority, (Skidmore College), (FGIC), (NPFG), 5.00%, 7/1/33
500 500,185

New York Dormitory Authority, (St. John’s University), (NPFG), 5.25%, 7/1/37
850 792,702

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/32
5,425 1,665,855

$ 9,883,249

Insured – Public Education — 0.4%

New York Dormitory Authority, (City University), (AMBAC), 5.25%, 7/1/30
$ 130 $ 120,978

$ 120,978

Insured – Special Tax Revenue — 8.9%

New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45
$ 670 $ 564,984

New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44
275 244,632

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35
1,700 274,907

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
3,200 310,912

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
2,105 189,345

Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/29
385 391,541

Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/32
690 695,658

$ 2,671,979

Insured – Transportation — 13.7%

Metropolitan Transportation Authority, (AGM), (NPFG), 5.00%, 11/15/31
$ 1,000 $ 974,820

New York Thruway Authority, (AMBAC), 5.50%, 4/1/20
510 584,266

Port Authority of New York and New Jersey, (AGM), 5.00%, 11/1/27⁽¹⁾
2,500 2,543,011

$ 4,102,097

Insured – Water and Sewer — 12.1%

Nassau County Sewer and Storm Water Finance Authority, (BHAC), 5.375%, 11/1/28
$ 905 $ 950,322

New York City Municipal Water Finance Authority, (Water and Sewer System), (AMBAC), (BHAC), 5.00%, 6/15/38⁽¹⁾
2,750 2,668,243

$ 3,618,565

Insured – Water Revenue — 1.2%

Suffolk County Water Authority, (NPFG), 4.50%, 6/1/25
$ 350 $ 354,025

$ 354,025

Other Revenue — 1.0%

Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31
$ 1,100 $ 290,576

$ 290,576

Private Education — 13.4%

New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34
$ 485 $ 456,273

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41
365 369,730

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/37
1,280 1,280,371

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40
610 600,277

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/28
325 327,178

New York Dormitory Authority, (The New School), 5.50%, 7/1/40
1,000 968,140

$ 4,001,969

See Notes to Financial Statements.

Eaton Vance

New York Municipal Bond Fund II

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Special Tax Revenue — 1.7%

New York Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾
$ 500 $ 523,285

$ 523,285

Transportation — 12.2%

Metropolitan Transportation Authority, 5.00%, 11/15/34
$ 2,000 $ 1,869,780

Nassau County Bridge Authority, 5.00%, 10/1/35
350 348,530

Nassau County Bridge Authority, 5.00%, 10/1/40
65 62,860

New York Thruway Authority, 5.00%, 4/1/26
530 548,841

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37
340 330,953

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38⁽¹⁾
500 485,755

$ 3,646,719

Water Revenue — 3.3%

New York Environmental Facilities Corp., 5.00%, 10/15/39
$ 750 $ 744,908

New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/26⁽²⁾
235 243,702

$ 988,610

Total Tax-Exempt Investments — 173.7%

(identified cost $53,713,107)
$ 51,979,333

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (44.3)%
$ (13,250,277 )

Other Assets, Less Liabilities — (29.4)%
$ (8,809,063 )

Net Assets Applicable to Common Shares — 100.0%
$ 29,919,993

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
BHAC		- Berkshire Hathaway Assurance Corp.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 77.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 26.4% of total investments.


⁽¹⁾		Security represents the underlying municipal bond of an inverse floater (see Note 1H).

⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 161.6%

Principal Amount

Security (000’s omitted) Value

Bond Bank — 9.9%

Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23
$ 1,270 $ 967,676

Ohio Economic Development, (Ohio Enterprise Bond Fund), 6.00%, 12/1/34
700 714,854

Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32⁽¹⁾
1,140 1,090,467

$ 2,772,997

Electric Utilities — 1.7%

Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40
$ 500 $ 480,245

$ 480,245

General Obligations — 5.2%

Beavercreek, School District, 5.00%, 12/1/30
$ 900 $ 915,939

County of Franklin, 5.00%, 12/1/27⁽²⁾
500 524,060

$ 1,439,999

Hospital — 5.4%

Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
$ 500 $ 482,570

Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46
735 570,779

Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40
500 444,380

$ 1,497,729

Insured – Electric Utilities — 21.0%

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33
$ 700 $ 702,758

Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
2,750 1,054,598

Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
1,000 177,670

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25
1,670 770,772

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27
5,000 2,002,150

Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34
755 684,083

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
500 478,215

$ 5,870,246

Insured – General Obligations — 40.5%

Bowling Green City School District, (AGM), 5.00%, 12/1/34
$ 320 $ 311,110

Brookfield Local School District, (AGM), 5.00%, 1/15/30
200 200,270

Cleveland Municipal School District, (AGM), 5.00%, 12/1/27
1,000 1,004,430

Clyde-Green Springs Exempted Village School District, (AGM), 4.50%, 12/1/31
900 824,463

Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
1,575 1,572,827

Milford Exempt Village School District, (AGC), 5.25%, 12/1/36
1,000 993,650

Olentangy Local School District, (AGC), 5.00%, 12/1/36
1,400 1,379,000

Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
2,400 897,888

St. Mary’s School District, (AGM), 5.00%, 12/1/35
750 718,680

Sylvania City School District, (AGC), 5.00%, 12/1/26
500 509,930

Sylvania City School District, (AGC), 5.00%, 12/1/32
1,000 988,850

Wapakoneta City School District, (AGM), 4.75%, 12/1/35
2,000 1,900,900

$ 11,301,998

Insured – Hospital — 12.7%

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32
$ 820 $ 758,500

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28
1,500 1,452,570

Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate,
17.493%, 2/1/29^(3)(4)(5)
440 356,998

Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
1,250 970,713

$ 3,538,781

Insured – Lease Revenue / Certificates of Participation — 3.5%

Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36
$ 235 $ 203,458

Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33
1,000 772,390

$ 975,848

Insured – Public Education — 32.4%

Cincinnati Technical and Community College, (AMBAC), 5.00%, 10/1/28
$ 1,750 $ 1,642,182

Kent State University, (AGC), 5.00%, 5/1/26
1,000 1,017,590

Kent State University, (AGC), 5.00%, 5/1/29
360 357,656

Miami University, (AMBAC), (AGM), 3.25%, 9/1/26
2,000 1,609,160

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Public Education (continued)

Ohio University, (AGM), 5.00%, 12/1/33
$ 500 $ 483,830

Ohio University, (AGM), 5.25%, 12/1/23
1,170 1,223,762

University of Akron, (AGM), 5.00%, 1/1/38
1,000 963,510

University of Cincinnati, (AMBAC), 5.00%, 6/1/31
750 742,433

Youngstown State University, (AGC), 5.50%, 12/15/33
1,000 1,002,860

$ 9,042,983

Insured – Sewer Revenue — 2.5%

Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46
$ 615 $ 532,934

Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47
180 155,774

$ 688,708

Insured – Special Tax Revenue — 10.9%

Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
$ 1,335 $ 675,176

Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
3,665 1,732,556

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
8,430 418,718

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
1,525 148,169

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
705 63,415

$ 3,038,034

Insured – Transportation — 1.6%

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾
$ 500 $ 445,365

$ 445,365

Private Education — 5.7%

Ohio Higher Educational Facilities Authority, (John Carroll University), 5.25%, 11/15/33
$ 850 $ 817,317

Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/41
500 462,615

Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44
350 311,248

$ 1,591,180

Public Education — 5.0%

Ohio State University, 5.00%, 12/1/30
$ 1,325 $ 1,386,878

$ 1,386,878

Transportation — 3.6%

Ohio Turnpike Commission, 5.00%, 2/15/31
$ 1,000 $ 1,005,280

$ 1,005,280

Total Tax-Exempt Investments — 161.6%

(identified cost $47,608,079)
$ 45,076,271

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (61.0)%
$ (17,001,108 )

Other Assets, Less Liabilities — (0.6)%
$ (183,623 )

Net Assets Applicable to Common Shares — 100.0%
$ 27,891,540

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 77.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 22.5% of total investments.


⁽¹⁾		Security represents the underlying municipal bond of an inverse floater (see Note 1H).
⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
⁽³⁾		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2011.
⁽⁴⁾		Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $1,320,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
⁽⁵⁾		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2011, the aggregate value of these securities is $356,998 or 1.3% of the Fund’s net assets applicable to common shares.

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 171.9%

Principal Amount

Security (000’s omitted) Value

Bond Bank — 2.9%

Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
$ 1,000 $ 987,220

$ 987,220

Hospital — 15.0%

Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40
$ 750 $ 683,685

Franklin County Industrial Development Authority, (The Chambersburg Hospital), 5.375%, 7/1/42
1,000 905,650

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32
1,455 1,400,801

Monroe County Hospital Authority, (Pocono Medical Center), 5.125%, 1/1/37
1,250 1,094,075

Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33
250 225,330

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31
675 630,295

South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29
250 232,040

$ 5,171,876

Insured – Electric Utilities — 6.1%

Lehigh County Industrial Development Authority, (PPL Electric Utilities Corp.), (FGIC), (NPFG), 4.75%, 2/15/27
$ 1,610 $ 1,438,358

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35
750 660,292

$ 2,098,650

Insured – Escrowed / Prerefunded — 0.8%

Southcentral General Authority, (Wellspan Health), (NPFG), Escrowed to Maturity, 5.25%, 5/15/31
$ 270 $ 274,037

$ 274,037

Insured – General Obligations — 30.5%

Armstrong County, (NPFG), 5.40%, 6/1/31
$ 655 $ 644,671

Bethlehem Area School District, (AGM), 5.25%, 1/15/25
1,250 1,284,437

Centennial School District, (AGM), 5.25%, 12/15/37
660 665,980

Central Greene School District, (AGM), 5.00%, 2/15/35
1,350 1,310,539

Erie School District, (AMBAC), 0.00%, 9/1/30
1,000 294,290

Harrisburg School District, (AGC), 5.00%, 11/15/33
500 492,975

McKeesport School District, (NPFG), 0.00%, 10/1/21
2,555 1,453,488

Norwin School District, (AGM), 3.25%, 4/1/27
1,500 1,216,830

Reading School District, (AGM), 5.00%, 3/1/35
1,500 1,456,140

Scranton School District, (AGM), 5.00%, 7/15/38
1,000 983,110

Shaler Area School District, (XLCA), 0.00%, 9/1/33
2,550 681,947

$ 10,484,407

Insured – Hospital — 8.8%

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24
$ 250 $ 282,028

Centre County Hospital Authority, (Mount Nittany Medical Center), (AGC), 6.25%, 11/15/44
500 505,835

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35
1,620 1,480,745

Washington County Hospital Authority, (Washington Hospital), (AMBAC), 5.125%, 7/1/28
865 760,992

$ 3,029,600

Insured – Industrial Development Revenue — 2.8%

Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc. Project), (BHAC), 5.00%, 10/1/39⁽¹⁾
$ 1,000 $ 970,440

$ 970,440

Insured – Lease Revenue / Certificates of Participation — 4.9%

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
$ 500 $ 494,955

Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27
1,215 1,202,255

$ 1,697,210

Insured – Private Education — 11.8%

Chester County Industrial Development Authority, Educational Facility, (Westtown School), (AMBAC), 5.00%, 1/1/31
$ 1,000 $ 964,650

Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37⁽²⁾
1,675 1,518,806

Pennsylvania Higher Educational Facilities Authority, (Temple University), (NPFG), 4.50%, 4/1/36
1,305 1,108,441

Pennsylvania Higher Educational Facilities Authority, (University of the Sciences in Philadelphia), (AGC), 5.00%, 11/1/37
500 482,520

$ 4,074,417

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Insured – Public Education — 10.8%

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37
$ 500 $ 494,160

Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32
1,200 1,065,264

Pennsylvania Higher Educational Facilities Authority, (Clarion University Foundation), (XLCA), 5.00%, 7/1/33
500 419,320

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/27
500 508,115

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29
375 376,867

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32
875 856,389

$ 3,720,115

Insured – Sewer Revenue — 19.3%

Allegheny County Sanitation Authority, (BHAC), (FGIC), 5.00%, 12/1/32
$ 300 $ 297,822

Allegheny County Sanitation Authority, (BHAC), (NPFG), 5.00%, 12/1/22
1,500 1,565,085

Ambridge Borough Municipal Authority, Sewer Revenue, (AGM), 4.60%, 10/15/41
770 641,040

Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35
500 488,530

Erie Sewer Authority, (AMBAC), 0.00%, 12/1/26
1,920 714,509

Erie Sewer Authority, Series A, (AMBAC), 0.00%, 12/1/25
1,430 574,288

Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/25
2,155 865,448

University Area Joint Authority, (NPFG), 5.00%, 11/1/26
1,500 1,496,715

$ 6,643,437

Insured – Special Tax Revenue — 4.8%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
$ 22,015 $ 1,093,485

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
3,510 341,032

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
2,220 199,689

$ 1,634,206

Insured – Transportation — 15.2%

Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30⁽¹⁾
$ 2,000 $ 2,085,280

Philadelphia, Airport Revenue, (AGC), 5.375%, 6/15/29
295 301,764

Pittsburgh and Allegheny County Sports and Exhibition Authority, (AGM), 5.00%, 2/1/31
1,000 990,010

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾
2,100 1,870,533

$ 5,247,587

Insured – Utilities — 2.3%

Philadelphia Gas Works, (AMBAC), 5.00%, 10/1/37
$ 890 $ 777,415

$ 777,415

Insured – Water and Sewer — 0.4%

Saxonburg Water and Sewer Authority, (AGC), 5.00%, 3/1/35
$ 150 $ 145,614

$ 145,614

Private Education — 21.0%

Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31
$ 1,050 $ 1,059,533

General Authority of South Central Pennsylvania, (York College of Pennsylvania), 5.50%, 11/1/31
1,500 1,472,745

Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40
625 557,062

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40
925 854,608

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.75%, 7/15/35
2,900 2,776,866

Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30
500 496,350

$ 7,217,164

Public Education — 3.6%

Pennsylvania State University, 5.00%, 3/1/40
$ 500 $ 495,825

State Public School Building Authority, (Northampton County Community College), 5.50%, 3/1/31⁽³⁾
750 740,138

$ 1,235,963

Senior Living / Life Care — 0.5%

Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24
$ 200 $ 187,540

$ 187,540

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

Principal Amount

Security (000’s omitted) Value

Special Tax Revenue — 0.3%

Virgin Islands Public Finance Authority, 6.75%, 10/1/37
$ 110 $ 113,505

$ 113,505

Transportation — 7.9%

Allegheny County Port Authority, 5.75%, 3/1/29
$ 1,500 $ 1,564,395

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
465 451,743

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40
730 697,807

$ 2,713,945

Water and Sewer — 2.2%

Philadelphia, Water and Wastewater Revenue, 5.25%, 1/1/32
$ 765 $ 757,304

$ 757,304

Total Tax-Exempt Investments — 171.9%

(identified cost $64,384,156)
$ 59,181,652

Auction Preferred Shares Plus Cumulative

Unpaid Dividends — (63.1)%
$ (21,726,652 )

Other Assets, Less Liabilities — (8.8)%
$ (3,019,899 )

Net Assets Applicable to Common Shares — 100.0%
$ 34,435,101

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- AMBAC Financial Group, Inc.
BHAC		- Berkshire Hathaway Assurance Corp.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 68.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.9% to 26.3% of total investments.


⁽¹⁾		Security represents the underlying municipal bond of an inverse floater (see Note 1H).

⁽²⁾		Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽³⁾		When-issued security.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Assets and Liabilities (Unaudited)

March 31, 2011

Assets Municipal Fund II California Fund II Massachusetts Fund Michigan Fund

Investments —

Identified cost
$ 220,907,622 $ 79,683,848 $ 38,204,678 $ 32,886,985

Unrealized depreciation
(20,541,741 ) (7,669,150 ) (1,224,047 ) (653,053 )

Investments, at value
$ 200,365,881 $ 72,014,698 $ 36,980,631 $ 32,233,932

Cash
$ — $ 1,121,641 $ 523,492 $ 299,117

Interest receivable
2,726,248 834,895 509,041 476,479

Receivable for investments sold
280,242 — 1,000,000 —

Receivable for variation margin on open financial futures contracts
4,219 2,343 2,344 —

Receivable from the transfer agent
20,751 5,766 4,356 1,554

Deferred debt issuance costs
93,883 24,818 4,862 —

Other assets
54,539 — — —

Total assets
$ 203,545,763 $ 74,004,161 $ 39,024,726 $ 33,011,082

Liabilities

Payable for floating rate notes issued
$ 53,645,000 $ 8,705,000 $ 3,330,000 $ —

Payable for open swap contracts
155,370 65,062 39,305 31,382

Due to custodian
302,788 — — —

Payable to affiliates:

Investment adviser fee
90,509 34,524 17,652 15,466

Interest expense and fees payable
109,802 17,166 7,597 —

Accrued expenses
118,843 50,072 28,808 28,377

Total liabilities
$ 54,422,312 $ 8,871,824 $ 3,423,362 $ 75,225

Auction preferred shares at liquidation value plus cumulative unpaid dividends
$ 44,701,691 $ 25,700,268 $ 13,576,032 $ 13,325,279

Net assets applicable to common shares
$ 104,421,760 $ 39,432,069 $ 22,025,332 $ 19,610,578

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized
$ 99,798 $ 38,785 $ 17,646 $ 15,126

Additional paid-in capital
141,410,494 54,935,445 24,999,712 21,424,434

Accumulated net realized loss
(17,747,711 ) (8,112,418 ) (1,883,980 ) (1,309,470 )

Accumulated undistributed net investment income
1,344,273 319,023 160,276 160,783

Net unrealized depreciation
(20,685,094 ) (7,748,766 ) (1,268,322 ) (680,295 )

Net assets applicable to common shares
$ 104,421,760 $ 39,432,069 $ 22,025,332 $ 19,610,578

Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share) 1,788 1,028 543 533

Common Shares Outstanding 9,979,801 3,878,453 1,764,582 1,512,623

Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding
$ 10.46 $ 10.17 $ 12.48 $ 12.96

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Assets and Liabilities (Unaudited) — continued

March 31, 2011

Assets New Jersey Fund New York Fund II Ohio Fund Pennsylvania Fund

Investments —

Identified cost
$ 56,335,944 $ 53,713,107 $ 47,608,079 $ 64,384,156

Unrealized depreciation
(2,243,080 ) (1,733,774 ) (2,531,808 ) (5,202,504 )

Investments, at value
$ 54,092,864 $ 51,979,333 $ 45,076,271 $ 59,181,652

Cash
$ 1,214,692 $ 2,221,776 $ 214,002 $ 612,808

Interest receivable
600,161 762,063 630,174 763,168

Receivable for investments sold
59,202 134,753 65,000 —

Receivable for variation margin on open financial futures contracts
— 3,750 1,406 —

Receivable from the transfer agent
12,938 3,688 4,588 6,250

Deferred debt issuance costs
7,558 10,099 — —

Total assets
$ 55,987,415 $ 55,115,462 $ 45,991,441 $ 60,563,878

Liabilities

Payable for floating rate notes issued
$ 4,790,000 $ 11,780,000 $ 1,010,000 $ 3,540,000

Payable for when-issued securities
— — — 740,138

Payable for open swap contracts
56,989 83,911 38,644 48,374

Payable to affiliates:

Investment adviser fee
25,466 24,674 21,677 28,525

Interest expense and fees payable
13,527 23,743 2,642 8,444

Accrued expenses
32,757 32,864 25,830 36,644

Total liabilities
$ 4,918,739 $ 11,945,192 $ 1,098,793 $ 4,402,125

Auction preferred shares at liquidation value plus cumulative unpaid dividends
$ 19,600,614 $ 13,250,277 $ 17,001,108 $ 21,726,652

Net assets applicable to common shares
$ 31,468,062 $ 29,919,993 $ 27,891,540 $ 34,435,101

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized
$ 25,885 $ 25,629 $ 25,287 $ 29,544

Additional paid-in capital
36,671,595 36,300,987 35,798,028 41,853,892

Accumulated net realized loss
(3,027,855 ) (4,741,118 ) (5,614,757 ) (2,590,319 )

Accumulated undistributed net investment income
159,671 160,133 248,258 392,862

Net unrealized depreciation
(2,361,234 ) (1,825,638 ) (2,565,276 ) (5,250,878 )

Net assets applicable to common shares
$ 31,468,062 $ 29,919,993 $ 27,891,540 $ 34,435,101

Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share) 784 530 680 869

Common Shares Outstanding 2,588,541 2,562,852 2,528,702 2,954,376

Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding
$ 12.16 $ 11.67 $ 11.03 $ 11.66

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Operations (Unaudited)

Six Months Ended March 31, 2011

Investment Income Municipal Fund II California Fund II Massachusetts Fund Michigan Fund

Interest
$ 5,505,202 $ 2,004,779 $ 967,053 $ 855,162

Total investment income
$ 5,505,202 $ 2,004,779 $ 967,053 $ 855,162

Expenses

Investment adviser fee
$ 546,699 $ 209,560 $ 106,081 $ 92,263

Trustees’ fees and expenses
3,441 1,477 870 791

Custodian fee
50,742 26,995 17,154 16,048

Transfer and dividend disbursing agent fees
9,138 9,068 9,063 9,073

Legal and accounting services
80,659 21,147 17,451 15,852

Printing and postage
14,395 5,885 4,227 4,410

Interest expense and fees
210,712 31,885 12,864 —

Preferred shares service fee
33,472 19,245 10,165 9,977

Miscellaneous
29,036 25,752 12,384 12,059

Total expenses
$ 978,294 $ 351,014 $ 190,259 $ 160,473

Deduct —

Reduction of custodian fee
$ 874 $ 582 $ 196 $ 91

Total expense reductions
$ 874 $ 582 $ 196 $ 91

Net expenses
$ 977,420 $ 350,432 $ 190,063 $ 160,382

Net investment income
$ 4,527,782 $ 1,654,347 $ 776,990 $ 694,780

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions
$ (3,387,777 ) $ (2,386,161 ) $ (548,854 ) $ (80,045 )

Extinguishment of debt
(15,482 ) — — —

Financial futures contracts
508,147 69,842 (2,128 ) 28,729

Swap contracts
967,310 326,707 230,114 185,653

Net realized gain (loss)
$ (1,927,802 ) $ (1,989,612 ) $ (320,868 ) $ 134,337

Change in unrealized appreciation (depreciation) —

Investments
$ (20,319,874 ) $ (6,986,874 ) $ (3,576,250 ) $ (2,492,675 )

Financial futures contracts
151,640 (26,447 ) (4,970 ) 3,910

Swap contracts
(85,807 ) (62,355 ) (26,627 ) (20,612 )

Net change in unrealized appreciation (depreciation)
$ (20,254,041 ) $ (7,075,676 ) $ (3,607,847 ) $ (2,509,377 )

Net realized and unrealized loss
$ (22,181,843 ) $ (9,065,288 ) $ (3,928,715 ) $ (2,375,040 )

Distributions to preferred shareholders —

From net investment income
$ (94,074 ) $ (53,955 ) $ (28,266 ) $ (27,628 )

Net decrease in net assets from operations
$ (17,748,135 ) $ (7,464,896 ) $ (3,179,991 ) $ (1,707,888 )

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Operations (Unaudited) — continued

Six Months Ended March 31, 2011

Investment Income New Jersey Fund New York Fund II Ohio Fund Pennsylvania Fund

Interest
$ 1,387,682 $ 1,335,961 $ 1,251,812 $ 1,592,503

Total investment income
$ 1,387,682 $ 1,335,961 $ 1,251,812 $ 1,592,503

Expenses

Investment adviser fee
$ 152,913 $ 147,708 $ 130,054 $ 170,893

Trustees’ fees and expenses
1,140 1,118 1,009 1,250

Custodian fee
19,543 19,593 17,081 19,967

Transfer and dividend disbursing agent fees
9,068 9,083 9,073 7,380

Legal and accounting services
18,008 19,816 16,842 19,927

Printing and postage
5,989 5,773 1,078 6,774

Interest expense and fees
26,446 47,252 5,168 17,907

Preferred shares service fee
14,676 9,921 12,729 16,267

Miscellaneous
10,823 14,009 13,164 11,687

Total expenses
$ 258,606 $ 274,273 $ 206,198 $ 272,052

Deduct —

Reduction of custodian fee
$ 337 $ 725 $ 456 $ 615

Total expense reductions
$ 337 $ 725 $ 456 $ 615

Net expenses
$ 258,269 $ 273,548 $ 205,742 $ 271,437

Net investment income
$ 1,129,413 $ 1,062,413 $ 1,046,070 $ 1,321,066

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions
$ (324,529 ) $ (962,228 ) $ (19,436 ) $ (191,326 )

Extinguishment of debt
— (3,489 ) — —

Financial futures contracts
752,176 381,962 138,483 —

Swap contracts
333,731 468,920 240,050 412,336

Net realized gain (loss)
$ 761,378 $ (114,835 ) $ 359,097 $ 221,010

Change in unrealized appreciation (depreciation) —

Investments
$ (6,374,743 ) $ (4,124,975 ) $ (5,285,943 ) $ (6,364,775 )

Financial futures contracts
(71,602 ) (27,775 ) 48,204 —

Swap contracts
(38,580 ) (64,382 ) (21,524 ) 288,693

Net change in unrealized appreciation (depreciation)
$ (6,484,925 ) $ (4,217,132 ) $ (5,259,263 ) $ (6,076,082 )

Net realized and unrealized loss
$ (5,723,547 ) $ (4,331,967 ) $ (4,900,166 ) $ (5,855,072 )

Distributions to preferred shareholders —

From net investment income
$ (41,123 ) $ (27,939 ) $ (35,865 ) $ (44,800 )

Net decrease in net assets from operations
$ (4,635,257 ) $ (3,297,493 ) $ (3,889,961 ) $ (4,578,806 )

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Changes in Net Assets (Unaudited)

Six Months Ended March 31, 2011

Increase (Decrease) in Net Assets Municipal Fund II California Fund II Massachusetts Fund Michigan Fund

From operations —

Net investment income
$ 4,527,782 $ 1,654,347 $ 776,990 $ 694,780

Net realized gain (loss) from investment transactions, extinguishment of debt, financial futures contracts and swap contracts
(1,927,802 ) (1,989,612 ) (320,868 ) 134,337

Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
(20,254,041 ) (7,075,676 ) (3,607,847 ) (2,509,377 )

Distributions to preferred shareholders —

From net investment income
(94,074 ) (53,955 ) (28,266 ) (27,628 )

Net decrease in net assets from operations
$ (17,748,135 ) $ (7,464,896 ) $ (3,179,991 ) $ (1,707,888 )

Distributions to common shareholders —

From net investment income
$ (4,758,337 ) $ (1,668,797 ) $ (740,627 ) $ (669,726 )

Total distributions to common shareholders
$ (4,758,337 ) $ (1,668,797 ) $ (740,627 ) $ (669,726 )

Capital share transactions —

Reinvestment of distributions to common shareholders
$ 114,174 $ 36,443 $ 26,201 $ 3,398

Net increase in net assets from capital share transactions
$ 114,174 $ 36,443 $ 26,201 $ 3,398

Net decrease in net assets
$ (22,392,298 ) $ (9,097,250 ) $ (3,894,417 ) $ (2,374,216 )

Net Assets Applicable to Common Shares

At beginning of period
$ 126,814,058 $ 48,529,319 $ 25,919,749 $ 21,984,794

At end of period
$ 104,421,760 $ 39,432,069 $ 22,025,332 $ 19,610,578

Accumulated undistributed net investment income
included in net assets applicable to common shares

At end of period
$ 1,344,273 $ 319,023 $ 160,276 $ 160,783

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Changes in Net Assets (Unaudited) — continued

Six Months Ended March 31, 2011

Increase (Decrease) in Net Assets New Jersey Fund New York Fund II Ohio Fund Pennsylvania Fund

From operations —

Net investment income
$ 1,129,413 $ 1,062,413 $ 1,046,070 $ 1,321,066

Net realized gain (loss) from investment transactions, extinguishment of debt, financial futures contracts and swap contracts
761,378 (114,835 ) 359,097 221,010

Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
(6,484,925 ) (4,217,132 ) (5,259,263 ) (6,076,082 )

Distributions to preferred shareholders —

From net investment income
(41,123 ) (27,939 ) (35,865 ) (44,800 )

Net decrease in net assets from operations
$ (4,635,257 ) $ (3,297,493 ) $ (3,889,961 ) $ (4,578,806 )

Distributions to common shareholders —

From net investment income
$ (1,189,158 ) $ (1,129,768 ) $ (975,467 ) $ (1,274,117 )

Total distributions to common shareholders
$ (1,189,158 ) $ (1,129,768 ) $ (975,467 ) $ (1,274,117 )

Capital share transactions —

Reinvestment of distributions to common shareholders
$ 70,067 $ 19,237 $ 31,164 $ 31,692

Net increase in net assets from capital share transactions
$ 70,067 $ 19,237 $ 31,164 $ 31,692

Net decrease in net assets
$ (5,754,348 ) $ (4,408,024 ) $ (4,834,264 ) $ (5,821,231 )

Net Assets Applicable to Common Shares

At beginning of period
$ 37,222,410 $ 34,328,017 $ 32,725,804 $ 40,256,332

At end of period
$ 31,468,062 $ 29,919,993 $ 27,891,540 $ 34,435,101

Accumulated undistributed net investment income
included in net assets applicable to common shares

At end of period
$ 159,671 $ 160,133 $ 248,258 $ 392,862

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Changes in Net Assets — continued

Year Ended September 30, 2010

Increase (Decrease) in Net Assets Municipal Fund II California Fund II Massachusetts Fund Michigan Fund

From operations —

Net investment income
$ 9,570,039 $ 3,477,716 $ 1,553,462 $ 1,403,938

Net realized loss from investment transactions, extinguishment of debt, financial futures contracts and swap contracts
(1,561,454 ) (1,587,601 ) (298,284 ) (542,490 )

Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
(30,895 ) (86,548 ) 362,061 217,429

Distributions to preferred shareholders —

From net investment income
(182,756 ) (103,957 ) (54,821 ) (54,182 )

Net increase in net assets from operations
$ 7,794,934 $ 1,699,610 $ 1,562,418 $ 1,024,695

Distributions to common shareholders —

From net investment income
$ (9,355,497 ) $ (3,320,673 ) $ (1,472,968 ) $ (1,321,557 )

Total distributions to common shareholders
$ (9,355,497 ) $ (3,320,673 ) $ (1,472,968 ) $ (1,321,557 )

Capital share transactions —

Reinvestment of distributions to common shareholders
$ 224,935 $ 69,999 $ 59,710 $ 5,554

Net increase in net assets from capital share transactions
$ 224,935 $ 69,999 $ 59,710 $ 5,554

Net increase (decrease) in net assets
$ (1,335,628 ) $ (1,551,064 ) $ 149,160 $ (291,308 )

Net Assets Applicable to Common Shares

At beginning of year
$ 128,149,686 $ 50,080,383 $ 25,770,589 $ 22,276,102

At end of year
$ 126,814,058 $ 48,529,319 $ 25,919,749 $ 21,984,794

Accumulated undistributed net investment income
included in net assets applicable to common shares

At end of year
$ 1,668,902 $ 387,428 $ 152,179 $ 163,357

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Changes in Net Assets — continued

Year Ended September 30, 2010

Increase (Decrease) in Net Assets New Jersey Fund New York Fund II Ohio Fund Pennsylvania Fund

From operations —

Net investment income
$ 2,432,248 $ 2,166,756 $ 2,088,302 $ 2,590,173

Net realized loss from investment transactions, financial futures contracts and swap contracts
(1,356,399 ) (1,614,866 ) (732,210 ) (875,425 )

Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
837,311 1,193,722 572,483 76,799

Distributions to preferred shareholders —

From net investment income
(80,417 ) (54,269 ) (69,754 ) (87,380 )

Net increase in net assets from operations
$ 1,832,743 $ 1,691,343 $ 1,858,821 $ 1,704,167

Distributions to common shareholders —

From net investment income
$ (2,359,324 ) $ (2,249,070 ) $ (1,922,367 ) $ (2,471,203 )

Total distributions to common shareholders
$ (2,359,324 ) $ (2,249,070 ) $ (1,922,367 ) $ (2,471,203 )

Capital share transactions —

Reinvestment of distributions to common shareholders
$ 120,969 $ 38,845 $ 79,243 $ 66,978

Net increase in net assets from capital share transactions
$ 120,969 $ 38,845 $ 79,243 $ 66,978

Net increase (decrease) in net assets
$ (405,612 ) $ (518,882 ) $ 15,697 $ (700,058 )

Net Assets Applicable to Common Shares

At beginning of year
$ 37,628,022 $ 34,846,899 $ 32,710,107 $ 40,956,390

At end of year
$ 37,222,410 $ 34,328,017 $ 32,725,804 $ 40,256,332

Accumulated undistributed net investment income
included in net assets applicable to common shares

At end of year
$ 260,539 $ 255,427 $ 213,520 $ 390,713

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Statements of Cash Flows (Unaudited)

Six Months Ended March 31, 2011

Cash Flows From Operating Activities Municipal Fund II California Fund II New Jersey Fund New York Fund II

Net decrease in net assets from operations
$ (17,748,135 ) $ (7,464,896 ) $ (4,635,257 ) $ (3,297,493 )

Distributions to preferred shareholders
94,074 53,955 41,123 27,939

Net decrease in net assets from operations excluding distributions to preferred shareholders
$ (17,654,061 ) $ (7,410,941 ) $ (4,594,134 ) $ (3,269,554 )

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:

Investments purchased
(17,967,590 ) (15,396,250 ) (1,903,876 ) (5,587,131 )

Investments sold
15,900,203 15,235,028 3,423,881 5,987,059

Net amortization/accretion of premium (discount)
(755,046 ) (402,227 ) (265,195 ) (139,865 )

Amortization of deferred debt issuance costs
10,514 1,300 243 3,211

Decrease (increase) in interest receivable
169,855 (52,530 ) 10,422 4,494

Decrease (increase) in receivable for investments sold
7,025,845 2,755,497 535,600 (134,753 )

Increase in receivable for variation margin on open financial futures contracts
(2,485 ) (2,343 ) — (3,750 )

Decrease (increase) in receivable from the transfer agent
(2,943 ) 490 (2,409 ) (191 )

Increase in other assets
(54,539 ) — — —

Decrease in payable for variation margin on open financial futures contracts
— (1,125 ) (4,062 ) (1,875 )

Increase in payable for open swap contracts
85,807 62,355 38,580 64,382

Decrease in payable to affiliate for investment adviser fee
(6,428 ) (2,697 ) (1,687 ) (1,083 )

Decrease in interest expense and fees payable
(47,211 ) (10,014 ) (6,363 ) (2,893 )

Decrease in accrued expenses
(16,488 ) (31,922 ) (28,125 ) (28,841 )

Net change in unrealized (appreciation) depreciation from investments
20,319,874 6,986,874 6,374,743 4,124,975

Net realized loss from investments
3,387,777 2,386,161 324,529 962,228

Net realized loss on extinguishment of debt
15,482 — — 3,489

Net cash provided by operating activities
$ 10,408,566 $ 4,117,656 $ 3,902,147 $ 1,979,902

Cash Flows From Financing Activities

Distributions paid to common shareholders, net of reinvestments
$ (4,644,163 ) $ (1,632,354 ) $ (1,119,091 ) $ (1,110,531 )

Cash distributions paid to preferred shareholders
(94,325 ) (53,991 ) (41,199 ) (27,973 )

Proceeds from secured borrowings
6,645,000 — — 1,705,000

Repayment of secured borrowings
(12,060,000 ) (1,665,000 ) (1,556,000 ) (1,260,000 )

Decrease in due to custodian
(255,078 ) — — —

Net cash used in financing activities
$ (10,408,566 ) $ (3,351,345 ) $ (2,716,290 ) $ (693,504 )

Net increase in cash
$ — $ 766,311 $ 1,185,857 $ 1,286,398

Cash at beginning of period
$ — $ 355,330 $ 28,835 $ 935,378

Cash at end of period
$ — $ 1,121,641 $ 1,214,692 $ 2,221,776

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of:

Reinvestment of dividends and distributions
$ 114,174 $ 36,443 $ 70,067 $ 19,237

Cash paid for interest and fees
247,409 40,599 32,566 46,934

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights

Selected data for a common share outstanding during the periods stated

Municipal Fund II

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 12.720 $ 12.880 $ 11.030 $ 15.470 $ 15.860 $ 15.310

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.454 $ 0.961 $ 0.943 $ 1.037 $ 1.048 $ 1.058

Net realized and unrealized gain (loss)
(2.228 ) (0.164 ) 1.813 (4.159 ) (0.383 ) 0.605

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.009 ) (0.018 ) (0.058 ) (0.168 ) (0.303 ) (0.265 )

From net realized gain
— — — (0.117 ) — —

Total income (loss) from operations
$ (1.783 ) $ 0.779 $ 2.698 $ (3.407 ) $ 0.362 $ 1.398

Less Distributions to Common Shareholders

From net investment income
$ (0.477 ) $ (0.939 ) $ (0.848 ) $ (0.747 ) $ (0.752 ) $ (0.848 )

From net realized gain
— — — (0.286 ) — —

Total distributions to common shareholders
$ (0.477 ) $ (0.939 ) $ (0.848 ) $ (1.033 ) $ (0.752 ) $ (0.848 )

Net asset value — End of period (Common shares)
$ 10.460 $ 12.720 $ 12.880 $ 11.030 $ 15.470 $ 15.860

Market value — End of period (Common shares)
$ 12.670 $ 14.010 $ 13.370 $ 11.650 $ 14.550 $ 15.310

Total Investment Return on Net Asset Value⁽²⁾
(14.44 )%⁽³⁾ 6.26 % 26.08 % (23.08 )% 2.43 %⁽⁴⁾ 9.56 %

Total Investment Return on Market Value⁽²⁾
(5.90 )%⁽³⁾ 12.78 % 23.88 % (13.61 )% (0.20 )%⁽⁴⁾ 0.13 %

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Municipal Fund II

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 104,422 $ 126,814 $ 128,150 $ 109,648 $ 153,612 $ 157,463

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁵⁾

Expenses excluding interest and fees
1.38 %⁽⁶⁾ 1.22 % 1.28 % 1.09 % 1.00 %⁽⁷⁾ 1.02 %

Interest and fee expense⁽⁸⁾
0.38 %⁽⁶⁾ 0.38 % 0.87 % 0.93 % 0.99 % 0.91 %

Total expenses before custodian fee reduction
1.76 %⁽⁶⁾ 1.60 % 2.15 % 2.02 % 1.99 %⁽⁷⁾ 1.93 %

Expenses after custodian fee reduction excluding interest and fees
1.38 %⁽⁶⁾ 1.22 % 1.27 % 1.05 % 0.99 %⁽⁷⁾ 1.01 %

Net investment income
8.15 %⁽⁶⁾ 7.86 % 9.05 % 7.40 % 6.62 % 6.87 %

Portfolio Turnover
8 %⁽³⁾ 13 % 22 % 54 % 31 % 26 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁵⁾

Expenses excluding interest and fees
0.99 %⁽⁶⁾ 0.89 % 0.89 % 0.69 % 0.64 %⁽⁷⁾ 0.65 %

Interest and fee expense⁽⁸⁾
0.27 %⁽⁶⁾ 0.28 % 0.61 % 0.60 % 0.64 % 0.58 %

Total expenses before custodian fee reduction
1.26 %⁽⁶⁾ 1.17 % 1.50 % 1.29 % 1.28 %⁽⁷⁾ 1.23 %

Expenses after custodian fee reduction excluding interest and fees
0.99 %⁽⁶⁾ 0.89 % 0.89 % 0.67 % 0.63 %⁽⁷⁾ 0.64 %

Net investment income
5.82 %⁽⁶⁾ 5.75 % 6.32 % 4.73 % 4.25 % 4.37 %

Senior Securities:

Total preferred shares outstanding
1,788 1,788 1,788 1,788 3,500 3,500

Asset coverage per preferred share⁽⁹⁾
$ 83,402 $ 95,926 $ 96,674 $ 86,356 $ 68,894 $ 69,992

Involuntary liquidation preference per preferred share⁽¹⁰⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽¹⁰⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		During the year ended September 30, 2007, the investment adviser fully reimbursed the Fund for a realized loss on the disposal of an investment security which did not meet investment guidelines. The loss had no effect on total return.
⁽⁵⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁶⁾		Annualized.
⁽⁷⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁸⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁹⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽¹⁰⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

California Fund II

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 12.520 $ 12.940 $ 11.310 $ 15.020 $ 15.330 $ 14.810

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.427 $ 0.898 $ 0.877 $ 0.983 $ 0.981 $ 0.989

Net realized and unrealized gain (loss)
(2.333 ) (0.433 ) 1.601 (3.583 ) (0.301 ) 0.547

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.014 ) (0.027 ) (0.084 ) (0.233 ) (0.282 ) (0.243 )

From net realized gain
— — — (0.053 ) — —

Total income (loss) from operations
$ (1.920 ) $ 0.438 $ 2.394 $ (2.886 ) $ 0.398 $ 1.293

Less Distributions to Common Shareholders

From net investment income
$ (0.430 ) $ (0.858 ) $ (0.764 ) $ (0.693 ) $ (0.708 ) $ (0.773 )

From net realized gain
— — — (0.131 ) — —

Total distributions to common shareholders
$ (0.430 ) $ (0.858 ) $ (0.764 ) $ (0.824 ) $ (0.708 ) $ (0.773 )

Net asset value — End of period (Common shares)
$ 10.170 $ 12.520 $ 12.940 $ 11.310 $ 15.020 $ 15.330

Market value — End of period (Common shares)
$ 10.360 $ 13.250 $ 12.500 $ 10.250 $ 14.250 $ 14.635

Total Investment Return on Net Asset Value⁽²⁾
(15.48 )%⁽³⁾ 3.93 % 23.06 % (19.81 )% 2.75 % 9.15 %

Total Investment Return on Market Value⁽²⁾
(18.64 )%⁽³⁾ 13.86 % 31.17 % (23.40 )% 2.11 % 4.49 %

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

California Fund II

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 39,432 $ 48,529 $ 50,080 $ 43,718 $ 58,010 $ 59,199

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁴⁾

Expenses excluding interest and fees
1.52 %⁽⁵⁾ 1.39 % 1.51 % 1.23 % 1.11 %⁽⁶⁾ 1.13 %

Interest and fee expense⁽⁷⁾
0.14 %⁽⁵⁾ 0.16 % 0.37 % 0.42 % 0.50 % 0.48 %

Total expenses before custodian fee reduction
1.66 %⁽⁵⁾ 1.55 % 1.88 % 1.65 % 1.61 %⁽⁶⁾ 1.61 %

Expenses after custodian fee reduction excluding interest and fees
1.51 %⁽⁵⁾ 1.38 % 1.50 % 1.19 % 1.09 %⁽⁶⁾ 1.11 %

Net investment income
7.81 %⁽⁵⁾ 7.47 % 8.23 % 7.11 % 6.42 % 6.66 %

Portfolio Turnover
20 %⁽³⁾ 17 % 17 % 22 % 37 % 13 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁴⁾

Expenses excluding interest and fees
0.94 %⁽⁵⁾ 0.89 % 0.93 % 0.76 % 0.71 %⁽⁶⁾ 0.71 %

Interest and fee expense⁽⁷⁾
0.09 %⁽⁵⁾ 0.11 % 0.23 % 0.26 % 0.32 % 0.30 %

Total expenses before custodian fee reduction
1.03 %⁽⁵⁾ 1.00 % 1.16 % 1.02 % 1.03 %⁽⁶⁾ 1.01 %

Expenses after custodian fee reduction excluding interest and fees
0.94 %⁽⁵⁾ 0.89 % 0.93 % 0.74 % 0.69 %⁽⁶⁾ 0.70 %

Net investment income
4.87 %⁽⁵⁾ 4.81 % 5.07 % 4.42 % 4.09 % 4.19 %

Senior Securities:

Total preferred shares outstanding
1,028 1,028 1,028 1,028 1,350 1,350

Asset coverage per preferred share⁽⁸⁾
$ 63,358 $ 72,208 $ 73,719 $ 67,578 $ 67,980 $ 68,858

Involuntary liquidation preference per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁵⁾		Annualized.
⁽⁶⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁷⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁸⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽⁹⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Massachusetts Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 14.710 $ 14.660 $ 12.130 $ 15.090 $ 15.640 $ 15.100

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.441 $ 0.882 $ 0.901 $ 0.981 $ 0.969 $ 0.983

Net realized and unrealized gain (loss)
(2.235 ) 0.036 2.486 (2.981 ) (0.540 ) 0.613

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.016 ) (0.031 ) (0.099 ) (0.289 ) (0.293 ) (0.256 )

Total income (loss) from operations
$ (1.810 ) $ 0.887 $ 3.288 $ (2.289 ) $ 0.136 $ 1.340

Less Distributions to Common Shareholders

From net investment income
$ (0.420 ) $ (0.837 ) $ (0.758 ) $ (0.671 ) $ (0.686 ) $ (0.800 )

Total distributions to common shareholders
$ (0.420 ) $ (0.837 ) $ (0.758 ) $ (0.671 ) $ (0.686 ) $ (0.800 )

Net asset value — End of period (Common shares)
$ 12.480 $ 14.710 $ 14.660 $ 12.130 $ 15.090 $ 15.640

Market value — End of period (Common shares)
$ 12.660 $ 15.160 $ 15.250 $ 13.780 $ 14.820 $ 16.090

Total Investment Return on Net Asset Value⁽²⁾
(12.39 )%⁽³⁾ 6.43 % 28.42 % (15.70 )% 0.88 %⁽⁴⁾ 9.14 %

Total Investment Return on Market Value⁽²⁾
(13.77 )%⁽³⁾ 5.44 % 17.59 % (2.46 )% (3.72 )%⁽⁴⁾ (2.28 )%

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Massachusetts Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 22,025 $ 25,920 $ 25,771 $ 21,311 $ 26,476 $ 27,419

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁵⁾

Expenses excluding interest and fees
1.54 %⁽⁶⁾ 1.45 % 1.69 % 1.41 % 1.25 %⁽⁷⁾ 1.29 %

Interest and fee expense⁽⁸⁾
0.11 %⁽⁶⁾ 0.09 % 0.23 % 0.71 % 0.98 % 1.54 %

Total expenses before custodian fee reduction
1.65 %⁽⁶⁾ 1.54 % 1.92 % 2.12 % 2.23 %⁽⁷⁾ 2.83 %

Expenses after custodian fee reduction excluding interest and fees
1.54 %⁽⁶⁾ 1.45 % 1.68 % 1.38 % 1.25 %⁽⁷⁾ 1.26 %

Net investment income
6.75 %⁽⁶⁾ 6.29 % 7.41 % 6.83 % 6.27 % 6.50 %

Portfolio Turnover
19 %⁽³⁾ 27 % 43 % 12 % 15 % 15 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁵⁾

Expenses excluding interest and fees
0.97 %⁽⁶⁾ 0.94 % 1.03 % 0.88 % 0.81 %⁽⁷⁾ 0.81 %

Interest and fee expense⁽⁸⁾
0.07 %⁽⁶⁾ 0.05 % 0.14 % 0.45 % 0.62 % 0.97 %

Total expenses before custodian fee reduction
1.04 %⁽⁶⁾ 0.99 % 1.17 % 1.33 % 1.43 %⁽⁷⁾ 1.78 %

Expenses after custodian fee reduction excluding interest and fees
0.97 %⁽⁶⁾ 0.94 % 1.03 % 0.87 % 0.80 %⁽⁷⁾ 0.80 %

Net investment income
4.25 %⁽⁶⁾ 4.06 % 4.53 % 4.27 % 3.99 % 4.10 %

Senior Securities:

Total preferred shares outstanding
543 543 543 543 620 620

Asset coverage per preferred share⁽⁹⁾
$ 65,564 $ 72,737 $ 72,462 $ 64,287 $ 67,711 $ 69,229

Involuntary liquidation preference per preferred share⁽¹⁰⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽¹⁰⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		During the year ended September 30, 2007, the Fund realized a gain on the disposal of an investment security which did not meet investment guidelines. The gain was less than $0.01 per share and had no effect on total return.
⁽⁵⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁶⁾		Annualized.
⁽⁷⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁸⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁹⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽¹⁰⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Michigan Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 14.540 $ 14.730 $ 12.570 $ 15.150 $ 15.430 $ 15.000

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.459 $ 0.928 $ 0.925 $ 0.975 $ 0.985 $ 0.991

Net realized and unrealized gain (loss)
(1.578 ) (0.208 ) 2.110 (2.590 ) (0.309 ) 0.462

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.018 ) (0.036 ) (0.113 ) (0.295 ) (0.288 ) (0.252 )

Total income (loss) from operations
$ (1.137 ) $ 0.684 $ 2.922 $ (1.910 ) $ 0.388 $ 1.201

Less Distributions to Common Shareholders

From net investment income
$ (0.443 ) $ (0.874 ) $ (0.762 ) $ (0.670 ) $ (0.668 ) $ (0.771 )

Total distributions to common shareholders
$ (0.443 ) $ (0.874 ) $ (0.762 ) $ (0.670 ) $ (0.668 ) $ (0.771 )

Net asset value — End of period (Common shares)
$ 12.960 $ 14.540 $ 14.730 $ 12.570 $ 15.150 $ 15.430

Market value — End of period (Common shares)
$ 14.350 $ 14.430 $ 13.900 $ 10.400 $ 14.030 $ 14.190

Total Investment Return on Net Asset Value⁽²⁾
(7.80 )%⁽³⁾ 5.16 % 25.29 % (12.66 )%⁽⁴⁾ 2.81 % 8.44 %

Total Investment Return on Market Value⁽²⁾
2.86 %⁽³⁾ 10.60 % 42.90 % (21.97 )%⁽⁴⁾ 3.53 % (7.67 )%

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Michigan Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 19,611 $ 21,985 $ 22,276 $ 19,007 $ 22,912 $ 23,335

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁵⁾

Expenses excluding interest and fees
1.59 %⁽⁶⁾ 1.49 % 1.70 % 1.49 % 1.29 %⁽⁷⁾ 1.32 %

Interest and fee expense⁽⁸⁾
— — — 0.54 % 0.98 % 0.90 %

Total expenses before custodian fee reduction
1.59 %⁽⁶⁾ 1.49 % 1.70 % 2.03 % 2.27 %⁽⁷⁾ 2.22 %

Expenses after custodian fee reduction excluding interest and fees
1.59 %⁽⁶⁾ 1.49 % 1.69 % 1.48 % 1.27 %⁽⁷⁾ 1.30 %

Net investment income
6.88 %⁽⁶⁾ 6.55 % 7.30 % 6.72 % 6.43 % 6.62 %

Portfolio Turnover
0 %⁽³⁾ 2 % 9 % 11 % 6 % 6 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁵⁾

Expenses excluding interest and fees
0.96 %⁽⁶⁾ 0.92 % 1.00 % 0.93 % 0.81 %⁽⁷⁾ 0.83 %

Interest and fee expense⁽⁸⁾
— — — 0.33 % 0.62 % 0.56 %

Total expenses before custodian fee reduction
0.96 %⁽⁶⁾ 0.92 % 1.00 % 1.26 % 1.43 %⁽⁷⁾ 1.39 %

Expenses after custodian fee reduction excluding interest and fees
0.96 %⁽⁶⁾ 0.92 % 1.00 % 0.92 % 0.80 %⁽⁷⁾ 0.82 %

Net investment income
4.15 %⁽⁶⁾ 4.04 % 4.30 % 4.16 % 4.06 % 4.15 %

Senior Securities:

Total preferred shares outstanding
533 533 533 540 540 540

Asset coverage per preferred share⁽⁹⁾
$ 61,793 $ 66,248 $ 66,794 $ 60,199 $ 67,442 $ 68,222

Involuntary liquidation preference per preferred share⁽¹⁰⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽¹⁰⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		During the year ended September 30, 2008, the investment adviser fully reimbursed the Fund for a realized loss on the disposal of an investment security which did not meet investment guidelines. The loss had no effect on total return.
⁽⁵⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁶⁾		Annualized.
⁽⁷⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁸⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁹⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽¹⁰⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

New Jersey Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 14.410 $ 14.620 $ 11.980 $ 15.690 $ 15.840 $ 15.240

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.437 $ 0.943 $ 0.926 $ 0.982 $ 0.996 $ 1.002

Net realized and unrealized gain (loss)
(2.211 ) (0.207 ) 2.740 (3.393 ) (0.150 ) 0.671

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.016 ) (0.031 ) (0.088 ) (0.196 ) (0.286 ) (0.253 )

From net realized gain
— — (0.016 ) (0.114 ) — —

Total income (loss) from operations
$ (1.790 ) $ 0.705 $ 3.562 $ (2.721 ) $ 0.560 $ 1.420

Less Distributions to Common Shareholders

From net investment income
$ (0.460 ) $ (0.915 ) $ (0.819 ) $ (0.706 ) $ (0.710 ) $ (0.820 )

From net realized gain
— — (0.103 ) (0.283 ) — —

Total distributions to common shareholders
$ (0.460 ) $ (0.915 ) $ (0.922 ) $ (0.989 ) $ (0.710 ) $ (0.820 )

Net asset value — End of period (Common shares)
$ 12.160 $ 14.410 $ 14.620 $ 11.980 $ 15.690 $ 15.840

Market value — End of period (Common shares)
$ 12.660 $ 15.350 $ 14.730 $ 11.880 $ 14.790 $ 16.400

Total Investment Return on Net Asset Value⁽²⁾
(12.51 )%⁽³⁾ 5.10 % 31.84 % (18.15 )% 3.64 % 9.65 %

Total Investment Return on Market Value⁽²⁾
(14.46 )%⁽³⁾ 11.12 % 33.95 % (13.88 )% (5.66 )% 6.53 %

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

New Jersey Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 31,468 $ 37,222 $ 37,628 $ 30,776 $ 40,262 $ 40,620

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁴⁾

Expenses excluding interest and fees
1.41 %⁽⁵⁾ 1.36 % 1.53 % 1.33 % 1.14 %⁽⁶⁾ 1.19 %

Interest and fee expense⁽⁷⁾
0.16 %⁽⁵⁾ 0.17 % 0.46 % 1.16 % 0.92 % 0.86 %

Total expenses before custodian fee reduction
1.57 %⁽⁵⁾ 1.53 % 1.99 % 2.49 % 2.06 %⁽⁶⁾ 2.05 %

Expenses after custodian fee reduction excluding interest and fees
1.40 %⁽⁵⁾ 1.36 % 1.52 % 1.28 % 1.11 %⁽⁶⁾ 1.16 %

Net investment income
6.84 %⁽⁵⁾ 6.79 % 7.81 % 6.72 % 6.29 % 6.59 %

Portfolio Turnover
3 %⁽³⁾ 8 % 39 % 48 % 27 % 22 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁴⁾

Expenses excluding interest and fees
0.88 %⁽⁵⁾ 0.88 % 0.93 % 0.84 % 0.73 %⁽⁶⁾ 0.75 %

Interest and fee expense⁽⁷⁾
0.10 %⁽⁵⁾ 0.11 % 0.28 % 0.73 % 0.59 % 0.55 %

Total expenses before custodian fee reduction
0.98 %⁽⁵⁾ 0.99 % 1.21 % 1.57 % 1.32 %⁽⁶⁾ 1.30 %

Expenses after custodian fee reduction excluding interest and fees
0.88 %⁽⁵⁾ 0.88 % 0.92 % 0.81 % 0.72 %⁽⁶⁾ 0.73 %

Net investment income
4.30 %⁽⁵⁾ 4.39 % 4.75 % 4.24 % 4.05 % 4.18 %

Senior Securities:

Total preferred shares outstanding
784 784 784 812 900 900

Asset coverage per preferred share⁽⁸⁾
$ 65,139 $ 72,478 $ 72,996 $ 62,907 $ 69,751 $ 70,144

Involuntary liquidation preference per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁵⁾		Annualized.
⁽⁶⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁷⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁸⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽⁹⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

New York Fund II

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 13.400 $ 13.620 $ 11.530 $ 15.240 $ 15.760 $ 15.300

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.415 $ 0.847 $ 0.857 $ 0.938 $ 0.969 $ 0.990

Net realized and unrealized gain (loss)
(1.693 ) (0.167 ) 2.087 (3.483 ) (0.256 ) 0.542

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.011 ) (0.021 ) (0.066 ) (0.237 ) (0.209 ) (0.240 )

From net realized gain
— — — (0.049 ) (0.079 ) (0.015 )

Total income (loss) from operations
$ (1.289 ) $ 0.659 $ 2.878 $ (2.831 ) $ 0.425 $ 1.277

Less Distributions to Common Shareholders

From net investment income
$ (0.441 ) $ (0.879 ) $ (0.788 ) $ (0.699 ) $ (0.697 ) $ (0.732 )

From net realized gain
— — — (0.180 ) (0.248 ) (0.085 )

Total distributions to common shareholders
$ (0.441 ) $ (0.879 ) $ (0.788 ) $ (0.879 ) $ (0.945 ) $ (0.817 )

Net asset value — End of period (Common shares)
$ 11.670 $ 13.400 $ 13.620 $ 11.530 $ 15.240 $ 15.760

Market value — End of period (Common shares)
$ 11.900 $ 14.000 $ 13.610 $ 10.580 $ 14.440 $ 14.420

Total Investment Return on Net Asset Value⁽²⁾
(9.70 )%⁽³⁾ 5.20 % 26.71 % (19.25 )% 3.00 % 9.02 %

Total Investment Return on Market Value⁽²⁾
(11.86 )%⁽³⁾ 9.99 % 37.98 % (21.80 )% 6.66 % 4.75 %

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

New York Fund II

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 29,920 $ 34,328 $ 34,847 $ 29,459 $ 38,947 $ 40,263

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁴⁾

Expenses excluding interest and fees
1.46 %⁽⁵⁾ 1.41 % 1.51 % 1.33 % 1.16 %⁽⁶⁾ 1.14 %

Interest and fee expense⁽⁷⁾
0.30 %⁽⁵⁾ 0.28 % 0.63 % 0.46 % 0.46 % 0.42 %

Total expenses before custodian fee reduction
1.76 %⁽⁵⁾ 1.69 % 2.14 % 1.79 % 1.62 %⁽⁶⁾ 1.56 %

Expenses after custodian fee reduction excluding interest and fees
1.45 %⁽⁵⁾ 1.41 % 1.50 % 1.28 % 1.14 %⁽⁶⁾ 1.11 %

Net investment income
6.82 %⁽⁵⁾ 6.49 % 7.67 % 6.67 % 6.24 % 6.48 %

Portfolio Turnover
10 %⁽³⁾ 13 % 30 % 44 % 38 % 26 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁴⁾

Expenses excluding interest and fees
1.03 %⁽⁵⁾ 1.01 % 1.03 % 0.83 % 0.74 %⁽⁶⁾ 0.72 %

Interest and fee expense⁽⁷⁾
0.21 %⁽⁵⁾ 0.20 % 0.43 % 0.29 % 0.29 % 0.27 %

Total expenses before custodian fee reduction
1.24 %⁽⁵⁾ 1.21 % 1.46 % 1.12 % 1.03 %⁽⁶⁾ 0.99 %

Expenses after custodian fee reduction excluding interest and fees
1.02 %⁽⁵⁾ 1.01 % 1.02 % 0.80 % 0.73 %⁽⁶⁾ 0.71 %

Net investment income
4.79 %⁽⁵⁾ 4.65 % 5.24 % 4.17 % 3.98 % 4.11 %

Senior Securities:

Total preferred shares outstanding
530 530 530 530 900 900

Asset coverage per preferred share⁽⁸⁾
$ 81,453 $ 89,770 $ 90,749 $ 80,583 $ 68,285 $ 69,746

Involuntary liquidation preference per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁵⁾		Annualized.
⁽⁶⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁷⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁸⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽⁹⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Ohio Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 12.960 $ 12.980 $ 11.330 $ 14.970 $ 15.330 $ 14.830

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.414 $ 0.828 $ 0.846 $ 0.948 $ 0.966 $ 0.978

Net realized and unrealized gain (loss)
(1.944 ) (0.058 ) 1.592 (3.665 ) (0.361 ) 0.497

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.014 ) (0.028 ) (0.101 ) (0.298 ) (0.301 ) (0.263 )

Total income (loss) from operations
$ (1.544 ) $ 0.742 $ 2.337 $ (3.015 ) $ 0.304 $ 1.212

Less Distributions to Common Shareholders

From net investment income
$ (0.386 ) $ (0.762 ) $ (0.687 ) $ (0.625 ) $ (0.664 ) $ (0.712 )

Total distributions to common shareholders
$ (0.386 ) $ (0.762 ) $ (0.687 ) $ (0.625 ) $ (0.664 ) $ (0.712 )

Net asset value — End of period (Common shares)
$ 11.030 $ 12.960 $ 12.980 $ 11.330 $ 14.970 $ 15.330

Market value — End of period (Common shares)
$ 11.390 $ 14.100 $ 13.250 $ 11.250 $ 13.710 $ 14.600

Total Investment Return on Net Asset Value⁽²⁾
(12.03 )%⁽³⁾ 6.04 % 22.05 % (20.51 )% 2.17 % 8.58 %

Total Investment Return on Market Value⁽²⁾
(16.51 )%⁽³⁾ 13.01 % 25.48 % (13.81 )% (1.75 )% 5.69 %

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Ohio Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 27,892 $ 32,726 $ 32,710 $ 28,495 $ 37,617 $ 38,532

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁴⁾

Expenses excluding interest and fees
1.37 %⁽⁵⁾ 1.36 % 1.57 % 1.35 % 1.16 %⁽⁶⁾ 1.19 %

Interest and fee expense⁽⁷⁾
0.04 %⁽⁵⁾ 0.02 % 0.10 % 0.29 % 0.53 % 0.41 %

Total expenses before custodian fee reduction
1.41 %⁽⁵⁾ 1.38 % 1.67 % 1.64 % 1.69 %⁽⁶⁾ 1.60 %

Expenses after custodian fee reduction excluding interest and fees
1.37 %⁽⁵⁾ 1.36 % 1.57 % 1.33 % 1.14 %⁽⁶⁾ 1.16 %

Net investment income
7.16 %⁽⁵⁾ 6.61 % 7.87 % 6.82 % 6.33 % 6.56 %

Portfolio Turnover
4 %⁽³⁾ 11 % 18 % 22 % 30 % 16 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁴⁾

Expenses excluding interest and fees
0.87 %⁽⁵⁾ 0.88 % 0.95 % 0.83 % 0.74 %⁽⁶⁾ 0.75 %

Interest and fee expense⁽⁷⁾
0.02 %⁽⁵⁾ 0.01 % 0.06 % 0.18 % 0.34 % 0.26 %

Total expenses before custodian fee reduction
0.89 %⁽⁵⁾ 0.89 % 1.01 % 1.01 % 1.08 %⁽⁶⁾ 1.01 %

Expenses after custodian fee reduction excluding interest and fees
0.87 %⁽⁵⁾ 0.88 % 0.95 % 0.82 % 0.72 %⁽⁶⁾ 0.73 %

Net investment income
4.53 %⁽⁵⁾ 4.30 % 4.77 % 4.19 % 4.03 % 4.14 %

Senior Securities:

Total preferred shares outstanding
680 680 680 875 875 875

Asset coverage per preferred share⁽⁸⁾
$ 66,019 $ 73,128 $ 73,104 $ 57,579 $ 67,991 $ 69,036

Involuntary liquidation preference per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁵⁾		Annualized.
⁽⁶⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁷⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁸⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽⁹⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Pennsylvania Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

(Unaudited) 2010 2009 2008 2007 2006

Net asset value — Beginning of period (Common shares)
$ 13.640 $ 13.900 $ 12.030 $ 15.270 $ 15.470 $ 14.930

Income (Loss) From Operations

Net investment income⁽¹⁾
$ 0.447 $ 0.878 $ 0.889 $ 0.995 $ 0.995 $ 0.994

Net realized and unrealized gain (loss)
(1.980 ) (0.270 ) 2.123 (3.047 ) (0.209 ) 0.559

Distributions to preferred shareholders⁽¹⁾

From net investment income
(0.015 ) (0.030 ) (0.071 ) (0.236 ) (0.291 ) (0.266 )

From net realized gain
— — (0.045 ) (0.076 ) — —

Total income (loss) from operations
$ (1.548 ) $ 0.578 $ 2.896 $ (2.364 ) $ 0.495 $ 1.287

Less Distributions to Common Shareholders

From net investment income
$ (0.432 ) $ (0.838 ) $ (0.753 ) $ (0.693 ) $ (0.695 ) $ (0.747 )

From net realized gain
— — (0.273 ) (0.183 ) — —

Total distributions to common shareholders
$ (0.432 ) $ (0.838 ) $ (1.026 ) $ (0.876 ) $ (0.695 ) $ (0.747 )

Net asset value — End of period (Common shares)
$ 11.660 $ 13.640 $ 13.900 $ 12.030 $ 15.270 $ 15.470

Market value — End of period (Common shares)
$ 12.220 $ 14.230 $ 14.600 $ 13.400 $ 14.150 $ 15.020

Total Investment Return on Net Asset Value⁽²⁾
(11.43 )%⁽³⁾ 4.53 % 27.36 % (16.07 )% 3.44 % 9.00 %

Total Investment Return on Market Value⁽²⁾
(11.02 )%⁽³⁾ 3.82 % 20.09 % 0.88 % (1.28 )% 1.68 %

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

Pennsylvania Fund

Six Months Ended
Year Ended September 30,

March 31, 2011

Ratios/Supplemental Data (Unaudited) 2010 2009 2008 2007 2006

Net assets applicable to common shares, end of period (000’s omitted)
$ 34,435 $ 40,256 $ 40,956 $ 35,413 $ 44,955 $ 45,516

Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁴⁾

Expenses excluding interest and fees
1.41 %⁽⁵⁾ 1.36 % 1.52 % 1.30 % 1.15 %⁽⁶⁾ 1.18 %

Interest and fee expense⁽⁷⁾
0.10 %⁽⁵⁾ 0.07 % 0.17 % 1.03 % 0.83 % 0.78 %

Total expenses before custodian fee reduction
1.51 %⁽⁵⁾ 1.43 % 1.69 % 2.33 % 1.98 %⁽⁶⁾ 1.96 %

Expenses after custodian fee reduction excluding interest and fees
1.41 %⁽⁵⁾ 1.36 % 1.51 % 1.28 % 1.12 %⁽⁶⁾ 1.15 %

Net investment income
7.32 %⁽⁵⁾ 6.67 % 7.80 % 6.86 % 6.45 % 6.64 %

Portfolio Turnover
10 %⁽³⁾ 19 % 8 % 28 % 24 % 22 %

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):⁽⁴⁾

Expenses excluding interest and fees
0.88 %⁽⁵⁾ 0.87 % 0.91 % 0.81 % 0.73 %⁽⁶⁾ 0.74 %

Interest and fee expense⁽⁷⁾
0.06 %⁽⁵⁾ 0.05 % 0.10 % 0.64 % 0.53 % 0.49 %

Total expenses before custodian fee reduction
0.94 %⁽⁵⁾ 0.92 % 1.01 % 1.45 % 1.26 %⁽⁶⁾ 1.23 %

Expenses after custodian fee reduction excluding interest and fees
0.88 %⁽⁵⁾ 0.87 % 0.90 % 0.80 % 0.71 %⁽⁶⁾ 0.72 %

Net investment income
4.58 %⁽⁵⁾ 4.28 % 4.68 % 4.26 % 4.10 % 4.17 %

Senior Securities:

Total preferred shares outstanding
869 869 869 1,040 1,040 1,040

Asset coverage per preferred share⁽⁸⁾
$ 64,628 $ 71,327 $ 72,133 $ 59,091 $ 68,233 $ 68,770

Involuntary liquidation preference per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000

Approximate market value per preferred share⁽⁹⁾
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000


⁽¹⁾		Computed using average common shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		Ratios do not reflect the effect of dividend payments to preferred shareholders.
⁽⁵⁾		Annualized.
⁽⁶⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
⁽⁷⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
⁽⁸⁾		Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
⁽⁹⁾		Plus accumulated and unpaid dividends.

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Municipal Bond Fund II (Municipal Fund II), Eaton Vance California Municipal Bond Fund II (California Fund II), Eaton Vance Massachusetts Municipal Bond Fund (Massachusetts Fund), Eaton Vance Michigan Municipal Bond Fund (Michigan Fund), Eaton Vance New Jersey Municipal Bond Fund (New Jersey Fund), Eaton Vance New York Municipal Bond Fund II (New York Fund II), Eaton Vance Ohio Municipal Bond Fund (Ohio Fund) and Eaton Vance Pennsylvania Municipal Bond Fund (Pennsylvania Fund), (each individually referred to as the Fund, and collectively, the Funds), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies, except for Municipal Fund II, which is a diversified, closed-end management investment company. Each Fund seeks to provide current income exempt from regular federal income tax, including alternative minimum tax, and, in state specific funds, taxes in its specified state.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends.

At September 30, 2010, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:


	Municipal		California		Massachusetts		Michigan		New Jersey		New York				Pennsylvania
Expiration Date	Fund II		Fund II		Fund		Fund		Fund		Fund II		Ohio Fund		Fund


September 30, 2013	$	—	$	—	$	179,329	$	384,407	$	—	$	—	$	321,978	$	—
September 30, 2016		658,427		52,500		—		1,883		—		41,818		83,319		—
September 30, 2017		2,011,041		1,365,711		94,578		—		244,927		1,233,356		1,620,085		—
September 30, 2018		11,539,291		3,330,399		1,054,999		579,696		2,060,337		1,545,637		3,381,936		1,949,047



	$	14,208,759	$	4,748,610	$	1,328,906	$	965,986	$	2,305,264	$	2,820,811	$	5,407,318	$	1,949,047

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Additionally, at September 30, 2010, the Municipal Fund II, California Fund II, Massachusetts Fund, Michigan Fund, New Jersey Fund, New York Fund II, Ohio Fund and Pennsylvania Fund had net capital losses of $1,499,034, $1,573,635, $225,669, $524,009, $1,550,366, $1,647,209, $692,166 and $730,899, respectively, attributable to security transactions incurred after October 31, 2009. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending September 30, 2011.

As of March 31, 2011, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended September 30, 2010 remains subject to examination by the Internal Revenue Service.

D Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

E Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

F Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications — Under each Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Fund) could be deemed to have personal liability for the obligations of the Fund. However, each Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

H Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, also referred to as residual interest bonds, whereby a Fund may sell a variable or fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Funds’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At March 31, 2011, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:


	Municipal		California		Massachusetts		New Jersey		New York				Pennsylvania
	Fund II		Fund II		Fund		Fund		Fund II		Ohio Fund		Fund


Floating Rate Notes Outstanding	$	53,645,000	$	8,705,000	$	3,330,000	$	4,790,000	$	11,780,000	$	1,010,000	$	3,540,000
Interest Rate or Range of Interest Rates (%)		0.23 - 0.45		0.25 - 0.31		0.25 - 0.28		0.26 - 0.45		0.23 - 0.26		0.30 - 0.35		0.26 - 0.40
Collateral for Floating Rate Notes Outstanding	$	57,906,437	$	8,679,237	$	3,957,433	$	6,091,978	$	12,948,151	$	1,535,832	$	4,926,253

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

For the six months ended March 31, 2011, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:


	Municipal			California			Massachusetts			New Jersey			New York						Pennsylvania
	Fund II			Fund II			Fund			Fund			Fund II			Ohio Fund			Fund



Average Floating Rate Notes Outstanding	$	54,035,522		$	8,705,000		$	3,330,000		$	5,978,374		$	11,391,676		$	1,010,000		$	4,158,626
Average Interest Rate		0.78	%		0.73	%		0.77	%		0.89	%		0.83	%		1.03	%		0.86	%

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds’ exposure under shortfall and forbearance agreements that were entered into as of March 31, 2011 was approximately $397,000, $298,000, $54,000, $27,000 and $20,000 for the Municipal Fund II, California Fund II, New Jersey Fund, New York Fund II and Pennsylvania Fund, respectively, and none for Massachusetts Fund, Michigan Fund and Ohio Fund.

The Funds may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Funds’ investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Inverse Floaters held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I Financial Futures Contracts — The Funds may enter into financial futures contracts. Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Interest Rate Swaps — Pursuant to interest rate swap agreements, a Fund makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

K When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

M Interim Financial Statements — The interim financial statements relating to March 31, 2011 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Auction Preferred Shares

Each Fund issued Auction Preferred Shares (APS) on January 15, 2003 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Fund. Dividends on the APS,

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. Series of APS are identical in all respects except for the reset dates of the dividend rates.

The number of APS issued and outstanding as of March 31, 2011 is as follows:


	APS Issued
Fund	and Outstanding


Municipal II
Series A		894
Series B		894
California II		1,028
Massachusetts		543
Michigan		533
New Jersey		784
New York II		530
Ohio		680
Pennsylvania		869

The APS are redeemable at the option of each Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Fund is required to maintain certain asset coverage with respect to the APS as defined in the Funds’ By-laws and the 1940 Act. Each Fund pays an annual fee up to 0.15% of the liquidation value of the APS to broker-dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

3 Distributions to Shareholders

Each Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at March 31, 2011, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the six months then ended were as follows:


	APS Dividend			Dividends		Average APS			Dividend
	Rates at			Accrued to APS		Dividend			Rate
Fund	March 31, 2011			Shareholders		Rates			Ranges (%)


Municipal II
Series A		0.38	%	$	46,922		0.42	%		0.37–0.69
Series B		0.40			47,152		0.42			0.37–0.69
California II		0.38			53,955		0.42			0.37–0.69
Massachusetts		0.40			28,266		0.42			0.37–0.69
Michigan		0.38			27,628		0.42			0.37–0.50
New Jersey		0.38			41,123		0.42			0.37–0.69
New York II		0.38			27,939		0.42			0.37–0.69
Ohio		0.40			35,865		0.42			0.37–0.69
Pennsylvania		0.40			44,800		0.41			0.37–0.50

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Funds’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each series as of March 31, 2011.

The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

4 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Fund. The fee is computed at an annual rate of 0.55% of each Fund’s average weekly gross assets and is payable monthly. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Fund, and the amount of any outstanding APS issued by the Fund. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Fund’s APS then outstanding and the amount payable by the Fund to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Fund. EVM also serves as the administrator of each Fund, but receives no compensation. For the six months ended March 31, 2011, the investment adviser fees were as follows:


	Municipal		California		Massachusetts		Michigan		New Jersey		New York				Pennsylvania
	Fund II		Fund II		Fund		Fund		Fund		Fund II		Ohio Fund		Fund



Investment Adviser Fee	$	546,699	$	209,560	$	106,081	$	92,263	$	152,913	$	147,708	$	130,054	$	170,893

Except for Trustees of the Funds who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2011 were as follows:


	Municipal		California		Massachusetts		Michigan		New Jersey		New York		Ohio		Pennsylvania
	Fund II		Fund II		Fund		Fund		Fund		Fund II		Fund		Fund


Purchases	$	17,967,590	$	15,396,250	$	7,464,671	$	—	$	1,903,876	$	5,587,131	$	2,186,558	$	6,266,216
Sales	$	15,900,203	$	15,235,028	$	8,519,345	$	360,047	$	3,423,881	$	5,987,059	$	1,987,510	$	6,054,168

6 Common Shares of Beneficial Interest

Common shares issued pursuant to the Funds’ dividend reinvestment plan for the six months ended March 31, 2011 and the year ended September 30, 2010 were as follows:


	Municipal		California		Massachusetts		Michigan		New Jersey		New York		Ohio		Pennsylvania
	Fund II		Fund II		Fund		Fund		Fund		Fund II		Fund		Fund



Six Months Ended March 31, 2011 (Unaudited)		9,546		3,363		2,008		255		5,544		1,589		2,671		2,593
Year Ended September 30, 2010		17,591		5,807		4,173		391		8,500		2,956		6,248		5,032

7 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2011, as determined on a federal income tax basis, were as follows:


	Municipal			California			Massachusetts			Michigan			New Jersey			New York						Pennsylvania
	Fund II			Fund II			Fund			Fund			Fund			Fund II			Ohio Fund			Fund


Aggregate cost	$	167,624,293		$	70,779,184		$	34,885,216		$	32,783,577		$	51,410,190		$	42,080,552		$	46,492,139		$	61,096,103



Gross unrealized appreciation	$	822,590		$	830,802		$	724,730		$	1,173,507		$	802,556		$	811,432		$	784,137		$	—
Gross unrealized depreciation		(21,726,002	)		(8,300,288	)		(1,959,315	)		(1,723,152	)		(2,909,882	)		(2,692,651	)		(3,210,005	)		(5,454,451	)



Net unrealized depreciation	$	(20,903,412	)	$	(7,469,486	)	$	(1,234,585	)	$	(549,645	)	$	(2,107,326	)	$	(1,881,219	)	$	(2,425,868	)	$	(5,454,451	)

8 Overdraft Advances

Pursuant to the respective custodian agreements, SSBT may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, the Funds are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to SSBT. SSBT has a lien on a Fund’s assets to the extent of any overdraft. At March 31, 2011, Municipal Fund II had payments due to SSBT pursuant to the foregoing arrangement of $302,788.

9 Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

A summary of obligations under these financial instruments at March 31, 2011 is as follows:


Futures Contracts
										Net
										Unrealized
	Expiration			Aggregate						Appreciation
Fund	Date	Contracts	Position	Cost			Value			(Depreciation)


Municipal II	6/11	45 U.S. 10-Year Treasury Note	Short	$	(5,373,803	)	$	(5,356,406	)	$	17,397
	6/11	111 U.S. 30-Year Treasury Bond	Short	$	(13,335,433	)	$	(13,340,813	)	$	(5,380	)



California II	6/11	25 U.S. 10-Year Treasury Note	Short	$	(2,972,178	)	$	(2,975,781	)	$	(3,603	)
	6/11	53 U.S. 30-Year Treasury Bond	Short	$	(6,358,986	)	$	(6,369,937	)	$	(10,951	)



Massachusetts	6/11	25 U.S. 10-Year Treasury Note	Short	$	(2,970,811	)	$	(2,975,781	)	$	(4,970	)



Michigan	6/11	9 U.S. 30-Year Treasury Bond	Short	$	(1,085,828	)	$	(1,081,688	)	$	4,140



New Jersey	6/11	65 U.S. 30-Year Treasury Bond	Short	$	(7,751,023	)	$	(7,812,188	)	$	(61,165	)



New York II	6/11	40 U.S. 10-Year Treasury Note	Short	$	(4,753,297	)	$	(4,761,250	)	$	(7,953	)



Ohio	6/11	15 U.S. 10-Year Treasury Note	Short	$	(1,791,268	)	$	(1,785,469	)	$	5,799
	6/11	33 U.S. 30-Year Treasury Bond	Short	$	(3,965,564	)	$	(3,966,187	)	$	(623	)

Interest Rate Swaps

Municipal Fund II

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Depreciation

Bank of America

3,000,000

4.524

3-month
USD-LIBOR-BBA

May 18, 2011/
May 20, 2041

(107,688

)

JPMorgan Chase Co.

3,000,000

4.425

3-month
USD-LIBOR-BBA

June 14, 2011/
June 14, 2041

(47,682

)

(155,370

)

California Fund II

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Depreciation

Bank of America

1,812,500

4.524

3-month
USD-LIBOR-BBA

May 18, 2011/
May 20, 2041

(65,062

)

(65,062

)

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Massachusetts Fund

Annual
Floating
Effective Date/

Notional
Fixed Rate
Rate
Termination
Net Unrealized

Counterparty Amount Paid By Fund Paid To Fund Date Depreciation

Bank of America $ 862,500 4.524 % 3-month
USD-LIBOR-BBA May 18, 2011/
May 20, 2041 $ (30,960 )

JPMorgan Chase Co. 525,000 4.425 3-month
USD-LIBOR-BBA June 14, 2011/
June 14, 2041 (8,345 )

$ (39,305 )

Michigan Fund

Annual
Floating
Effective Date/

Notional
Fixed Rate
Rate
Termination
Net Unrealized

Counterparty Amount Paid By Fund Paid To Fund Date Depreciation

Bank of America $ 675,000 4.524 % 3-month
USD-LIBOR-BBA May 18, 2011/
May 20, 2041 $ (24,230 )

JPMorgan Chase Co. 450,000 4.425 3-month
USD-LIBOR-BBA June 14, 2011/
June 14, 2041 (7,152 )

$ (31,382 )

New Jersey Fund

Annual
Floating
Effective Date/

Notional
Fixed Rate
Rate
Termination
Net Unrealized

Counterparty Amount Paid By Fund Paid To Fund Date Depreciation

Bank of America $ 1,250,000 4.524 % 3-month
USD-LIBOR-BBA May 18, 2011/
May 20, 2041 $ (44,870 )

JPMorgan Chase Co. 762,500 4.425 3-month
USD-LIBOR-BBA June 14, 2011/
June 14, 2041 (12,119 )

$ (56,989 )

New York Fund II

Annual
Floating
Effective Date/

Notional
Fixed Rate
Rate
Termination
Net Unrealized

Counterparty Amount Paid By Fund Paid To Fund Date Depreciation

Bank of America $ 2,000,000 4.524 % 3-month
USD-LIBOR-BBA May 18, 2011/
May 20, 2041 $ (71,792 )

JPMorgan Chase Co. 762,500 4.425 3-month
USD-LIBOR-BBA June 14, 2011/
June 14, 2041 (12,119 )

$ (83,911 )

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Ohio Fund

Annual
Floating
Effective Date/

Notional
Fixed Rate
Rate
Termination
Net Unrealized

Counterparty Amount Paid By Fund Paid To Fund Date Depreciation

Bank of America $ 750,000 4.524 % 3-month
USD-LIBOR-BBA May 18, 2011/
May 20, 2041 $ (26,922 )

JPMorgan Chase Co. 737,500 4.425 3-month
USD-LIBOR-BBA June 14, 2011/
June 14, 2041 (11,722 )

$ (38,644 )

Pennsylvania Fund

Annual
Floating
Effective Date/

Notional
Fixed Rate
Rate
Termination
Net Unrealized

Counterparty Amount Paid By Fund Paid To Fund Date Depreciation

Bank of America $ 1,000,000 4.524 % 3-month
USD-LIBOR-BBA May 18, 2011/
May 20, 2041 $ (35,896 )

Barclays Bank PLC 3,000,000 4.297 3-month
USD-LIBOR-BBA April 18, 2011/
April 15, 2041 (955 )

JPMorgan Chase Co. 725,000 4.425 3-month
USD-LIBOR-BBA June 14, 2011/
June 14, 2041 (11,523 )

$ (48,374 )

The effective date represents the date on which a Fund and the counterparty to the interest rate swap contract begin interest payment accruals.

At March 31, 2011, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Funds enter into interest rate swap contracts. The Funds also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The Funds enter into interest rate swap contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in a Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those swaps in a liability position. At March 31, 2011, the fair value of interest rate swaps with credit-related contingent features in a net liability position was equal to the fair value of the liability derivative related to interest rate swaps included in the table below for each respective Fund. The value of securities pledged as collateral, if any, for open interest rate swap contracts at March 31, 2011 is disclosed in a note to each Fund’s Portfolio of Investments.

The non-exchange traded derivatives in which a Fund invests, including swap contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At March 31, 2011, the maximum amount of loss the Funds would incur due to counterparty risk was equal to the fair value of the asset derivative related to interest rate swaps included in the table below for each respective Fund. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of a Fund if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would reduce the amount of any loss incurred.

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

The fair values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2011 were as follows:


	Municipal			California			Massachusetts			Michigan			New Jersey			New York			Ohio			Pennsylvania
	Fund II			Fund II			Fund			Fund			Fund			Fund II			Fund			Fund


Asset Derivative:
Futures Contracts⁽¹⁾	$	17,397		$	—		$	—		$	4,140		$	—		$	—		$	5,799		$	—
Interest Rate Swaps		—			—			—			—			—			—			—			—



Total	$	17,397		$	—		$	—		$	4,140		$	—		$	—		$	5,799		$	—



Liability Derivative:
Futures Contracts⁽¹⁾	$	(5,380	)	$	(14,554	)	$	(4,970	)	$	—		$	(61,165	)	$	(7,953	)	$	(623	)	$	—
Interest Rate Swaps⁽²⁾		(155,370	)		(65,062	)		(39,305	)		(31,382	)		(56,989	)		(83,911	)		(38,644	)		(48,374	)



Total	$	(160,750	)	$	(79,616	)	$	(44,275	)	$	(31,382	)	$	(118,154	)	$	(91,864	)	$	(39,267	)	$	(48,374	)


⁽¹⁾		Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.
⁽²⁾		Statement of Assets and Liabilities location: Payable for open swap contracts; Net unrealized depreciation.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2011 was as follows:


	Municipal		California			Massachusetts			Michigan			New Jersey			New York			Ohio		Pennsylvania
	Fund II		Fund II			Fund			Fund			Fund			Fund II			Fund		Fund


Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾	$	1,475,457	$	396,549		$	227,986		$	214,382		$	1,085,907		$	850,882		$	378,533	$	412,336
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾	$	65,833	$	(88,802	)	$	(31,597	)	$	(16,702	)	$	(110,182	)	$	(92,157	)	$	26,680	$	288,693


⁽¹⁾		Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Swap contracts.
⁽²⁾		Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Swap contracts.

The average notional amounts of futures contracts and interest rate swaps outstanding during the six months ended March 31, 2011, which are indicative of the volume of these derivative types, were approximately as follows:


	Municipal		California		Massachusetts		Michigan		New Jersey		New York II		Ohio		Pennsylvania
	Fund II		Fund II		Fund		Fund		Fund		Fund		Fund		Fund


Average Notional Amount:
Futures Contracts	$	11,629,000	$	3,943,000	$	1,071,000	$	529,000	$	6,500,000	$	3,429,000	$	3,514,000	$	—
Interest Rate Swaps	$	6,000,000	$	1,812,500	$	1,387,500	$	1,125,000	$	2,012,500	$	2,762,500	$	1,487,500	$	4,725,000

10 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.


•	Level 1 – quoted prices in active markets for identical investments

•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2011, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:


Municipal Fund II
Asset Description	Level 1			Level 2			Level 3		Total


Tax-Exempt Investments	$	—		$	200,365,881		$	—	$	200,365,881



Total Investments	$	—		$	200,365,881		$	—	$	200,365,881



Futures Contracts	$	17,397		$	—		$	—	$	17,397



Total	$	17,397		$	200,365,881		$	—	$	200,383,278



Liability Description



Futures Contracts	$	(5,380	)	$	—		$	—	$	(5,380	)
Interest Rate Swaps		—			(155,370	)		—		(155,370	)



Total	$	(5,380	)	$	(155,370	)	$	—	$	(160,750	)





California Fund II
Asset Description	Level 1			Level 2			Level 3		Total


Tax-Exempt Investments	$	—		$	72,014,698		$	—	$	72,014,698



Total Investments	$	—		$	72,014,698		$	—	$	72,014,698



Liability Description



Futures Contracts	$	(14,554	)	$	—		$	—	$	(14,554	)
Interest Rate Swaps		—			(65,062	)		—		(65,062	)



Total	$	(14,554	)	$	(65,062	)	$	—	$	(79,616	)





Massachusetts Fund
Asset Description	Level 1			Level 2			Level 3		Total


Tax-Exempt Investments	$	—		$	36,980,631		$	—	$	36,980,631



Total Investments	$	—		$	36,980,631		$	—	$	36,980,631



Liability Description



Futures Contracts	$	(4,970	)	$	—		$	—	$	(4,970	)
Interest Rate Swaps		—			(39,305	)		—		(39,305	)



Total	$	(4,970	)	$	(39,305	)	$	—	$	(44,275	)

Eaton Vance

Municipal Bond Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Michigan Fund

Asset Description Level 1 Level 2 Level 3 Total

Tax-Exempt Investments
$ — $ 32,233,932 $ — $ 32,233,932

Total Investments
$ — $ 32,233,932 $ — $ 32,233,932

Futures Contracts
$ 4,140 $ — $ — $ 4,140

Total
$ 4,140 $ 32,233,932 $ — $ 32,238,072

Liability Description

Interest Rate Swaps
$ — $ (31,382 ) $ — $ (31,382 )

Total
$ — $ (31,382 ) $ — $ (31,382 )

New Jersey Fund

Asset Description Level 1 Level 2 Level 3 Total

Tax-Exempt Investments
$ — $ 54,092,864 $ — $ 54,092,864

Total Investments
$ — $ 54,092,864 $ — $ 54,092,864

Liability Description

Futures Contracts
$ (61,165 ) $ — $ — $ (61,165 )

Interest Rate Swaps
— (56,989 ) — (56,989 )

Total
$ (61,165 ) $ (56,989 ) $ — $ (118,154 )

New York Fund II

Asset Description Level 1 Level 2 Level 3 Total

Tax-Exempt Investments
$ — $ 51,979,333 $ — $ 51,979,333

Total Investments
$ — $ 51,979,333 $ — $ 51,979,333

Liability Description

Futures Contracts
$ (7,953 ) $ — $ — $ (7,953 )

Interest Rate Swaps
— (83,911 ) — (83,911 )

Total
$ (7,953 ) $ (83,911 ) $ — $ (91,864 )

Ohio Fund

Asset Description Level 1 Level 2 Level 3 Total

Tax-Exempt Investments
$ — $ 45,076,271 $ — $ 45,076,271

Total Investments
$ — $ 45,076,271 $ — $ 45,076,271

Futures Contracts
$ 5,799 $ — $ — $ 5,799

Total
$ 5,799 $ 45,076,271 $ — $ 45,082,070

Eaton Vance

Municipal Bond Funds

March 31, 2011

Officers and Trustees

Officers

Cynthia J. Clemson
President of EIA, MIW, NYH, EIO and EIP

Thomas M. Metzold
President of MAB, EIV and EMJ

Payson F. Swaffield
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer


Trustees


Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman		William H. Park Ronald A. Pearlman Helen Frame Peters Lynn A. Stout


*		Interested Trustee

Number of Employees

Each Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of March 31, 2011, Fund records indicate that there are 66, 25, 18, 23, 22, 36, 48 and 96 registered shareholders for Municipal Bond Fund II, California Municipal Bond Fund II, Massachusetts Municipal Bond Fund, Michigan Municipal Bond Fund, New Jersey Municipal Bond Fund, New York Municipal Bond Fund II, Ohio Municipal Bond Fund and Pennsylvania Municipal Bond Fund, respectively, and approximately 4,324, 1,344, 782, 836, 1,194, 1,140, 1,301 and 1,533 shareholders owning the Fund shares in street name, such as through brokers, banks and financial intermediaries for Municipal Bond Fund II, California Municipal Bond Fund II, Massachusetts Municipal Bond Fund, Michigan Municipal Bond Fund, New Jersey Municipal Bond Fund, New York Municipal Bond Fund II, Ohio Municipal Bond Fund and Pennsylvania Municipal Bond Fund, respectively.

If you are a street name shareholder and wish to receive Fund reports directly, which contain important information about a Fund, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE Amex symbols


Municipal Bond Fund II		EIV
California Municipal Bond Fund II		EIA
Massachusetts Municipal Bond Fund		MAB
Michigan Municipal Bond Fund		MIW
New Jersey Municipal Bond Fund		EMJ
New York Municipal Bond Fund II		NYH
Ohio Municipal Bond Fund		EIO
Pennsylvania Municipal Bond Fund		EIP

Eaton Vance

Municipal Bond Funds

March 31, 2011

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:


•	Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•	None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•	Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•	We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc. Our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Additional Notice to Shareholders. A Fund may redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount.

Closed-End Fund Information. The Eaton Vance closed-end funds make certain quarterly fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each calendar quarter-end. Certain month-end fund performance data for the funds, including total returns, are posted to the website shortly after the end of each calendar month. Portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following the end of the quarter. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors – Closed-End Funds”.

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Chief Financial Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to

instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits


(a)(1)		Registrant’s Code of Ethics — Not applicable (please see Item 2).
(a)(2)(i)		Treasurer’s Section 302 certification.
(a)(2)(ii)		President’s Section 302 certification.
(b)		Combined Section 906 certification.


Eaton Vance Municipal Bond Funds Semiannual Report March 31, 2011


Performance and Fund Profiles

Municipal Bond Fund II			2

California Municipal Bond Fund II			3

Massachusetts Municipal Bond Fund			4

Michigan Municipal Bond Fund			5

New Jersey Municipal Bond Fund			6

New York Municipal Bond Fund II			7

Ohio Municipal Bond Fund			8

Pennsylvania Municipal Bond Fund			9

Endnotes and Additional Disclosures			10
Financial Statements			11
Officers and Trustees			72
Important Notices			73


Tax-Exempt Investments — 191.9%

	Principal Amount
Security	(000’s omitted)		Value



Bond Bank — 2.4%

Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32	$	2,500	$	2,468,050


			$	2,468,050




Electric Utilities — 1.4%

South Carolina Public Service Authority, (Santee Cooper), 5.50%, 1/1/38	$	1,420	$	1,466,420


			$	1,466,420




Escrowed / Prerefunded — 0.6%

New York, NY, Prerefunded to 1/15/13, 5.25%, 1/15/33	$	595	$	644,718


			$	644,718




General Obligations — 7.0%

Chicago Park District, IL, 5.25%, 1/1/37⁽¹⁾	$	1,680	$	1,633,632
New York, 5.00%, 2/15/34⁽¹⁾		2,750		2,800,270
New York, NY, 5.25%, 1/15/33		155		155,341
New York, NY, 5.25%, 1/15/33⁽¹⁾		2,750		2,756,050


			$	7,345,293




Hospital — 5.7%

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	900	$	702,045
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		750		658,642
Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.60%, 7/1/33		500		458,365
Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36		1,285		1,200,948
Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38		1,850		312,724
Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39		5,000		791,500
Lehigh County, PA, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32		960		924,240
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		1,140		934,310


			$	5,982,774




Industrial Development Revenue — 2.2%

St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37	$	2,500	$	2,302,375


			$	2,302,375




Insured – Electric Utilities — 7.6%

American Municipal Power-Ohio, Inc., OH, (Prairie State Energy), (AGC), 5.75%, 2/15/39	$	1,000	$	1,008,100
Chelan County, WA, Public Utility District No. 1, (Columbia River), (NPFG), 0.00%, 6/1/23		6,335		3,447,063
Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41		2,205		1,846,798
South Carolina Public Service Authority, (Santee Cooper), (BHAC), 5.50%, 1/1/38		1,595		1,649,214


			$	7,951,175




Insured – Escrowed / Prerefunded — 0.1%

Highlands County, FL, Health Facilities Authority, (Adventist Health System), (BHAC), Prerefunded to 11/15/16, 5.25%, 11/15/36	$	115	$	135,684


			$	135,684




Insured – General Obligations — 18.3%

Coast Community College District, CA, (Election of 2002), (AGM), 0.00%, 8/1/33	$	17,000	$	3,736,770
District of Columbia, (FGIC), (NPFG), 4.75%, 6/1/33		2,625		2,458,969
Goodyear, AZ, (NPFG), 3.00%, 7/1/26		1,350		1,144,274
Los Angeles, CA, Unified School District, (Election of 2004), (AGC), 5.00%, 1/1/34		2,000		1,894,520
Palm Springs, CA, Unified School District, (Election of 2008), (AGC), 5.00%, 8/1/33		2,750		2,711,582
Philadelphia, PA, (AGC), 7.00%, 7/15/28		1,250		1,386,837
Washington, (AGM), 5.00%, 7/1/25⁽¹⁾		5,500		5,753,825


			$	19,086,777




Insured – Hospital — 26.8%

Arizona Health Facilities Authority, (Banner Health), (BHAC), 5.375%, 1/1/32	$	1,750	$	1,759,677
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.05%, 8/15/38⁽¹⁾		1,500		1,314,030
Centre County, PA, Hospital Authority, (Mount Nittany Medical Center), (AGC), 6.125%, 11/15/39		1,695		1,715,713
Centre County, PA, Hospital Authority, (Mount Nittany Medical Center), (AGC), 6.25%, 11/15/44		450		455,252
Colorado Health Facilities Authority, (Catholic Health), (AGM), 5.10%, 10/1/41⁽¹⁾		2,200		2,011,614


Tax-Exempt Investments — 182.7%

	Principal Amount
Security	(000’s omitted)		Value



Electric Utilities — 6.5%

Puerto Rico Electric Power Authority, 5.25%, 7/1/40	$	1,060	$	915,785
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/30		1,000		976,960
Vernon, Electric System Revenue, 5.125%, 8/1/21		675		679,185


			$	2,571,930




General Obligations — 7.9%

California, 5.50%, 11/1/35	$	1,300	$	1,261,599
Palo Alto, (Election of 2008), 5.00%, 8/1/40		1,850		1,842,822


			$	3,104,421




Hospital — 15.8%

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32	$	1,330	$	1,293,731
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39		1,445		1,254,361
California Statewide Communities Development Authority, (Cottage Health System), 5.00%, 11/1/40		620		521,141
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		500		428,285
California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45		1,900		1,614,886
Washington Township Health Care District, 5.00%, 7/1/32		555		467,072
Washington Township Health Care District, 5.25%, 7/1/29		750		660,045


			$	6,239,521




Insured – Electric Utilities — 10.1%

Glendale Electric, (NPFG), 5.00%, 2/1/32	$	1,475	$	1,430,337
Los Angeles Department of Water and Power, (AMBAC), (BHAC), 5.00%, 7/1/26⁽¹⁾		1,500		1,538,310
Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27		1,000		1,012,550


			$	3,981,197




Insured – Escrowed / Prerefunded — 13.1%

California Infrastructure & Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33	$	1,150	$	1,305,204
California Infrastructure & Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/36		1,025		1,163,334
Clovis Unified School District, (FGIC), (NPFG), Escrowed to Maturity, 0.00%, 8/1/20		3,130		2,305,652
Orange County Water District, Certificates of Participation, (NPFG), Escrowed to Maturity, 5.00%, 8/15/34		395		405,053


			$	5,179,243




Insured – General Obligations — 35.5%

Antelope Valley Community College District, (Election of 2004), (NPFG), 5.25%, 8/1/39	$	740	$	702,460
Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/38		7,125		1,009,114
Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/40		3,115		372,772
Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/41		3,270		365,390
Carlsbad Unified School District, (Election of 2006), (NPFG), 5.25%, 8/1/32		1,500		1,503,090
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35		6,675		1,256,302
El Camino Hospital District, (NPFG), 4.45%, 8/1/36		865		724,991
Long Beach Unified School District, (Election of 1999), (AGM), 5.00%, 8/1/31		925		889,535
Los Angeles Community College District, (Election of 2001), (AGM), (FGIC), 5.00%, 8/1/32		2,075		1,994,594
Mount Diablo Unified School District, (AGM), 5.00%, 8/1/25		1,000		1,005,400
Palm Springs Unified School District, (Election of 2008), (AGC), 5.00%, 8/1/33		1,250		1,232,537
Santa Clara Unified School District, (Election of 2004), (AGM), 4.375%, 7/1/30		1,390		1,265,984
Union Elementary School District, (FGIC), (NPFG), 0.00%, 9/1/22		3,200		1,662,816


			$	13,984,985




Insured – Hospital — 6.8%

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽¹⁾	$	1,250	$	1,127,475
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.05%, 8/15/38⁽¹⁾		1,750		1,533,035


			$	2,660,510




Insured – Lease Revenue / Certificates of Participation — 10.4%

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27	$	1,250	$	1,451,088
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾		1,750		1,656,847


Tax-Exempt Investments — 167.9%

	Principal Amount
Security	(000’s omitted)		Value



Escrowed / Prerefunded — 5.5%

Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), Prefunded to 7/31/13, 5.75%, 7/1/33	$	500	$	561,970
Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32		600		660,138


			$	1,222,108




General Obligations — 4.0%

Wayland, 5.00%, 2/1/33	$	340	$	355,154
Wayland, 5.00%, 2/1/36		510		524,535


			$	879,689




Hospital — 16.1%

Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37	$	775	$	709,939
Massachusetts Health and Educational Facilities Authority, (Lahey Clinic Medical Center), 5.25%, 8/15/28		400		391,940
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/39		1,250		1,165,875
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29		370		358,989
Massachusetts Health and Educational Facilities Authority, (Southcoast Hospitals Group, Inc.), 5.00%, 7/1/29		1,000		922,200


			$	3,548,943




Insured – Electric Utilities — 5.0%

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23	$	1,095	$	1,097,365


			$	1,097,365




Insured – Escrowed / Prerefunded — 6.8%

Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26	$	2,900	$	1,501,939


			$	1,501,939




Insured – General Obligations — 15.4%

Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,900	$	2,121,198
Revere, (AGC), 5.00%, 4/1/39		1,000		957,180
Tewksbury, (AGM), 4.625%, 3/15/27		300		306,798


			$	3,385,176




Insured – Hospital — 1.0%

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	220	$	212,808


			$	212,808




Insured – Lease Revenue / Certificates of Participation — 5.3%

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27	$	1,000	$	1,160,870


			$	1,160,870




Insured – Other Revenue — 3.2%

Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	750	$	710,190


			$	710,190




Insured – Private Education — 20.6%

Massachusetts Development Finance Agency, (Boston College), (NPFG), 5.00%, 7/1/38	$	1,000	$	978,800
Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59		1,105		1,143,167
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾		750		784,035
Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/35		750		722,895
Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/37		950		913,026


			$	4,541,923




Insured – Public Education — 8.2%

Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	700	$	723,842
Massachusetts Health and Educational Facilities Authority, (Worcester State College), (AMBAC), 5.00%, 11/1/32		1,150		1,073,686


			$	1,797,528


Tax-Exempt Investments — 164.4%

	Principal Amount
Security	(000’s omitted)		Value



Electric Utilities — 3.2%

Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29	$	620	$	620,105


			$	620,105




Escrowed / Prerefunded — 10.3%

Michigan Hospital Finance Authority, (Chelsea Community Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30	$	400	$	456,580
Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36		1,500		1,563,465


			$	2,020,045




Hospital — 8.1%

Michigan Hospital Finance Authority, (Oakwood Hospital System), 5.75%, 4/1/32	$	1,000	$	964,600
Michigan Hospital Finance Authority, (Trinity Health), 5.375%, 12/1/30		640		620,685


			$	1,585,285




Insured – Electric Utilities — 7.3%

Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32	$	500	$	467,125
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		1,000		956,430


			$	1,423,555




Insured – Escrowed / Prerefunded — 49.4%

Detroit School District, (School Bond Loan Fund), (AGM), Prerefunded to 5/1/12, 5.125%, 5/1/31	$	750	$	787,500
Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31		1,250		1,265,137
Lansing Building Authority, (NPFG), Prerefunded to 6/1/13, 5.00%, 6/1/29		1,500		1,639,875
Michigan Hospital Finance Authority, (St. John Health System), (AMBAC), Escrowed to Maturity, 5.00%, 5/15/28		1,150		1,153,634
Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/22		1,750		1,095,325
Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/23		2,615		1,543,504
Reed City Public Schools, (AGM), Prerefunded to 5/1/14, 5.00%, 5/1/29		1,300		1,459,809
Ypsilanti Community Utilities Authority, (Sanitary Sewer System No. 3), (FGIC), Prerefunded to 5/1/12, 5.00%, 5/1/32		705		739,693


			$	9,684,477




Insured – General Obligations — 23.2%

Grand Rapids and Kent County Joint Building Authority, (DeVos Place), (NPFG), 0.00%, 12/1/27⁽¹⁾	$	1,960	$	807,755
Greenville Public Schools, (NPFG), 5.00%, 5/1/25		750		751,942
Okemos Public School District, (NPFG), 0.00%, 5/1/19		1,330		928,460
Pinconning Area Schools, (AGM), 5.00%, 5/1/33		1,000		974,510
Royal Oak, (AGC), 6.25%, 10/1/28		1,000		1,096,030


			$	4,558,697




Insured – Hospital — 6.5%

Michigan Hospital Finance Authority, (Mid-Michigan Obligation Group), (AMBAC), 5.00%, 4/15/32	$	500	$	452,860
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35		975		830,466


			$	1,283,326




Insured – Lease Revenue / Certificates of Participation — 6.1%

Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$	1,000	$	311,020
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30		3,100		875,130


			$	1,186,150




Insured – Public Education — 15.4%

Central Michigan University, (AMBAC), 5.05%, 10/1/32	$	750	$	721,463
Ferris State University, (AGC), 5.125%, 10/1/33		435		430,989
Lake Superior State University, (AMBAC), 5.125%, 11/15/26		750		728,760
Wayne University, (NPFG), 5.00%, 11/15/37		1,200		1,143,120


			$	3,024,332




Insured – Sewer Revenue — 2.1%

Detroit Sewer Disposal System, (NPFG), 4.50%, 7/1/35	$	500	$	405,860


			$	405,860




Insured – Special Tax Revenue — 8.8%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	6,100	$	302,987


Tax-Exempt Investments — 171.9%

	Principal Amount
Security	(000’s omitted)		Value



General Obligations — 4.6%

Monmouth County Improvement Authority, 5.00%, 1/15/27	$	1,375	$	1,464,169


			$	1,464,169




Hospital — 8.9%

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	180	$	140,409
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34		760		664,035
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37		595		549,994
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.125%, 7/1/35		250		222,502
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46		1,395		1,211,139


			$	2,788,079




Insured – Electric Utilities — 3.0%

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26	$	1,000	$	956,430


			$	956,430




Insured – General Obligations — 39.0%

Bayonne, (AGM), 0.00%, 7/1/23	$	2,415	$	1,309,389
Bayonne, (AGM), 5.50%, 7/1/39		1,000		1,001,880
Delaware Township, Hunterdon County, (AGC), 5.00%, 10/15/35		320		329,200
Delaware Township, Hunterdon County, (AGC), 5.10%, 10/15/36		340		350,740
Delaware Township, Hunterdon County, (AGC), 5.15%, 10/15/37		360		371,999
Delaware Township, Hunterdon County, (AGC), 5.20%, 10/15/38		382		395,397
Egg Harbor Township School District, (AGM), 3.50%, 4/1/28		840		730,489
Hudson County Improvement Authority, (NPFG), 0.00%, 12/15/38		2,000		280,740
Irvington Township, (AGM), 0.00%, 7/15/26		5,475		2,367,280
Jackson Township School District, (NPFG), 2.50%, 6/15/27		2,385		1,778,638
Jersey City, (AGM), 5.00%, 1/15/29		1,000		1,009,560
Lakewood Township, (AGC), 5.75%, 11/1/31		700		752,311
Monroe Township Board of Education, Middlesex County, (AGC), 4.75%, 3/1/34		1,115		1,088,329
Nutley School District, (NPFG), 4.75%, 7/15/30		110		110,855
Nutley School District, (NPFG), 4.75%, 7/15/31		410		410,303


			$	12,287,110




Insured – Hospital — 18.1%

New Jersey Health Care Facilities Financing Authority, (Englewood Hospital), (NPFG), 5.00%, 8/1/31	$	1,500	$	1,500,570
New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽¹⁾		2,000		1,920,900
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38		615		564,890
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38⁽¹⁾		250		229,630
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38		1,500		1,482,120


			$	5,698,110




Insured – Lease Revenue / Certificates of Participation — 17.7%

Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30	$	1,000	$	1,044,000
Middlesex County, Certificates of Participation, (NPFG), 5.00%, 8/1/31		1,250		1,250,038
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34		1,300		1,313,702
New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28		500		510,685
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,250		1,451,087


			$	5,569,512




Insured – Other Revenue — 4.8%

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39	$	1,500	$	1,500,345


			$	1,500,345




Insured – Public Education — 11.3%

New Jersey Educational Facilities Authority, (College of New Jersey), (AGM), 5.00%, 7/1/35	$	735	$	705,034
New Jersey Educational Facilities Authority, (Montclair State University), (NPFG), 3.75%, 7/1/24		450		408,582
New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/27		920		722,587


Tax-Exempt Investments — 173.7%

	Principal Amount
Security	(000’s omitted)		Value



General Obligations — 3.4%

New York, 5.00%, 2/15/34⁽¹⁾	$	1,000	$	1,018,280


			$	1,018,280






Hospital — 3.5%

New York Dormitory Authority, (Highland Hospital of Rochester), 5.00%, 7/1/26	$	135	$	131,823
New York Dormitory Authority, (Highland Hospital of Rochester), 5.20%, 7/1/32		180		171,103
Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32		750		750,015


			$	1,052,941




Industrial Development Revenue — 1.3%

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	390	$	377,984


			$	377,984




Insured – Electric Utilities — 3.5%

Long Island Power Authority, (BHAC), 5.50%, 5/1/33	$	500	$	521,500
Long Island Power Authority, (BHAC), 6.00%, 5/1/33		500		540,830


			$	1,062,330




Insured – Escrowed / Prerefunded — 3.9%

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26	$	545	$	295,695
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27		550		281,705
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30		1,385		588,043


			$	1,165,443




Insured – General Obligations — 25.5%

Brentwood Union Free School District, (AGC), 4.75%, 11/15/23	$	535	$	578,094
Brentwood Union Free School District, (AGC), 5.00%, 11/15/24		560		610,669
Freeport Union Free School District, (AGC), 4.00%, 4/1/23		180		183,973
Freeport Union Free School District, (AGC), 4.00%, 4/1/24		200		203,336
Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24		250		251,375
Hoosic Valley Central School District, (AGC), 4.00%, 6/15/23		250		253,590
Longwood Central School District, Suffolk County, (AGC), 4.15%, 6/1/23		185		188,870
Longwood Central School District, Suffolk County, (AGC), 4.25%, 6/1/24		190		193,912
New York, (AGM), 5.00%, 4/1/22		1,000		1,066,790
New York Dormitory Authority, (School Districts Financing Program), (NPFG), 5.00%, 10/1/30		1,795		1,788,358
Plattsburgh, (AGC), 4.25%, 11/15/19		100		107,006
Plattsburgh, (AGC), 4.25%, 11/15/20		300		320,259
Sachem Central School District, (FGIC), (NPFG), 4.25%, 10/15/28		410		405,445
Syracuse, (AGC), 5.00%, 6/15/19		235		259,360
Wantagh Union Free School District, (AGC), 4.50%, 11/15/19		185		200,958
Wantagh Union Free School District, (AGC), 4.50%, 11/15/20		190		203,914
Wantagh Union Free School District, (AGC), 4.75%, 11/15/22		210		225,145
Wantagh Union Free School District, (AGC), 4.75%, 11/15/23		220		234,087
William Floyd Union Free School District, (AGC), 4.00%, 12/15/24		350		345,114


			$	7,620,255




Insured – Hospital — 6.3%

New York City Health and Hospitals Corp., (AGM), 5.50%, 2/15/20	$	500	$	556,750
New York Dormitory Authority, (Health Quest Systems), (AGC), 5.125%, 7/1/37		910		857,993
New York Dormitory Authority, (Hudson Valley Hospital Center), (AGM), (BHAC), 5.00%, 8/15/36		500		481,875


			$	1,896,618




Insured – Housing — 3.3%

New York City Housing Corp., (NPFG), 4.95%, 11/1/33	$	1,000	$	977,350


			$	977,350




Insured – Lease Revenue / Certificates of Participation — 6.7%

Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$	1,390	$	1,029,337
New York City Transitional Finance Authority, (BHAC), 5.50%, 7/15/38		950		977,179


			$	2,006,516


Tax-Exempt Investments — 161.6%

	Principal Amount
Security	(000’s omitted)		Value



Bond Bank — 9.9%

Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23	$	1,270	$	967,676
Ohio Economic Development, (Ohio Enterprise Bond Fund), 6.00%, 12/1/34		700		714,854
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32⁽¹⁾		1,140		1,090,467


			$	2,772,997




Electric Utilities — 1.7%

Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40	$	500	$	480,245


			$	480,245




General Obligations — 5.2%

Beavercreek, School District, 5.00%, 12/1/30	$	900	$	915,939
County of Franklin, 5.00%, 12/1/27⁽²⁾		500		524,060


			$	1,439,999




Hospital — 5.4%

Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26	$	500	$	482,570
Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46		735		570,779
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		500		444,380


			$	1,497,729




Insured – Electric Utilities — 21.0%

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33	$	700	$	702,758
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		2,750		1,054,598
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38		1,000		177,670
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		1,670		770,772
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27		5,000		2,002,150
Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34		755		684,083
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		500		478,215


			$	5,870,246




Insured – General Obligations — 40.5%

Bowling Green City School District, (AGM), 5.00%, 12/1/34	$	320	$	311,110
Brookfield Local School District, (AGM), 5.00%, 1/15/30		200		200,270
Cleveland Municipal School District, (AGM), 5.00%, 12/1/27		1,000		1,004,430
Clyde-Green Springs Exempted Village School District, (AGM), 4.50%, 12/1/31		900		824,463
Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32		1,575		1,572,827
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36		1,000		993,650
Olentangy Local School District, (AGC), 5.00%, 12/1/36		1,400		1,379,000
Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27		2,400		897,888
St. Mary’s School District, (AGM), 5.00%, 12/1/35		750		718,680
Sylvania City School District, (AGC), 5.00%, 12/1/26		500		509,930
Sylvania City School District, (AGC), 5.00%, 12/1/32		1,000		988,850
Wapakoneta City School District, (AGM), 4.75%, 12/1/35		2,000		1,900,900


			$	11,301,998




Insured – Hospital — 12.7%

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32	$	820	$	758,500
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28		1,500		1,452,570
Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 17.493%, 2/1/29^(3)(4)(5)		440		356,998
Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46		1,250		970,713


			$	3,538,781




Insured – Lease Revenue / Certificates of Participation — 3.5%

Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36	$	235	$	203,458
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33		1,000		772,390


			$	975,848




Insured – Public Education — 32.4%

Cincinnati Technical and Community College, (AMBAC), 5.00%, 10/1/28	$	1,750	$	1,642,182
Kent State University, (AGC), 5.00%, 5/1/26		1,000		1,017,590
Kent State University, (AGC), 5.00%, 5/1/29		360		357,656
Miami University, (AMBAC), (AGM), 3.25%, 9/1/26		2,000		1,609,160


	March 31, 2011

Assets	Municipal Fund II			California Fund II			Massachusetts Fund			Michigan Fund

Investments —
Identified cost	$	220,907,622		$	79,683,848		$	38,204,678		$	32,886,985
Unrealized depreciation		(20,541,741	)		(7,669,150	)		(1,224,047	)		(653,053	)


Investments, at value	$	200,365,881		$	72,014,698		$	36,980,631		$	32,233,932


Cash	$	—		$	1,121,641		$	523,492		$	299,117
Interest receivable		2,726,248			834,895			509,041			476,479
Receivable for investments sold		280,242			—			1,000,000			—
Receivable for variation margin on open financial futures contracts		4,219			2,343			2,344			—
Receivable from the transfer agent		20,751			5,766			4,356			1,554
Deferred debt issuance costs		93,883			24,818			4,862			—
Other assets		54,539			—			—			—


Total assets	$	203,545,763		$	74,004,161		$	39,024,726		$	33,011,082





Liabilities

Payable for floating rate notes issued	$	53,645,000		$	8,705,000		$	3,330,000		$	—
Payable for open swap contracts		155,370			65,062			39,305			31,382
Due to custodian		302,788			—			—			—
Payable to affiliates:
Investment adviser fee		90,509			34,524			17,652			15,466
Interest expense and fees payable		109,802			17,166			7,597			—
Accrued expenses		118,843			50,072			28,808			28,377


Total liabilities	$	54,422,312		$	8,871,824		$	3,423,362		$	75,225


Auction preferred shares at liquidation value plus cumulative unpaid dividends	$	44,701,691		$	25,700,268		$	13,576,032		$	13,325,279


Net assets applicable to common shares	$	104,421,760		$	39,432,069		$	22,025,332		$	19,610,578





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	99,798		$	38,785		$	17,646		$	15,126
Additional paid-in capital		141,410,494			54,935,445			24,999,712			21,424,434
Accumulated net realized loss		(17,747,711	)		(8,112,418	)		(1,883,980	)		(1,309,470	)
Accumulated undistributed net investment income		1,344,273			319,023			160,276			160,783
Net unrealized depreciation		(20,685,094	)		(7,748,766	)		(1,268,322	)		(680,295	)


Net assets applicable to common shares	$	104,421,760		$	39,432,069		$	22,025,332		$	19,610,578





Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)		1,788			1,028			543			533





Common Shares Outstanding		9,979,801			3,878,453			1,764,582			1,512,623





Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding	$	10.46		$	10.17		$	12.48		$	12.96


	March 31, 2011

Assets	New Jersey Fund			New York Fund II			Ohio Fund			Pennsylvania Fund

Investments —
Identified cost	$	56,335,944		$	53,713,107		$	47,608,079		$	64,384,156
Unrealized depreciation		(2,243,080	)		(1,733,774	)		(2,531,808	)		(5,202,504	)


Investments, at value	$	54,092,864		$	51,979,333		$	45,076,271		$	59,181,652


Cash	$	1,214,692		$	2,221,776		$	214,002		$	612,808
Interest receivable		600,161			762,063			630,174			763,168
Receivable for investments sold		59,202			134,753			65,000			—
Receivable for variation margin on open financial futures contracts		—			3,750			1,406			—
Receivable from the transfer agent		12,938			3,688			4,588			6,250
Deferred debt issuance costs		7,558			10,099			—			—


Total assets	$	55,987,415		$	55,115,462		$	45,991,441		$	60,563,878





Liabilities

Payable for floating rate notes issued	$	4,790,000		$	11,780,000		$	1,010,000		$	3,540,000
Payable for when-issued securities		—			—			—			740,138
Payable for open swap contracts		56,989			83,911			38,644			48,374
Payable to affiliates:
Investment adviser fee		25,466			24,674			21,677			28,525
Interest expense and fees payable		13,527			23,743			2,642			8,444
Accrued expenses		32,757			32,864			25,830			36,644


Total liabilities	$	4,918,739		$	11,945,192		$	1,098,793		$	4,402,125


Auction preferred shares at liquidation value plus cumulative unpaid dividends	$	19,600,614		$	13,250,277		$	17,001,108		$	21,726,652


Net assets applicable to common shares	$	31,468,062		$	29,919,993		$	27,891,540		$	34,435,101





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	25,885		$	25,629		$	25,287		$	29,544
Additional paid-in capital		36,671,595			36,300,987			35,798,028			41,853,892
Accumulated net realized loss		(3,027,855	)		(4,741,118	)		(5,614,757	)		(2,590,319	)
Accumulated undistributed net investment income		159,671			160,133			248,258			392,862
Net unrealized depreciation		(2,361,234	)		(1,825,638	)		(2,565,276	)		(5,250,878	)


Net assets applicable to common shares	$	31,468,062		$	29,919,993		$	27,891,540		$	34,435,101





Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)		784			530			680			869





Common Shares Outstanding		2,588,541			2,562,852			2,528,702			2,954,376





Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding	$	12.16		$	11.67		$	11.03		$	11.66


	Six Months Ended March 31, 2011

Investment Income	Municipal Fund II			California Fund II			Massachusetts Fund			Michigan Fund

Interest	$	5,505,202		$	2,004,779		$	967,053		$	855,162


Total investment income	$	5,505,202		$	2,004,779		$	967,053		$	855,162





Expenses

Investment adviser fee	$	546,699		$	209,560		$	106,081		$	92,263
Trustees’ fees and expenses		3,441			1,477			870			791
Custodian fee		50,742			26,995			17,154			16,048
Transfer and dividend disbursing agent fees		9,138			9,068			9,063			9,073
Legal and accounting services		80,659			21,147			17,451			15,852
Printing and postage		14,395			5,885			4,227			4,410
Interest expense and fees		210,712			31,885			12,864			—
Preferred shares service fee		33,472			19,245			10,165			9,977
Miscellaneous		29,036			25,752			12,384			12,059


Total expenses	$	978,294		$	351,014		$	190,259		$	160,473


Deduct —
Reduction of custodian fee	$	874		$	582		$	196		$	91


Total expense reductions	$	874		$	582		$	196		$	91



Net expenses	$	977,420		$	350,432		$	190,063		$	160,382



Net investment income	$	4,527,782		$	1,654,347		$	776,990		$	694,780





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	(3,387,777	)	$	(2,386,161	)	$	(548,854	)	$	(80,045	)
Extinguishment of debt		(15,482	)		—			—			—
Financial futures contracts		508,147			69,842			(2,128	)		28,729
Swap contracts		967,310			326,707			230,114			185,653


Net realized gain (loss)	$	(1,927,802	)	$	(1,989,612	)	$	(320,868	)	$	134,337


Change in unrealized appreciation (depreciation) —
Investments	$	(20,319,874	)	$	(6,986,874	)	$	(3,576,250	)	$	(2,492,675	)
Financial futures contracts		151,640			(26,447	)		(4,970	)		3,910
Swap contracts		(85,807	)		(62,355	)		(26,627	)		(20,612	)


Net change in unrealized appreciation (depreciation)	$	(20,254,041	)	$	(7,075,676	)	$	(3,607,847	)	$	(2,509,377	)



Net realized and unrealized loss	$	(22,181,843	)	$	(9,065,288	)	$	(3,928,715	)	$	(2,375,040	)


Distributions to preferred shareholders —
From net investment income	$	(94,074	)	$	(53,955	)	$	(28,266	)	$	(27,628	)



Net decrease in net assets from operations	$	(17,748,135	)	$	(7,464,896	)	$	(3,179,991	)	$	(1,707,888	)


	Six Months Ended March 31, 2011

Increase (Decrease) in Net Assets	Municipal Fund II			California Fund II			Massachusetts Fund			Michigan Fund

From operations —
Net investment income	$	4,527,782		$	1,654,347		$	776,990		$	694,780
Net realized gain (loss) from investment transactions, extinguishment of debt, financial futures contracts and swap contracts		(1,927,802	)		(1,989,612	)		(320,868	)		134,337
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(20,254,041	)		(7,075,676	)		(3,607,847	)		(2,509,377	)
Distributions to preferred shareholders —
From net investment income		(94,074	)		(53,955	)		(28,266	)		(27,628	)


Net decrease in net assets from operations	$	(17,748,135	)	$	(7,464,896	)	$	(3,179,991	)	$	(1,707,888	)


Distributions to common shareholders —
From net investment income	$	(4,758,337	)	$	(1,668,797	)	$	(740,627	)	$	(669,726	)


Total distributions to common shareholders	$	(4,758,337	)	$	(1,668,797	)	$	(740,627	)	$	(669,726	)


Capital share transactions —
Reinvestment of distributions to common shareholders	$	114,174		$	36,443		$	26,201		$	3,398


Net increase in net assets from capital share transactions	$	114,174		$	36,443		$	26,201		$	3,398



Net decrease in net assets	$	(22,392,298	)	$	(9,097,250	)	$	(3,894,417	)	$	(2,374,216	)





Net Assets Applicable to Common Shares

At beginning of period	$	126,814,058		$	48,529,319		$	25,919,749		$	21,984,794


At end of period	$	104,421,760		$	39,432,069		$	22,025,332		$	19,610,578





Accumulated undistributed net investment income included in net assets applicable to common shares

At end of period	$	1,344,273		$	319,023		$	160,276		$	160,783


	Year Ended September 30, 2010

Increase (Decrease) in Net Assets	Municipal Fund II			California Fund II			Massachusetts Fund			Michigan Fund

From operations —
Net investment income	$	9,570,039		$	3,477,716		$	1,553,462		$	1,403,938
Net realized loss from investment transactions, extinguishment of debt, financial futures contracts and swap contracts		(1,561,454	)		(1,587,601	)		(298,284	)		(542,490	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(30,895	)		(86,548	)		362,061			217,429
Distributions to preferred shareholders —
From net investment income		(182,756	)		(103,957	)		(54,821	)		(54,182	)


Net increase in net assets from operations	$	7,794,934		$	1,699,610		$	1,562,418		$	1,024,695


Distributions to common shareholders —
From net investment income	$	(9,355,497	)	$	(3,320,673	)	$	(1,472,968	)	$	(1,321,557	)


Total distributions to common shareholders	$	(9,355,497	)	$	(3,320,673	)	$	(1,472,968	)	$	(1,321,557	)


Capital share transactions —
Reinvestment of distributions to common shareholders	$	224,935		$	69,999		$	59,710		$	5,554


Net increase in net assets from capital share transactions	$	224,935		$	69,999		$	59,710		$	5,554



Net increase (decrease) in net assets	$	(1,335,628	)	$	(1,551,064	)	$	149,160		$	(291,308	)





Net Assets Applicable to Common Shares

At beginning of year	$	128,149,686		$	50,080,383		$	25,770,589		$	22,276,102


At end of year	$	126,814,058		$	48,529,319		$	25,919,749		$	21,984,794





Accumulated undistributed net investment income included in net assets applicable to common shares

At end of year	$	1,668,902		$	387,428		$	152,179		$	163,357


	Six Months Ended March 31, 2011

Cash Flows From Operating Activities	Municipal Fund II			California Fund II			New Jersey Fund			New York Fund II

Net decrease in net assets from operations	$	(17,748,135	)	$	(7,464,896	)	$	(4,635,257	)	$	(3,297,493	)
Distributions to preferred shareholders		94,074			53,955			41,123			27,939


Net decrease in net assets from operations excluding distributions to preferred shareholders	$	(17,654,061	)	$	(7,410,941	)	$	(4,594,134	)	$	(3,269,554	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(17,967,590	)		(15,396,250	)		(1,903,876	)		(5,587,131	)
Investments sold		15,900,203			15,235,028			3,423,881			5,987,059
Net amortization/accretion of premium (discount)		(755,046	)		(402,227	)		(265,195	)		(139,865	)
Amortization of deferred debt issuance costs		10,514			1,300			243			3,211
Decrease (increase) in interest receivable		169,855			(52,530	)		10,422			4,494
Decrease (increase) in receivable for investments sold		7,025,845			2,755,497			535,600			(134,753	)
Increase in receivable for variation margin on open financial futures contracts		(2,485	)		(2,343	)		—			(3,750	)
Decrease (increase) in receivable from the transfer agent		(2,943	)		490			(2,409	)		(191	)
Increase in other assets		(54,539	)		—			—			—
Decrease in payable for variation margin on open financial futures contracts		—			(1,125	)		(4,062	)		(1,875	)
Increase in payable for open swap contracts		85,807			62,355			38,580			64,382
Decrease in payable to affiliate for investment adviser fee		(6,428	)		(2,697	)		(1,687	)		(1,083	)
Decrease in interest expense and fees payable		(47,211	)		(10,014	)		(6,363	)		(2,893	)
Decrease in accrued expenses		(16,488	)		(31,922	)		(28,125	)		(28,841	)
Net change in unrealized (appreciation) depreciation from investments		20,319,874			6,986,874			6,374,743			4,124,975
Net realized loss from investments		3,387,777			2,386,161			324,529			962,228
Net realized loss on extinguishment of debt		15,482			—			—			3,489


Net cash provided by operating activities	$	10,408,566		$	4,117,656		$	3,902,147		$	1,979,902





Cash Flows From Financing Activities

Distributions paid to common shareholders, net of reinvestments	$	(4,644,163	)	$	(1,632,354	)	$	(1,119,091	)	$	(1,110,531	)
Cash distributions paid to preferred shareholders		(94,325	)		(53,991	)		(41,199	)		(27,973	)
Proceeds from secured borrowings		6,645,000			—			—			1,705,000
Repayment of secured borrowings		(12,060,000	)		(1,665,000	)		(1,556,000	)		(1,260,000	)
Decrease in due to custodian		(255,078	)		—			—			—


Net cash used in financing activities	$	(10,408,566	)	$	(3,351,345	)	$	(2,716,290	)	$	(693,504	)



Net increase in cash	$	—		$	766,311		$	1,185,857		$	1,286,398



Cash at beginning of period	$	—		$	355,330		$	28,835		$	935,378



Cash at end of period	$	—		$	1,121,641		$	1,214,692		$	2,221,776





Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	114,174		$	36,443		$	70,067		$	19,237
Cash paid for interest and fees		247,409			40,599			32,566			46,934


	Municipal Fund II

	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006

Net asset value — Beginning of period (Common shares)	$	12.720		$	12.880		$	11.030		$	15.470		$	15.860		$	15.310





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.454		$	0.961		$	0.943		$	1.037		$	1.048		$	1.058
Net realized and unrealized gain (loss)		(2.228	)		(0.164	)		1.813			(4.159	)		(0.383	)		0.605
Distributions to preferred shareholders⁽¹⁾
From net investment income		(0.009	)		(0.018	)		(0.058	)		(0.168	)		(0.303	)		(0.265	)
From net realized gain		—			—			—			(0.117	)		—			—


Total income (loss) from operations	$	(1.783	)	$	0.779		$	2.698		$	(3.407	)	$	0.362		$	1.398





Less Distributions to Common Shareholders

From net investment income	$	(0.477	)	$	(0.939	)	$	(0.848	)	$	(0.747	)	$	(0.752	)	$	(0.848	)
From net realized gain		—			—			—			(0.286	)		—			—


Total distributions to common shareholders	$	(0.477	)	$	(0.939	)	$	(0.848	)	$	(1.033	)	$	(0.752	)	$	(0.848	)



Net asset value — End of period (Common shares)	$	10.460		$	12.720		$	12.880		$	11.030		$	15.470		$	15.860



Market value — End of period (Common shares)	$	12.670		$	14.010		$	13.370		$	11.650		$	14.550		$	15.310



Total Investment Return on Net Asset Value⁽²⁾		(14.44	)%⁽³⁾		6.26	%		26.08	%		(23.08	)%		2.43	%⁽⁴⁾		9.56	%



Total Investment Return on Market Value⁽²⁾		(5.90	)%⁽³⁾		12.78	%		23.88	%		(13.61	)%		(0.20	)%⁽⁴⁾		0.13	%


Officers


Cynthia J. Clemson President of EIA, MIW, NYH, EIO and EIP Thomas M. Metzold President of MAB, EIV and EMJ Payson F. Swaffield Vice President		Barbara E. Campbell Treasurer Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer


By:		/s/ Thomas M. Metzold Thomas M. Metzold
		President

Date:		May 9, 2011


By:		/s/ Barbara E. Campbell Barbara E. Campbell
		Treasurer

Date:		May 9, 2011

By:		/s/ Thomas M. Metzold Thomas M. Metzold
		President

Date:		May 9, 2011