Municipal Bond Fund (EIM)

Overview

Historical Returns (%) as of Sep 30, 2024

11/30/2024 09/30/2024
11/30/2024	as of Nov 30, 2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	2.53	1.88	3.44	7.36	-1.82	0.79	2.86
Market Price	2.87	3.76	11.37	16.33	-2.81	1.05	3.27
09/30/2024	as of Sep 30, 2024
Fund at NAV	1.53	3.69	3.08	15.31	-1.62	0.73	3.00
Market Price	3.16	3.17	10.72	26.47	-2.55	0.84	3.38
Past performance is no guarantee of future results. 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, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Distribution Rates¹

12/20/2024
	as of Dec 20, 2024
Distribution Rate at NAV	5.48%
Taxable-Equivalent Distribution Rate at NAV	9.25%
Distribution Rate at Market Price	5.87%
Taxable-Equivalent Distribution Rate at Market Price	9.92%

Fund Facts as of Nov 30, 2024

11/30/2024
Performance Inception	08/30/2002
Investment Objective	Current income
CUSIP	27827X101

Expense Ratios (%)²

09/30/2024
as of Annual Report dated 09/30/2024
Management Fees	0.87
Other Expenses	0.10
Total Expenses (ex Interest and Fee Expense)	0.97
Interest and Fee Expense	1.78
Total Expenses	2.75

Portfolio Management

04/11/2023
Cynthia J. Clemson			Managed Fund since 2014
Julie Callahan, CFA			Managed Fund since 2021

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
2. Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/2024 09/30/2024
11/30/2024	as of Nov 30, 2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	2.53	1.88	3.44	7.36	-1.82	0.79	2.86
Market Price	2.87	3.76	11.37	16.33	-2.81	1.05	3.27
09/30/2024	as of Sep 30, 2024
Fund at NAV	1.53	3.69	3.08	15.31	-1.62	0.73	3.00
Market Price	3.16	3.17	10.72	26.47	-2.55	0.84	3.38
Past performance is no guarantee of future results. 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, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Calendar Year Returns (%)

12/31/2023
	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund at NAV	23.41	6.21	0.44	6.59	0.32	11.03	7.44	1.85	-15.41	8.15
Market Price	20.77	7.45	0.73	5.96	-5.30	18.83	10.43	4.33	-19.87	1.65

Fund Facts

11/30/2024
Performance Inception	08/30/2002

Distribution Rates¹

12/20/2024
	as of Dec 20, 2024
Distribution Rate at NAV	5.48%
Taxable-Equivalent Distribution Rate at NAV	9.25%
Distribution Rate at Market Price	5.87%
Taxable-Equivalent Distribution Rate at Market Price	9.92%

Distribution History^3,4

12/20/2024
Ex-Date	Distribution	Reinvest Price
Nov 21, 2024	$0.05080
Oct 23, 2024	$0.05080
Sep 20, 2024	$0.05080	$10.77
Aug 22, 2024	$0.05080
Jul 23, 2024	$0.05080
Jun 21, 2024	$0.04680
May 23, 2024	$0.04680
Apr 22, 2024	$0.04680
Mar 20, 2024	$0.04680
Feb 21, 2024	$0.04680
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Distributions ($)Distributions (%)
Distributions ($)	as of Dec 31, 2023
	Exempt-Interest Dividends
	Non-AMT	AMT	Total	Non-Qualified Ordinary Dividends	Capital Gain Distributions	Nondividend Distributions	Total Distributions
2023	$0.35	$0.02	$0.37	$0.01	$0.00	$0.03	$0.41
2022	$0.49	$0.01	$0.50	$0.01	$0.00	$0.00	$0.51
2021	$0.57	$0.01	$0.58	$0.01	$0.00	$0.00	$0.60
2020	$0.57	$0.00	$0.58	$0.01	$0.00	$0.00	$0.58
2019	$0.51	$0.00	$0.51	$0.00	$0.00	$0.00	$0.51
2018	$0.55	$0.00	$0.55	$0.00	$0.00	$0.01	$0.56
2017	$0.63	$0.00	$0.63	$0.00	$0.00	$0.00	$0.63
2016	$0.70	$0.00	$0.70	$0.00	$0.00	$0.00	$0.70
2015	$0.77	$0.00	$0.77	$0.00	$0.00	$0.00	$0.77
2014	$0.77	$0.00	$0.77	$0.00	$0.00	$0.00	$0.77
2013	$0.77	$0.00	$0.77	$0.00	$0.00	$0.00	$0.77
2012	$0.78	$0.00	$0.78	$0.00	$0.00	$0.00	$0.78
2011	$0.91	$0.00	$0.91	$0.00	$0.00	$0.00	$0.91
2010	$0.91	$0.00	$0.91	$0.00	$0.00	$0.00	$0.91
2009	$0.84	$0.00	$0.84	$0.00	$0.00	$0.00	$0.84
2008	$0.78	$0.00	$0.78	$0.00	$0.00	$0.00	$0.78
2007	$0.77	$0.00	$0.77	$0.00	$0.19	$0.00	$0.96
2006	$0.79	$0.00	$0.79	$0.03	$0.30	$0.00	$1.12
2005	$0.91	$0.00	$0.91	$0.00	$0.07	$0.00	$0.98
Distributions (%)	as of Dec 31, 2023
2023	85.35%	4.46%	89.81%	2.00%	0.00%	8.19%	100.00%
2022	96.41%	2.19%	98.60%	1.40%	0.00%	0.00%	100.00%
2021	96.52%	1.76%	98.28%	1.72%	0.00%	0.00%	100.00%
2020	98.27%	0.65%	98.92%	1.08%	0.00%	0.00%	100.00%
2019	99.76%	0.16%	99.92%	0.08%	0.00%	0.00%	100.00%
2018	97.20%	0.00%	97.20%	0.00%	0.00%	2.80%	100.00%
2017	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%	100.00%
2016	99.87%	0.00%	99.87%	0.13%	0.00%	0.00%	100.00%
2015	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%	100.00%
2014	99.94%	0.00%	99.94%	0.06%	0.00%	0.00%	100.00%
2013	99.93%	0.00%	99.93%	0.07%	0.00%	0.00%	100.00%
2012	99.85%	0.00%	99.85%	0.15%	0.00%	0.00%	100.00%
2011	99.98%	0.00%	99.98%	0.02%	0.00%	0.00%	100.00%
2010	99.84%	0.00%	99.84%	0.16%	0.00%	0.00%	100.00%
2009	99.95%	0.00%	99.95%	0.05%	0.00%	0.00%	100.00%
2008	99.98%	0.00%	99.98%	0.02%	0.00%	0.00%	100.00%
2007	80.51%	0.00%	80.51%	0.00%	19.49%	0.00%	100.00%
2006	70.23%	0.00%	70.23%	2.83%	26.94%	0.00%	100.00%
2005	92.97%	0.00%	92.97%	0.01%	7.02%	0.00%	100.00%

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
3. See “Tax Character of Distributions”. For information about any distributions in the current year estimated to include non-dividend distributions or capital gains, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a).
4. A nondividend or return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares, which can cause the Fund's NAV to erode.

Portfolio

Municipal Obligations by State/Territory^5,6 as of Dec 31, 2022

12/31/2022
New York	17.16
Texas	10.40
Illinois	9.85
Massachusetts	8.58
Florida	6.54
California	6.51
New Jersey	6.14
Washington	4.68
Pennsylvania	4.63
Colorado	4.55
View All

Fund Holdings^7,8 as of Oct 31, 2024

10/31/2024
Holding	Coupon Rate	Maturity Date	% of Net Assets
San Joaquin Hills Transportation Corridor Agency	0.00%	01/15/2025	4.06%
County of Miami-Dade FL	7.00%	10/01/2039	3.29%
Trustees of The College of The Holy Cross	5.25%	09/01/2032	2.86%
Delta Air Lines Inc	5.00%	10/01/2040	2.04%
State of Illinois	4.00%	11/01/2038	2.04%
Harris County-Houston Sports Authority	0.00%	11/15/2034	1.95%
E-470 Public Highway Authority	0.00%	09/01/2039	1.88%
Nebraska Investment Finance Authority	4.55%	09/01/2048	1.40%
Health First Inc Obligated Group	5.00%	04/01/2047	1.24%
North Texas Tollway System	5.00%	01/01/2048	1.21%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

5. Percent of municipal obligation holdings. Includes municipal obligations issued by the District of Columbia, if any.
6. In the event a municipal obligation has dual exemption in more than one state/territory, the primary state/territory as classified by a third-party data provider will be shown.
7. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.
8. Percent of total net assets.

Management

Cynthia J. Clemson

Managing Director, Co-Head of Municipals
Joined Eaton Vance 1985

Biography

Cynthia is Co-Head of Municipals and portfolio manager on the municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies.

Cindy began her career in the investment management industry with Eaton Vance in 1985. Morgan Stanley acquired Eaton Vance in March 2021.

Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the CFA Society Boston, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Education

B.A. Mount Holyoke College
M.B.A. Graduate School of Management, Boston University

Experience

Managed Fund since 2014

Other funds managed

Julie Callahan, CFA

Managing Director, Portfolio Manager
Joined Morgan Stanley in 2020

Biography

Julie is a Portfolio Manager on the Municipals team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. She joined Eaton Vance in 2021. Morgan Stanley acquired Eaton Vance in March 2021.

Prior to joining the firm, she worked Morgan Stanley Investment Management as a Portfolio Manager, and PIMCO as a senior member of the municipal bond portfolio management team. Previously, she served as a portfolio manager for municipal separately managed accounts at Western Asset Management Company, and was a Director and portfolio manager for municipal money market funds with Citigroup Asset Management.

Julie received a B.S. in Accounting from Fairfield University, and holds the Chartered Financial Analyst designation.