N-Q 1 d528803dnq.htm EATON VANCE CALIFORNIA MUNICIPAL BOND FUND Eaton Vance California Municipal Bond Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21147

Investment Company Act File Number

Eaton Vance California Municipal Bond Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

September 30

Date of Fiscal Year End

December 31, 2017

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

California Municipal Bond Fund

December 31, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 171.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Education — 12.8%

     

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/27

   $ 770      $ 771,925  

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31

     550        622,232  

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36

     940        1,055,498  

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

     1,375        1,445,812  

California Educational Facilities Authority, (Pepperdine University), 5.00%, 10/1/46(1)

     6,600        7,784,502  

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

     650        754,150  

California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30

     1,790        1,971,595  

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31

     1,175        1,307,375  

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35

     800        887,368  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26

     2,270        2,551,412  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27

     2,395        2,688,220  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28

     2,520        2,824,618  

California State University, 5.00%, 11/1/41(1)

     7,550        8,929,687  
     

 

 

 
      $ 33,594,394  
     

 

 

 

Electric Utilities — 1.2%

     

Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35

   $ 1,890      $ 2,036,399  

Vernon, Electric System Revenue, 5.125%, 8/1/21

     1,165        1,228,155  
     

 

 

 
      $ 3,264,554  
     

 

 

 

Escrowed/Prerefunded — 14.5%

     

California Educational Facilities Authority, (California Institute of Technology), Prerefunded to 11/1/19, 5.00%, 11/1/39(1)

   $ 10,000      $ 10,634,100  

California Educational Facilities Authority, (Santa Clara University), Prerefunded to 2/1/20, 5.00%, 2/1/29

     285        304,964  

California Educational Facilities Authority, (University of Southern California), Prerefunded to 10/1/18, 5.25%, 10/1/39

     6,200        6,377,444  

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to 8/15/19, 5.00%, 8/15/39

     4,505        4,756,605  

Foothill-De Anza Community College District, Prerefunded to 8/1/21, 5.00%, 8/1/36(1)

     10,000        11,177,600  

San Diego Community College District, (Election of 2002), Prerefunded to 8/1/21, 5.00%, 8/1/32

     1,375        1,536,920  

San Diego Community College District, (Election of 2006), Prerefunded to 8/1/21, 5.00%, 8/1/31

     2,545        2,844,699  

Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21

     500        521,945  
     

 

 

 
      $ 38,154,277  
     

 

 

 

General Obligations — 49.4%

     

Berryessa Union School District, (Election of 2014), 5.00%, 8/1/40(1)

   $ 7,450      $ 8,880,698  

Burbank Unified School District, (Election of 2013), 4.00%, 8/1/31(1)

     6,900        7,461,798  

California, 5.50%, 11/1/35

     4,600        5,080,470  

Castro Valley Unified School District, (Election of 2016), 5.00%, 8/1/41

     2,500        2,988,325  

Contra Costa Community College District, (Election of 2006), 5.00%, 8/1/38(1)

     9,750        11,131,478  

Desert Community College District, 5.00%, 8/1/36(1)

     7,500        8,905,875  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Mountain View Whisman School District, (Election of 2012), 4.00%, 9/1/42(1)

   $ 10,000      $ 10,852,800  

Napa Valley Unified School District, 5.00%, 8/1/41

     2,885        3,426,428  

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

     7,020        7,574,018  

Palomar Community College District, 5.00%, 8/1/44(1)

     10,000        11,566,400  

San Bernardino Community College District, 4.00%, 8/1/27(1)

     5,775        6,413,888  

San Jose Unified School District, 5.00%, 8/1/32(1)

     7,500        8,895,000  

San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/37(1)

     4,975        5,576,080  

Santa Monica Community College District, (Election of 2008), 5.00%, 8/1/44(1)

     7,500        8,645,400  

Santa Rosa High School District, (Election of 2014), 5.00%, 8/1/41

     3,495        4,177,678  

Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35

     7,500        8,634,825  

Ventura County Community College District, 5.00%, 8/1/30(1)

     8,000        9,617,360  
     

 

 

 
      $ 129,828,521  
     

 

 

 

Hospital — 7.9%

     

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27

   $ 1,750      $ 1,938,667  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28

     550        609,169  

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32

     1,795        2,045,277  

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35

     2,565        2,913,712  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33

     4,480        5,145,862  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

     2,100        2,400,405  

California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31(1)

     5,000        5,616,250  
     

 

 

 
      $ 20,669,342  
     

 

 

 

Insured-Electric Utilities — 4.1%

     

Northern California Power Agency, (Hydroelectric), (AGC), 5.00%, 7/1/24

   $ 2,000      $ 2,034,860  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

     3,840        3,394,445  

Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27

     615        628,923  

Sacramento Municipal Utility District, (AMBAC), (BHAC), 5.25%, 7/1/24

     4,000        4,668,520  
     

 

 

 
      $ 10,726,748  
     

 

 

 

Insured-Escrowed/Prerefunded — 6.7%

     

Glendale, Electric System Revenue, (AGC), Prerefunded to 2/1/18, 5.00%, 2/1/31

   $ 2,240      $ 2,246,407  

Palm Springs Unified School District, (Election of 2008), (AGC), Prerefunded to 8/1/19, 5.00%, 8/1/33

     4,500        4,745,340  

Sacramento Municipal Utility District, (AGM), Prerefunded to 8/15/18, 5.00%, 8/15/27

     385        393,716  

San Diego County Water Authority, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(1)

     10,000        10,121,400  
     

 

 

 
      $ 17,506,863  
     

 

 

 

Insured-General Obligations — 12.3%

     

Burbank Unified School District, (Election of 1997), (NPFG), 0.00%, 8/1/21

   $ 4,135      $ 3,856,301  

San Diego Unified School District, (NPFG), 0.00%, 7/1/22

     2,300        2,099,463  

San Diego Unified School District, (NPFG), 0.00%, 7/1/23

     5,000        4,445,700  

San Juan Unified School District, (AGM), 0.00%, 8/1/21

     5,630        5,265,401  

San Mateo County Community College District, (NPFG), 0.00%, 9/1/22

     4,840        4,425,502  

San Mateo County Community College District, (NPFG), 0.00%, 9/1/23

     4,365        3,897,727  

San Mateo County Community College District, (NPFG), 0.00%, 9/1/25

     3,955        3,344,625  

San Mateo Union High School District, (NPFG), 0.00%, 9/1/21

     5,240        4,896,571  
     

 

 

 
      $ 32,231,290  
     

 

 

 

Insured-Special Tax Revenue — 6.2%

     

Hesperia Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/31

   $ 595      $ 595,970  

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

     7,240        7,247,747  

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Pomona Public Financing Authority, (NPFG), 5.00%, 2/1/33

   $ 5,940      $ 5,957,404  

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

     15,020        2,498,877  
     

 

 

 
      $ 16,299,998  
     

 

 

 

Insured-Water and Sewer — 1.8%

     

Riverside, Water System Revenue, (AGM), 5.00%, 10/1/38

   $ 1,595      $ 1,637,586  

San Luis Obispo County, (Nacimiento Water Project), (BHAC), (NPFG), 5.00%, 9/1/38

     250        250,673  

San Luis Obispo County, (Nacimiento Water Project), (NPFG), 4.50%, 9/1/40

     2,750        2,755,665  
     

 

 

 
      $ 4,643,924  
     

 

 

 

Lease Revenue/Certificates of Participation — 1.1%

     

California Public Works Board, 5.00%, 11/1/38

   $ 2,565      $ 2,928,589  
     

 

 

 
      $ 2,928,589  
     

 

 

 

Special Tax Revenue — 17.5%

     

Jurupa Public Financing Authority, 5.00%, 9/1/30

   $ 625      $ 724,462  

Jurupa Public Financing Authority, 5.00%, 9/1/32

     625        719,481  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42

     3,185        3,860,252  

Riverside County Transportation Commission, Sales Tax Revenue, Prerefunded to 6/1/23, 5.25%, 6/1/39(1)

     6,285        7,341,571  

San Bernardino County Transportation Authority, 5.25%, 3/1/40(1)

     10,375        12,169,045  

San Diego County Regional Transportation Commission, Sales Tax Revenue, 5.00%, 4/1/41

     8,150        9,679,266  

San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, 5.00%, 7/1/36(1)

     6,250        7,057,875  

Successor Agency to San Diego Redevelopment Agency, 5.00%, 9/1/32

     3,720        4,456,114  
     

 

 

 
      $ 46,008,066  
     

 

 

 

Transportation — 11.4%

     

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29(1)

   $ 6,500      $ 6,800,885  

Long Beach, Harbor Revenue, 5.00%, 5/15/27

     1,960        2,109,842  

Long Beach, Harbor Revenue, 5.00%, 5/15/42(1)

     7,500        8,776,200  

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)

     7,500        8,030,025  

San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35

     2,190        2,335,022  

San Jose, Airport Revenue, 5.00%, 3/1/31

     1,750        1,921,850  
     

 

 

 
      $ 29,973,824  
     

 

 

 

Water and Sewer — 24.2%

     

Beverly Hills Public Financing Authority, Water Revenue, 5.00%, 6/1/37(1)

   $ 5,725      $ 6,456,941  

East Bay Municipal Utility District, 5.00%, 6/1/36

     5,725        7,004,538  

Eastern Municipal Water District Financing Authority, 5.25%, 7/1/42(1)

     9,000        11,106,000  

Los Angeles Department of Water and Power, Water System Revenue, 5.00%, 7/1/39(1)

     10,000        11,646,400  

Los Angeles, Wastewater System Revenue, 5.00%, 6/1/43(1)

     7,500        8,487,900  

Orange County Sanitation District, Wastewater Revenue, 5.00%, 2/1/35(1)

     10,000        11,679,200  

Rancho California Water District Financing Authority, 5.00%, 8/1/46(1)

     6,000        7,141,320  
     

 

 

 
      $ 63,522,299  
     

 

 

 

Total Tax-Exempt Investments — 171.1%
(identified cost $426,114,710)

      $ 449,352,689  
     

 

 

 

Other Assets, Less Liabilities — (71.1)%

      $ (186,686,419
     

 

 

 

Net Assets — 100.0%

      $ 262,666,270  
     

 

 

 

 

3

 

 


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

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 December 31, 2017, 18.1% 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 or financial guaranty assurance agency ranged from 1.0% to 9.3% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

BHAC

  -   Berkshire Hathaway Assurance Corp.

NPFG

  -   National Public Finance Guaranty Corp.

XLCA

  -   XL Capital Assurance, Inc.

The Fund did not have any open derivative instruments at December 31, 2017.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

  Level 1 — quoted prices in active markets for identical investments

 

  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2017, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $      $ 449,352,689      $      $ 449,352,689  

Total Investments

   $     —      $     449,352,689      $     —      $     449,352,689  

The Fund held no investments or other financial instruments as of September 30, 2017 whose fair value was determined using Level 3 inputs. At December 31, 2017, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

4

 

 


Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance California Municipal Bond Fund

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   February 22, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   February 22, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 22, 2018