NPORT-EX 2 NPORT_FH1N_5215239543.htm HTML

Eaton Vance

California Municipal Bond Fund

June 30, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Mortgage-Backed Securities — 0.6%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Housing — 0.6%

 

California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A,
3.50%, 11/20/35

    $ 1,569      $ 1,838,986  
     

 

 

  

Total Tax-Exempt Mortgage-Backed Securities — 0.6%
(identified cost $1,767,900)

       $ 1,838,986  
     

 

 

  

Tax-Exempt Municipal Obligations — 163.9%

 

Security    Principal
Amount
(000’s omitted)		      Value  

Education — 13.2%

 

California Educational Facilities Authority, (Loyola Marymount University), Green Bonds:      

5.00%, 10/1/43

    $ 2,105      $ 2,584,751  

5.00%, 10/1/48

      3,000        3,663,450  

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

      6,600        7,773,546  

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

      1,790        1,818,729  

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

      9,550        11,451,500  

University of California, 5.00%, 5/15/46(1)

      12,050        14,388,905  
     

 

 

  
      $ 41,680,881  
     

 

 

  

Electric Utilities — 0.8%

 

Los Angeles Department of Water and Power, CA, Power System Revenue, 5.00%, 7/1/42(1)

    $ 2,000      $ 2,463,820  
     

 

 

  
      $ 2,463,820  
     

 

 

  

Escrowed/Prerefunded — 38.7%

 

Beverly Hills Public Financing Authority, CA, Water Revenue, Prerefunded to 6/1/22,
5.00%, 6/1/37(1)

    $ 5,725      $ 5,981,137  

Burbank Unified School District, CA, (Election of 2013), Prerefunded to 8/1/23,
4.00%, 8/1/31(1)

      6,900        7,453,104  
California Educational Facilities Authority, (Harvey Mudd College):      

Prerefunded to 12/1/21, 5.25%, 12/1/31

      645        658,764  

Prerefunded to 12/1/21, 5.25%, 12/1/36

      1,100        1,123,474  
California Educational Facilities Authority, (University of San Francisco):      

Prerefunded to 10/1/21, 6.125%, 10/1/36

      390        395,694  

Prerefunded to 10/1/21, 6.125%, 10/1/36

      375        380,430  
California Health Facilities Financing Authority, (Sutter Health):      

Prerefunded to 11/15/26, 5.00%, 11/15/46(1)

      1,225        1,510,094  

Prerefunded to 11/15/26, 5.00%, 11/15/46

      3,265        4,024,864  

Prerefunded to 8/15/21, 5.25%, 8/15/31(1)

      5,000        5,030,450  
California Municipal Finance Authority, (University of San Diego):      

Prerefunded to 10/1/21, 5.00%, 10/1/31

      1,385        1,401,620  

Prerefunded to 10/1/21, 5.00%, 10/1/35

      945        956,340  

Prerefunded to 10/1/21, 5.25%, 10/1/26

      2,270        2,298,647  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Prerefunded to 10/1/21, 5.25%, 10/1/27

    $ 2,820      $ 2,855,588  

Prerefunded to 10/1/21, 5.25%, 10/1/28

      2,970        3,007,481  

Contra Costa Community College District, CA, (Election of 2006), Prerefunded to 8/1/23, 5.00%, 8/1/38(1)

      9,750        10,734,068  

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

      10,000        10,039,500  

Palomar Community College District, CA, Prerefunded to 8/1/25, 5.00%, 8/1/44(1)

      10,000        11,877,800  

Rancho California Water District Financing Authority, CA, Prerefunded to 8/15/26,
5.00%, 8/1/46(1)

      2,500        3,069,325  

San Bernardino Community College District, CA, Prerefunded to 8/1/23, 4.00%, 8/1/27(1)

      5,775        6,237,924  

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

      2,095        2,103,275  

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

      3,000        3,011,850  

San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/36(1)

      1,690        1,771,458  

San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, Prerefunded to 11/1/24, 5.00%, 11/1/45(1)

      4,000        4,625,400  

San Jose-Evergreen Community College District, CA, (Election of 2010), Prerefunded to 8/1/22, 5.00%, 8/1/37(1)

      4,975        5,237,630  

Santa Monica Community College District, CA, (Election of 2008), Prerefunded to 8/1/24, 5.00%, 8/1/44(1)

      7,500        8,597,475  

Torrance Unified School District, CA, (Election of 2008), Prerefunded to 8/1/23,
5.00%, 8/1/35

      7,500        8,256,976  

Ventura County Community College District, CA, Prerefunded to 8/1/25, 5.00%, 8/1/30(1)

      8,000        9,502,240  
     

 

 

  
   $ 122,142,608  
     

 

 

  

General Obligations — 41.0%

      

Alameda City Unified School District, CA, (Election of 2014), 5.00%, 8/1/42(1)

    $ 1,675      $ 2,076,481  

Albany Unified School District, CA, (Election of 2016), 4.00%, 8/1/46

      3,950        4,669,809  

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

      7,450        9,118,278  

Brisbane School District, CA, (Election of 2020), 3.00%, 8/1/49

      1,760        1,876,459  

Cabrillo Unified School District, CA, (Election of 2018), 5.00%, 8/1/48

      5,000        5,896,100  

California, 4.00%, 3/1/46(1)

      8,000        9,548,880  

Campbell Union High School District, CA, (Election of 2016), 5.00%, 8/1/36(1)

      11,250        13,505,062  

Chino Valley Unified School District, CA, (Election of 2016), 5.00%, 8/1/55(1)

      10,000        12,904,500  

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

      7,500        8,857,500  

El Camino Community College District, CA, (Election of 2012), 5.00%, 8/1/48(1)

      10,000        12,336,200  

Franklin-McKinley School District, CA, (Election of 2020), 4.00%, 8/1/49

      1,000        1,151,050  

Gilroy Unified School District, CA, (Election of 2016), 4.00%, 8/1/44

      2,500        2,902,475  

La Canada Unified School District, CA, (Election of 2017), 5.00%, 8/1/47(1)

      3,375        4,166,033  

Long Beach Unified School District, CA, (Election of 2008), 5.00%, 8/1/41(1)

      1,500        1,780,995  

Old Adobe Union School District, CA, (Election of 2018), 5.00%, 8/1/48

      3,415        4,054,732  

Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/42(1)

      3,000        3,558,750  

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

      1,610        1,615,973  

Redding School District, CA, (Election of 2018), 5.00%, 8/1/48

      2,645        3,104,807  

Robla School District, CA, (Election of 2014), 3.00%, 8/1/53

      500        537,395  

San Bruno Park School District, CA, (Election of 2018), 5.00%, 8/1/48

      2,500        2,965,625  

San Diego Unified School District, CA, (Election of 2012), 5.00%, 7/1/47(1)

      4,000        4,921,600  

San Jose Unified School District, CA, (Election of 2012), 4.00%, 8/1/42(1)

      12,000        13,846,080  

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

      3,495        4,149,718  
     

 

 

  
   $ 129,544,502  
     

 

 

  

 

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Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 13.9%

      

California Health Facilities Financing Authority, (Adventist Health System/West),
4.00%, 3/1/39

    $ 4,550      $ 5,080,576  
California Health Facilities Financing Authority, (City of Hope):      

4.00%, 11/15/45(1)

      5,000        5,861,000  

5.00%, 11/15/32

      2,130        2,254,158  

5.00%, 11/15/35

      3,040        3,212,915  
California Health Facilities Financing Authority, (St. Joseph Health System):      

5.00%, 7/1/33

      5,080        5,559,450  

5.00%, 7/1/37

      2,380        2,598,603  
California Health Facilities Financing Authority, (Sutter Health):      

5.00%, 11/15/46(1)

      1,775        2,137,757  

5.00%, 11/15/46

      4,735        5,702,692  
California Public Finance Authority, (Sharp HealthCare):      

5.00%, 8/1/47(1)

      1,250        1,500,725  

5.00%, 8/1/47

      8,445        10,138,898  
     

 

 

  
      $ 44,046,774  
     

 

 

  

Housing — 2.3%

 

California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments, Phase IV-A-CHF-Irvine, LLC), 5.00%, 5/15/47

    $ 5,000      $ 5,917,900  

CSCDA Community Improvement Authority, CA, Essential Housing Revenue,
3.00%, 12/1/56(2)

      295        301,092  

Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/56

      1,130        1,181,132  
     

 

 

  
      $ 7,400,124  
     

 

 

  

Insured-Electric Utilities — 2.6%

 

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

    $ 3,740      $ 4,037,293  

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

      4,000        4,310,240  
     

 

 

  
      $ 8,347,533  
     

 

 

  

Insured-General Obligations — 18.9%

 

Anderson Valley Unified School District, CA, (AGM), 3.00%, 8/1/35

    $ 500      $ 550,905  

Bellevue Union School District, CA, (Election of 2020), (AGM), 3.125%, 8/1/44

      400        430,200  

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

      4,135        4,133,470  
Coalinga-Huron Recreation and Park District, CA, (Election of 2016):      

(BAM), 3.00%, 8/1/50

      750        784,718  

(BAM), 4.00%, 8/1/53

      1,525        1,693,757  

Cotati-Rohnert Park Unified School District, CA, (Election of 2016), (AGM),
5.00%, 8/1/44

      3,500        4,146,170  
Garvey School District, CA, (Election of 2016):      

(AGM), 5.00%, 8/1/45

      2,440        2,897,085  

(AGM), 5.00%, 8/1/48

      1,610        1,911,601  

Grass Valley School District, CA, (Election of 2018), (BAM), 5.00%, 8/1/45

      3,000        3,532,800  

McFarland Unified School District, CA, (Election of 2020), (BAM), 3.00%, 11/1/49

      750        786,533  
Mountain View School District, CA, (Election of 2016):      

(AGM), 4.00%, 8/1/49

      1,000        1,157,550  

(BAM), 5.00%, 8/1/42

      1,145        1,374,515  

(BAM), 5.00%, 8/1/45

      1,520        1,819,683  
San Diego Unified School District, CA:      

(NPFG), 0.00%, 7/1/22

      2,300        2,296,573  

(NPFG), 0.00%, 7/1/23

      5,000        4,978,150  

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

      5,630        5,629,324  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  
San Mateo County Community College District, CA:      

(NPFG), 0.00%, 9/1/22

    $ 4,840      $ 4,830,078  

(NPFG), 0.00%, 9/1/23

      4,365        4,339,072  

(NPFG), 0.00%, 9/1/25

      3,955        3,861,622  

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

      5,240        5,238,690  

Union Elementary School District, CA, (Election of 1999), (NPFG), 0.00%, 9/1/22

      3,200        3,190,112  
     

 

 

  
      $ 59,582,608  
     

 

 

  

Insured-Transportation — 1.0%

 

San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/27

    $ 3,520      $ 3,266,982  
     

 

 

  
      $ 3,266,982  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.1%

 

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

    $ 3,045      $ 3,364,908  
     

 

 

  
      $ 3,364,908  
     

 

 

  

Senior Living/Life Care — 0.1%

 

California Public Finance Authority, (Enso Village), Green Bonds:      

2.375%, 11/15/28(2)

    $ 105      $ 106,511  

5.00%, 11/15/46(2)

      150        174,027  
     

 

 

  
      $ 280,538  
     

 

 

  

Special Tax Revenue — 12.3%

 

Folsom Ranch Financing Authority, CA, (White Rock Springs Ranch):      

4.00%, 9/1/40

    $ 175      $ 194,203  

4.00%, 9/1/41

      180        199,397  

4.00%, 9/1/46

      365        404,190  
Jurupa Public Financing Authority, CA:      

5.00%, 9/1/30

      625        708,831  

5.00%, 9/1/32

      625        708,388  

Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/42(1)

      10,250        12,680,890  

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

      6,285        6,892,194  

San Bernardino County Transportation Authority, CA, Sales Tax Revenue, 5.25%, 3/1/40(1)

      10,375        11,646,456  

San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/36(1)

      4,560        4,779,792  

San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch), 4.00%, 9/1/51

      650        738,796  
     

 

 

  
      $ 38,953,137  
     

 

 

  

Transportation — 4.7%

 

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

    $ 7,500      $ 8,637,150  

San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45

      5,000        6,198,000  
     

 

 

  
      $ 14,835,150  
     

 

 

  

Water and Sewer — 13.3%

 

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

    $ 9,000      $ 11,295,270  

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

      10,000        11,331,300  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 7,500      $ 8,157,750  

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

      10,000        11,401,100  
     

 

 

  
      $ 42,185,420  
     

 

 

  

Total Tax-Exempt Municipal Obligations — 163.9%
(identified cost $478,139,647)

       $ 518,094,985  
     

 

 

  

 

                                                 

Taxable Municipal Obligations — 3.8%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 1.3%

      

California State University, 3.065%, 11/1/42

    $ 1,815      $ 1,870,557  

University of California, 3.071%, 5/15/51

      2,000        2,021,900  
     

 

 

  
      $ 3,892,457  
     

 

 

  

General Obligations — 0.7%

      

Ohlone Community College District, CA, 2.443%, 8/1/35

    $ 535      $ 545,507  

Robla School District, CA, 2.602%, 8/1/40

      615        618,174  

Tustin Unified School District, CA, 2.649%, 8/1/42

      1,125        1,136,104  
     

 

 

  
      $ 2,299,785  
     

 

 

  

Insured-General Obligations — 0.8%

      
Sanger Unified School District, CA:      

(BAM), 2.734%, 8/1/42

    $ 1,250      $ 1,250,725  

(BAM), 2.834%, 8/1/44

      1,250        1,251,075  
     

 

 

  
      $ 2,501,800  
     

 

 

  

Other Revenue — 0.6%

      

Central Marin Police Authority, CA, 3.101%, 2/1/41

    $ 1,000      $ 1,024,070  

Corte Madera, CA, Pension Obligation Bonds, 3.257%, 6/1/45

      940        970,136  
     

 

 

  
      $ 1,994,206  
     

 

 

  

Transportation — 0.4%

      

Los Angeles Department of Airports, CA, (Los Angeles International Airport),
1.963%, 5/15/33

    $ 675      $ 652,327  

San Jose, CA, Airport Revenue, 2.31%, 3/1/30

      500        506,880  
     

 

 

  
      $ 1,159,207  
     

 

 

  

Total Taxable Municipal Obligations — 3.8%
(identified cost $11,705,000)

       $ 11,847,455  
     

 

 

  

Total Investments — 168.3%
(identified cost $491,612,547)

       $ 531,781,426  
     

 

 

  

Other Assets, Less Liabilities — (68.3)%

       $ (215,750,220 ) 
     

 

 

  

Net Assets — 100.0%

       $ 316,031,206  
     

 

 

  

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

 

5

 

 

The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At June 30, 2021, 13.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 7.6% of total investments.

 

(1)

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

 

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2021, the aggregate value of these securities is $581,630 or 0.2% of the Fund’s net assets.

Abbreviations:

 

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BAM

   -   Build America Mutual Assurance Co.

BHAC

   -   Berkshire Hathaway Assurance Corp.

NPFG

   -   National Public Finance Guarantee Corp.

The Fund did not have any open derivative instruments at June 30, 2021.

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.

 

6

 

 

At June 30, 2021, 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 Mortgage-Backed Securities

    $ —      $ 1,838,986      $ —      $ 1,838,986  

Tax-Exempt Municipal Obligations

      —        518,094,985        —        518,094,985  

Taxable Municipal Obligations

      —        11,847,455        —        11,847,455  

Total Investments

    $ —      $     531,781,426      $ —      $     531,781,426  

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.

 

7