Eaton Vance
California Municipal Bond Fund
June 30, 2022
Portfolio of Investments (Unaudited)
Tax-Exempt Municipal Obligations — 175.9% |
Security | Principal Amount (000's omitted) | Value | |
Education — 10.8% | |||
California Educational Facilities Authority, (Loyola Marymount University): | |||
Green Bonds, 5.00%, 10/1/43 | $ | 2,105 | $ 2,235,384 |
Green Bonds, 5.00%, 10/1/48 | 3,000 | 3,170,670 | |
California State University, 5.00%, 11/1/41(1) | 9,550 | 10,073,531 | |
University of California, 5.00%, 5/15/46(1) | 12,050 | 12,802,040 | |
$ 28,281,625 | |||
Electric Utilities — 3.8% | |||
Los Angeles Department of Water and Power, CA, Power System Revenue, 5.00%, 7/1/42(1) | $ | 2,000 | $ 2,143,020 |
Sacramento Municipal Utility District, CA, 5.00%, 8/15/50(1) | 7,000 | 7,681,100 | |
$ 9,824,120 | |||
Escrowed/Prerefunded — 42.9% | |||
Burbank Unified School District, CA, (Election of 2013), Prerefunded to 8/1/23, 4.00%, 8/1/31(1) | $ | 6,900 | $ 7,070,223 |
California Educational Facilities Authority, (Pepperdine University), Prerefunded to 4/1/26, 5.00%, 10/1/46(1) | 6,600 | 7,271,748 | |
California Health Facilities Financing Authority, (Sutter Health): | |||
Prerefunded to 11/15/26, 5.00%, 11/15/46 | 3,265 | 3,628,068 | |
Prerefunded to 11/15/26, 5.00%, 11/15/46(1) | 1,225 | 1,361,220 | |
Campbell Union High School District, CA, (Election of 2016), Prerefunded to 8/1/26, 5.00%, 8/1/36(1) | 11,250 | 12,477,375 | |
Contra Costa Community College District, CA, (Election of 2006), Prerefunded to 8/1/23, 5.00%, 8/1/38(1) | 9,750 | 10,095,832 | |
Desert Community College District, CA, Prerefunded to 2/1/26, 5.00%, 8/1/36(1) | 7,500 | 8,235,675 | |
Oxnard Union High School District, CA, (Election of 2018), Prerefunded to 8/1/26, 5.00%, 8/1/42(1) | 3,000 | 3,327,300 | |
Palomar Community College District, CA, Prerefunded to 8/1/25, 5.00%, 8/1/44(1) | 10,000 | 10,865,000 | |
Rancho California Water District Financing Authority, Prerefunded to 8/15/26, 5.00%, 8/1/46(1) | 2,500 | 2,775,225 | |
San Bernardino Community College District, CA, Prerefunded to 8/1/23, 4.00%, 8/1/27(1) | 5,775 | 5,917,469 | |
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/36(1) | 1,690 | 1,690,000 | |
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 | 4,268,080 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
San Jose-Evergreen Community College District, CA, (Election of 2010), Prerefunded to 8/1/22, 5.00%, 8/1/37(1) | $ | 4,975 | $ 4,988,781 |
Santa Monica Community College District, CA, (Election of 2008), Prerefunded to 8/1/24, 5.00%, 8/1/44(1) | 7,500 | 7,962,900 | |
Santa Rosa High School District, CA, (Election of 2014), Prerefunded to 8/1/24, 5.00%, 8/1/41 | 3,495 | 3,869,105 | |
Torrance Unified School District, CA, (Election of 2008), Prerefunded to 8/1/23, 5.00%, 8/1/35 | 7,500 | 7,766,025 | |
Ventura County Community College District, CA, Prerefunded to 8/1/25, 5.00%, 8/1/30(1) | 8,000 | 8,692,000 | |
$ 112,262,026 | |||
General Obligations — 37.8% | |||
Alameda City Unified School District, CA, (Election of 2014), 5.00%, 8/1/42(1) | $ | 1,675 | $ 1,804,662 |
Alum Rock Union Elementary School District, CA, (Election of 2016), 5.25%, 8/1/47(2) | 1,100 | 1,197,650 | |
Berryessa Union School District, CA, (Election of 2014), 5.00%, 8/1/40(1) | 7,450 | 7,993,328 | |
Brisbane School District, CA, (Election of 2020), 3.00%, 8/1/49 | 1,760 | 1,382,322 | |
Cabrillo Unified School District, CA, (Election of 2018), 5.00%, 8/1/48 | 5,000 | 5,311,300 | |
Chaffey Joint Union High School District, CA, (Election of 2012): | |||
4.00%, 8/1/49 | 35 | 33,532 | |
4.00%, 8/1/49(1) | 11,900 | 11,400,914 | |
Chino Valley Unified School District, CA, (Election of 2016), 5.00%, 8/1/55(1) | 10,000 | 11,002,800 | |
El Camino Community College District, CA, (Election of 2012), 5.00%, 8/1/48(1) | 10,000 | 10,836,200 | |
La Canada Unified School District, CA, (Election of 2017), 5.00%, 8/1/47(1) | 3,375 | 3,659,546 | |
Long Beach Unified School District, CA, (Election of 2008), 5.00%, 8/1/41(1) | 1,500 | 1,590,780 | |
Oxnard Union High School District, CA, (Election of 2018), 4.00%, 8/1/47(2) | 10,000 | 9,846,200 | |
Redding School District, CA, (Election of 2018), 5.00%, 8/1/48 | 2,645 | 2,809,678 | |
Robla School District, CA, (Election of 2014), 3.00%, 8/1/53 | 500 | 379,455 | |
San Diego Unified School District, CA, (Election of 2012), 5.00%, 7/1/47(1) | 4,000 | 4,255,760 | |
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), 4.00%, 8/1/47 | 5,000 | 4,954,050 | |
San Jose City, CA, 5.00%, 9/1/49(1) | 10,000 | 10,962,600 |
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Eaton Vance
California Municipal Bond Fund
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
San Juan Unified School District, CA, (Election of 2016), 4.00%, 8/1/46 | $ | 3,500 | $ 3,376,345 |
South Bay Union School District, CA, (Election of 2018), 4.00%, 8/1/47 | 3,000 | 2,823,720 | |
Westminster School District, CA, (Election of 2016), 4.00%, 8/1/51 | 3,220 | 3,087,948 | |
$ 98,708,790 | |||
Hospital — 22.6% | |||
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/39 | $ | 4,550 | $ 4,306,211 |
California Health Facilities Financing Authority, (Cedars-Sinai Health System), 4.00%, 8/15/48 | 3,750 | 3,666,112 | |
California Health Facilities Financing Authority, (City of Hope): | |||
5.00%, 11/15/32 | 2,130 | 2,151,513 | |
5.00%, 11/15/35 | 3,040 | 3,070,157 | |
5.00%, 11/15/49(1) | 7,650 | 7,798,792 | |
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44 | 5,000 | 4,892,250 | |
California Health Facilities Financing Authority, (St. Joseph Health System): | |||
Prerefunded to 7/1/23, 5.00%, 7/1/33 | 5,080 | 5,242,611 | |
Prerefunded to 7/1/23, 5.00%, 7/1/37 | 2,380 | 2,456,184 | |
California Health Facilities Financing Authority, (Sutter Health): | |||
5.00%, 11/15/46 | 4,735 | 4,915,735 | |
5.00%, 11/15/46(1) | 1,775 | 1,842,752 | |
California Public Finance Authority, (Hoag Memorial Hospital Presbyterian): | |||
4.00%, 7/15/51 | 3,500 | 3,268,020 | |
5.00%, 7/15/46 | 1,050 | 1,151,913 | |
California Public Finance Authority, (Sharp HealthCare): | |||
5.00%, 8/1/47 | 8,445 | 8,906,519 | |
5.00%, 8/1/47(1) | 1,250 | 1,318,313 | |
University of California Medical Center, 5.00%, 5/15/47 | 3,750 | 4,072,462 | |
$ 59,059,544 | |||
Housing — 5.4% | |||
California Municipal Finance Authority, (Caritas), 4.00%, 8/15/51 | $ | 435 | $ 344,672 |
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 | 5,140,750 | |
CSCDA Community Improvement Authority, CA, Essential Housing Revenue, 3.00%, 12/1/56(3) | 1,655 | 1,195,175 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Independent Cities Finance Authority, CA, (Augusta Communities Mobile Home Park Pool), 5.25%, 5/15/56 | $ | 4,510 | $ 4,596,863 |
Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/56 | 1,130 | 794,254 | |
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park): | |||
3.00%, 9/15/46 | 925 | 695,230 | |
3.00%, 9/15/56 | 1,980 | 1,356,498 | |
$ 14,123,442 | |||
Insured - Electric Utilities — 2.3% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 3,740 | $ 3,792,996 |
Sacramento Municipal Utility District, CA, (AMBAC), (BHAC), 5.25%, 7/1/24 | 2,100 | 2,170,308 | |
$ 5,963,304 | |||
Insured - General Obligations — 11.8% | |||
Anderson Valley Unified School District, CA, (AGM), 3.00%, 8/1/35 | $ | 500 | $ 468,715 |
Bakersfield City School District, CA, (Election of 2016), (BAM), 3.00%, 11/1/51 | 1,500 | 1,145,610 | |
Bellevue Union School District, CA, (Election of 2020), (AGM), 3.125%, 8/1/44 | 400 | 330,820 | |
Center Joint Unified School District, CA, (Election of 2008), (BAM), 3.00%, 8/1/46 | 1,000 | 791,150 | |
Coalinga-Huron Recreation and Park District, CA, (Election of 2016), (BAM), 3.00%, 8/1/50 | 750 | 569,873 | |
Cotati-Rohnert Park Unified School District, CA, (Election of 2016), (AGM), 5.00%, 8/1/44 | 3,500 | 3,701,810 | |
McFarland Unified School District, CA, (Election of 2020), (BAM), 3.00%, 11/1/49 | 750 | 572,895 | |
San Diego Unified School District, CA: | |||
(NPFG), 0.00%, 7/1/22 | 2,300 | 2,300,000 | |
(NPFG), 0.00%, 7/1/23 | 5,000 | 4,894,800 | |
San Mateo County Community College District, CA: | |||
(NPFG), 0.00%, 9/1/22 | 4,840 | 4,830,562 | |
(NPFG), 0.00%, 9/1/23 | 4,365 | 4,273,902 | |
(NPFG), 0.00%, 9/1/25 | 3,955 | 3,667,353 | |
Union Elementary School District, CA, (Election of 1999), (NPFG), 0.00%, 9/1/22 | 3,200 | 3,192,960 | |
$ 30,740,450 | |||
Insured - Transportation — 1.5% | |||
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41 | $ | 1,000 | $ 1,009,920 |
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Eaton Vance
California Municipal Bond Fund
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/27 | $ | 3,520 | $ 3,008,157 |
$ 4,018,077 | |||
Insured - Water and Sewer — 1.5% | |||
Pittsburg Public Financing Authority, CA, Water Revenue, (AGM), 5.00%, 8/1/52 | $ | 3,630 | $ 3,995,033 |
$ 3,995,033 | |||
Lease Revenue/Certificates of Participation — 1.2% | |||
California Public Works Board, 5.00%, 11/1/38 | $ | 3,045 | $ 3,146,277 |
$ 3,146,277 | |||
Senior Living/Life Care — 1.2% | |||
California Municipal Finance Authority, (HumanGood - California Obligated Group): | |||
3.00%, 10/1/46 | $ | 1,000 | $ 762,130 |
4.00%, 10/1/49 | 2,050 | 1,898,259 | |
California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/42 | 360 | 313,070 | |
California Public Finance Authority, (Enso Village): | |||
Green Bonds, 2.375%, 11/15/28(3) | 105 | 96,556 | |
Green Bonds, 5.00%, 11/15/46(3) | 150 | 141,525 | |
$ 3,211,540 | |||
Special Tax Revenue — 13.4% | |||
Folsom Ranch Financing Authority, CA, (White Rock Springs Ranch), 4.00%, 9/1/40 | $ | 175 | $ 162,384 |
Jurupa Public Financing Authority, CA: | |||
5.00%, 9/1/30 | 625 | 661,256 | |
5.00%, 9/1/32 | 625 | 660,038 | |
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/42(1) | 10,250 | 11,105,157 | |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 465 | 458,244 | |
Riverside County Transportation Commission, CA, Sales Tax Revenue, Prerefunded to 6/1/23, 5.25%, 6/1/39(1) | 6,285 | 6,488,068 | |
San Bernardino County Transportation Authority, CA, Sales Tax Revenue, 5.25%, 3/1/40(1) | 10,375 | 10,889,704 | |
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/36(1) | 4,560 | 4,560,000 | |
$ 34,984,851 |
Security | Principal Amount (000's omitted) | Value | |
Transportation — 5.0% | |||
Long Beach, CA, Harbor Revenue, 5.00%, 5/15/42(1) | $ | 7,500 | $ 7,849,650 |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45 | 5,000 | 5,217,150 | |
$ 13,066,800 | |||
Water and Sewer — 14.7% | |||
Eastern Municipal Water District Financing Authority, CA, 5.25%, 7/1/42(1) | $ | 9,000 | $ 9,789,030 |
Los Angeles Department of Water and Power, CA, Water System Revenue, 5.00%, 7/1/39(1) | 10,000 | 10,489,100 | |
Los Angeles, CA, Wastewater System Revenue, 5.00%, 6/1/43(1) | 7,500 | 7,690,575 | |
Orange County Sanitation District, CA, Wastewater Revenue, 5.00%, 2/1/35(1) | 10,000 | 10,573,200 | |
$ 38,541,905 | |||
Total Tax-Exempt Municipal Obligations (identified cost $462,604,569) | $ 459,927,784 |
Taxable Municipal Obligations — 6.5% |
Security | Principal Amount (000's omitted) | Value | |
Education — 1.0% | |||
California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31(3) | $ | 1,345 | $ 1,231,280 |
California State University, 3.065%, 11/1/42 | 1,815 | 1,434,122 | |
$ 2,665,402 | |||
General Obligations — 2.0% | |||
Monterey Peninsula Community College District, CA, (Election of 2020): | |||
2.861%, 8/1/46 | $ | 1,000 | $ 785,530 |
2.951%, 8/1/51 | 1,400 | 1,079,260 | |
Ohlone Community College District, CA, 2.443%, 8/1/35 | 535 | 446,345 | |
Robla School District, CA, 2.602%, 8/1/40 | 615 | 462,788 | |
Santa Maria-Bonita School District, CA, 3.071%, 8/1/39 | 2,000 | 1,595,720 | |
Tustin Unified School District, CA, 2.649%, 8/1/42 | 1,125 | 849,780 | |
$ 5,219,423 |
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Eaton Vance
California Municipal Bond Fund
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Housing — 0.3% | |||
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 4.50%, 9/15/56 | $ | 1,000 | $ 798,790 |
$ 798,790 | |||
Insured - General Obligations — 1.8% | |||
Palmdale School District, CA, (AGM), 2.948%, 8/1/47 | $ | 5,000 | $ 3,898,750 |
Sanger Unified School District, CA, (BAM), 2.834%, 8/1/44 | 1,250 | 911,525 | |
$ 4,810,275 | |||
Other Revenue — 1.2% | |||
Central Marin Police Authority, CA, 3.101%, 2/1/41 | $ | 1,000 | $ 784,760 |
Corte Madera, CA, Pension Obligation Bonds, 3.257%, 6/1/45 | 940 | 769,775 | |
National City, CA, Pension Obligation Bonds, 3.423%, 11/1/42 | 2,000 | 1,557,380 | |
$ 3,111,915 | |||
Transportation — 0.2% | |||
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 1.963%, 5/15/33 | $ | 675 | $ 533,318 |
$ 533,318 | |||
Total Taxable Municipal Obligations (identified cost $21,701,170) | $ 17,139,123 | ||
Total Investments — 182.4% (identified cost $484,305,739) | $ 477,066,907 | ||
Other Assets, Less Liabilities — (82.4)% | $(215,576,136) | ||
Net Assets — 100.0% | $ 261,490,771 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
(2) | When-issued security. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2022, the aggregate value of these securities is $2,664,536 or 1.0% of the Fund's 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. At June 30, 2022, 10.4% 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 or financial guaranty assurance agency ranged from 0.2% to 6.3% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
BHAC | – Berkshire Hathaway Assurance Corp. |
NPFG | – National Public Finance Guarantee Corp. |
The Fund did not have any open derivative instruments at June 30, 2022.
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
4
Eaton Vance
California Municipal Bond Fund
June 30, 2022
Portfolio of Investments (Unaudited) — continued
At June 30, 2022, 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 Municipal Obligations | $ — | $459,927,784 | $ — | $459,927,784 |
Taxable Municipal Obligations | — | 17,139,123 | — | 17,139,123 |
Total Investments | $ — | $477,066,907 | $ — | $477,066,907 |
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.
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