Eaton Vance California Municipal Income Trust

Regulatory Filings • Oct 29, 2004

N-Q 1 a04-11118_4nq.htm N-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM N-Q

*QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED*

*MANAGEMENT INVESTMENT COMPANY*

| Investment
Company Act file number | |
| --- | --- |
| Eaton Vance California Municipal Income
Trust | |
| (Exact name of registrant as specified in charter) | |
| The Eaton Vance Building, 255 State Street,
Boston, Massachusetts | 02109 |
| (Address of principal executive offices) | (Zip code) |
| Alan R. Dynner, Esq. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 | |
| (Name and address of agent for service) | |
| Registrant's
telephone number, including area code: | (617)
482-8260 |
| Date of
fiscal year end: | November 30 |
| Date of
reporting period: | August 31,
2004 |

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*Item 1. Schedule of Investments*

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California Municipal Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited)

*Tax-Exempt Investments — 154.3%*

Principal Amount (000’s omitted)	Security	Value
Education — 7.0%
1,000	California
Educational Facilities Authority, (Dominican University), 5.75%, 12/1/30	1,033,120
500	California
Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29	505,820
1,850	California
Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23	1,985,734
4,000	California
Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31	4,071,160
		$ 7,595,834
Escrowed / Prerefunded — 1.1%
2,425	Foothill/Eastern
Transportation Corridor Agency, Escrowed to Maturity, 0.00%, 1/1/20	1,190,360
		$ 1,190,360
General Obligations — 6.5%
2,200	California, 5.00%, 2/1/21	2,295,876
1,100	California, 5.25%, 4/1/30	1,131,460
3,500	California, 5.50%, 11/1/33	3,704,995
		$ 7,132,331
Hospital — 15.2%
2,000	California
Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 6.25%,
12/1/34	2,146,080
750	California
Infrastructure and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31	768,007
1,650	California
Statewide Communities Development Authority, (Kaiser Permanente), 5.50%,
11/1/32	1,685,986
1,750	California
Statewide Communities Development Authority, (Sonoma County Indian Health),
6.40%, 9/1/29	1,787,240
1,500	California
Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28	1,556,160

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| 1,500 | Duarte,
COP, (City of Hope), 5.25%, 4/1/24 | 1,466,730 |
| --- | --- | --- |
| 1,000 | Stockton
Health Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 | 1,051,770 |
| 2,000 | Tahoe
Forest Hospital District, 5.85%, 7/1/22 | 2,035,600 |
| 2,000 | Torrance
Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | 2,062,780 |
| 2,000 | Washington
Township, Health Care District, 5.25%, 7/1/29 | 2,034,860 |
| | | $ 16,595,213 |
| Housing — 2.4% | | |
| 1,000 | California
Statewide Communities Development Authority, (Corporate Fund for Housing),
6.50%, 12/1/29 | 998,020 |
| 500 | California
Statewide Communities Development Authority, (Corporate Fund for Housing),
7.25%, 12/1/34 | 495,980 |
| 778 | Commerce,
(Hermitage III Senior Apartments), (AMT), 6.50%, 12/1/29 | 719,018 |
| 444 | Commerce,
(Hermitage III Senior Apartments), (AMT), 6.85%, 12/1/29 | 407,474 |
| | | $ 2,620,492 |
| Industrial Development Revenue — 1.2% | | |
| 1,250 | California
Pollution Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%,
12/1/29 | 1,321,150 |
| | | $ 1,321,150 |
| Insured-Education — 5.9% | | |
| 3,270 | California
Educational Facilities Authority, (Pooled College and University), (MBIA),
5.10%, 4/1/23 | 3,390,336 |
| 3,000 | California
University, (AMBAC), 5.00%, 11/1/33 | 3,051,090 |
| | | $ 6,441,426 |
| Insured-Electric Utilities — 11.0% | | |
| 3,250 | California
Pollution Control Financing Authority, (Southern California Edison Co.),
(MBIA), (AMT), 5.55%, 9/1/31 | 3,423,582 |
| 2,500 | California
Pollution Control Financing Authority, PCR, (Pacific Gas and Electric),
(MBIA), (AMT), 5.35%, 12/1/16 | 2,709,800 |
| 665 | Puerto
Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29 (1) (2) | 762,216 |
| 4,000 | Puerto
Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29 (2) (3) | 4,389,840 |

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| 500 | Puerto
Rico Electric Power Authority, (MBIA), Variable Rate, 7/1/16 (1) (2) | 754,415 |
| --- | --- | --- |
| | | $ 12,039,853 |
| Insured-Escrowed/Prerefunded — 4.5% | | |
| 5,130 | Foothill/Eastern
Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26 | 1,728,451 |
| 3,000 | Metropolitan
Water District, (Southern California Waterworks), (MBIA), Prerefunded to
1/1/07, 5.00%, 7/1/27 | 3,224,400 |
| | | $ 4,952,851 |
| Insured-General Obligations — 29.4% | | |
| 3,650 | Burbank
Unified School District, (FGIC), 0.00%, 8/1/18 | 1,923,842 |
| 1,650 | California
RITES, (AMBAC), Variable Rate, 5/1/26 (1) (2) | 2,081,986 |
| 1,600 | California,
(AMBAC), 5.00%, 2/1/28 | 1,680,960 |
| 6,425 | Foothill-De
Anza Community College District, (MBIA), 0.00%, 8/1/20 | 2,994,628 |
| 3,000 | Foothill-De
Anza Community College District, (MBIA), 0.00%, 8/1/21 | 1,315,740 |
| 3,750 | Los
Angeles Unified School District, (FGIC), 5.375%, 7/1/25 | 3,939,037 |
| 5,000 | Murrieta
Valley Unified School District, (FGIC), 0.00%, 9/1/20 | 2,320,800 |
| 2,500 | Puerto
Rico, (FSA), Variable Rate, 7/1/27 (1) (2) | 3,224,300 |
| 1,600 | San
Diego Unified School District, (MBIA), Variable Rate, 7/1/24 (1) (2) (4) | 2,317,744 |
| 9,635 | San
Ramon Valley Unified School District, (FGIC), 0.00%, 7/1/18 (5) | 5,097,975 |
| 3,000 | Simi
Valley Unified School District, (MBIA), 5.00%, 8/1/28 | 3,074,160 |
| 4,500 | Ukiah
Unified School District, (FGIC), 0.00%, 8/1/20 | 2,097,090 |
| | | $ 32,068,262 |
| Insured-Hospital — 4.5% | | |
| 3,200 | California
Statewide Communities Development Authority, (Children’s Hospital Los
Angeles), (MBIA), 5.25%, 8/15/29 (6) | 3,323,200 |
| 1,245 | California
Statewide Communities Development Authority, (Sutter Health), Residual
Certificates, (FSA), Variable Rate, 8/15/27 (1) (2) | 1,596,040 |
| | | $ 4,919,240 |

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| Insured-Lease Revenue / Certificates of
Participation — 7.4% — 9,000 | Anaheim
Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/17 | 4,973,310 |
| --- | --- | --- |
| 11,500 | Anaheim
Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/28 | 3,130,990 |
| | | $ 8,104,300 |
| Insured-Special Tax Revenue — 1.2% | | |
| 250 | Puerto
Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28 (2)
(3) | 260,993 |
| 945 | Puerto
Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28 (1)
(2) | 1,007,332 |
| | | $ 1,268,325 |
| Insured-Transportation — 14.5% | | |
| 2,500 | Los
Angeles County Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30 | 2,599,400 |
| 2,300 | Port
Oakland, (MBIA), (AMT), 5.375%, 11/1/25 | 2,373,945 |
| 2,515 | Puerto
Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28 (1)
(2) | 2,694,546 |
| 1,750 | Puerto
Rico Highway and Transportation Authority, (FSA), 4.75%, 7/1/38 | 1,761,375 |
| 6,000 | San
Francisco, (Bay Area Rapid Transportation District), (FGIC), 5.50%, 7/1/34 | 6,428,580 |
| | | $ 15,857,846 |
| Insured-Water and Sewer — 12.1% | | |
| 5,000 | Contra
Costa County, Water District, (MBIA), 5.00%, 10/1/24 | 5,051,450 |
| 6,250 | East
Bay Municipal Utilities District Water System, (MBIA), 5.00%, 6/1/38 | 6,322,688 |
| 4,850 | Santa
Rosa Wastewater, (AMBAC), 0.00%, 9/1/23 | 1,864,631 |
| | | $ 13,238,769 |
| Lease Revenue/Certificates of Participation — 6.4% | | |
| 4,000 | Sacramento
City, Financing Authority, 5.40%, 11/1/20 | 4,444,760 |
| 2,500 | San
Diego County, Certificates of Participation, 5.375%, 10/1/41 | 2,563,175 |
| | | $ 7,007,935 |

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| Other Revenue — 1.4% — 1,500 | California
Statewide Communities Development Authority, (East Valley Tourist Development
Authority), 8.25%, 10/1/14 | 1,530,645 |
| --- | --- | --- |
| | | $ 1,530,645 |
| Special Tax Revenue — 21.6% | | |
| 1,500 | Bonita
Canyon Public Facilities Financing Authority, 5.375%, 9/1/28 | 1,501,950 |
| 1,600 | Brentwood
Infrastructure Financing Authority, 6.375%, 9/2/33 | 1,648,384 |
| 1,750 | Capistrano
Unified School District, 5.75%, 9/1/29 | 1,778,683 |
| 1,665 | Corona,
Public Financing Authority, 5.80%, 9/1/20 | 1,670,162 |
| 1,000 | Corona-Norco
Unified School District Public Financing Authority, 6.125%, 9/1/31 | 1,020,210 |
| 1,590 | Fontana
Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,626,729 |
| 1,360 | Lincoln
Public Financing Authority, Improvement Bond Act of 1915 (Twelve Bridges),
6.20%, 9/2/25 | 1,432,379 |
| 420 | Moreno
Valley Unified School District, (Community School District No. 2003-2),
5.75%, 9/1/24 | 425,426 |
| 750 | Moreno
Valley Unified School District, (Community School District No. 2003-2),
5.90%, 9/1/29 | 757,913 |
| 750 | Murrieta
Valley Unified School District, 6.20%, 9/1/35 | 774,188 |
| 2,465 | Oakland
Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,617,830 |
| 995 | Oakland
Joint Powers Financing Authority, 5.50%, 9/2/24 | 1,044,979 |
| 700 | Rancho
Cucamonga Public Financing Authority, 6.00%, 9/2/20 | 736,078 |
| 1,245 | Roseville
Special Tax, 6.30%, 9/1/25 | 1,325,527 |
| 1,325 | San
Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,377,457 |
| 1,500 | Santa
Margarita Water District, 6.20%, 9/1/20 | 1,578,900 |
| 250 | Santaluz
Community Facilities District No. 2, 6.10%, 9/1/21 | 256,225 |
| 500 | Santaluz
Community Facilities District No. 2, 6.20%, 9/1/30 | 508,855 |
| 500 | Turlock
Public Financing Authority, 5.45%, 9/1/24 | 507,990 |

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| 1,000 | Whittier
Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 1,031,420 | |
| --- | --- | --- | --- |
| | | $ 23,621,285 | |
| Transportation — 1.0% | | | |
| 1,170 | Port Redwood City, (AMT), 5.125%, 6/1/30 | 1,132,537 | |
| | | $ 1,132,537 | |
| Total
Tax-Exempt Investments — 154.3% (identified cost $158,146,110) | | $ 168,638,654 | |
| Other Assets, Less Liabilities — (0.3)% | | $ (356,847 | ) |
| Auction Preferred Shares Plus Cumulative Unpaid Dividends
— (54.0)% | | $ (59,006,789 | ) |
| Net Assets Applicable to Common Shares— 100.0% | | $ 109,275,018 | |

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.
FGIC	-	Financial Guaranty Insurance Company
FSA	-	Financial Security Assurance, Inc.
MBIA	-	Municipal Bond Insurance Association

The Trust 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 August 31, 2004, 58.6% of the securities in the portfolio of 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 7.5% to 23.9% of total investments.

| (1) | Security has been issued as
a leveraged inverse floater bond. |
| --- | --- |
| (2) | Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be
sold in transactions exempt from registration, normally to qualified
institutional buyers. At August 31,
2004, the aggregate value of the securities is $19,089,412 or 17.5% of the
Trust’s net assets. |

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| (3) | Security has been issued as
an inverse floater bond. |
| --- | --- |
| (4) | When-issued security. |
| (5) | Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts. |
| (6) | Security (or a portion
thereof) has been segregated to cover when-issued securities. |

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A summary of financial instruments at August 31, 2004 is as follows:

*Futures Contracts*

Expiration Date(s)	Contracts	Position	Aggregate Cost		Value		Net Unrealized Depreciation
12/04	375 U.S.
Treasury Bond	Short	$ (41,473,993	)	$ (41,742,188	)	$ (268,195	)

At August 31, 2004, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) in value of the investments owned at August 31, 2004 as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 10,942,897
Gross unrealized depreciation	(109,309	)
Net unrealized appreciation	$ 10,833,588

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*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.

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*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 Income Trust | |
| --- | --- |
| By: | /s/ Thomas J. Fetter |
| | Thomas J. Fetter |
| | President and Principal
Executive Officer |
| Date: | October 21, 2004 |

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/ Thomas J. Fetter
	Thomas J. Fetter
	President and Principal
Executive Officer
Date:	October 21, 2004

By:	/s/ James L. O’Connor
	James L. O’Connor
	Treasurer and Principal
Financial Officer
Date:	October 21, 2004

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