Eaton Vance California Municipal Income Trust

Regulatory Filings • Oct 28, 2005

N-Q 1 a05-16695_1nq.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 COMPANIES

Investment Company Act File Number	811-09157
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 Services)
(Registrant’s Telephone
Number, Including Area Code)	(617)
482-8260
Date of Fiscal Year End	November 30
Date of Reporting Period	August 31,
2005

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Item 1. Schedule of Investments

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Eaton Vance California Municipal Income Trust as of August 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 149.6%

Principal
Amount
(000’s omitted)	Security	Value
Education —
9.3%
$ 1,000	California Educational
Facilities Authority, (Dominican University), 5.75%, 12/1/30	$ 1,046,750
2,770	California Educational Facilities
Authority, (Lutheran University), 5.00%, 10/1/29	2,871,188
500	California Educational
Facilities Authority, (Pepperdine University), 5.00%, 11/1/29	528,615
1,850	California Educational
Facilities Authority, (Santa Clara University), 5.00%, 9/1/23	2,076,884
4,000	California Educational
Facilities Authority, (Stanford University), 5.125%, 1/1/31	4,129,680
		$ 10,653,117
Escrowed
/ Prerefunded — 4.7%
2,000	California Health
Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to
12/1/09, 6.25%, 12/1/34	2,270,600
1,750	Capistrano Unified
School District, Prerefunded to 9/1/09, 5.75%, 9/1/29	1,955,205
1,000	Corona-Norco Unified
School District Public Financing Authority, Prerefunded to 9/1/10, 6.125%,
9/1/31	1,129,730
		$ 5,355,535
General
Obligations — 6.6%
2,250	California, 5.00%,
6/1/34	2,369,182
1,100	California, 5.25%,
4/1/30	1,200,793
3,500	California, 5.50%,
11/1/33	3,944,290
		$ 7,514,265
Hospital —
22.0%
1,800	California Health
Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%,
11/15/34	1,863,792
850	California Health
Facilities Financing Authority, Variable Rate, 7.21%, 11/15/34 (1)(2)(3)	907,987
750	California
Infrastructure and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31	802,035
1,200	California Statewide
Communities Development Authority, (Daughters of Charity Health System),
5.25%, 7/1/30	1,266,408
4,900	California Statewide
Communities Development Authority, (Huntington Memorial Hospital), 5.00%,
7/1/35	5,107,711
1,650	California Statewide
Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32	1,754,379
1,750	California Statewide
Communities Development Authority, (Sonoma County Indian Health), 6.40%,
9/1/29	1,823,867

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| $ | California Statewide
Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | $ |
| --- | --- | --- |
| 1,500 | Duarte, COP, (City of
Hope), 5.25%, 4/1/24 | 1,540,800 |
| 1,000 | Stockton Health
Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 | 1,052,020 |
| 2,000 | Tahoe Forest Hospital
District, 5.85%, 7/1/22 | 2,097,620 |
| 2,000 | Torrance Hospital,
(Torrance Memorial Medical Center), 5.50%, 6/1/31 | 2,125,600 |
| 1,140 | Turlock, (Emanuel
Medical Center, Inc.), 5.375%, 10/15/34 | 1,196,145 |
| 2,000 | Washington Township,
Health Care District, 5.25%, 7/1/29 | 2,080,840 |
| | | $ 25,223,139 |
| Housing —
2.4% | | |
| 1,000 | California Statewide
Communities Development Authority, (Corporate Fund for Housing), 6.50%,
12/1/29 | 1,012,240 |
| 500 | California Statewide
Communities Development Authority, (Corporate Fund for Housing), 7.25%,
12/1/34 | 503,410 |
| 768 | Commerce, (Hermitage III
Senior Apartments), 6.50%, 12/1/29 | 782,353 |
| 439 | Commerce, (Hermitage III
Senior Apartments), 6.85%, 12/1/29 | 424,608 |
| | | $ 2,722,611 |
| Industrial
Development Revenue — 1.1% | | |
| 1,250 | California Pollution
Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 | 1,307,100 |
| | | $ 1,307,100 |
| Insured-Education —
7.4% | | |
| 6,510 | California Educational
Facilities Authority, (Loyola Marymount University), (MBIA), 0.00%, 10/1/33 | 1,810,105 |
| 3,270 | California Educational
Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 | 3,469,470 |
| 3,000 | California State
University, (AMBAC), 5.00%, 11/1/33 | 3,157,470 |
| | | $ 8,437,045 |
| Insured-Electric
Utilities — 10.9% | | |
| 3,250 | California Pollution
Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31 | 3,495,310 |
| 2,500 | California Pollution
Control Financing Authority, PCR, (Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16 | 2,725,525 |
| 4,000 | Puerto Rico Electric
Power Authority, (FSA), Variable Rate, 8.39%, 7/1/29 (1)(2) | 4,684,800 |
| 665 | Puerto Rico Electric
Power Authority, (FSA), Variable Rate, 10.452%, 7/1/29 (1)(4) | 835,772 |
| 500 | Puerto Rico Electric
Power Authority, (MBIA), Variable Rate, 12.295%, 7/1/16 (1)(4) | 750,060 |
| | | $ 12,491,467 |

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| Insured-Escrowed / Prerefunded — 11.0% — $ 5,130 | Foothill/Eastern Transportation Corridor Agency,
(FSA), Escrowed to Maturity, 0.00%, 1/1/26 | $ 2,151,266 |
| --- | --- | --- |
| 2,250 | Los Angeles Unified
School District, (FGIC), Prerefunded to 7/1/10, 5.375%, 7/1/25 | 2,481,750 |
| 250 | Puerto Rico
Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable
Rate, 7.426%, 7/1/28 (1)(2) | 278,355 |
| 945 | Puerto Rico
Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable
Rate, 10.286%, 7/1/28 (1)(4) | 1,105,773 |
| 6,000 | San Francisco, (Bay Area
Rapid Transportation District), (FGIC), Prerefunded to 7/1/09, 5.50%, 7/1/34 | 6,600,660 |
| | | $ 12,617,804 |
| Insured-General
Obligations — 13.8% | | |
| 1,650 | California RITES,
(AMBAC), Variable Rate, 11.834%, 5/1/26 (1)(4) | 2,138,862 |
| 1,000 | California, (AMBAC),
4.25%, 3/1/28 | 982,220 |
| 1,000 | California, (AMBAC),
4.50%, 5/1/28 | 1,009,090 |
| 2,500 | Puerto Rico, (FSA),
Variable Rate, 10.70%, 7/1/27 (1)(4) | 3,106,600 |
| 1,600 | San Diego Unified School
District, (MBIA), Variable Rate, 11.375%, 7/1/24 (1)(4) | 2,585,168 |
| 3,000 | Simi Valley Unified
School District, (MBIA), 5.00%, 8/1/28 | 3,203,310 |
| 6,995 | Sweetwater, Union High
School District, (Election 2000), (FSA), 0.00%, 8/1/25 | 2,855,219 |
| | | $ 15,880,469 |
| Insured-Hospital —
4.4% | | |
| 3,200 | California Statewide
Communities Development Authority, (Children’s Hospital Los Angeles), (MBIA),
5.25%, 8/15/29 (5) | 3,425,664 |
| 1,245 | California Statewide
Communities Development Authority, (Sutter Health), (FSA), Variable Rate,
12.133%, 8/15/27 (1)(4) | 1,595,567 |
| | | $ 5,021,231 |
| Insured-Lease
Revenue / Certificates of Participation — 10.8% | | |
| 10,750 | Anaheim Public Financing
Authority, (Public Improvements), (FSA), 0.00%, 9/1/25 | 4,397,180 |
| 6,500 | Anaheim Public Financing
Authority, (Public Improvements), (FSA), 0.00%, 9/1/17 | 3,961,230 |
| 11,500 | Anaheim Public Financing
Authority, (Public Improvements), (FSA), 0.00%, 9/1/28 | 4,076,865 |
| | | $ 12,435,275 |
| Insured-Special
Tax Revenue — 4.0% | | |
| 3,880 | Puerto Rico
Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28 | 1,433,738 |
| 2,070 | Puerto Rico Infrastructure
Financing Authority, (AMBAC), 0.00%, 7/1/37 | 490,611 |

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| $ | Puerto Rico
Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/45 | $ |
| --- | --- | --- |
| | | $ 4,641,119 |
| Insured-Transportation —
13.9% | | |
| 5,000 | Alameda Corridor
Transportation Authority, (AMBAC), 0.00%, 10/1/29 | 1,688,050 |
| 8,000 | Alameda Corridor
Transportation Authority, (MBIA), 0.00%, 10/1/31 | 2,418,160 |
| 3,250 | Los Angeles County
Metropolitan Transportation Authority, (AMBAC), 4.50%, 7/1/32 | 3,270,638 |
| 2,500 | Los Angeles County
Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30 | 2,702,400 |
| 2,515 | Puerto Rico Highway and
Transportation Authority, (AMBAC), Variable Rate, 9.866%, 7/1/28 (1)(4) | 2,906,711 |
| 10,000 | San Joaquin Hills
Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32 | 3,006,000 |
| | | $ 15,991,959 |
| Lease
Revenue / Certificates of Participation — 6.2% | | |
| 4,000 | Sacramento Financing
Authority, 5.40%, 11/1/20 | 4,513,480 |
| 2,500 | San Diego County,
Certificates of Participation, 5.375%, 10/1/41 | 2,636,000 |
| | | $ 7,149,480 |
| Other
Revenue — 1.4% | | |
| 1,500 | California Statewide
Communities Development Authority, (East Valley Tourist Development
Authority), 8.25%, 10/1/14 | 1,631,685 |
| | | $ 1,631,685 |
| Special
Tax Revenue — 18.7% | | |
| 1,500 | Bonita Canyon Public
Facilities Financing Authority, 5.375%, 9/1/28 | 1,524,780 |
| 1,545 | Brentwood Infrastructure
Financing Authority, 6.375%, 9/2/33 | 1,593,652 |
| 1,665 | Corona, Public Financing
Authority, 5.80%, 9/1/20 | 1,672,443 |
| 1,590 | Fontana Redevelopment
Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,679,533 |
| 500 | Jurupa Community
Services District, (Community Facilities District No. 16), 5.30%, 9/1/34 | 508,965 |
| 1,325 | Lincoln Public Financing
Authority, Improvement Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25 | 1,408,700 |
| 420 | Moreno Valley Unified
School District, (Community School District No. 2003-2), 5.75%,
9/1/24 | 429,891 |
| 750 | Moreno Valley Unified
School District, (Community School District No. 2003-2), 5.90%,
9/1/29 | 767,798 |
| 750 | Murrieta Valley Unified
School District, 6.20%, 9/1/35 | 813,180 |
| 2,460 | Oakland Joint Powers
Financing Authority, 5.40%, 9/2/18 | 2,604,968 |
| 995 | Oakland Joint Powers
Financing Authority, 5.50%, 9/2/24 | 1,054,770 |
| 700 | Rancho Cucamonga Public
Financing Authority, 6.00%, 9/2/20 | 740,922 |
| 1,195 | Roseville Special Tax,
6.30%, 9/1/25 | 1,312,564 |

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| $ | San Pablo Redevelopment
Agency, 5.65%, 12/1/23 | $ | |
| --- | --- | --- | --- |
| 1,500 | Santa Margarita Water
District, 6.20%, 9/1/20 (6) | 1,637,085 | |
| 250 | Santaluz Community
Facilities District No. 2, 6.10%, 9/1/21 | 255,730 | |
| 500 | Santaluz Community
Facilities District No. 2, 6.20%, 9/1/30 | 510,040 | |
| 500 | Turlock Public Financing
Authority, 5.45%, 9/1/24 | 516,115 | |
| 1,000 | Whittier Public
Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 1,043,880 | |
| | | $ 21,482,683 | |
| Transportation —
1.0% | | | |
| 1,170 | Port Redwood City,
(AMT), 5.125%, 6/1/30 | 1,172,211 | |
| | | $ 1,172,211 | |
| Total
Tax-Exempt Investments — 149.6% (identified cost $155,595,355) | | $ 171,728,195 | |
| Other
Assets, Less Liabilities — 1.8% | | $ 2,079,845 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends — (51.4)% | | $ (59,019,397 | ) |
| Net Assets Applicable to Common
Shares — 100.0% | | $ 114,788,643 | |

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, 2005, 51.0% 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 8.4% to 16.1% of total investments.

| (1) | 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, 2005, the aggregate value of the securities is
$20,895,655 or 18.2% of the Trust’s net assets. |
| --- | --- |
| (2) | Security has been issued as an inverse floater bond.
The stated interest rate represents the rate in effect at August 31,
2005. |
| (3) | When-issued security. |
| (4) | Security has been issued as a leveraged inverse
floater bond. The stated interest rate represents the rate in effect at
August 31, 2005. |
| (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, 2005 is as follows:

Futures Contracts

Expiration			Aggregate			Unrealized
Date	Contracts	Position	Cost		Value	Depreciation
12/05	375 U.S. Treasury Bond	Short	$ (44,002,313	)	$ (44,261,719	)	$ (259,406	)

At August 31, 2005, 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, 2005, as computed on a federal income tax basis, were as follows:

| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross unrealized
appreciation | $ 16,432,358 | |
| Gross unrealized
depreciation | (13,891 | ) |
| Net unrealized appreciation | $ 16,418,467 | |

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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 25, 2005

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 25, 2005
By:	/s/ James L. O’Connor
	James L. O’Connor
	Treasurer and Principal Financial Officer
Date:	October 25, 2005

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