Eaton Vance California Municipal Income Trust

Regulatory Filings • Apr 29, 2005

N-Q 1 a05-6357_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 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: | February 28, 2005 |

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*Item 1. Schedule of Investments*

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| Eaton
Vance California Municipal Income Trust |
| --- |
| PORTFOLIO
OF INVESTMENTS (Unaudited) |

*Tax-Exempt Investments — 151.6%*

Principal Amount (000’s omitted)	Security	Value
Education
— 9.4%
$ 1,000	California Educational
Facilities Authority, (Dominican University), 5.75%, 12/1/30	$ 1,044,980
2,770	California Educational
Facilities Authority, (Lutheran University), 5.00%, 10/1/29	2,825,954
500	California Educational
Facilities Authority, (Pepperdine University), 5.00%, 11/1/29	513,230
1,850	California Educational
Facilities Authority, (Santa Clara University), 5.00%, 9/1/23	2,020,329
4,000	California Educational
Facilities Authority, (Stanford University), 5.125%, 1/1/31	4,099,120
		10,503,613
General
Obligations — 6.6%
2,250	California, 5.00%, 6/1/34	2,320,132
1,100	California, 5.25%, 4/1/30	1,156,045
3,500	California, 5.50%, 11/1/33	3,805,165
		7,281,342
Hospital
— 17.7%
2,000	California Health
Facilities Financing Authority, (Cedars-Sinai Medical Center), 6.25%, 12/1/34	2,182,840
750	California Infrastructure
and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31	790,785
450	California Statewide
Communities Development Authority, (Daughters of Charity), 5.00%, 7/1/39 (1)	452,605
1,200	California Statewide
Communities Development Authority, (Daughters of Charity), 5.25%, 7/1/30 (1)	1,234,656
1,650	California Statewide
Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32	1,732,154
1,750	California Statewide
Communities Development Authority, (Sonoma County Indian Health), 6.40%,
9/1/29	1,790,845
1,500	California Statewide
Communities Development Authority, (Sutter Health), 5.50%, 8/15/28	1,591,740

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| $ | Duarte, COP, (City of
Hope), 5.25%, 4/1/24 (2) | $ |
| --- | --- | --- |
| 1,000 | Stockton Health Facilities
Authority, (Dameron Hospital), 5.70%, 12/1/14 | 1,048,630 |
| 2,000 | Tahoe Forest Hospital
District, 5.85%, 7/1/22 | 2,065,280 |
| 2,000 | Torrance Hospital,
(Torrance Memorial Medical Center), 5.50%, 6/1/31 | 2,109,220 |
| 1,140 | Turlock, (Emanuel Medical
Center, Inc.), 5.375%, 10/15/34 | 1,170,187 |
| 2,000 | Washington Township, Health
Care District, 5.25%, 7/1/29 | 2,060,960 |
| | | 19,740,162 |
| Housing —
2.4% | | |
| 1,000 | California Statewide
Communities Development Authority, (Corporate Fund for Housing), 6.50%,
12/1/29 | 1,000,770 |
| 500 | California Statewide
Communities Development Authority, (Corporate Fund for Housing), 7.25%,
12/1/34 | 497,805 |
| 773 | Commerce, (Hermitage III
Senior Apartments), 6.50%, 12/1/29 | 711,476 |
| 441 | Commerce, (Hermitage III
Senior Apartments), 6.85%, 12/1/29 | 403,590 |
| | | 2,613,641 |
| Industrial
Development Revenue — 1.2% | | |
| 1,250 | California Pollution
Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 | 1,319,363 |
| | | 1,319,363 |
| Insured-Education
— 7.2% | | |
| 3,270 | California Educational
Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 | 3,459,398 |
| 6,510 | California Educational
Facility Authority, (Loyola Marymount University), (MBIA), 0.00%, 10/1/33 | 1,493,915 |
| 3,000 | California University,
(AMBAC), 5.00%, 11/1/33 | 3,099,210 |
| | | 8,052,523 |

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| Insured-Electric
Utilities — 11.1% — $ 3,250 | California Pollution
Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31 | $ 3,477,565 |
| --- | --- | --- |
| 2,500 | California Pollution
Control Financing Authority, PCR, (Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16 | 2,702,100 |
| 4,000 | Puerto Rico Electric Power
Authority, (FSA), Variable Rate, 8.39%, 7/1/29 (3) (4) | 4,629,480 |
| 665 | Puerto Rico Electric Power
Authority, (FSA), Variable Rate, 11.487%, 7/1/29 (3) (5) | 821,980 |
| 500 | Puerto Rico Electric Power
Authority, (MBIA), Variable Rate, 12.295%, 7/1/16 (3) (5) | 739,865 |
| | | 12,370,990 |
| Insured-Escrowed/Prerefunded
— 1.7% | | |
| 5,130 | Foothill/Eastern
Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26 | 1,903,076 |
| | | 1,903,076 |
| Insured-General
Obligations — 22.8% | | |
| 1,650 | California RITES, (AMBAC),
Variable Rate, 14.158%, 5/1/26 (3) (5) | 2,157,854 |
| 1,000 | California, (AMBAC), 4.25%,
3/1/28 (1) | 944,120 |
| 1,600 | California, (AMBAC), 5.00%,
2/1/28 | 1,734,048 |
| 3,750 | Los Angeles Unified School
District, (FGIC), 5.375%, 7/1/25 | 4,031,025 |
| 2,500 | Puerto
Rico, (FSA), Variable Rate, 16.243%, 7/1/27 (3) (5) | 3,144,775 |
| 1,600 | San Diego Unified School
District, (MBIA), Variable Rate, 12.295%, 7/1/24 (3) (5) | 2,402,992 |
| 9,635 | San Ramon Valley Unified
School District, (FGIC), 0.00%, 7/1/18 (6) | 5,269,285 |
| 3,000 | Simi Valley Unified School
District, (MBIA), 5.00%, 8/1/28 | 3,141,090 |
| 6,995 | Sweetwater, Union High
School District, (Election 2000), (FSA), 0.00%, 8/1/25 | 2,518,200 |
| | | 25,343,389 |
| Insured-Hospital
— 4.5% | | |
| 3,200 | California Statewide
Communities Development Authority, (Children’s Hospital Los Angeles), (MBIA),
5.25%, 8/15/29 (2) | 3,380,064 |
| 1,245 | California Statewide
Communities Development Authority, (Sutter Health), (FSA), Variable Rate,
13.053%, 8/15/27 (3)
(5) | 1,641,047 |
| | | 5,021,111 |

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| Insured-Lease
Revenue / Certificates of Participation — 9.9% — $ 6,500 | Anaheim Public Financing
Authority, (Public Improvements), (FSA), 0.00%, 9/1/17 | $ 3,723,070 |
| --- | --- | --- |
| 10,750 | Anaheim Public Financing
Authority, (Public Improvements), (FSA), 0.00%, 9/1/25 | 3,861,615 |
| 11,500 | Anaheim Public Financing
Authority, (Public Improvements), (FSA), 0.00%, 9/1/28 | 3,475,875 |
| | | 11,060,560 |
| Insured-Special
Tax Revenue — 1.2% | | |
| 250 | Puerto Rico Infrastructure
Financing Authority, (AMBAC), Variable Rate, 8.381%, 7/1/28 (3) (4) | 272,095 |
| 945 | Puerto Rico Infrastructure
Financing Authority, (AMBAC), Variable Rate, 10.286%, 7/1/28 (3) (5) | 1,070,279 |
| | | 1,342,374 |
| Insured-Transportation
— 17.8% | | |
| 5,000 | Alameda Corridor
Transportation Authority, (AMBAC), 0.00%, 10/1/29 | 1,419,950 |
| 8,000 | Alameda Corridor
Transportation Authority, (MBIA), 0.00%, 10/1/31 | 2,008,720 |
| 2,500 | Los Angeles County
Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30 | 2,658,625 |
| 2,515 | Puerto Rico Highway and
Transportation Authority, (AMBAC), Variable Rate, 11.774%, 7/1/28 (3) (5) | 2,849,042 |
| 1,750 | Puerto Rico Highway and
Transportation Authority, (FSA), 4.75%, 7/1/38 | 1,804,968 |
| 6,000 | San Francisco, (Bay Area
Rapid Transportation District), (FGIC), 5.50%, 7/1/34 | 6,513,060 |
| 10,000 | San Joaquin Hills
Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32 | 2,506,100 |
| | | 19,760,465 |
| Insured-Water
and Sewer — 8.1% | | |
| 2,500 | Contra Costa County, Water
District, (MBIA), 5.00%, 10/1/24 | 2,553,725 |
| 6,250 | East Bay Municipal
Utilities District Water System, (MBIA), 5.00%, 6/1/38 | 6,398,875 |
| | | 8,952,600 |
| Lease
Revenue/Certificates of Participation — 6.3% | | |
| 4,000 | Sacramento Financing
Authority, 5.40%, 11/1/20 | 4,437,280 |
| 2,500 | San Diego County,
Certificates of Participation, 5.375%, 10/1/41 | 2,600,775 |
| | | 7,038,055 |

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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 | $ 1,531,635 |
| --- | --- | --- |
| | | 1,531,635 |
| Special Tax
Revenue — 21.3% | | |
| 1,500 | Bonita Canyon Public
Facilities Financing Authority, 5.375%, 9/1/28 | 1,510,725 |
| 1,600 | Brentwood Infrastructure
Financing Authority, 6.375%, 9/2/33 | 1,648,640 |
| 1,750 | Capistrano Unified School
District, 5.75%, 9/1/29 | 1,805,965 |
| 1,665 | Corona, Public Financing
Authority, 5.80%, 9/1/20 | 1,670,811 |
| 1,000 | Corona-Norco Unified School
District Public Financing Authority, 6.125%, 9/1/31 | 1,027,200 |
| 1,590 | Fontana Redevelopment
Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,674,922 |
| 1,335 | Lincoln Public Financing
Authority, Improvement Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25 | 1,410,120 |
| 420 | Moreno Valley Unified
School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | 427,627 |
| 750 | Moreno Valley Unified School
District, (Community School District No. 2003-2), 5.90%, 9/1/29 | 763,560 |
| 750 | Murrieta Valley Unified
School District, 6.20%, 9/1/35 | 781,643 |
| 2,460 | Oakland Joint Powers
Financing Authority, 5.40%, 9/2/18 | 2,603,270 |
| 995 | Oakland Joint Powers Financing
Authority, 5.50%, 9/2/24 | 1,050,232 |
| 700 | Rancho Cucamonga Public
Financing Authority, 6.00%, 9/2/20 | 736,708 |
| 1,195 | Roseville Special Tax,
6.30%, 9/1/25 | 1,273,093 |
| 1,325 | San Pablo Redevelopment
Agency, 5.65%, 12/1/23 | 1,399,174 |
| 1,500 | Santa Margarita Water
District, 6.20%, 9/1/20 | 1,603,965 |
| 250 | Santaluz Community
Facilities District No. 2, 6.10%, 9/1/21 | 255,740 |
| 500 | Santaluz Community
Facilities District No. 2, 6.20%, 9/1/30 | 509,250 |
| 500 | Turlock Public Financing
Authority, 5.45%, 9/1/24 | 510,560 |
| 1,000 | Whittier Public Financing
Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 1,034,170 |
| | | 23,697,375 |

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| Transportation
— 1.0% — $ 1,170 | $ 1,132,876 | |
| --- | --- | --- |
| | 1,132,876 | |
| Total Tax-Exempt Investments — 151.6% (identified
cost $156,471,657) | 168,665,150 | |
| Other
Assets, Less Liabilities — 1.4% | 1,599,856 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends — (53.0)% | (59,005,577 | ) |
| Net
Assets Applicable to Common Shares — 100.0% | 111,259,429 | |

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 February 28, 2005, 55.6% 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 8.0% to 20.3% of total investments.

(1)	When-issued security.
(2)	Security (or a portion
thereof) has been segregated to cover when-issued securities.

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| (3) | 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 February 28, 2005, the aggregate value of the
securities is $19,729,409 or 17.7% of the Trust’s net assets. |
| --- | --- |
| (4) | Security has been issued as
an inverse floater bond. The stated interest rate represents the rate in
effect at February 28, 2005. |
| (5) | Security has been issued as
a leveraged inverse floater bond. The stated interest rate represents the
rate in effect at February 28, 2005. |
| (6) | Security (or a portion
thereof) has been segregated to cover margin requirements on open financial
futures contracts. |

7

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A summary of financial instruments at February 28, 2005 is as follows:

*Futures Contracts*

Expiration Date	Contracts	Position	Aggregate Cost		Value		Net Unrealized Appreciation
06/05	375 U.S. Treasury Bond	Short	$ (42,408,562	)	$ (42,128,906	)	$ 279,656

At February 28, 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 February 28, 2005, as computed on a federal income tax basis, were as follows:

| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross unrealized appreciation | $ 12,680,447 | |
| Gross unrealized depreciation | (214,170 | ) |
| Net
unrealized appreciation | $ 12,466,277 | |

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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:	April 14, 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:	April 14, 2005
By:	/s/ James L. O’Connor
	James L. O’Connor
	Treasurer and Principal Financial Officer
Date:	April 14, 2005

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