Eaton Vance California Municipal Income Trust

Regulatory Filings • Oct 30, 2006

N-Q 1 a06-20586_1nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

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,
2006

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Item 1. Schedule of Investments

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Eaton Vance California Municipal Income Trust as of August 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

*Tax-Exempt Investments — 149.4%*

Principal
Amount
(000’s omitted)	Security	Value
Education
— 11.4%
$ 1,000	California Educational
Facilities Authority, (Dominican University), 5.75%, 12/1/30	$ 1,034,460
2,770	California Educational Facilities
Authority, (Lutheran University), 5.00%, 10/1/29	2,856,258
500	California Educational
Facilities Authority, (Pepperdine University), 5.00%, 11/1/29	517,755
1,850	California Educational
Facilities Authority, (Santa Clara University), 5.00%, 9/1/23	2,024,991
4,000	California Educational
Facilities Authority, (Stanford University), 5.125%, 1/1/31	4,078,960
2,500	San Diego County,
Certificates of Participation, (University of San Diego), 5.375%, 10/1/41	2,591,750
		$ 13,104,174
Electric
Utilities — 2.2%
2,500	Chula Vista, (San Diego
Gas), (AMT), 5.00%, 12/1/27	2,592,450
		$ 2,592,450
Escrowed
/ Prerefunded — 1.5%
1,590	Tahoe Forest, Hospital
District, Prerefunded to 7/1/09, 5.85%, 7/1/22	1,714,879
		$ 1,714,879
General
Obligations — 4.3%
1,100	California, 5.25%,
4/1/30	1,153,284
3,500	California, 5.50%,
11/1/33	3,826,410
		$ 4,979,694
Hospital
— 25.7%
4,200	California Health
Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%,
11/15/34	4,307,520
750	California
Infrastructure and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31	791,160
3,900	California Statewide
Communities Development Authority, (Huntington Memorial Hospital), 5.00%,
7/1/35	4,001,985
1,750	California Statewide
Communities Development Authority, (John Muir Health), 5.00%, 8/15/36	1,799,035
850	California Statewide
Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41	870,145
3,100	California Statewide
Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45	3,240,306
1,650	California Statewide
Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32	1,731,180

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| $ | California Statewide
Communities Development Authority, (Sonoma County Indian Health), 6.40%,
9/1/29 | $ |
| --- | --- | --- |
| 1,500 | California Statewide
Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | 1,610,025 |
| 1,500 | Duarte, COP, (City of
Hope), 5.25%, 4/1/24 | 1,541,385 |
| 1,000 | Stockton, Health
Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 | 1,036,830 |
| 410 | Tahoe Forest, Hospital
District, 5.85%, 7/1/22 | 435,260 |
| 2,000 | Torrance Hospital,
(Torrance Memorial Medical Center), 5.50%, 6/1/31 | 2,101,740 |
| 2,000 | Turlock, (Emanuel
Medical Center, Inc.), 5.375%, 10/15/34 | 2,087,000 |
| 2,000 | Washington Township
Health Care District, 5.25%, 7/1/29 | 2,053,500 |
| | | $ 29,451,571 |
| Housing
— 1.1% | | |
| 758 | Commerce (Hermitage III
Senior Apartments), 6.50%, 12/1/29 | 805,134 |
| 434 | Commerce (Hermitage III
Senior Apartments), 6.85%, 12/1/29 | 455,565 |
| | | $ 1,260,699 |
| Industrial
Development Revenue — 1.1% | | |
| 1,250 | California Pollution
Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 | 1,280,200 |
| | | $ 1,280,200 |
| Insured-Education
— 7.3% | | |
| 6,510 | California Educational
Facilities Authority, (Loyola Marymount University), (MBIA), 0.00%, 10/1/33 | 1,830,482 |
| 3,270 | California Educational
Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 | 3,395,862 |
| 3,000 | California State
University, (AMBAC), 5.00%, 11/1/33 | 3,110,040 |
| | | $ 8,336,384 |
| Insured-Electric
Utilities — 13.7% | | |
| 3,250 | California Pollution
Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31 | 3,433,170 |
| 2,500 | California Pollution
Control Financing Authority, PCR, (Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16 | 2,676,875 |
| 3,625 | Los Angeles, Department
of Water and Power, Power System Revenues, (FSA), 4.625%, 7/1/37 | 3,661,467 |
| 4,000 | Puerto Rico Electric
Power Authority, (FSA), Variable Rate, 6.86%, 7/1/29(1)(2) | 4,449,640 |
| 665 | Puerto Rico Electric
Power Authority, (FSA), Variable Rate, 8.40%, 7/1/29 (1)(3) | 777,132 |
| 500 | Puerto Rico Electric
Power Authority, (MBIA), Variable Rate, 9.235%, 7/1/16 (1)(3) | 703,565 |
| | | $ 15,701,849 |

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| Insured-Escrowed/Prerefunded
— 10.0% — $ 5,000 | California
Infrastructure and Economic Development, (Bay Area Toll Bridges), Prerefunded
to 1/1/28, (FGIC), 5.00%, 7/1/29 | $ 5,571,000 |
| --- | --- | --- |
| 5,130 | Foothill/Eastern, Transportation
Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26 | 2,165,937 |
| 2,500 | Los Angeles County,
Metropolitan Transportation Authority, (FGIC), Prerefunded to 7/1/10, 5.25%,
7/1/30 | 2,681,625 |
| 945 | Puerto Rico
Infrastructure Financing Authority, Prerefunded to 1/1/08, (AMBAC), Variable
Rate, 7.445%, 7/1/28 (1)(3) | 1,022,944 |
| | | $ 11,441,506 |
| Insured-General
Obligations — 14.4% | | |
| 1,650 | California RITES,
(AMBAC), Variable Rate, 8.489%, 5/1/26 (1)(3) | 1,985,131 |
| 7,000 | Coast Community College
District, (Election of 2002), (FSA), 0.00%, 8/1/34 | 1,620,990 |
| 4,825 | Coast Community College
District, (FSA), 0.00%, 8/1/35 | 1,055,517 |
| 2,500 | Puerto Rico, (FSA),
Variable Rate, 6.32%, 7/1/27 (1)(3) | 2,948,475 |
| 1,600 | San Diego Unified School
District, (MBIA), Variable Rate, 9.235%, 7/1/24 (1)(3) | 2,407,248 |
| 3,000 | Simi Valley, Unified
School District, (MBIA), 5.00%, 8/1/28 | 3,157,020 |
| 7,995 | Sweetwater, Union High
School District, (Election 2000), (FSA), 0.00%, 8/1/25 | 3,413,545 |
| | | $ 16,587,926 |
| Insured-Hospital
— 4.2% | | |
| 3,200 | California Statewide
Communities Development Authority, (Children’s Hospital Los Angeles), (MBIA),
5.25%, 8/15/29 (4) | 3,343,424 |
| 1,245 | California Statewide
Communities Development Authority, (Sutter Health), (FSA), Variable Rate,
9.993%, 8/15/27 (1)(3) | 1,480,143 |
| | | $ 4,823,567 |
| Insured-Lease
Revenue / Certificates of Participation — 9.5% | | |
| 10,750 | Anaheim, Public
Financing Authority Lease Revenue, (Public Improvements), (FSA), 0.00%,
9/1/25 | 4,572,620 |
| 6,500 | Anaheim, Public
Financing Authority Lease Revenue, (Public Improvements), (FSA), 0.00%,
9/1/17 | 4,114,760 |
| 6,000 | Anaheim, Public
Financing Authority Lease Revenue, (Public Improvements), (FSA), 0.00%,
9/1/28 | 2,188,140 |
| | | $ 10,875,520 |

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| Insured-Special
Tax Revenue — 4.2% — $ 3,880 | Puerto Rico
Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28 | $ 1,449,801 |
| --- | --- | --- |
| 2,070 | Puerto Rico
Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37 | 500,919 |
| 17,000 | Puerto Rico
Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/45 | 2,823,190 |
| | | $ 4,773,910 |
| Insured-Transportation
— 10.3% | | |
| 5,000 | Alameda Corridor
Transportation Authority, (AMBAC), 0.00%, 10/1/29 | 1,718,750 |
| 8,000 | Alameda Corridor
Transportation Authority, (MBIA), 0.00%, 10/1/31 | 2,482,480 |
| 1,400 | Puerto Rico Highway and
Transportation Authority, (AGC), 5.00%, 7/1/45 | 1,461,894 |
| 2,515 | Puerto Rico Highway and
Transportation Authority, (AMBAC), Variable Rate, 6.617%, 7/1/28 (1)(3) | 2,724,977 |
| 250 | Puerto Rico Highway and
Transportation Authority, RITES, (CIFG), Variable Rate, 7.431%, 7/1/41 (1)(3)(5) | 362,290 |
| 10,000 | San Joaquin Hills,
Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32 | 3,046,400 |
| | | $ 11,796,791 |
| Insured-Water
and Sewer — 3.0% | | |
| 4,400 | Los Angeles, Department
of Water and Power, Water Revenue, (MBIA), 3.00%, 7/1/30 | 3,400,452 |
| | | $ 3,400,452 |
| Insured-Water
Revenue — 2.6% | | |
| 3,100 | San Francisco City and
County Public Utilities Commission, (FSA), 4.25%, 11/1/33 | 2,990,818 |
| | | $ 2,990,818 |
| Lease
Revenue/Certificates of Participation — 3.8% | | |
| 4,000 | Sacramento, City
Financing Authority, 5.40%, 11/1/20 | 4,399,440 |
| | | $ 4,399,440 |
| Other
Revenue — 1.4% | | |
| 1,470 | California Statewide
Communities Development Authority, (East Valley Tourist Development
Authority), 8.25%, 10/1/14 (1) | 1,578,560 |
| | | $ 1,578,560 |
| Special
Tax Revenue — 16.7% | | |
| 1,500 | Bonita Canyon Public
Financing Authority, 5.375%, 9/1/28 | 1,518,615 |
| 1,545 | Brentwood Infrastructure
Financing Authority, 6.375%, 9/2/33 | 1,592,741 |
| 1,665 | Corona Public Financing
Authority, 5.80%, 9/1/20 | 1,671,294 |
| 1,590 | Fontana Redevelopment
Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,661,709 |

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| $ | Jurupa Community
Services District, (Community Facilities District No. 16), 5.30%, 9/1/34 | $ | |
| --- | --- | --- | --- |
| 1,305 | Lincoln Public Financing
Authority, Improvement Bond Act 1915, (Twelve Bridges), 6.20%, 9/2/25 | 1,375,496 | |
| 420 | Moreno Valley, Unified
School District, (Community School District No. 2003-2), 5.75%,
9/1/24 | 430,097 | |
| 750 | Moreno Valley, Unified
School District, (Community School District No. 2003-2), 5.90%,
9/1/29 | 768,398 | |
| 2,460 | Oakland Joint Powers
Financing Authority, 5.40%, 9/2/18 | 2,568,978 | |
| 995 | Oakland Joint Powers
Financing Authority, 5.50%, 9/2/24 | 1,039,845 | |
| 700 | Rancho Cucamonga Public
Financing Authority, 6.00%, 9/2/20 | 732,865 | |
| 1,325 | San Pablo, Redevelopment
Agency, 5.65%, 12/1/23 | 1,394,125 | |
| 1,500 | Santa Margarita Water
District, 6.20%, 9/1/20 | 1,607,970 | |
| 500 | Santaluz Community
Facilities District No. 2, 6.20%, 9/1/30 | 509,725 | |
| 250 | Santaluz Community,
Facilities District No. 2, 6.10%, 9/1/21 | 254,635 | |
| 500 | Turlock, Public
Financing Authority, 5.45%, 9/1/24 | 515,530 | |
| 1,000 | Whittier Public
Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 1,040,430 | |
| | | $ 19,190,483 | |
| Transportation
— 1.0% | | | |
| 1,170 | Port of Redwood City,
(AMT), 5.125%, 6/1/30 | 1,186,134 | |
| | | $ 1,186,134 | |
| Total Tax-Exempt Investments —
149.4% (identified cost $159,791,871) | | $ 171,467,007 | |
| Other Assets, Less Liabilities — 2.0% | | $ 2,314,464 | |
| Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (51.4)% | | $ (59,032,791 | ) |
| Net
Assets Applicable to Common Shares — 100.0% | | $ 114,748,680 | |

AGC	—	Assured Guaranty 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.
CIFG	—	CDC IXIS Financial Guaranty North America, Inc.
FGIC	—	Financial Guaranty Insurance Company
FSA	—	Financial Security Assurance, Inc.
MBIA	—	Municipal Bond Insurance Association

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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, 2006, 52.9% 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 ranged from 0.2% to 20.7% 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, 2006, the aggregate value
of the securities is $20,440,105 or 17.8% of the Trust’s net assets
applicable to common shares. |
| --- | --- |
| (2) | Security has been issued as an inverse floater bond.
The stated interest rate represents the rate in effect at August 31,
2006. |
| (3) | Security has been issued as a leveraged inverse
floater bond. The stated interest rate represents the rate in effect at
August 31, 2006. |
| (4) | Security (or a portion thereof) has been segregated
to cover margin requirements on open financial futures contracts. |
| (5) | Security is subject to a shortfall agreement which
may require the Fund to pay amounts to a counterparty in the event of a
significant decline in the market value of the security. |

A summary of financial instruments at August 31, 2006 is as follows:

Futures Contracts

Expiration			Aggregate			Unrealized
Date	Contracts	Position	Cost		Value	Depreciation
12/06	275 U.S. Treasury Bond	Short	$ (30,440,042	)	$ (30,542,187	)	$ (102,145	)

At August 31, 2006, 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, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 12,018,022
Gross unrealized
depreciation	(21,455	)
Net unrealized appreciation	$ 11,996,567

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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/ Cynthia J. Clemson
	Cynthia J. Clemson
	President and Principal Executive Officer
Date:	October 23, 2006

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/ Cynthia J. Clemson
	Cynthia J. Clemson
	President and Principal Executive Officer
Date:	October 23, 2006
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer and Principal Financial Officer
Date:	October 23, 2006

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