Eaton Vance California Municipal Income Trust

Regulatory Filings • May 1, 2006

N-Q 1 a06-6980_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:	February
28, 2006

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Item 1. Schedule of Investments

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Eaton Vance California Municipal Income Trust as of February 28, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments—152.9%

Principal
Amount
(000’s omitted)	Security	Value
Education — 11.5%
$ 1,000	California Educational Facilities Authority, (Dominican University),
5.75%, 12/1/30	$ 1,035,870
2,770	California Educational Facilities Authority, (Lutheran University),
5.00%, 10/1/29	2,860,690
500	California Educational Facilities Authority, (Pepperdine University),
5.00%, 11/1/29	521,575
1,850	California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23	2,040,661
4,000	California Educational Facilities Authority, (Stanford University),
5.125%, 1/1/31	4,096,280
2,500	San Diego County, Certificates of Participation, (University of San
Diego), 5.375%, 10/1/41	2,611,000
		$ 13,166,076
Electric Utility — 2.3%
2,500	Chula Vista, (AMT), 5.00%, 12/1/27	2,595,625
		$ 2,595,625
Escrowed / Prerefunded — 1.4%
960	California Statewide Communities Development Authority, (Corporate
Fund for Housing), Prerefunded to 12/1/09, 6.50%, 12/1/29	1,047,360
500	California Statewide Communities Development Authority, (Corporate
Fund for Housing), Prerefunded to 12/1/09, 7.25%, 12/1/34	558,420
		$ 1,605,780
General Obligations — 4.4%
1,100	California, 5.25%, 4/1/30	1,163,591
3,500	California, 5.50%, 11/1/33	3,868,900
		$ 5,032,491
Hospital — 22.0%
2,500	California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 11/15/34	2,556,800
850	California Health Facilities Financing Authority, Variable Rate,
6.58%, 11/15/34 (1)(2)	888,624
750	California Infrastructure and Economic Development, (Kaiser
Hospital), 5.50%, 8/1/31	792,990
4,900	California Statewide Communities Development Authority, (Huntington
Memorial Hospital), 5.00%, 7/1/35	5,054,693
1,650	California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32	1,734,694

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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 | 1,595,835 |
| 1,500 | Duarte, COP, (City of Hope), 5.25%, 4/1/24 (3) | 1,535,760 |
| 1,000 | Stockton Health Facilities Authority, (Dameron Hospital), 5.70%,
12/1/14 | 1,042,800 |
| 2,000 | Tahoe Forest Hospital District, 5.85%, 7/1/22 | 2,084,860 |
| 2,000 | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | 2,107,320 |
| 2,000 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 2,049,820 |
| 2,000 | Washington Township, Health Care District, 5.25%, 7/1/29 | 2,062,860 |
| | | $ 25,316,521 |
| Housing — 1.1% | | |
| 763 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | 815,434 |
| 436 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 460,756 |
| | | $ 1,276,190 |
| Industrial Development Revenue —
1.1% | | |
| 1,250 | California Pollution Control Financing Authority, (Mobil Oil Corp.),
(AMT), 5.50%, 12/1/29 | 1,292,012 |
| | | $ 1,292,012 |
| Insured-Education — 8.7% | | |
| 6,510 | California Educational Facilities Authority, (Loyola Marymount
University), (MBIA), 0.00%, 10/1/33 | 1,861,144 |
| 3,270 | California Educational Facilities Authority, (Pooled College and
University), (MBIA), 5.10%, 4/1/23 | 3,436,574 |
| 3,000 | California State University, (AMBAC), 5.00%, 11/1/33 | 3,119,670 |
| 1,500 | California State University, (FGIC), 4.75%, 5/15/37 | 1,529,955 |
| | | $ 9,947,343 |
| Insured-Electric Utilities — 13.8% | | |
| 3,250 | California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 | 3,458,682 |
| 2,500 | California Pollution Control Financing Authority, PCR, (Pacific Gas
and Electric), (MBIA), (AMT), 5.35%, 12/1/16 | 2,681,075 |
| 3,625 | Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37 | 3,661,794 |
| 4,000 | Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7.24%,
7/1/29 (1)(2) | 4,542,720 |
| 665 | Puerto Rico Electric Power Authority, (FSA), Variable Rate, 9.19%,
7/1/29 (1)(4) | 800,341 |
| 500 | Puerto Rico Electric Power Authority, (MBIA), Variable Rate, 9.995%,
7/1/16 (1)(4) | 712,865 |
| | | $ 15,857,477 |

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| Insured-Escrowed
/ Prerefunded — 8.6% — $ 5,130 | Foothill/Eastern
Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26 | $ 2,133,875 |
| --- | --- | --- |
| 250 | Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded
to 1/1/08, Variable Rate, 6.785%, 7/1/28 (1)(2) | 269,432 |
| 945 | Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded
to 1/1/08, Variable Rate, 8.151%, 7/1/28 (1)(4) | 1,049,678 |
| 6,000 | San Francisco, (Bay Area Rapid Transportation District), (FGIC),
Prerefunded to 7/1/09, 5.50%, 7/1/34 | 6,472,860 |
| | | $ 9,925,845 |
| Insured-General Obligations — 13.5% | | |
| 1,650 | California RITES, (AMBAC), Variable Rate, 10.473%, 5/1/26 (1)(4) | 2,063,820 |
| 1,375 | Los Angeles Unified School District, (FGIC), 5.00%, 7/1/22 | 1,477,341 |
| 2,500 | Puerto Rico, (FSA), Variable Rate, 9.36%, 7/1/27 (1)(4) | 2,979,850 |
| 1,600 | San Diego Unified School District, (MBIA), Variable Rate, 9.995%,
7/1/24 (1)(4) | 2,443,104 |
| 3,000 | Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28 | 3,165,450 |
| 7,995 | Sweetwater, Union High School District, (Election 2000), (FSA),
0.00%, 8/1/25 | 3,342,709 |
| | | $ 15,472,274 |
| Insured-Hospital — 4.3% | | |
| 3,200 | California Statewide Communities Development Authority, (Children’s
Hospital Los Angeles), (MBIA), 5.25%, 8/15/29 (3)(5) | 3,378,368 |
| 1,245 | California Statewide Communities Development Authority, (Sutter
Health), (FSA), Variable Rate, 10.753%, 8/15/27 (1)(4) | 1,530,952 |
| | | $ 4,909,320 |
| Insured-Lease Revenue /
Certificates of Participation — 11.1% | | |
| 10,750 | Anaheim Public Financing Authority, (Public Improvements), (FSA),
0.00%, 9/1/25 | 4,538,005 |
| 6,500 | Anaheim Public Financing Authority, (Public Improvements), (FSA),
0.00%, 9/1/17 | 4,016,545 |
| 11,500 | Anaheim Public Financing Authority, (Public Improvements), (FSA),
0.00%, 9/1/28 | 4,197,730 |
| | | $ 12,752,280 |
| Insured-Special Tax Revenue — 4.1% | | |
| 3,880 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%,
7/1/28 | 1,425,939 |
| 2,070 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%,
7/1/37 | 493,115 |
| 17,000 | Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/45 | 2,813,330 |
| | | $ 4,732,384 |

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| Insured-Transportation
— 14.9% — $ 5,000 | Alameda Corridor
Transportation Authority, (AMBAC), 0.00%, 10/1/29 | $ 1,728,650 |
| --- | --- | --- |
| 8,000 | Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31 | 2,498,160 |
| 2,500 | Los Angeles County Metropolitan Transportation Authority, (AMBAC),
4.50%, 7/1/32 | 2,507,450 |
| 2,500 | Los Angeles County Metropolitan Transportation Authority, (FGIC),
5.25%, 7/1/30 | 2,668,550 |
| 1,400 | Puerto Rico Highway and Transportation Authority, (AGC), 5.00%,
7/1/45 | 1,468,614 |
| 2,515 | Puerto Rico Highway and Transportation Authority, (AMBAC), Variable
Rate, 8.584%, 7/1/28 (1)(4) | 2,783,024 |
| 5 | Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%,
7/1/41 | 5,763 |
| 250 | Puerto Rico Highway and Transportation Authority, (CIFG), Variable
Rate, 9.26%, 7/1/41 (1)(4) | 364,473 |
| 10,000 | San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%,
1/15/32 | 3,100,700 |
| | | $ 17,125,384 |
| Insured-Utilities — 2.6% | | |
| 2,850 | Sacramento Municipal Utility District, (Consumnes Project), (MBIA),
4.75%, 7/1/26 | 2,962,034 |
| | | $ 2,962,034 |
| Insured-Water Revenue — 2.6% | | |
| 3,100 | San Francisco, City and County Water Revenue, (FSA), 4.25%, 11/1/33
(6) | 2,954,424 |
| | | $ 2,954,424 |
| Lease Revenue / Certificates of
Participation — 3.9% | | |
| 4,000 | Sacramento Financing Authority, 5.40%, 11/1/20 | 4,434,800 |
| | | $ 4,434,800 |
| Other Revenue — 1.4% | | |
| 1,470 | California Statewide Communities Development Authority, (East Valley
Tourist Development Authority), 8.25%, 10/1/14 (1) | 1,588,967 |
| | | $ 1,588,967 |
| Special Tax Revenue — 18.6% | | |
| 1,500 | Bonita Canyon Public Facilities Financing Authority, 5.375%, 9/1/28 | 1,515,240 |
| 1,545 | Brentwood Infrastructure Financing Authority, 6.375%, 9/2/33 | 1,593,575 |
| 1,665 | Corona, Public Financing Authority, 5.80%, 9/1/20 | 1,670,311 |
| 1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,670,772 |
| 500 | Jurupa Community Services District, (Community Facilities District
No. 16), 5.30%, 9/1/34 | 505,085 |

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| $ | Lincoln Public Financing
Authority, Improvement Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25 | $ | |
| --- | --- | --- | --- |
| 420 | Moreno Valley Unified School District, (Community School District
No. 2003-2), 5.75%, 9/1/24 | 430,038 | |
| 750 | Moreno Valley Unified School District, (Community School District
No. 2003-2), 5.90%, 9/1/29 | 768,255 | |
| 750 | Murrieta Valley Unified School District, 6.20%, 9/1/35 | 803,115 | |
| 2,460 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,580,860 | |
| 995 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 1,045,168 | |
| 700 | Rancho Cucamonga Public Financing Authority, 6.00%, 9/2/20 | 729,764 | |
| 1,195 | Roseville Special Tax, 6.30%, 9/1/25 | 1,298,726 | |
| 1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,403,109 | |
| 1,500 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,598,430 | |
| 250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 257,470 | |
| 500 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 515,620 | |
| 500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 510,355 | |
| 1,000 | Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23 | 1,041,840 | |
| | | $ 21,314,988 | |
| Transportation — 1.0% | | | |
| 1,170 | Port Redwood City, (AMT), 5.125%, 6/1/30 | 1,152,333 | |
| | | $ 1,152,333 | |
| Total Tax-Exempt Investments — 152.9% (identified cost $161,789,167) | | $ 175,414,548 | |
| Other Assets, Less Liabilities —
(1.4)% | | $ (1,634,012 | ) |
| Auction Preferred Shares Plus
Cumulative Unpaid Dividends — (51.5)% | | $ (59,018,104 | ) |
| Net Assets Applicable to Common
Shares — 100.0% | | $ 114,762,432 | |

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 February 28, 2006, 55.1% 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 0.2% to 19.8% 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 February 28, 2006, the aggregate
value of the securities is $22,017,850 or 19.2% 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 February 28, 2006. |
| (3) | Security (or a portion
thereof) has been segregated to cover when-issued securities. |
| (4) | Security has been issued
as a leveraged inverse floater bond. The stated interest rate represents the
rate in effect at February 28, 2006. |
| (5) | Security (or a portion thereof) has been segregated
to cover margin requirements on open financial futures contracts. |
| (6) | When-issued security. |

A summary of financial instruments at February 28, 2006 is as follows:

Futures Contracts

Expiration — Date	Contracts	Position	Aggregate — Cost		Value	Depreciation
06/06	357 U.S. Treasury Bond	Short	$ (42,285,416	)	$ (42,410,156	)	$ (124,740	)

At February 28, 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 February 28, 2006, as computed on a federal income tax basis, were as follows:

| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross unrealized
appreciation | $ 13,954,287 | |
| Gross unrealized
depreciation | (10,847 | ) |
| Net unrealized appreciation | $ 13,943,440 | |

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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:	April 21, 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:	April 21, 2006
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer and Principal Financial Officer
Date:	April 21, 2006

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