Eaton Vance California Municipal Income Trust

Regulatory Filings • Oct 30, 2007

N-Q 1 a07-23522_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,
2007

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Item 1. Schedule of Investments

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Eaton Vance California Municipal Income Trust as of August 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 160.1%

Principal
Amount
(000’s omitted)	Security	Value
Education —
11.8%
$ 1,000	California Educational
Facilities Authority, (Dominican University), 5.75%, 12/1/30	$ 1,034,490
2,770	California Educational
Facilities Authority, (Lutheran University), 5.00%, 10/1/29	2,665,959
500	California Educational
Facilities Authority, (Pepperdine University), 5.00%, 11/1/29	505,960
1,850	California Educational
Facilities Authority, (Santa Clara University), 5.00%, 9/1/23	1,949,289
4,000	California Educational
Facilities Authority, (Stanford University), 5.125%, 1/1/31	4,018,400
2,500	San Diego County,
Certificates of Participation, (University of San Diego), 5.375%, 10/1/41	2,537,350
		$ 12,711,448
Electric
Utilities — 3.4%
$ 2,500	Chula Vista, (San Diego
Gas), (AMT), 5.00%, 12/1/27	$ 2,465,350
300	Puerto Rico Electric
Power Authority, DRIVERS, Variable Rate, 6.73%, 7/1/25 (1)(2)	314,982
900	Puerto Rico Electric
Power Authority, DRIVERS, Variable Rate, 6.73%, 7/1/37 (1)(2)	896,697
		$ 3,677,029
Escrowed
/ Prerefunded — 2.0%
$ 405	Santa Margarita Water
District, Prerefunded to 7/1/09, 6.20%, 9/1/20	$ 432,564
1,590	Tahoe Forest Hospital
District, Prerefunded to 7/1/09, 5.85%, 7/1/22	1,680,137
		$ 2,112,701
General
Obligations — 7.8%
$ 3,500	California, 5.50%,
11/1/33	$ 3,664,360
4,790	San Francisco Bay Area
Rapid Transit District (Election of 2004), 4.75%, 8/1/37	4,755,752
		$ 8,420,112
Hospital —
28.9%
$ 4,200	California Health
Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%,
11/15/34	$ 4,178,034
750	California
Infrastructure and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31	765,315
3,900	California Statewide Communities Development Authority, (Huntington
Memorial Hospital), 5.00%, 7/1/35	3,810,885

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| $ | California Statewide Communities Development
Authority, (John Muir Health), 5.00%, 8/15/36 | $ |
| --- | --- | --- |
| 850 | California Statewide
Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41 | 821,202 |
| 3,100 | California Statewide
Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45 | 3,105,270 |
| 1,650 | California Statewide
Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 | 1,679,139 |
| 1,750 | California Statewide
Communities Development Authority, (Sonoma County Indian Health), 6.40%,
9/1/29 | 1,800,120 |
| 1,500 | California Statewide
Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | 1,558,575 |
| 1,500 | Duarte, Hope National
Medical Center, (City of Hope), 5.25%, 4/1/24 | 1,511,610 |
| 1,000 | Stockton Health
Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 | 1,020,760 |
| 410 | Tahoe Forest Hospital
District, 5.85%, 7/1/22 | 415,949 |
| 2,000 | Torrance Hospital,
(Torrance Memorial Medical Center), 5.50%, 6/1/31 | 2,033,620 |
| 2,000 | Turlock, (Emanuel
Medical Center, Inc.), 5.375%, 10/15/34 | 1,980,140 |
| 2,780 | Washington Township
Health Care District, 5.00%, 7/1/32 | 2,689,594 |
| 2,000 | Washington Township
Health Care District, 5.25%, 7/1/29 | 2,004,320 |
| | | $ 31,083,915 |
| Housing —
1.1% | | |
| $ 747 | Commerce (Hermitage III
Senior Apartments), 6.50%, 12/1/29 | $ 780,668 |
| 431 | Commerce (Hermitage III
Senior Apartments), 6.85%, 12/1/29 | 446,469 |
| | | $ 1,227,137 |
| Industrial
Development Revenue — 2.1% | | |
| $ 2,500 | California Statewide
Communities Development Authority, (Anheuser Busch Project), 4.80%, 9/1/46 | $ 2,221,625 |
| | | $ 2,221,625 |
| Insured-Education —
5.9% | | |
| $ 3,270 | California Educational
Facilities Authority, (Pooled College and University), (MBIA), 5.10%,
4/1/23 | $ 3,337,951 |
| 3,000 | California State
University, (AMBAC), 5.00%, 11/1/33 | 3,032,430 |
| | | $ 6,370,381 |
| Insured-Electric
Utilities — 9.5% | | |
| $ 3,250 | California Pollution
Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31 | $ 3,364,692 |
| 2,500 | California Pollution Control Financing Authority, PCR, (Pacific Gas
and Electric), (MBIA), (AMT), 5.35%, 12/1/16 | 2,627,075 |

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| $ | Los Angeles Department of Water and Power, Power
System Revenues, (FSA), 4.625%, 7/1/37 | $ |
| --- | --- | --- |
| 500 | Puerto Rico Electric
Power Authority, (MBIA), Variable Rate, 8.135%, 7/1/16 (1)(2) | 671,280 |
| | | $ 10,173,787 |
| Insured-Escrowed/Prerefunded — 6.4% | | |
| $ 5,130 | Foothill/Eastern
Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26 | $ 2,130,899 |
| 2,500 | Los Angeles County
Metropolitan Transportation Authority, (FGIC), Prerefunded to 7/1/10, 5.25%,
7/1/30 | 2,636,450 |
| 1,995 | Puerto Rico Electric
Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29 (3) | 2,101,686 |
| | | $ 6,869,035 |
| Insured-General
Obligations — 18.5% | | |
| $ 1,650 | California, RITES, (AMBAC),
Variable Rate, 6.615%, 5/1/26 (1)(2) | $ 1,952,461 |
| 4,000 | California, (CIFG), 4.50%,
12/1/36 | 3,668,240 |
| 7,000 | Coast Community College
District, (Election of 2002), (FSA), 0.00%, 8/1/34 | 1,643,390 |
| 4,825 | Coast Community College
District, (FSA), 0.00%, 8/1/35 | 1,070,233 |
| 2,500 | Puerto Rico, (FSA),
Variable Rate, 7.642%, 7/1/27 (1)(2) | 2,876,400 |
| 4,800 | San Diego Unified School
District, (MBIA), 5.50%, 7/1/24 (3) | 5,365,056 |
| 7,995 | Sweetwater Union High
School District, (Election 2000), (FSA), 0.00%, 8/1/25 | 3,364,296 |
| | | $ 19,940,076 |
| Insured-Hospital —
6.7% | | |
| $ 3,200 | California Statewide
Communities Development Authority, (Children’s Hospital Los Angeles),
(MBIA), 5.25%, 8/15/29 (4) | $ 3,289,760 |
| 3,735 | California Statewide
Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27 (3) | 3,887,674 |
| | | $ 7,177,434 |
| Insured-Lease
Revenue / Certificates of Participation — 8.0% | | |
| $ 6,500 | Anaheim Public Financing
Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17 (5) | $ 4,186,975 |
| 10,750 | Anaheim Public Financing
Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/25 | 4,395,997 |
| | | $ 8,582,972 |
| Insured-Special
Tax Revenue — 4.4% | | |
| $ 24,800 | Puerto Rico Sales Tax
Financing, (AMBAC), 0.00%, 8/1/54 | $ 2,190,336 |
| 4,225 | Puerto Rico Sales Tax
Financing, (MBIA), 0.00%, 8/1/44 | 639,581 |
| 8,380 | Puerto Rico Sales Tax
Financing, (MBIA), 0.00%, 8/1/45 | 1,204,876 |
| 5,270 | Puerto Rico Sales Tax
Financing, (MBIA), 0.00%, 8/1/46 | 719,408 |
| | | $ 4,754,201 |

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| Insured-Transportation — 8.7% — $ 5,000 | Alameda Corridor
Transportation Authority, (AMBAC), 0.00%, 10/1/29 | $ 1,662,100 |
| --- | --- | --- |
| 8,000 | Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31 | 2,395,600 |
| 750 | Puerto Rico Highway and Transportation Authority,
(CIFG), 5.25%, 7/1/41 (3) | 812,908 |
| 1,500 | San Francisco City and County Airports Commission,
(FGIC), (AMT), Variable Rate, 6.612%, 5/1/30 (1)(2) | 1,507,920 |
| 10,000 | San Joaquin Hills Transportation Corridor Agency,
(MBIA), 0.00%, 1/15/32 | 2,944,500 |
| | | $ 9,323,028 |
| Insured-Water and Sewer — 2.2% | | |
| $ 2,700 | Calleguas Las Virgenes Public Financing Authority
(Municipal Water District), (MBIA), 4.25%, 7/1/32 | $ 2,410,128 |
| | | $ 2,410,128 |
| Insured-Water Revenue — 5.3% | | |
| $ 4,400 | Los Angeles, Department of Water and Power, Water
Revenue (MBIA), 3.00%, 7/1/30 | $ 3,290,892 |
| 2,710 | San Francisco City and County Public Utilities
Commission, (FSA), 4.25%, 11/1/33 | 2,460,924 |
| | | $ 5,751,816 |
| Lease Revenue/Certificates of
Participation — 4.1% | | |
| $ 4,000 | Sacramento City Financing Authority, 5.40%, 11/1/20 | $ 4,377,000 |
| | | $ 4,377,000 |
| Other Revenue — 3.6% | | |
| $ 385 | California Infrastructure & Economic Development
Bank, (Performing Arts Center of Los Angeles County), 5.00%, 12/1/32 | $ 384,750 |
| 580 | California Infrastructure & Economic Development
Bank, (Performing Arts Center of Los Angeles County), 5.00%, 12/1/37 | 575,928 |
| 3,350 | Golden State Tobacco Securitization Corp., 5.125%,
6/1/47 | 2,969,474 |
| | | $ 3,930,152 |
| Senior Living / Life Care — 0.7% | | |
| $ 175 | California Statewide Communities Development
Authority, (Presbyterian Senior Living), 4.75%, 11/15/26 | $ 159,250 |
| 700 | California Statewide Communities Development
Authority, (Presbyterian Senior Living), 4.875%, 11/15/36 | 631,554 |
| | | $ 790,804 |
| Special Tax Revenue — 17.9% | | |
| $ 1,500 | Bonita Canyon Public Financing Authority, 5.375%,
9/1/28 | $ 1,474,065 |
| 285 | Brentwood Infrastructure Financing Authority, 5.00%,
9/2/26 | 274,013 |
| 460 | Brentwood Infrastructure
Financing Authority, 5.00%, 9/2/34 | 426,323 |

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| $ | Corona Public Financing
Authority, 5.80%, 9/1/20 | $ | |
| --- | --- | --- | --- |
| 200 | Eastern California
Municipal Water District, Special Tax Revenue, District No. 2004-27
Cottonwood, 5.00%, 9/1/27 | 189,236 | |
| 500 | Eastern California
Municipal Water District, Special Tax Revenue, District No. 2004-27
Cottonwood, 5.00%, 9/1/36 | 464,310 | |
| 1,590 | Fontana Redevelopment
Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,631,563 | |
| 500 | Jurupa Community
Services District, (Community Facilities District No. 16), 5.30%, 9/1/34 | 477,570 | |
| 1,305 | Lincoln Public Financing
Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 | 1,346,342 | |
| 420 | Moreno Valley Unified
School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | 427,262 | |
| 750 | Moreno Valley Unified
School District, (Community School District No. 2003-2), 5.90%, 9/1/29 | 762,120 | |
| 2,450 | Oakland Joint Powers
Financing Authority, 5.40%, 9/2/18 | 2,524,554 | |
| 995 | Oakland Joint Powers
Financing Authority, 5.50%, 9/2/24 | 1,024,462 | |
| 640 | Rancho Cucamonga Public
Financing Authority, 6.00%, 9/2/20 | 658,170 | |
| 1,325 | San Pablo Redevelopment
Agency, 5.65%, 12/1/23 | 1,376,344 | |
| 1,095 | Santa Margarita Water
District, 6.20%, 9/1/20 | 1,136,774 | |
| 250 | Santaluz Community
Facilities District No. 2, 6.10%, 9/1/21 | 251,143 | |
| 500 | Santaluz Community
Facilities District No. 2, 6.20%, 9/1/30 | 501,870 | |
| 250 | Temecula Unified School
District, 5.00%, 9/1/27 | 236,545 | |
| 400 | Temecula Unified School
District, 5.00%, 9/1/37 | 371,052 | |
| 500 | Turlock Public Financing
Authority, 5.45%, 9/1/24 | 503,835 | |
| 500 | Tustin Community
Facilities District, 6.00%, 9/1/37 (6) | 510,360 | |
| 1,000 | Whittier Public
Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | 1,012,680 | |
| | | $ 19,249,606 | |
| Transportation —
1.1% | | | |
| $ 1,170 | Port of Redwood City,
(AMT), 5.125%, 6/1/30 | $ 1,144,529 | |
| | | $ 1,144,529 | |
| Total
Tax-Exempt Investments — 160.1% (identified cost $169,714,937) | | $ 172,298,916 | |
| Other
Assets, Less Liabilities — (5.3)% | | $ (5,678,029 | ) |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends — (54.8)% | | $ (59,000,000 | ) |
| Net Assets Applicable to Common
Shares — 100.0% | | $ 107,620,887 | |

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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.
DRIVERS	—	Derivative Inverse Tax-Exempt Receipts
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, 2007, 47.2% 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 2.4% to 18.7% 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, 2007, the aggregate value of the securities is $6,267,279
or 5.8% of the Trust’s net assets applicable to common shares. |
| --- | --- |
| (2) | Security has been issued as a leveraged inverse
floater bond. The stated interest rate represents the rate in effect at
August 31, 2007. |
| (3) | Security represents the underlying municipal
obligation of an inverse floating rate obligation held by the Trust. |
| (4) | Security (or a portion thereof) has been segregated
to cover margin requirements on open financial futures contracts. |
| (5) | Security (or a portion thereof) has been segregated
to cover when-issued securities. |
| (6) | When-issued security. |

A summary of financial instruments at August 31, 2007 is as follows:

Futures Contracts

Expiration — Date	Contracts	Position	Aggregate — Cost		Value	Appreciation
12/07	71 U.S. Treasury Bond	Short	$ (7,937,885	)	$ (7,920,938	)	$ 16,947

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Interest Rate Swaps

| Counterparty — Citibank, N.A. | Notional Amount — $ 2,575,000 | 5.732 % | Floating Rate Paid To Trust — 3
month | Effective Date/ Termination Date — May 16,
2008/ | $ (103,328 | ) |
| --- | --- | --- | --- | --- | --- | --- |
| | | | USD-LIBOR-BBA | May 16,
2038 | | |
| Lehman Brothers,
Inc. | $ 4,250,000 | 5.503 % | 3
month USD-LIBOR-BBA | September
28, 2008/ September 28, 2038 | $ (24,208 | ) |
| Merrill Lynch Capital Services, Inc. | $ 6,825,000 | 5.817 % | 3
month USD-LIBOR-BBA | April 1,
2008/ April 1, 2038 | $ (375,329 | ) |
| | | | | | $ (502,865 | ) |

The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.

At August 31, 2007, 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, 2007, as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 5,493,163
Gross unrealized
depreciation	(2,565,613	)
Net unrealized appreciation	$ 2,927,550

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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 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 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, 2007

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, 2007

By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer and Principal Financial Officer
Date:	October 23, 2007

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