Eaton Vance California Municipal Income Trust

Regulatory Filings • Oct 29, 2009

N-Q 1 b77756a1nvq.htm EATON VANCE CA MUNI INCOME TRUST Eaton Vance CA Muni Income Trust PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH XBRL Pagebreak End callerid=999 iwidth=540 length=0 callerid=999 iwidth=540 length=0

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-09157

Investment Company Act File Number

Eaton Vance California Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

November 30

Date of Fiscal Year End

August 31, 2009

Date of Reporting Period

callerid=999 iwidth=540 length=0 callerid=999 iwidth=540 length=0 XBRL Pagebreak Begin

END PAGE WIDTH PAGEBREAK

BEGIN PAGE WIDTH XBRL Pagebreak End TOC

TABLE OF CONTENTS

Item 2. Controls and Procedures
Signatures
EX-99.CERT Section 302 Certification

/TOC

Table of Contents

link2 "Item 1. Schedule of Investments"

Item 1. Schedule of Investments

XBRL Pagebreak Begin

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH

Eaton Vance California Municipal Income Trust as of August 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 178.0%

Principal
Amount
(000’s omitted)	Security	Value
Education — 14.9%
$ 2,000	California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39	$ 2,016,200
2,770	California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29	2,416,880
500	California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29	503,640
1,350	California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23	1,441,287
4,000	California Educational Facilities Authority, (Stanford
University),
5.125%, 1/1/31 (1)	4,003,840
2,500	San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41	2,449,700
		$ 12,831,547
Electric Utilities — 4.2%
$ 270	Chula Vista, (San Diego Gas), 5.875%, 2/15/34	$ 277,741
2,275	Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27	2,033,804
1,300	Vernon, Electric System Revenue, 5.125%, 8/1/21	1,300,338
		$ 3,611,883
General Obligations — 11.9%
$ 750	California, 6.00%, 4/1/38	$ 793,635
1,590	California, (AMT), 5.05%, 12/1/36	1,365,635
4,770	San Francisco Bay Area Rapid Transit District, (Election of
2004),
4.75%, 8/1/37 (2)	4,763,513
3,180	Santa Clara County, (Election of 2008),
5.00%, 8/1/39 (2)	3,270,057
		$ 10,192,840
Health Care-Miscellaneous — 0.3%
$ 300	Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37	$ 250,083
		$ 250,083
Hospital — 31.3%
$ 1,000	California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32	$ 974,210
2,375	California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 11/15/34	2,136,312
1,500	California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38	1,633,995
3,480	California Health Facilities Financing Authority, (Sutter
Health),
5.25%, 11/15/46 (2)	3,141,048
750	California Infrastructure and Economic Development Bank, (Kaiser
Hospital), 5.50%, 8/1/31	745,238
3,000	California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35	2,559,510
1,150	California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/34	1,006,158
1,750	California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36	1,519,648
1,565	California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32	1,556,752
1,750	California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29	1,652,227
1,500	California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28	1,502,385
1,200	Duarte, (Hope National Medical Center), 5.25%, 4/1/24	1,142,376
410	Tahoe Forest Hospital District, 5.85%, 7/1/22	395,281
1,900	Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31	1,895,041
1,250	Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34	936,200
2,000	Washington Health Care Facilities Authority, (Providence Health
Care), 5.25%, 7/1/29	1,786,760
2,780	Washington Township Health Care District, 5.00%, 7/1/32	2,327,611
		$ 26,910,752
Housing — 2.6%
$ 1,750	California Housing Finance Agency, (AMT), 4.75%, 8/1/42	$ 1,284,308
722	Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29	583,020
421	Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29	336,930
		$ 2,204,258

1

callerid=999 iwidth=456 length=0

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH

Principal
Amount
(000’s omitted)	Security	Value
Industrial Development Revenue — 4.0%
$ 800	California Pollution Control Financing Authority,
(Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27	$ 800,376
1,235	California Pollution Control Financing Authority, (Waste
Management, Inc.), (AMT), 5.125%, 11/1/23	1,153,416
2,000	California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46	1,467,580
		$ 3,421,372
Insured-Education — 7.9%
$ 495	California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35	$ 497,866
3,270	California Educational Facilities Authority, (Pooled College and
University), (NPFG), 5.10%, 4/1/23	3,279,712
3,000	California State University, (AMBAC), 5.00%, 11/1/33	3,005,010
		$ 6,782,588
Insured-Electric Utilities — 10.1%
$ 2,500	California Pollution Control Financing Authority, (Pacific Gas
and Electric), (NPFG), (AMT), 5.35%, 12/1/16	$ 2,529,825
3,250	California Pollution Control Financing Authority, (Southern
California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31	2,969,135
3,360	Los Angeles Department of Water and Power, (FSA),
4.625%, 7/1/37	3,190,891
		$ 8,689,851
Insured-Escrowed/Prerefunded — 2.9%
$ 5,130	Foothill/Eastern Transportation Corridor Agency, (FSA),
(RADIAN), Escrowed to Maturity, 0.00%, 1/1/26	$ 2,495,899
		$ 2,495,899
Insured-General Obligations — 6.6%
$ 7,000	Coast Community College District, (Election of 2002), (FSA),
0.00%, 8/1/34	$ 1,515,640
4,825	Coast Community College District, (Election of 2002), (FSA),
0.00%, 8/1/35	985,699
7,995	Sweetwater Union High School District, (Election of 2000),
(FSA), 0.00%, 8/1/25	3,218,068
		$ 5,719,407
Insured-Hospital — 18.3%
$ 3,100	California Health Facilities Financing Authority, (Kaiser
Permanente), (BHAC), 5.00%, 4/1/37	$ 3,138,006
3,200	California Statewide Communities Development Authority,
(Children’s Hospital Los Angeles), (NPFG),
5.25%, 8/15/29	3,025,920
750	California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41 (2)	754,132
5,000	California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC),
5.00%, 11/15/38 (2)	5,021,850
3,735	California Statewide Communities Development Authority, (Sutter
Health), (FSA),
5.75%, 8/15/27 (2)	3,777,044
		$ 15,716,952
Insured-Lease Revenue/Certificates of
Participation — 11.7%
$ 6,205	Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/17	$ 4,264,572
2,000	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27	2,309,880
3,500	San Diego County Water Authority, (FSA),
5.00%, 5/1/38 (2)	3,529,155
		$ 10,103,607
Insured-Other Revenue — 2.0%
$ 1,855	Golden State Tobacco Securitization Corp., (AGC), (FGIC),
5.00%, 6/1/38	$ 1,744,553
		$ 1,744,553
Insured-Special Tax Revenue — 4.4%
$ 24,800	Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	$ 1,363,256
4,225	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44	481,481
8,380	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	894,565

2

callerid=999 iwidth=456 length=0

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH

Principal
Amount
(000’s omitted)	Security	Value
$ 5,270	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46	$ 525,208
480	Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28	523,671
		$ 3,788,181
Insured-Transportation — 9.7%
$ 5,000	Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29	$ 1,180,100
8,000	Alameda Corridor Transportation Authority, (NPFG),
0.00%, 10/1/31	1,956,480
740	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (2)	769,278
10,000	San Joaquin Hills Transportation Corridor Agency, (NPFG),
0.00%, 1/15/32	1,806,800
1,320	San Jose Airport Revenue, (AMBAC), (BHAC), (FSA), (AMT),
5.00%, 3/1/37	1,246,608
1,350	San Jose Airport Revenue, (AMBAC), (BHAC), (FSA), (AMT),
6.00%, 3/1/47	1,384,358
		$ 8,343,624
Insured-Water and Sewer — 3.7%
$ 4,400	Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30	$ 3,213,408
		$ 3,213,408
Other Revenue — 2.2%
$ 385	California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$ 357,973
580	California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37	522,528
630	Golden State Tobacco Securitization Corp., 0.00%, 6/1/37	331,884
880	Golden State Tobacco Securitization Corp., 5.75%, 6/1/47	686,409
		$ 1,898,794
Senior Living/Life Care — 1.5%
$ 175	California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.75%, 11/15/26	$ 139,073
700	California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.875%, 11/15/36	512,771
600	California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 7.25%, 11/15/41	612,912
		$ 1,264,756
Special Tax Revenue — 17.2%
$ 1,000	Bonita Canyon Public Financing Authority, 5.375%, 9/1/28	$ 758,920
285	Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26	208,081
460	Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34	306,153
1,000	Corona Public Financing Authority, 5.80%, 9/1/20	893,110
200	Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27	154,074
500	Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36	351,995
1,590	Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27	1,604,421
900	Lincoln Public Financing Authority, Improvement Bond Act of
1915, (Twelve Bridges), 6.20%, 9/2/25	795,447
420	Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24	359,365
750	Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29	626,355
2,340	Oakland Joint Powers Financing Authority, 5.40%, 9/2/18	2,392,486
960	Oakland Joint Powers Financing Authority, 5.50%, 9/2/24	978,547
1,325	San Pablo Redevelopment Agency, 5.65%, 12/1/23	1,313,367
1,095	Santa Margarita Water District, 6.20%, 9/1/20	1,110,571
250	Santaluz Community Facilities District No. 2,
6.10%, 9/1/21	226,753
500	Santaluz Community Facilities District No. 2,
6.20%, 9/1/30	425,510
250	Temecula Unified School District, 5.00%, 9/1/27	191,560
400	Temecula Unified School District, 5.00%, 9/1/37	277,852
500	Turlock Public Financing Authority, 5.45%, 9/1/24	482,625
500	Tustin Community Facilities District, 6.00%, 9/1/37	452,815
1,000	Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23	918,630
		$ 14,828,637

3

callerid=999 iwidth=456 length=0

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH

Principal
Amount
(000’s omitted)	Security	Value
Transportation — 5.3%
$ 2,000	Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area),
5.00%, 4/1/31 (3)	$ 2,041,500
1,500	Los Angeles Department of Airports, (Los Angeles International
Airport), (AMT), 5.375%, 5/15/30	1,505,565
1,170	Port of Redwood City, (AMT), 5.125%, 6/1/30	1,029,120
		$ 4,576,185
Water and Sewer — 5.3%
$ 1,840	California Department of Water Resources, 5.00%, 12/1/29	$ 1,946,738
2,500	Metropolitan Water District of Southern California,
5.00%, 1/1/34	2,576,950
		$ 4,523,688
Total Tax-Exempt Investments — 178.0% (identified cost $161,757,197)		$ 153,112,865
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (58.1)%		$ (49,977,003	)
Other Assets, Less Liabilities — (19.9)%		$ (17,132,717	)
Net Assets Applicable to Common Shares — 100.0%		$ 86,003,145

| The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares. — 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. |
| BHAC | - | Berkshire Hathaway Assurance Corp. |
| CIFG | - | CIFG Assurance North America, Inc. |
| FGIC | - | Financial Guaranty Insurance Company |
| FSA | - | Financial Security Assurance, Inc. |
| NPFG | - | National Public Finance Guaranty Corp. |
| RADIAN | - | Radian Group, Inc. |
| 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, 2009, 43.5% 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 0.5%
to 16.7% of total investments. | | |
| (1) | | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| (2) | | Security represents the underlying municipal bond of an inverse
floater. |
| (3) | | Security (or a portion thereof) has been pledged as collateral
for open swap contracts. |

4

callerid=999 iwidth=456 length=0

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH

A summary of financial instruments outstanding at August 31, 2009 is as follows:

Futures Contracts

Expiration — Date	Contracts	Position	Aggregate — Cost		Value		Net Unrealized — Depreciation
12/09	72 U.S. Treasury Bond	Short	$ (8,596,435	)	$ (8,622,000	)	$ (25,565	)

Interest Rate Swaps

	Notional	Annual — Fixed Rate	Floating — Rate	Effective Date/	Net Unrealized
Counterparty	Amount	Paid By Trust	Paid To Trust	Termination Date	Depreciation
JPMorgan Chase Co.	$ 2,125,000	4.743%	3-month USD- LIBOR-BBA	September 14, 2009 / September 14, 2039	$ (240,492	)
Merrill Lynch Capital Services, Inc.	3,412,500	4.517	3-month USD- LIBOR-BBA	December 1, 2009 / December 1, 2039	(221,620	)
					$ (462,112	)

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, 2009, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Trust holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Trust may enter into interest rate swap contracts. The Trust may also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

At August 31, 2009, the aggregate fair value of derivative instruments (not accounted for as hedging instruments under Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 133) in a liability position and whose primary underlying risk exposure is interest rate risk was $487,677.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2009, as determined on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 3,886,756
Gross unrealized depreciation	(11,827,557	)
Net unrealized depreciation	$ (7,940,801	)

FASB Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”, established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

| • | Level 1 — quoted prices in active markets for
identical investments |
| --- | --- |
| • | Level 2 — other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs
(including a fund’s own assumptions in determining the fair
value of investments) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

5

callerid=999 iwidth=456 length=0

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH

At August 31, 2009, the inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)	Total
Tax-Exempt Investments	$ —		$ 153,112,865		$ —	$ 153,112,865
Total Investments	$ —		$ 153,112,865		$ —	$ 153,112,865
Liability Description
Futures Contracts	$ (25,565	)	$ —		$ —	$ (25,565	)
Interest Rate Swaps	—		(462,112	)	—	(462,112	)
Total	$ (25,565	)	$ (462,112	)	$ —	$ (487,677	)

The Trust held no investments or other financial instruments as of November 30, 2008 whose fair value was determined using Level 3 inputs.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

6

callerid=999 iwidth=456 length=0

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH XBRL Pagebreak End link2 "Item 2. Controls and Procedures"

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.

XBRL Pagebreak Begin

END PAGE WIDTH PAGEBREAK

Table of Contents

BEGIN PAGE WIDTH XBRL Pagebreak End link1 "Signatures"

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
Date:	October 26, 2009

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
Date:	October 26, 2009
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer
Date:	October 26, 2009

XBRL Pagebreak Begin

END PAGE WIDTH