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, 2005

 



Item 1. Schedule of Investments



Eaton Vance California Municipal Income Trust                                                                        as of August 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 149.6%

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

Education — 9.3%

 

 

 

$

1,000

 

California Educational Facilities Authority, (Dominican University), 5.75%, 12/1/30

 

$

1,046,750

 

2,770

 

California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29

 

2,871,188

 

500

 

California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29

 

528,615

 

1,850

 

California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23

 

2,076,884

 

4,000

 

California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31

 

4,129,680

 

 

 

 

 

$

10,653,117

 

Escrowed / Prerefunded — 4.7%

 

 

 

2,000

 

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to 12/1/09, 6.25%, 12/1/34

 

2,270,600

 

1,750

 

Capistrano Unified School District, Prerefunded to 9/1/09, 5.75%, 9/1/29

 

1,955,205

 

1,000

 

Corona-Norco Unified School District Public Financing Authority, Prerefunded to 9/1/10, 6.125%, 9/1/31

 

1,129,730

 

 

 

 

 

$

5,355,535

 

General Obligations — 6.6%

 

 

 

2,250

 

California, 5.00%, 6/1/34

 

2,369,182

 

1,100

 

California, 5.25%, 4/1/30

 

1,200,793

 

3,500

 

California, 5.50%, 11/1/33

 

3,944,290

 

 

 

 

 

$

7,514,265

 

Hospital — 22.0%

 

 

 

1,800

 

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34

 

1,863,792

 

850

 

California Health Facilities Financing Authority, Variable Rate, 7.21%, 11/15/34 (1)(2)(3)

 

907,987

 

750

 

California Infrastructure and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31

 

802,035

 

1,200

 

California Statewide Communities Development Authority, (Daughters of Charity Health System), 5.25%, 7/1/30

 

1,266,408

 

4,900

 

California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35

 

5,107,711

 

1,650

 

California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32

 

1,754,379

 

1,750

 

California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29

 

1,823,867

 

1



 

 

 

$

1,500

 

California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28

 

$

1,603,935

 

1,500

 

Duarte, COP, (City of Hope), 5.25%, 4/1/24

 

1,540,800

 

1,000

 

Stockton Health Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14

 

1,052,020

 

2,000

 

Tahoe Forest Hospital District, 5.85%, 7/1/22

 

2,097,620

 

2,000

 

Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31

 

2,125,600

 

1,140

 

Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34

 

1,196,145

 

2,000

 

Washington Township, Health Care District, 5.25%, 7/1/29

 

2,080,840

 

 

 

 

 

$

25,223,139

 

Housing — 2.4%

 

 

 

1,000

 

California Statewide Communities Development Authority, (Corporate Fund for Housing), 6.50%, 12/1/29

 

1,012,240

 

500

 

California Statewide Communities Development Authority, (Corporate Fund for Housing), 7.25%, 12/1/34

 

503,410

 

768

 

Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29

 

782,353

 

439

 

Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29

 

424,608

 

 

 

 

 

$

2,722,611

 

Industrial Development Revenue — 1.1%

 

 

 

1,250

 

California Pollution Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%, 12/1/29

 

1,307,100

 

 

 

 

 

$

1,307,100

 

Insured-Education — 7.4%

 

 

 

6,510

 

California Educational Facilities Authority, (Loyola Marymount University), (MBIA), 0.00%, 10/1/33

 

1,810,105

 

3,270

 

California Educational Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23

 

3,469,470

 

3,000

 

California State University, (AMBAC), 5.00%, 11/1/33

 

3,157,470

 

 

 

 

 

$

8,437,045

 

Insured-Electric Utilities — 10.9%

 

 

 

3,250

 

California Pollution Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31

 

3,495,310

 

2,500

 

California Pollution Control Financing Authority, PCR, (Pacific Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16

 

2,725,525

 

4,000

 

Puerto Rico Electric Power Authority, (FSA), Variable Rate, 8.39%, 7/1/29 (1)(2)

 

4,684,800

 

665

 

Puerto Rico Electric Power Authority, (FSA), Variable Rate, 10.452%, 7/1/29 (1)(4)

 

835,772

 

500

 

Puerto Rico Electric Power Authority, (MBIA), Variable Rate, 12.295%, 7/1/16 (1)(4)

 

750,060

 

 

 

 

 

$

12,491,467

 

 

2



 

 

 

Insured-Escrowed / Prerefunded — 11.0%

 

 

 

$

5,130

 

Foothill/Eastern Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26

 

$

2,151,266

 

2,250

 

Los Angeles Unified School District, (FGIC), Prerefunded to 7/1/10, 5.375%, 7/1/25

 

2,481,750

 

250

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 7.426%, 7/1/28 (1)(2)

 

278,355

 

945

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 10.286%, 7/1/28 (1)(4)

 

1,105,773

 

6,000

 

San Francisco, (Bay Area Rapid Transportation District), (FGIC), Prerefunded to 7/1/09, 5.50%, 7/1/34

 

6,600,660

 

 

 

 

 

$

12,617,804

 

Insured-General Obligations — 13.8%

 

 

 

1,650

 

California RITES, (AMBAC), Variable Rate, 11.834%, 5/1/26 (1)(4)

 

2,138,862

 

1,000

 

California, (AMBAC), 4.25%, 3/1/28

 

982,220

 

1,000

 

California, (AMBAC), 4.50%, 5/1/28

 

1,009,090

 

2,500

 

Puerto Rico, (FSA), Variable Rate, 10.70%, 7/1/27 (1)(4)

 

3,106,600

 

1,600

 

San Diego Unified School District, (MBIA), Variable Rate, 11.375%, 7/1/24 (1)(4)

 

2,585,168

 

3,000

 

Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28

 

3,203,310

 

6,995

 

Sweetwater, Union High School District, (Election 2000), (FSA), 0.00%, 8/1/25

 

2,855,219

 

 

 

 

 

$

15,880,469

 

Insured-Hospital — 4.4%

 

 

 

3,200

 

California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (MBIA), 5.25%, 8/15/29 (5)

 

3,425,664

 

1,245

 

California Statewide Communities Development Authority, (Sutter Health), (FSA), Variable Rate, 12.133%, 8/15/27 (1)(4)

 

1,595,567

 

 

 

 

 

$

5,021,231

 

Insured-Lease Revenue / Certificates of Participation — 10.8%

 

 

 

10,750

 

Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/25

 

4,397,180

 

6,500

 

Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/17

 

3,961,230

 

11,500

 

Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/28

 

4,076,865

 

 

 

 

 

$

12,435,275

 

Insured-Special Tax Revenue — 4.0%

 

 

 

3,880

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28

 

1,433,738

 

2,070

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37

 

490,611

 

3



 

 

 

$

17,000

 

Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/45

 

$

2,716,770

 

 

 

 

 

$

4,641,119

 

Insured-Transportation — 13.9%

 

 

 

5,000

 

Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29

 

1,688,050

 

8,000

 

Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31

 

2,418,160

 

3,250

 

Los Angeles County Metropolitan Transportation Authority, (AMBAC), 4.50%, 7/1/32

 

3,270,638

 

2,500

 

Los Angeles County Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30

 

2,702,400

 

2,515

 

Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 9.866%, 7/1/28 (1)(4)

 

2,906,711

 

10,000

 

San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32

 

3,006,000

 

 

 

 

 

$

15,991,959

 

Lease Revenue / Certificates of Participation — 6.2%

 

 

 

4,000

 

Sacramento Financing Authority, 5.40%, 11/1/20

 

4,513,480

 

2,500

 

San Diego County, Certificates of Participation, 5.375%, 10/1/41

 

2,636,000

 

 

 

 

 

$

7,149,480

 

Other Revenue — 1.4%

 

 

 

1,500

 

California Statewide Communities Development Authority, (East Valley Tourist Development Authority), 8.25%, 10/1/14

 

1,631,685

 

 

 

 

 

$

1,631,685

 

Special Tax Revenue — 18.7%

 

 

 

1,500

 

Bonita Canyon Public Facilities Financing Authority, 5.375%, 9/1/28

 

1,524,780

 

1,545

 

Brentwood Infrastructure Financing Authority, 6.375%, 9/2/33

 

1,593,652

 

1,665

 

Corona, Public Financing Authority, 5.80%, 9/1/20

 

1,672,443

 

1,590

 

Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27

 

1,679,533

 

500

 

Jurupa Community Services District, (Community Facilities District No. 16), 5.30%, 9/1/34

 

508,965

 

1,325

 

Lincoln Public Financing Authority, Improvement Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25

 

1,408,700

 

420

 

Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24

 

429,891

 

750

 

Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29

 

767,798

 

750

 

Murrieta Valley Unified School District, 6.20%, 9/1/35

 

813,180

 

2,460

 

Oakland Joint Powers Financing Authority, 5.40%, 9/2/18

 

2,604,968

 

995

 

Oakland Joint Powers Financing Authority, 5.50%, 9/2/24

 

1,054,770

 

700

 

Rancho Cucamonga Public Financing Authority, 6.00%, 9/2/20

 

740,922

 

1,195

 

Roseville Special Tax, 6.30%, 9/1/25

 

1,312,564

 

4



 

 

 

$

1,325

 

San Pablo Redevelopment Agency, 5.65%, 12/1/23

 

$

1,407,667

 

1,500

 

Santa Margarita Water District, 6.20%, 9/1/20 (6)

 

1,637,085

 

250

 

Santaluz Community Facilities District No. 2, 6.10%, 9/1/21

 

255,730

 

500

 

Santaluz Community Facilities District No. 2, 6.20%, 9/1/30

 

510,040

 

500

 

Turlock Public Financing Authority, 5.45%, 9/1/24

 

516,115

 

1,000

 

Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23

 

1,043,880

 

 

 

 

 

$

21,482,683

 

Transportation — 1.0%

 

 

 

1,170

 

Port Redwood City, (AMT), 5.125%, 6/1/30

 

1,172,211

 

 

 

 

 

$

1,172,211

 

Total Tax-Exempt Investments — 149.6%
(identified cost $155,595,355)

 

$

171,728,195

 

Other Assets, Less Liabilities — 1.8%

 

$

2,079,845

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (51.4)%

 

$

(59,019,397

)

Net Assets Applicable to Common Shares — 100.0%

 

$

114,788,643

 

 

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 August 31, 2005, 51.0% 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 8.4% to 16.1% 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, 2005, the aggregate value of the securities is $20,895,655 or 18.2% of the Trust’s net assets.

(2)

Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2005.

(3)

When-issued security.

(4)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2005.

(5)

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(6)

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

 

5



 

 

A summary of financial instruments at August 31, 2005 is as follows:

Futures Contracts

 

 

 

 

 

 

 

 

 

 

Net

 

Expiration

 

 

 

 

 

Aggregate

 

 

 

Unrealized

 

Date

 

Contracts

 

Position

 

Cost

 

Value

 

Depreciation

 

12/05

 

375 U.S. Treasury Bond

 

 

Short

 

 

$

(44,002,313

)

$

(44,261,719

)

 

$

(259,406

)

 

 

At August 31, 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 August 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

155,309,728

 

Gross unrealized appreciation

 

$

16,432,358

 

Gross unrealized depreciation

 

(13,891

)

Net unrealized appreciation

 

$

16,418,467

 

 

6



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.



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:

 

October 25, 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:

 

October 25, 2005

By:

 

/s/ James L. O’Connor

 

 

James L. O’Connor

 

 

Treasurer and Principal Financial Officer

Date:

 

October 25, 2005