Eaton Vance California Municipal Income Trust

 

 

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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

California Municipal Income Trust

August 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 149.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 23.5%

      

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31

    $ 195      $ 215,161  

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36

      330        361,828  

California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30

      745        770,352  

California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36

      120        134,905  

California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36

      115        130,169  

California Municipal Finance Authority, (Pomona College), 5.00%, 1/1/48(1)

      6,000        7,011,840  

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31

      415        450,619  

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35

      285        308,399  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26

      810        888,303  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27

      850        931,107  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28

      895        979,282  

California State University, 5.00%, 11/1/43(1)

      4,000        4,695,720  

University of California, 5.00%, 5/15/36(1)

      4,075        4,812,412  

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

      205        210,474  

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

      690        708,671  
     

 

 

  
      $ 22,609,242  
     

 

 

  

Electric Utilities — 3.2%

      

Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34

    $ 270      $ 278,132  

Northern California Power Agency, 5.25%, 8/1/24

      1,500        1,572,555  

Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35

      680        717,434  

Vernon, Electric System Revenue, 5.125%, 8/1/21

      480        493,296  
     

 

 

  
      $ 3,061,417  
     

 

 

  

Escrowed/Prerefunded — 5.7%

      

California, Prerefunded to 4/1/19, 6.00%, 4/1/38

    $ 265      $ 272,075  

California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39

      3,135        3,172,401  

California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38

      1,475        1,480,502  

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

      355        364,478  

Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21

      220        227,183  
     

 

 

  
      $ 5,516,639  
     

 

 

  

General Obligations — 34.4%

      

Alameda Unified School District, Alameda County, (Election of 2014), 5.00%, 8/1/42(1)

    $ 3,325      $ 3,852,511  

California, 5.50%, 11/1/35

      1,600        1,725,984  

California, 6.00%, 4/1/38

      485        497,013  

Grossmont-Cuyamaca Community College District, (Election of 2012), 5.00%, 8/1/44(1)

      5,000        5,842,000  

Illinois, 5.00%, 12/1/34

      2,000        2,104,120  

La Canada Unified School District, (Election of 2017), 5.00%, 8/1/47(1)

      6,750        7,911,945  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Long Beach Unified School District, 5.00%, 8/1/41(1)

    $ 3,500      $ 4,021,185  

Palo Alto, (Election of 2008), 5.00%, 8/1/40

      3,655        3,876,603  

Santa Clara County, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39(1)

      3,180        3,283,191  
     

 

 

  
      $ 33,114,552  
     

 

 

  

Hospital — 18.2%

      

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27

    $ 1,000      $ 1,079,030  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28

      190        205,113  

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32

      635        703,428  

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35

      910        1,006,524  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33

      1,145        1,281,976  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

      535        594,872  

California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46(1)

      6,000        6,772,800  

California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37

      500        545,535  

California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47

      1,000        1,077,980  

California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47(1)

      3,750        4,226,212  
     

 

 

  
      $ 17,493,470  
     

 

 

  

Insured-Escrowed/Prerefunded — 4.5%

      

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

    $ 5,130      $ 4,292,220  
     

 

 

  
      $ 4,292,220  
     

 

 

  

Insured-General Obligations — 4.1%

      

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

    $ 4,720      $ 3,946,156  
     

 

 

  
      $ 3,946,156  
     

 

 

  

Insured-Transportation — 6.4%

      

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

    $ 5,000      $ 3,346,300  

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

      4,500        2,793,780  
     

 

 

  
      $ 6,140,080  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.1%

      

California Public Works Board, 5.00%, 11/1/38

    $ 915      $ 1,027,335  
     

 

 

  
      $ 1,027,335  
     

 

 

  

Other Revenue — 0.4%

      

California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32

    $ 385      $ 385,916  
     

 

 

  
      $ 385,916  
     

 

 

  

Senior Living/Life Care — 1.6%

      

ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31

    $ 290      $ 316,651  

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(2)

      600        634,764  

California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35

      535        600,773  
     

 

 

  
      $ 1,552,188  
     

 

 

  

Special Tax Revenue — 18.4%

      

Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30

    $ 500      $ 562,530  

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

      1,590        1,594,849  

Irvine Community Facilities District No. 2013-3, (Great Park), 4.00%, 9/1/49

      1,500        1,512,255  

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23

      480        524,352  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24

    $ 240      $ 261,958  

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25

      335        365,341  

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26

      240        261,444  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41(1)

      2,100        2,449,923  

San Diego County Regional Transportation Commission, Sales Tax Revenue,
5.00%, 4/1/48(1)

      6,000        6,868,500  

San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28

      2,400        2,552,184  

South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28

      725        792,005  
     

 

 

  
      $ 17,745,341  
     

 

 

  

Transportation — 9.0%

      

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29

    $ 1,000      $ 1,022,440  

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)

      2,120        2,239,229  

San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35

      2,760        2,902,443  

San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34

      2,265        2,495,147  
     

 

 

  
      $ 8,659,259  
     

 

 

  

Water and Sewer — 18.5%

      

East Bay Municipal Utility District, Green Bonds, 5.00%, 6/1/42(1)

    $ 5,850      $ 6,796,998  

Los Angeles Department of Water and Power, Waterworks Revenue, 5.00%, 7/1/41(1)

      4,000        4,617,000  

San Francisco City and County Public Utilities Commission, 5.00%, 11/1/42(1)

      4,075        4,595,744  

San Mateo, Sewer Revenue, 5.00%, 8/1/36

      1,700        1,836,221  
     

 

 

  
      $ 17,845,963  
     

 

 

  

Total Tax-Exempt Municipal Securities — 149.0%
(identified cost $138,010,712)

 

    $ 143,389,778  
     

 

 

  

Taxable Municipal Securities — 7.4%

 

   
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 2.0%

      

California Educational Facilities Authority, (Santa Clara University), 3.836%, 4/1/47

    $ 2,000      $ 1,921,280  
     

 

 

  
      $ 1,921,280  
     

 

 

  

Hospital — 5.4%

      

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24

    $ 2,500      $ 2,641,950  

California Statewide Communities Development Authority, (Marin General Hospital), 4.821%, 8/1/45

      2,500        2,569,250  
     

 

 

  
      $ 5,211,200  
     

 

 

  

Total Taxable Municipal Securities — 7.4%
(identified cost $6,979,743)

       $ 7,132,480  
     

 

 

  

 

3

 

 

                                                 
            Value  

Total Investments — 156.4%
(identified cost $144,990,455)

       $ 150,522,258  
     

 

 

  

Other Assets, Less Liabilities — (56.4)%

       $ (54,275,205 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 96,247,053  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

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, 2018, 9.6% 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 or financial guaranty assurance agency ranged from 1.9% to 5.5% of total investments.

 

(1)

Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(2)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2018, the aggregate value of these securities is $634,764 or 0.7% of the Trust’s net assets applicable to common shares.

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

NPFG

   -   National Public Finance Guaranty Corp.

The Trust did not have any open derivative instruments at August 31, 2018.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is 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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

4

 

 

At August 31, 2018, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

    $ —      $ 143,389,778      $ —      $ 143,389,778  

Taxable Municipal Securities

      —        7,132,480        —        7,132,480  

Total Investments

    $     —      $     150,522,258      $     —      $     150,522,258  

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.

 

5

 

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   October 22, 2018

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   October 22, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 22, 2018