N-Q 1 a04-11118_4nq.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 COMPANY

 

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 service)

 

 

 

Registrant's telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

November 30

 

 

Date of reporting period:

August 31, 2004

 

 

 



 

Item 1. Schedule of Investments

 

 



 

California Municipal Income Trust

 

as of August 31, 2004

PORTFOLIO OF INVESTMENTS (Unaudited)

 

 

 

Tax-Exempt Investments — 154.3%

 

Principal
Amount
(000’s omitted)

 

Security

 

Value

 

 

 

 

 

 

 

Education — 7.0%

 

 

 

1,000

 

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

 

1,033,120

 

500

 

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

 

505,820

 

1,850

 

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

 

1,985,734

 

4,000

 

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

 

4,071,160

 

 

 

 

 

$

7,595,834

 

 

 

 

 

 

 

Escrowed / Prerefunded — 1.1%

 

 

 

2,425

 

Foothill/Eastern Transportation Corridor Agency, Escrowed to Maturity, 0.00%, 1/1/20

 

1,190,360

 

 

 

 

 

$

1,190,360

 

 

 

 

 

 

 

General Obligations — 6.5%

 

 

 

2,200

 

California, 5.00%, 2/1/21

 

2,295,876

 

1,100

 

California, 5.25%, 4/1/30

 

1,131,460

 

3,500

 

California, 5.50%, 11/1/33

 

3,704,995

 

 

 

 

 

$

7,132,331

 

 

 

 

 

 

 

Hospital — 15.2%

 

 

 

2,000

 

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

 

2,146,080

 

750

 

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

 

768,007

 

1,650

 

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

 

1,685,986

 

1,750

 

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

 

1,787,240

 

1,500

 

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

 

1,556,160

 

 

1



 

1,500

 

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

 

1,466,730

 

1,000

 

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

 

1,051,770

 

2,000

 

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

 

2,035,600

 

2,000

 

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

 

2,062,780

 

2,000

 

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

 

2,034,860

 

 

 

 

 

$

16,595,213

 

 

 

 

 

 

 

Housing — 2.4%

 

 

 

1,000

 

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

 

998,020

 

500

 

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

 

495,980

 

778

 

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

 

719,018

 

444

 

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

 

407,474

 

 

 

 

 

$

2,620,492

 

 

 

 

 

 

 

Industrial Development Revenue — 1.2%

 

 

 

1,250

 

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

 

1,321,150

 

 

 

 

 

$

1,321,150

 

 

 

 

 

 

 

Insured-Education — 5.9%

 

 

 

3,270

 

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

 

3,390,336

 

3,000

 

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

 

3,051,090

 

 

 

 

 

$

6,441,426

 

 

 

 

 

 

 

Insured-Electric Utilities — 11.0%

 

 

 

3,250

 

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

 

3,423,582

 

2,500

 

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

 

2,709,800

 

665

 

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

 

762,216

 

4,000

 

Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29 (2) (3)

 

4,389,840

 

 

2



 

500

 

Puerto Rico Electric Power Authority, (MBIA), Variable Rate, 7/1/16 (1) (2)

 

754,415

 

 

 

 

 

$

12,039,853

 

 

 

 

 

 

 

Insured-Escrowed/Prerefunded — 4.5%

 

 

 

5,130

 

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

 

1,728,451

 

3,000

 

Metropolitan Water District, (Southern California Waterworks), (MBIA), Prerefunded to 1/1/07, 5.00%, 7/1/27

 

3,224,400

 

 

 

 

 

$

4,952,851

 

 

 

 

 

 

 

Insured-General Obligations — 29.4%

 

 

 

3,650

 

Burbank Unified School District, (FGIC), 0.00%, 8/1/18

 

1,923,842

 

1,650

 

California RITES, (AMBAC), Variable Rate, 5/1/26 (1) (2)

 

2,081,986

 

1,600

 

California, (AMBAC), 5.00%, 2/1/28

 

1,680,960

 

6,425

 

Foothill-De Anza Community College District, (MBIA), 0.00%, 8/1/20

 

2,994,628

 

3,000

 

Foothill-De Anza Community College District, (MBIA), 0.00%, 8/1/21

 

1,315,740

 

3,750

 

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

 

3,939,037

 

5,000

 

Murrieta Valley Unified School District, (FGIC), 0.00%, 9/1/20

 

2,320,800

 

2,500

 

Puerto Rico, (FSA), Variable Rate, 7/1/27 (1) (2)

 

3,224,300

 

1,600

 

San Diego Unified School District, (MBIA), Variable Rate, 7/1/24 (1) (2) (4)

 

2,317,744

 

9,635

 

San Ramon Valley Unified School District, (FGIC), 0.00%, 7/1/18 (5)

 

5,097,975

 

3,000

 

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

 

3,074,160

 

4,500

 

Ukiah Unified School District, (FGIC), 0.00%, 8/1/20

 

2,097,090

 

 

 

 

 

$

32,068,262

 

 

 

 

 

 

 

Insured-Hospital — 4.5%

 

 

 

3,200

 

California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (MBIA), 5.25%, 8/15/29 (6)

 

3,323,200

 

1,245

 

California Statewide Communities Development Authority, (Sutter Health), Residual Certificates, (FSA), Variable Rate, 8/15/27 (1) (2)

 

1,596,040

 

 

 

 

 

$

4,919,240

 

 

3



 

Insured-Lease Revenue / Certificates of Participation — 7.4%

 

 

 

9,000

 

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

 

4,973,310

 

11,500

 

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

 

3,130,990

 

 

 

 

 

$

8,104,300

 

 

 

 

 

 

 

Insured-Special Tax Revenue — 1.2%

 

 

 

250

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28 (2) (3)

 

260,993

 

945

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28 (1) (2)

 

1,007,332

 

 

 

 

 

$

1,268,325

 

 

 

 

 

 

 

Insured-Transportation — 14.5%

 

 

 

2,500

 

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

 

2,599,400

 

2,300

 

Port Oakland, (MBIA), (AMT), 5.375%, 11/1/25

 

2,373,945

 

2,515

 

Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28 (1) (2)

 

2,694,546

 

1,750

 

Puerto Rico Highway and Transportation Authority, (FSA), 4.75%, 7/1/38

 

1,761,375

 

6,000

 

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

 

6,428,580

 

 

 

 

 

$

15,857,846

 

 

 

 

 

 

 

Insured-Water and Sewer — 12.1%

 

 

 

5,000

 

Contra Costa County, Water District, (MBIA), 5.00%, 10/1/24

 

5,051,450

 

6,250

 

East Bay Municipal Utilities District Water System, (MBIA), 5.00%, 6/1/38

 

6,322,688

 

4,850

 

Santa Rosa Wastewater, (AMBAC), 0.00%, 9/1/23

 

1,864,631

 

 

 

 

 

$

13,238,769

 

 

 

 

 

 

 

Lease Revenue/Certificates of Participation — 6.4%

 

 

 

4,000

 

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

 

4,444,760

 

2,500

 

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

 

2,563,175

 

 

 

 

 

$

7,007,935

 

 

4



 

Other Revenue — 1.4%

 

 

 

1,500

 

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

 

1,530,645

 

 

 

 

 

$

1,530,645

 

 

 

 

 

 

 

Special Tax Revenue — 21.6%

 

 

 

1,500

 

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

 

1,501,950

 

1,600

 

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

 

1,648,384

 

1,750

 

Capistrano Unified School District, 5.75%, 9/1/29

 

1,778,683

 

1,665

 

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

 

1,670,162

 

1,000

 

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

 

1,020,210

 

1,590

 

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

 

1,626,729

 

1,360

 

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

 

1,432,379

 

420

 

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

 

425,426

 

750

 

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

 

757,913

 

750

 

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

 

774,188

 

2,465

 

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

 

2,617,830

 

995

 

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

 

1,044,979

 

700

 

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

 

736,078

 

1,245

 

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

 

1,325,527

 

1,325

 

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

 

1,377,457

 

1,500

 

Santa Margarita Water District, 6.20%, 9/1/20

 

1,578,900

 

250

 

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

 

256,225

 

500

 

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

 

508,855

 

500

 

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

 

507,990

 

 

5



 

1,000

 

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

 

1,031,420

 

 

 

 

 

$

23,621,285

 

 

 

 

 

 

 

Transportation — 1.0%

 

 

 

1,170

 

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

 

1,132,537

 

 

 

 

 

$

1,132,537

 

 

 

 

 

 

 

Total Tax-Exempt Investments — 154.3%
(identified cost $158,146,110)

 

$

168,638,654

 

 

 

 

 

 

 

Other Assets, Less Liabilities — (0.3)%

 

$

(356,847

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.0)%

 

$

(59,006,789

)

Net Assets Applicable to Common Shares— 100.0%

 

$

109,275,018

 

 

 

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, 2004, 58.6% 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 7.5% to 23.9% of total investments.

 


(1)

 

 

 

Security has been issued as a leveraged inverse floater bond.

(2)

 

 

 

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, 2004, the aggregate value of the securities is $19,089,412 or 17.5% of the Trust’s net assets.

 

6



 

(3)

 

 

 

Security has been issued as an inverse floater bond.

(4)

 

 

 

When-issued security.

(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.

 

7



 

A summary of financial instruments at August 31, 2004 is as follows:

 

Futures Contracts

 

Expiration
Date(s)

 

Contracts

 

Position

 

Aggregate
Cost

 

Value

 

Net Unrealized
Depreciation

 

12/04

 

375 U.S. Treasury Bond

 

Short

 

$

(41,473,993

)

$

(41,742,188

)

$

(268,195

)

 

At August 31, 2004, 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, 2004 as computed on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

157,805,066

 

Gross unrealized appreciation

 

$

10,942,897

 

Gross unrealized depreciation

 

(109,309

)

Net unrealized appreciation

 

$

10,833,588

 

 

8



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 21, 2004

 

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 21, 2004

 

 

By:

/s/ James L. O’Connor

 

 

James L. O’Connor

 

Treasurer and Principal Financial Officer

 

 

Date:

October 21, 2004