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 |
||
|
(Exact Name of Registrant as Specified in Charter) |
||
|
The Eaton Vance Building, |
|
02109 |
|
(Address of Principal Executive Offices) |
|
(Zip code) |
|
Alan R. Dynner, Esq. |
||
|
(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 |
Item 1. Schedule of Investments
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 |
|
||
1
|
$ |
1,750 |
|
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 |
|
$ |
1,709,382 |
|
|
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 |
|
||
2
|
$ |
3,625 |
|
Los Angeles Department of Water and Power, Power System Revenues, (FSA), 4.625%, 7/1/37 |
|
$ |
3,510,740 |
|
|
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 |
|
|
3
|
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 |
|
||
4
|
$ |
1,665 |
|
Corona Public Financing Authority, 5.80%, 9/1/20 |
|
$ |
1,669,013 |
|
|
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% |
|
$ |
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 |
|
|||
5
|
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 |
|
|
|
|
|
Aggregate |
|
|
|
Net |
|
|||||||
|
Date |
|
Contracts |
|
Position |
|
Cost |
|
Value |
|
Appreciation |
|
|||||||
|
12/07 |
|
71 U.S. Treasury Bond |
|
|
Short |
|
|
$ |
(7,937,885 |
) |
$ |
(7,920,938 |
) |
|
$ |
16,947 |
|
|
6
Interest Rate Swaps
|
Counterparty |
|
Notional |
|
Annual |
|
Floating |
|
Effective Date/ |
|
Unrealized |
|
||||||
|
Citibank, N.A. |
|
$ |
2,575,000 |
|
|
5.732 |
% |
|
3 month |
|
May 16, 2008/ |
|
|
$ |
(103,328 |
) |
|
|
|
|
|
|
|
|
|
USD-LIBOR-BBA |
|
May 16, 2038 |
|
|
|
|
|
|||
|
Lehman Brothers, Inc. |
|
$ |
4,250,000 |
|
|
5.503 |
% |
|
3
month |
|
September
28, 2008/ |
|
|
$ |
(24,208 |
) |
|
|
Merrill Lynch |
|
$ |
6,825,000 |
|
|
5.817 |
% |
|
3
month |
|
April 1,
2008/ |
|
|
$ |
(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 |
|
$ |
161,851,367 |
|
|
Gross unrealized appreciation |
|
$ |
5,493,163 |
|
|
Gross unrealized depreciation |
|
(2,565,613 |
) |
|
|
Net unrealized appreciation |
|
$ |
2,927,550 |
|
7
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.
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 |