California Municipal Income Trust (CEV)

Overview

Historical Returns (%) as of Mar 31, 2024

03/31/2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	-0.01	0.05	0.05	4.09	-2.39	1.27	3.46
Market Price	2.44	3.88	3.88	8.41	-2.89	1.89	3.31
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Distribution Rates¹

04/17/2024
	as of Apr 17, 2024
Distribution Rate at NAV	4.51%
Taxable-Equivalent Distribution Rate at NAV	9.82%
Distribution Rate at Market Price	5.00%
Taxable-Equivalent Distribution Rate at Market Price	10.88%

Fund Facts as of Mar 31, 2024

03/31/2024
Performance Inception	01/29/1999
Investment Objective	Current income
CUSIP	27826F101

Expense Ratios (%)²

01/31/2024
as of Annual Report dated 11/30/2023
Management Fees	0.89
Other Expenses	0.20
Total Expenses (ex Interest and Fee Expense)	1.09
Interest and Fee Expense	1.79
Total Expenses	2.88

Portfolio Management

12/12/2023
Carl Thompson, CFA			Managed Fund since 2023
Trevor G. Smith			Managed Fund since 2019

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
2. Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions.

Performance

Historical Returns (%) as of Mar 31, 2024

03/31/2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	-0.01	0.05	0.05	4.09	-2.39	1.27	3.46
Market Price	2.44	3.88	3.88	8.41	-2.89	1.89	3.31
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Calendar Year Returns (%)

12/31/2023
	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund at NAV	20.74	5.55	1.32	5.42	-0.12	11.82	7.64	2.99	-16.69	7.63
Market Price	23.74	7.72	-3.65	2.79	-5.12	27.02	5.88	3.01	-22.63	8.15

Fund Facts

03/31/2024
Performance Inception	01/29/1999

Distribution Rates¹

04/17/2024
	as of Apr 17, 2024
Distribution Rate at NAV	4.51%
Taxable-Equivalent Distribution Rate at NAV	9.82%
Distribution Rate at Market Price	5.00%
Taxable-Equivalent Distribution Rate at Market Price	10.88%

Distribution History^3,4

04/17/2024
Ex-Date	Distribution	Reinvest Price
Apr 10, 2024	$0.04340
Mar 08, 2024	$0.04340
Feb 12, 2024	$0.04340
Jan 11, 2024	$0.04340
Dec 08, 2023	$0.03420
Nov 10, 2023	$0.03420
Oct 11, 2023	$0.03420
Sep 08, 2023	$0.03420
Aug 10, 2023	$0.03420
Jul 12, 2023	$0.03420
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Distributions ($)Distributions (%)
Distributions ($)	as of Dec 31, 2023
	Exempt-Interest Dividends
	Non-AMT	AMT	Total	Non-Qualified Ordinary Dividends	Capital Gain Distributions	Nondividend Distributions	Total Distributions
2023	$0.30	$0.02	$0.32	$0.07	$0.00	$0.04	$0.43
2022	$0.45	$0.02	$0.47	$0.06	$0.00	$0.00	$0.52
2021	$0.48	$0.02	$0.50	$0.07	$0.00	$0.00	$0.57
2020	$0.45	$0.02	$0.47	$0.07	$0.00	$0.00	$0.55
2019	$0.46	$0.01	$0.48	$0.05	$0.00	$0.00	$0.53
2018	$0.43	$0.01	$0.44	$0.03	$0.00	$0.00	$0.47
2017	$0.45	$0.01	$0.46	$0.03	$0.00	$0.00	$0.49
2016	$0.54	$0.03	$0.57	$0.02	$0.00	$0.00	$0.59
2015	$0.66	$0.05	$0.71	$0.02	$0.00	$0.00	$0.73
2014	$0.69	$0.06	$0.75	$0.00	$0.00	$0.00	$0.75
2013	$0.73	$0.06	$0.79	$0.00	$0.00	$0.00	$0.79
2012	$0.75	$0.08	$0.83	$0.00	$0.00	$0.00	$0.83
2011	$0.77	$0.12	$0.89	$0.00	$0.00	$0.00	$0.89
2010	$0.75	$0.13	$0.88	$0.00	$0.00	$0.00	$0.88
2009	$0.68	$0.12	$0.80	$0.00	$0.00	$0.00	$0.80
2008	$0.60	$0.07	$0.67	$0.00	$0.00	$0.00	$0.67
2007	$0.61	$0.06	$0.67	$0.00	$0.00	$0.00	$0.67
2006	$0.68	$0.05	$0.73	$0.00	$0.00	$0.00	$0.73
2005	$0.80	$0.07	$0.87	$0.00	$0.00	$0.00	$0.87
Distributions (%)	as of Dec 31, 2023
2023	69.33%	6.23%	75.56%	15.25%	0.00%	9.19%	100.00%
2022	85.47%	3.62%	89.09%	10.91%	0.00%	0.00%	100.00%
2021	84.62%	3.04%	87.66%	12.34%	0.00%	0.00%	100.00%
2020	82.11%	2.80%	84.91%	11.86%	0.16%	0.00%	100.00%
2019	87.07%	2.65%	89.72%	10.28%	0.00%	0.00%	100.00%
2018	91.38%	2.19%	93.57%	6.43%	0.00%	0.00%	100.00%
2017	91.62%	3.19%	94.81%	5.19%	0.00%	0.00%	100.00%
2016	90.74%	5.48%	96.22%	3.78%	0.00%	0.00%	100.00%
2015	90.74%	6.83%	97.57%	2.43%	0.00%	0.00%	100.00%
2014	92.17%	7.78%	99.95%	0.05%	0.00%	0.00%	100.00%
2013	91.88%	7.95%	99.83%	0.17%	0.00%	0.00%	100.00%
2012	89.81%	10.19%	100.00%	0.00%	0.00%	0.00%	100.00%
2011	86.58%	13.36%	99.94%	0.06%	0.00%	0.00%	100.00%
2010	84.55%	15.27%	99.82%	0.18%	0.00%	0.00%	100.00%
2009	86.00%	13.98%	99.98%	0.02%	0.00%	0.00%	100.00%
2008	89.37%	10.63%	100.00%	0.00%	0.00%	0.00%	100.00%
2007	91.56%	8.44%	100.00%	0.00%	0.00%	0.00%	100.00%
2006	92.48%	7.52%	100.00%	0.00%	0.00%	0.00%	100.00%
2005	92.23%	7.77%	100.00%	0.00%	0.00%	0.00%	100.00%

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
3. See “Tax Character of Distributions”. For information about any distributions in the current year estimated to include non-dividend distributions or capital gains, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a).
4. A nondividend or return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares, which can cause the Fund's NAV to erode.

Portfolio

Fund Holdings^5,6 as of Feb 29, 2024

02/29/2024
Holding	Coupon Rate	Maturity Date	% of Net Assets
Foothill-Eastern Transportation Corridor Agency	0.00%	01/01/2026	5.82%
Sweetwater Union High School District	0.00%	08/01/2025	5.40%
Alameda Corridor Transportation Authority	0.00%	10/01/2029	4.93%
LAX Integrated Express Solutions LLC	5.00%	12/31/2047	3.63%
Loyola Marymount University	4.84%	10/01/2048	3.20%
Cedars-Sinai Medical Center Obligated Group	4.00%	08/15/2048	3.19%
Loma Linda University Medical Center Obligated Group	6.00%	12/01/2024	3.03%
Marin General Hospital Obligated Group	4.82%	08/01/2045	2.43%
Modesto High School District	4.00%	08/01/2052	2.41%
Westminster School District	4.00%	08/01/2047	2.31%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Management

Carl Thompson, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance 2011

Biography

Carl Thompson is a quantitative portfolio analyst on the Municipals team. He began his career in the investment industry in 2011 at Eaton Vance. Morgan Stanley acquired Eaton Vance in March 2021.

He earned a B.A. in economics from Princeton University. He holds the Chartered Financial Analyst distinction.

Education

B.A. Princeton University

Experience

Managed Fund since 2023

Other funds managed

California Municipal Bond Fund

Trevor G. Smith

Executive Director, Portfolio Manager
Joined Eaton Vance 2010

Biography

Trevor Smith is a portfolio manager on the Municipals Team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. He joined Eaton Vance in 2010. Morgan Stanley acquired Eaton Vance in March 2021.

Trevor began his career in the investment management industry in 2008. Before joining Eaton Vance, he was a municipal research analyst at Lord, Abbett & Co. He was also affiliated with Financial Security Assurance and the City of Aspen Finance Department.

Trevor earned a B.A. from Middlebury College and an MBA, with high honors, from Boston University. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.