CEV - Eaton Vance California Municipal Income Trust

What this means for you

Sit Investment has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 2, 2025

   Saba sold down below 5% and stopped reporting.

   Original document →

2. Aug 11, 2025

   Saba cut its stake to 5.2% (from 6.6%). It has said it may push for changes.

   Original document →

3. Aug 5, 2025

   Saba cut its stake to 6.6% (from 8%). It has said it may push for changes.

   Original document →

4. June 30, 2025

   Saba cut its stake to 8% (from 9.3%). It has said it may push for changes.

   Original document →

5. Oct 23, 2024

   Saba cut its stake to 9.3% (from 10.4%). It has said it may push for changes.

   Original document →

About this fund

• Run by Eaton Vance Management. Part of the Eaton Vance fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $75.9 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 42% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 2.5% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 20 charge a lower management fee and 20 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.60 a share. $0.43 of that was income; $0.17 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $11.21. The shares traded at $10.49, about 6.4% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 1.3% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1998.

How this has changed

• Payouts per share: $0.60 in the fiscal year ended Nov 30, 2025; $0.54 in the year ended Nov 30, 2024; $0.43 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.17 in the year ended Nov 30, 2025; $0.14 in the year ended Nov 30, 2024; $0.04 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.48% a year in the fiscal year ended Nov 30, 2025; 2.47% a year in the year ended Nov 30, 2024; 2.88% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $78.9 million at Nov 30, 2025; $83.1 million at Nov 30, 2024; $81.4 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• Borrowing: about 34% on top of its own money at Nov 30, 2025; 24% at Nov 30, 2024; 29% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• The fund had about 7.03 million shares at Nov 30, 2025, about the same as at Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +4.6%, counting payouts; the holdings +0.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +12.8%, counting payouts; the holdings +7.3%. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned +3.1%, counting payouts; the holdings +3.8%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned -23.4%, counting payouts; the holdings -16.5%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +6.6%, counting payouts; the holdings +3.8%. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -0.7%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $9,930 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +8.8%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 50 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 32 reported a higher share return for that year and 17 a lower one. As of Nov 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. State of California, California St - 12.6%
2. Alameda Corridor Transportation Authority, Alameda CA Corridor Transprtn Auth Revenue - 8.2%
3. California State University, California St Univ Revenue - 7.7%
4. City of Los Angeles Department of Airports, Los Angeles CA Dept Arpts Arpt Revenue - 6.9%
5. University of California, Univ of California CA Revenues - 6.9%
6. Los Angeles County Sanitation Districts Financing Authority, Los Angeles Cnty CA Santn Dists Fing Auth - 6.8%
7. San Francisco City & County Airport Comm-San Francisco International Airport, San Francisco CA City &Cnty Arpts Commn Intl Arpt Rev - 6.8%
8. Lancaster School District/CA, Lancaster CA Sch Dist - 5.6%
9. California Educational Facilities Authority, California St Eductnl Facs Auth Revenue - 5.5%
10. San Diego Unified School District/CA, San Diego CA Unif Sch Dist - 4.8%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →