Eaton Vance California Municipal Income Trust

Regulatory Filings • Jul 28, 2025

N-CSRS 1 d23424dncsrs.htm EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09157

Eaton Vance California Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

One Post Office Square, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

Eaton Vance

California Municipal Income Trust (CEV)

Semi-Annual Report

May 31, 2025

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Semi-Annual Report May 31, 2025

Eaton Vance

California Municipal Income Trust

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Financial Statements	5
Annual Meeting of Shareholders	17
Officers and Trustees	18
U.S. Customer Privacy Notice	19
Important Notices	22

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Performance

Portfolio Manager(s) Trevor G. Smith and Carl A. Thompson, CFA

| %
Average Annual Total Returns 1,2 | Inception
Date | Six
Months | One
Year | Five
Years | Ten
Years |
| --- | --- | --- | --- | --- | --- |
| Fund
at NAV | 01/29/1999 | (7.09)% | (2.15)% | (1.11)% | 1.85% |
| Fund
at Market Price | — | (6.94) | (3.39) | (0.79) | 1.40 |
| Bloomberg
Municipal Bond Index | — | (2.40)% | 2.03% | 0.55% | 2.13% |

| %
Premium/Discount to NAV 3 | |
| --- | --- |
| As
of period end | (9.67)% |

Distributions 4
Total
Distributions per share for the period	$0.30
Distribution
Rate at NAV	5.63%
Taxable-Equivalent
Distribution Rate at NAV	12.27
Distribution
Rate at Market Price	6.24
Taxable-Equivalent
Distribution Rate at Market Price	13.59

| %
Total Leverage 5 | |
| --- | --- |
| Residual
Interest Bond (RIB) Financing | 29.84% |

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Fund Profile

Credit Quality (% of total investments) 1,2

Footnotes:

| 1 | For
purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If
securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit
ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or
higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of
the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated”
(if any) are not rated by the national ratings agencies stated above. |
| --- | --- |
| 2 | The
chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |

3

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Eaton Vance

California Municipal Income Trust

May 31, 2025

Endnotes and Additional Disclosures

| 1 | Bloomberg Municipal Bond
Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest
directly in an index. |
| --- | --- |
| 2 | Performance
results reflect the effects of leverage. Included in the average annual total return at NAV for the ten year period is the impact of the 2016 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 95.5% of the
Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. |
| 3 | The shares
of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
| 4 | The
Distribution Rate is calculated by dividing the Fund’s last regular distribution paid per share in the period (annualized) by the Fund’s NAV or market price (the price at which the Fund is traded on the exchange) at the
end of the period. A Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments and should not be used as a measure of performance or confused with “yield” or
“income.” The Fund has adopted a policy to pay common shareholders a stable monthly distribution. A portion of the Fund’s distributions may be subject to the U.S. federal alternative
minimum tax. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for U.S. federal income tax purposes as exempt-interest dividends, ordinary dividends (including qualified dividends), capital gain distributions and nondividend distributions, also known as return of capital distributions. A nondividend or return of capital distribution results from a Fund distributing more than its net investment
income and net realized capital gain for a given tax period and may represent a return of some or all of the money that an investor invested in the Fund’s shares, which, like other distributions, can cause the Fund’s NAV to
erode. There is no assurance that the Fund will always be able to pay distributions of a particular size. With each distribution, the Fund issues a notice to shareholders and a press release containing
information about the amount and sources of the distribution and related information. Notices and press releases for the last 24 months are available on our website https://www. eatonvance.com/resources/closed-end-fund-distribution-notices-19a.html. The amounts and sources of distributions are only estimates and are not provided for tax reporting purposes. The U.S. federal income tax character of distributions
paid to a shareholder is reported on IRS Form 1099-DIV, which is provided to shareholders shortly after the end of each calendar year. The amount of the Fund’s distributions is determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ
leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market |

| | conditions change, the rate
of distributions paid by the Fund could change. Shareholders should not assume that the source of any distribution from the Fund is net income or profit. Taxable-equivalent distributions are calculated using
a 40.8% U.S. federal income tax rate, which reflects the maximum U.S. federal tax rate of 37% plus the 3.8% U.S. federal Medicare surtax. Where applicable, the calculation also includes the highest individual U.S. state income tax
rate for residents of the state for which a Fund’s income is designed to be exempt. Local income taxes and other applicable taxes are not considered in the calculation. |
| --- | --- |
| 5 | Fund
employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and
falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount
of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. |

Fund profile subject to change due to active management.

4

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited)

Corporate Bonds — 1.5%

Security	Principal Amount (000's omitted)	Value
Other
— 1.5%
Morongo
Band of Mission Indians, 7.00%, 10/1/39 (1)	$ 1,040	$ 1,088,266
Total
Corporate Bonds (identified cost $1,040,000)		$  1,088,266

Tax-Exempt Municipal Obligations — 131.6%

Security	Principal Amount (000's omitted)	Value
Education
— 16.5%
California
Educational Facilities Authority, (University of Southern California), 5.00%, 10/1/55 (2)	$ 2,500	$ 2,588,950
California
Enterprise Development Authority, (Castilleja School Foundation), 4.00%, 6/1/54	2,865	2,462,448
California
Infrastructure and Economic Development Bank, (UCSF Clinical and Life Sciences Building), 5.25%, 5/15/59	1,500	1,562,110
California
Municipal Finance Authority, (Westside Neighborhood School), 5.50%, 6/15/39 (1)	600	620,136
University
of California, 5.00%, 5/15/53 (2)	5,000	5,162,050
		$ 12,395,694
General
Obligations — 50.1%
ABC
Unified School District, CA, (Election of 2018), 4.00%, 8/1/47	$ 1,000	$ 929,429
Alum
Rock Union Elementary School District, CA, (Election of 2016), 5.25%, 8/1/47	1,000	1,044,256
Antelope
Valley Community College District, CA, (Election of 2016), 0.00%, 2/1/50	3,500	1,071,754
California:
4.85%,
12/1/46	1,500	1,523,100
5.00%,
9/1/52 (2)	3,500	3,615,990
5.25%,
9/1/53 (2)	5,000	5,273,150
Encinitas
Union School District, CA, (Election of 2024), 5.00%, 8/1/54 (2)	1,875	1,942,613
La
Canada Unified School District, CA, (Election of 2017), 5.75%, 8/1/50	1,000	1,101,781
Menlo
Park City School District, CA, (Election of 2024), 4.00%, 7/1/53	1,240	1,132,379
Modesto
High School District, CA, (Election of 2022), 4.00%, 8/1/52	2,000	1,761,493
Rio
Hondo Community College District, CA, (Election of 2024), 5.25%, 8/1/55 (2)	1,875	1,970,850

Security	Principal Amount (000's omitted)	Value
General
Obligations (continued)
Riverside
Community College District, CA, (Election of 2024), 4.00%, 8/1/50 (2)	$ 2,500	$ 2,258,525
San
Bernardino Community College District, CA, (Election of 2018), 4.125%, 8/1/49	1,600	1,495,244
San
Diego Community College District, CA, (Election of 2024), 5.00%, 8/1/55 (2)	5,000	5,204,550
San
Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 5.00%, 7/1/48 (2)	3,500	3,648,365
San
Rafael City High School District, CA, (Election of 2022), 4.25%, 8/1/47	1,060	1,022,096
South
Bay Union School District, CA, (Election of 2018), 4.00%, 8/1/47	875	808,318
Westminster
School District, CA, (Election of 2016), 4.00%, 8/1/47	1,900	1,757,904
		$ 37,561,797
Hospital
— 4.5%
California
Health Facilities Financing Authority, (City of Hope):
5.00%,
11/15/32	$ 635	$ 635,740
5.00%,
11/15/35	910	910,860
California
Health Facilities Financing Authority, (Lucile Salter Packard Children's Hospital at Stanford), 4.00%, 5/15/51	1,060	914,401
California
Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47	1,000	945,080
		$  3,406,081
Housing
— 3.9%
California
Municipal Finance Authority, (Caritas), 4.00%, 8/15/56	$ 325	$ 256,560
California
Municipal Finance Authority, (Gibson Drive Apartments), (FNMA), 4.45%, 12/1/42	490	479,412
Independent
Cities Finance Authority, CA, (Augusta Communities Mobile Home Park Pool), 5.25%, 5/15/56	1,500	1,519,698
Los
Angeles Housing Authority, CA, (Clarendon Apartments), 4.35%, 12/1/49	750	661,629
		$  2,917,299
Insured
- General Obligations — 12.4%
Antioch
Unified School District, CA, (BAM), 4.00%, 8/1/47	$ 1,125	$ 1,051,227
Bakersfield
City School District, CA, (Election of 2016), (BAM), 3.00%, 11/1/51	165	118,717
Coalinga-Huron
Recreation and Park District, CA, (Election of 2016), (BAM), 3.00%, 8/1/50	225	163,610

5

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)	Value
Insured
- General Obligations (continued)
Duarte
Unified School District, CA, (Election of 2020), (AGM), 4.25%, 8/1/48	$ 995	$ 953,119
Lancaster
School District, CA, (Election of 2024), (BAM), 5.00%, 8/1/55 (2)	4,100	4,220,499
Mountain
Empire Unified School District, CA, (Election of 2018), (BAM), 6.00%, 8/1/42	1,000	1,092,679
Oxnard
School District, CA, (Election of 2022), (BAM), 4.125%, 8/1/50	500	449,241
Pittsburg
Unified School District, CA, (Election of 2018), (AGM), 4.25%, 8/1/49	190	178,301
Stockton
Unified School District, CA, (Election of 2022), (BAM), 5.00%, 8/1/49	1,000	1,031,694
		$  9,259,087
Insured
- Hospital — 7.1%
California
Health Facilities Financing Authority, (Kaiser Permanente), (BAM), 4.00%, 11/1/44	$ 5,830	$ 5,355,577
		$  5,355,577
Insured
- Transportation — 9.7%
Alameda
Corridor Transportation Authority, CA:
(AGM),
0.00%, 10/1/52	$ 6,000	$ 1,528,569
(AMBAC),
0.00%, 10/1/29	5,000	4,245,416
Santa
Cruz, CA, Parking Revenue, (BAM), 4.625%, 4/1/50	1,565	1,507,852
		$  7,281,837
Insured
- Water and Sewer — 0.9%
Mountain
House Financing Authority, CA, Utility Systems Revenue, Green Bonds, (BAM), 4.25%, 12/1/52	$ 735	$ 683,761
		$    683,761
Other
Revenue — 0.7%
California
Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53	$ 500	$ 517,629
		$    517,629
Senior
Living/Life Care — 5.3%
California
Health Facilities Financing Authority, (Episcopal Communities and Services), 5.25%, 11/15/48	$ 1,000	$ 1,002,603
California
Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/49	750	630,605
California
Municipal Finance Authority, (PRS-California Obligated Group), 5.00%, 4/1/49	1,300	1,283,636

Security	Principal Amount (000's omitted)	Value
Senior
Living/Life Care (continued)
California
Public Finance Authority, (Enso Village), Green Bonds, 5.00%, 11/15/46 (1)	$ 375	$ 340,282
California
Statewide Communities Development Authority, (Moldaw Residences), 4.25%, 11/1/44	710	685,475
		$  3,942,601
Special
Tax Revenue — 1.5%
Los
Angeles County Community Facilities District No. 3, CA, (Valencia/Newhall Area), 5.00%, 9/1/26	$ 240	$ 240,300
Puerto
Rico Sales Tax Financing Corp., 5.00%, 7/1/58	940	883,183
		$  1,123,483
Transportation
— 14.7%
Bay
Area Toll Authority, CA, (San Francisco Bay Area), 4.125%, 4/1/54	$ 795	$ 719,198
California
Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/47	3,000	2,868,332
Los
Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/43 (2)	5,000	5,002,800
San
Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/48	1,250	1,248,060
San
Francisco City and County Airport Commission, CA, (San Francisco International Airport):
(AMT),
5.00%, 5/1/45	95	93,996
(AMT),
5.75%, 5/1/48	1,000	1,051,736
		$ 10,984,122
Water
and Sewer — 4.3%
East
Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/54	$ 3,000	$ 3,115,702
Long
Beach, CA, Water Revenue, 4.00%, 5/1/54	115	104,844
		$  3,220,546
Total
Tax-Exempt Municipal Obligations (identified cost $102,002,748)		$ 98,649,514

Taxable Municipal Obligations — 8.9%

Security	Principal Amount (000's omitted)	Value
Education
— 4.0%
California
Educational Facilities Authority, (Loyola Marymount University), Green Bonds, 4.842%, 10/1/48	$ 3,000	$  2,548,493

6

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)	Value
Education
(continued)
California
Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31 (1)	$ 540	$ 482,880
		$  3,031,373
Hospital
— 2.7%
California
Statewide Communities Development Authority, (Marin General Hospital), 4.821%, 8/1/45	$ 2,500	$ 2,043,259
		$  2,043,259
Housing
— 0.7%
California
Municipal Finance Authority, (Witmer Manor), (FNMA), 6.00%, 11/1/43	$ 500	$ 496,364
		$    496,364
Insured
- Transportation — 1.5%
Alameda
Corridor Transportation Authority, CA, (AGM), 0.00%, 10/1/45	$ 4,000	$ 1,111,512
		$  1,111,512
Total
Taxable Municipal Obligations (identified cost $7,606,900)		$  6,682,508
Total
Investments — 142.0% (identified cost $110,649,648)		$106,420,288
Other
Assets, Less Liabilities — (42.0)%		$ (31,480,300)
Net
Assets — 100.0%		$ 74,939,988

| The
percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| --- | --- |
| (1) | Security
exempt from registration under Rule 144A of 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 May 31, 2025,
the aggregate value of these securities is $2,531,564 or 3.4% of the Trust's net assets. |
| (2) | Security
represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
| 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. At May 31,
2025, 22.3% 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 3.5% to 14.7% of total investments. | |

Abbreviations:
AGM	– Assured
Guaranty Municipal Corp.
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.
BAM	– Build
America Mutual Assurance Co.
FNMA	– Federal
National Mortgage Association

7

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Statement of Assets and Liabilities (Unaudited)

| | May 31,
2025 |
| --- | --- |
| Assets | |
| Investments,
at value (identified cost $110,649,648) | $ 106,420,288 |
| Interest
receivable | 1,145,166 |
| Receivable
for investments sold | 49,518 |
| Trustees'
deferred compensation plan | 31,603 |
| Total
assets | $107,646,575 |
| Liabilities | |
| Payable
for floating rate notes issued | $ 31,880,314 |
| Due
to custodian | 439,583 |
| Payable
to affiliates: | |
| Investment
adviser fee | 36,636 |
| Administration
fee | 18,318 |
| Trustees'
fees | 1,216 |
| Trustees'
deferred compensation plan | 31,603 |
| Interest
expense and fees payable | 218,775 |
| Accrued
expenses | 80,142 |
| Total
liabilities | $ 32,706,587 |
| Net
Assets | $ 74,939,988 |
| Sources
of Net Assets | |
| Common
shares, $0.01 par value, unlimited number of shares authorized | $ 70,336 |
| Additional
paid-in capital | 86,528,756 |
| Accumulated
loss | (11,659,104) |
| Net
Assets | $ 74,939,988 |
| Common
Shares Issued and Outstanding | 7,033,575 |
| Net
Asset Value Per Common Share | |
| Net
assets ÷ common shares issued and outstanding | $ 10.65 |

8

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Statement of Operations (Unaudited)

| | Six
Months Ended |
| --- | --- |
| | May
31, 2025 |
| Investment
Income | |
| Interest
income | $ 2,452,502 |
| Total
investment income | $ 2,452,502 |
| Expenses | |
| Investment
adviser fee | $ 219,466 |
| Administration
fee | 109,733 |
| Trustees’
fees and expenses | 3,714 |
| Custodian
fee | 15,704 |
| Transfer
and dividend disbursing agent fees | 8,984 |
| Legal
and accounting services | 35,570 |
| Printing
and postage | 22,252 |
| Interest
expense and fees | 496,583 |
| Miscellaneous | 19,072 |
| Total
expenses | $ 931,078 |
| Net
investment income | $ 1,521,424 |
| Realized
and Unrealized Gain (Loss) | |
| Net
realized gain (loss): | |
| Investment
transactions | $ (1,158,144) |
| Net
realized loss | $(1,158,144) |
| Change
in unrealized appreciation (depreciation): | |
| Investments | $ (6,379,498) |
| Net
change in unrealized appreciation (depreciation) | $(6,379,498) |
| Net
realized and unrealized loss | $(7,537,642) |
| Net
decrease in net assets from operations | $(6,016,218) |

9

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Statements of Changes in Net Assets

| | Six
Months Ended May 31, 2025 (Unaudited) | Year
Ended November 30, 2024 |
| --- | --- | --- |
| Increase
(Decrease) in Net Assets | | |
| From
operations: | | |
| Net
investment income | $ 1,521,424 | $ 2,838,190 |
| Net
realized gain (loss) | (1,158,144) | 155,606 |
| Net
change in unrealized appreciation (depreciation) | (6,379,498) | 2,482,137 |
| Net
increase (decrease) in net assets from operations | $ (6,016,218) | $ 5,475,933 |
| Distributions
to common shareholders | $ (2,110,073) * | $ (2,823,785) |
| Tax
return of capital to shareholders | $ — | $ (1,006,700) |
| Net
increase (decrease) in net assets | $ (8,126,291) | $ 1,645,448 |
| Net
Assets | | |
| At
beginning of period | $ 83,066,279 | $ 81,420,831 |
| At
end of period | $74,939,988 | $83,066,279 |

• A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

10

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Statement of Cash Flows (Unaudited)

| | Six
Months Ended |
| --- | --- |
| | May
31, 2025 |
| Cash
Flows From Operating Activities | |
| Net
decrease in net assets from operations | $ (6,016,218) |
| Adjustments
to reconcile net decrease in net assets from operations to net cash used in operating activities: | |
| Investments
purchased | (51,897,231) |
| Investments
sold | 46,814,054 |
| Net
amortization/accretion of premium (discount) | (237,945) |
| Increase
in interest receivable | (54,384) |
| Decrease
in Trustees’ deferred compensation plan | 84 |
| Increase
in payable to affiliates for investment adviser fee | 1,109 |
| Increase
in payable to affiliates for administration fee | 555 |
| Increase
in payable to affiliates for Trustees' fees | 28 |
| Decrease
in interest expense and fees payable | (36,631) |
| Decrease
in payable to affiliates for Trustees' deferred compensation plan | (84) |
| Decrease
in accrued expenses | (33,145) |
| Net
change in unrealized (appreciation) depreciation from investments | 6,379,498 |
| Net
realized loss from investments | 1,158,144 |
| Net
cash used in operating activities | $ (3,922,166) |
| Cash
Flows From Financing Activities | |
| Cash distributions paid to common shareholders | $ (2,110,073) |
| Proceeds
from secured borrowings | 24,680,000 |
| Repayment
of secured borrowings | (19,200,000) |
| Increase
in due to custodian | 439,583 |
| Net
cash provided by financing activities | $ 3,809,510 |
| Net
decrease in cash | $ (112,656) |
| Cash
at beginning of period | $ 112,656 |
| Cash
at end of period | $ — |
| Supplemental
disclosure of cash flow information: | |
| Cash paid for interest and fees | $ 533,214 |

11

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Six
Months Ended May 31, 2025 (Unaudited) | Year
Ended November 30, — 2024 | 2023 | 2022 | 2021 | 2020 |
| --- | --- | --- | --- | --- | --- | --- |
| Net
asset value — Beginning of period (Common shares) | $ 11.81 | $ 11.58 | $ 11.65 | $ 14.64 | $ 14.69 | $ 14.32 |
| Income
(Loss) From Operations | | | | | | |
| Net
investment income (1) | $ 0.22 | $ 0.40 | $ 0.38 | $ 0.47 | $ 0.56 | $ 0.54 |
| Net
realized and unrealized gain (loss) | (1.08) | 0.37 | (0.02) | (2.95) | (0.04) | 0.38 |
| Total
income (loss) from operations | $ (0.86) | $ 0.77 | $ 0.36 | $ (2.48) | $ 0.52 | $ 0.92 |
| Less
Distributions to Common Shareholders | | | | | | |
| From
net investment income | $ (0.30)* | $ (0.40) | $ (0.39) | $ (0.53) | $ (0.57) | $ (0.55) |
| From
net realized gain | — | — | — | — | (0.00) (2) | (0.00) (2) |
| Tax
return of capital | — | (0.14) | (0.04) | — | — | — |
| Total
distributions to common shareholders | $ (0.30) | $ (0.54) | $ (0.43) | $ (0.53) | $ (0.57) | $ (0.55) |
| Anti-dilutive
effect of share repurchase program (see Note 5) (1) | $ — | $ — | $ — | $ 0.02 | $ — | $ — |
| Net
asset value — End of period (Common shares) | $ 10.65 | $ 11.81 | $ 11.58 | $ 11.65 | $ 14.64 | $ 14.69 |
| Market
value — End of period (Common shares) | $ 9.62 | $ 10.65 | $ 9.93 | $ 10.06 | $ 13.79 | $ 13.48 |
| Total
Investment Return on Net Asset Value (3) | (7.09)% (4) | 7.30% | 3.80% | (16.49)% | 3.83% | 6.89% |
| Total
Investment Return on Market Value (3) | (6.94)% (4) | 12.84% | 3.08% | (23.44)% | 6.58% | 7.05% |
| Ratios/Supplemental
Data | | | | | | |
| Net
assets applicable to common shares, end of period (000’s omitted) | $74,940 | $83,066 | $81,421 | $81,953 | $104,466 | $104,792 |
| Ratios
(as a percentage of average daily net assets applicable to common shares): (5) | | | | | | |
| Expenses
excluding interest and fees | 1.10% (6) | 1.08% | 1.09% | 1.19% | 1.08% | 1.09% |
| Interest
and fee expense (7) | 1.26% (6) | 1.39% | 1.79% | 0.95% | 0.29% | 0.68% |
| Total
expenses | 2.36% (6) | 2.47% | 2.88% | 2.14% | 1.37% | 1.77% |
| Net
expenses | 2.36% (6) | 2.47% | 2.88% | 2.14% | 1.37% | 1.77% |
| Net
investment income | 3.86% (6) | 3.43% | 3.31% | 3.76% | 3.83% | 3.79% |
| Portfolio
Turnover | 43% (4) | 22% | 31% | 30% | 18% | 23% |

| (1) | Computed
using average common shares outstanding. |
| --- | --- |
| (2) | Amount
is less than $(0.005). |
| (3) | Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan. |
| (4) | Not
annualized. |
| (5) | Total
expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Trust. |
| (6) | Annualized. |
| (7) | Interest
and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
| * | A
portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |

12

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance California Municipal Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. The Trust's investment objective is to provide current income exempt from regular federal income tax and California state personal income taxes.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Trust’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of May 31, 2025, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

E Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

13

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited) — continued

G Floating Rate Notes Issued in Conjunction with Securities Held — The Trust may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trust accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 7) at May 31, 2025. Interest expense related to the Trust's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At May 31, 2025, the amount of the Trust's Floating Rate Notes outstanding and the related collateral were $31,880,314 and $40,888,342, respectively. The range of interest rates on the Floating Rate Notes outstanding at May 31, 2025 was 2.05% to 2.62%. For the six months ended May 31, 2025, the Trust’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $30,756,374 and 3.24%, respectively.

In certain circumstances, the Trust may enter into shortfall and forbearance agreements with brokers by which the Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trust had no shortfalls as of May 31, 2025.

The Trust may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trust's investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trust's investment policies do not allow the Trust to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Trust began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. Consistent with Rule 18f-4, the Trust may treat its investments in residual interest bonds and similar financing transactions as subject to the asset coverage requirements of Section 18 of the 1940 Act, or as derivatives transactions subject to the Trust's value-at-risk (VaR)-based limits on leverage risk. Effective October 11, 2023, the Trust has opted to treat such investments as derivatives transactions. The Trust may change this approach at any time. Residual interest bonds held by the Trust are securities exempt from registration under Rule 144A of the Securities Act of 1933.

H Segment Reporting — During this reporting period, the Trust adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires incremental disclosures related to a public entity’s reportable segments. The Trust operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Trust’s President acts as the Trust's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Trust's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Trust’s financial statements.

I Interim Financial Statements — The interim financial statements relating to May 31, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

14

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited) — continued

2 Distributions to Shareholders and Income Tax Information

The Trust intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component. For the six months ended May 31, 2025, the amount of distributions estimated to be a tax return of capital was approximately $567,000. The final determination of tax characteristics of the Trust’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

At November 30, 2024, the Trust, for federal income tax purposes, had deferred capital losses of $5,546,243 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trust’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at November 30, 2024, $1,487,749 are short-term and $4,058,494 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Trust at May 31, 2025, as determined on a federal income tax basis, were as follows:

| Aggregate
cost | $ 78,691,724 |
| --- | --- |
| Gross
unrealized appreciation | $ 508,300 |
| Gross
unrealized depreciation | (4,660,050) |
| Net
unrealized depreciation | $ (4,151,750) |

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Trust. The investment adviser fee is computed at an annual rate of 0.40% of the Trust’s average weekly gross assets and is payable monthly. Gross assets are calculated by deducting accrued liabilities of the Trust except (i) the principal amount of any indebtedness for money borrowed, including debt securities issued by the Trust and the amount of floating rate notes included as a liability in the Trust's Statement of Assets and Liabilities of up to $59,000,000, and (ii) the amount of any outstanding preferred shares issued by the Trust. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.20% of the Trust’s average weekly gross assets. For the six months ended May 31, 2025, the investment adviser fee and administration fee were $219,466 and $109,733, respectively.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Trust are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $51,897,231 and $46,863,572, respectively, for the six months ended May 31, 2025.

5 Common Shares of Beneficial Interest

The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the six months ended May 31, 2025 and the year ended November 30, 2024.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the six months ended May 31, 2025 and the year ended November 30, 2024.

15

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited) — continued

6 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Trust to make properly authorized payments. When such payments result in an overdraft, the Trust is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Trust’s assets to the extent of any overdraft. At May 31, 2025, the Trust had a payment due to SSBT pursuant to the foregoing arrangement of $439,583. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at May 31, 2025. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 7) at May 31, 2025. The Trust's average overdraft advances during the six months ended May 31, 2025 were not significant.

7 Fair Value Measurements

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.

At May 31, 2025, the hierarchy of inputs used in valuing the Trust's investments, which are carried at fair value, were as follows:

| Asset
Description | Level
1 | Level
2 | Level
3 | Total |
| --- | --- | --- | --- | --- |
| Corporate
Bonds | $ — | $ 1,088,266 | $ — | $ 1,088,266 |
| Tax-Exempt
Municipal Obligations | — | 98,649,514 | — | 98,649,514 |
| Taxable
Municipal Obligations | — | 6,682,508 | — | 6,682,508 |
| Total
Investments | $ — | $106,420,288 | $ — | $106,420,288 |

16

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Annual Meeting of Shareholders (Unaudited)

The Trust held its Annual Meeting of Shareholders on March 12, 2025. The following action was taken by the shareholders:

Proposal 1(a). The election of Mark R. Fetting, Susan J. Sutherland and Scott E. Wennerholm as Class II Trustees of the Trust for a three-year term expiring in 2028.

| Nominees
for Trustee | Number
of Shares — For | Withheld |
| --- | --- | --- |
| Mark
R. Fetting | 4,685,840 | 884,213 |
| Susan
J. Sutherland | 4,688,329 | 881,724 |
| Scott
E. Wennerholm | 4,680,527 | 889,526 |

17

Table of Contents

Eaton Vance

California Municipal Income Trust

May 31, 2025

Officers and Trustees

Officers
Kenneth
A. Topping President	Nicholas
S. Di Lorenzo Secretary
Deidre
E. Walsh Vice President and Chief Legal Officer	Laura T.
Donovan Chief Compliance Officer
James
F. Kirchner Treasurer

Trustees

| Mark
R. Fetting Chairperson |
| --- |
| Alan
C. Bowser |
| Cynthia
E. Frost |
| George
J. Gorman |
| Valerie
A. Mosley |

| Keith
Quinton |
| --- |
| Marcus
L. Smith |
| Nancy
Wiser Stefani |
| Susan
J. Sutherland |
| Scott
E. Wennerholm |

18

Table of Contents

Eaton Vance Funds

U.S. Customer Privacy Notice March 2024

FACTS WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?

| Why? | Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
| --- | --- |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment
experience and risk tolerance ■ checking account information and wire transfer instructions |
| How? | All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |

| Reasons
we can share your personal information | Does
Eaton Vance share? | Can
you limit this sharing? |
| --- | --- | --- |
| For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For
our marketing purposes — to offer our products and services to you | Yes | No |
| For
joint marketing with other financial companies | No | We
don’t share |
| For
our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For
our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes |
| For
our affiliates to market to you | Yes | Yes* |
| For
nonaffiliates to market to you | No | We
don’t share |

| To
limit our sharing | Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you
are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your
information as described in this notice. However, you can contact us at any time to limit our sharing. |
| --- | --- |
| Questions? | Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |

19

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Eaton Vance Funds

U.S. Customer Privacy Notice — continued March 2024

Page 2

| Who
we are | |
| --- | --- |
| Who
is providing this notice? | Eaton
Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.) |
| What
we do | |
| How
does Eaton Vance protect my personal information? | To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? | We
collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? | Federal
law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information
to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
| What
happens when I limit sharing for an account I hold jointly with someone else? | Your
choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies
related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include registered investment advisers such as Eaton Vance
Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan
Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and
financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| Nonaffiliates | Companies
not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
| Joint
marketing | A
formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance does not jointly market. |
| Other
important information | |

20

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Eaton Vance Funds

U.S. Customer Privacy Notice — continued March 2024

Page 3

*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you. Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

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Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. You may also access proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/ proxyvoting.

Share Repurchase Program. The Fund's Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund's repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund's annual and semi-annual reports to shareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”

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Investment Adviser and Administrator

Eaton Vance Management One Post Office Square Boston, MA 02109

Custodian

State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114-2016

Transfer Agent

Equiniti Trust Company, LLC (“EQ”) P.O. Box 500 Newark, NJ 07101

Fund Offices

One Post Office Square Boston, MA 02109

Table of Contents

7694 5.31.25

(b) Not applicable.

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

(a) Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 15. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 16. 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 control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the registrant’s most recent fiscal year end.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Principal Financial Officer’s Section 302 certification.
(a)(2)(ii)	Principal Executive Officer’s Section 302 certification.
(b)	Combined Section 906 certification.

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/ Kenneth A. Topping
	Kenneth A. Topping
	Principal Executive Officer
Date:	July 24, 2025

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/ James F. Kirchner
	James F. Kirchner
	Principal Financial Officer
Date:	July 24, 2025
By:	/s/ Kenneth A. Topping
	Kenneth A. Topping
	Principal Executive Officer
Date:	July 24, 2025