Eaton Vance (EV)

BOSTON, May 21, 2012 /PRNewswire/ -- Eaton Vance California Municipal Income Trust (NYSE MKT: CEV) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months ended February 29, 2012. The Trust's fiscal year ends on November 30, 2012.

For the three months ended February 29, 2012, the Trust had net investment income of $1,473,314 ($0.203 per common share). From this amount, the Trust paid dividends on preferred shares of $22,689 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $1,450,625, or $0.200 per common share. In comparison, for the three months ended February 28, 2011, the Trust had net investment income of $1,758,799 ($0.244 per common share). From this amount, the Trust paid dividends on preferred shares of $54,058 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $1,704,741, or $0.237 per common share.

Net realized and unrealized gains for the three months ended February 29, 2012 were $9,045,371 ($1.248 per common share). In comparison, net realized and unrealized losses for the three months ended February 28, 2011 were $7,314,870 ($1.013 per common share).

On February 29, 2012, net assets of the Trust applicable to common shares were $98,832,863. The net asset value per common share on February 29, 2012 was $13.63 based on 7,250,096 common shares outstanding. In comparison, on February 28, 2011, net assets of the Trust applicable to common shares were $82,287,403. The net asset value per common share on February 28, 2011 was $11.39 based on 7,227,120 common shares outstanding.

The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors - Closed-End Funds"). Trust portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $197.5 billion in assets as of April 30, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

                                                   EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST
                                                          SUMMARY OF RESULTS OF OPERATIONS
                                                      (in thousands, except per share amounts)


                                              Three Months                                     Three Months
                                                    Ended                                            Ended
                                                                    February 29,                            February 28,
                                                                    ------------                            ------------
                                                                                   2012                                    2011
                                                                                   ----                                    ----
    Net investment income                                                       $1,473                                  $1,759
    Net realized and
     unrealized gains
     (losses)
      on investments                                                             9,045                                  (7,315)
    Preferred dividends paid
     from net investment
     income                                                                        (23)                                    (54)
                                                                                   ---                                     ---
              Net increase (decrease) in net
              assets
               from operations                                                 $10,495                                 $(5,610)


    Earnings per Common
     Share Outstanding
    -------------------
    Net investment income                                                       $0.203                                  $0.244
    Net realized and
     unrealized gains
     (losses)
      on investments                                                             1.248                                  (1.013)
    Preferred dividends paid
     from net investment
     income                                                                     (0.003)                                 (0.007)
                                                                                ------                                  ------
              Net increase (decrease) in net
              assets
               from operations                                                  $1.448                                 $(0.776)


    Net investment income                                                       $0.203                                  $0.244
    Preferred dividends paid
     from net investment
     income                                                                     (0.003)                                 (0.007)
                                                                                ------                                  ------
    Net investment income
     after preferred
     dividends                                                                  $0.200                                  $0.237
                                                                                ======                                  ======

    Net Asset Value at
     February 29/28 (Common
     Shares)
    -----------------------
             Net assets                                                        $98,833                                 $82,287
             Shares outstanding                                                  7,250                                   7,227
              Net asset value per share
              outstanding                                                       $13.63                                  $11.39

    Market Value Summary
     (Common Shares)
    --------------------
                  Market price on NYSE MKT at
                               February 29/28                                   $14.05                                  $11.16
              High market price (period ended
                              February 29/28)                                   $14.05                                  $12.34
               Low market price (period ended
                              February 29/28)                                   $12.89                                  $10.90

SOURCE Eaton Vance Management