In plain terms — Eaton Vance California Municipal Income Trust
Shares currently cost about 2.4% more than the value of the assets behind them (a premium).
Over the past year it has averaged a 5.9% discount, so today's level is unusually high for this fund (Z-score +3.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.8% a year of the share price (6.0% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade above the value of their assets, each dollar of reinvested distributions buys about $0.98 of assets — a ReinvestCapture™ rate of 5.7%, less than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.3% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -2.58% | 3.43% | +1.85 | 55 |
| 6 months | -4.65% | 3.29% | +2.56 | 107 |
| 1 year | -5.91% | 2.91% | +3.33 | 208 |
| 3 years | -8.88% | — | — | — |
| 5 years | -10.29% | — | — | — |
Current contemporaneous premium/discount +3.78% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.88% to +4.92%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | 0.00% | -2.36% | +3.09% | +0.98% | +3.85% | -5.33% |
| Market price total return | +0.48% | -0.94% | +8.16% | +6.98% | +9.82% | -0.31% |
| NAV return | -3.45% | -9.53% | -9.37% | -9.94% | -2.79% | -7.09% |
| NAV total return | -3.45% | -8.68% | -5.59% | -5.33% | +2.17% | -2.75% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Eaton Vance California Municipal Income Trust (CEV) operates as a closed-end mutual fund under the management of Eaton Vance Management, its original creator. This fund is dedicated to investing in various fixed income markets. Its primary strategy involves acquiring debt securities issued by a diverse array of sectors, including education, healthcare (hospitals), housing, and transportation. Additionally, it invests in specific insured categories such as insured-education, insured-electric utilities, insured-hospital, insured-transportation, and insured-water and sewer. Established in 1999, the Trust is domiciled in the United States.
CEF Explorer research page for Eaton Vance California Municipal Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.