Eaton Vance California Municipal Income Trust (NYSE: CEV) is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from regular federal and California personal income taxes. The trust primarily invests in investment-grade municipal securities issued by state and local governmental entities within California. By focusing on the Golden State’s municipal market, the trust aims to capture attractive tax-advantaged yields while maintaining portfolio quality through credit analysis and active duration management.
The trust’s portfolio typically includes revenue and general obligation bonds financing public infrastructure projects such as transportation systems, healthcare facilities, water and utility networks, and educational institutions. Through a combination of primary market purchases and secondary market trading, Eaton Vance California Municipal Income Trust endeavors to balance income generation with prudent risk controls. The trust’s shares are listed on the New York Stock Exchange, offering investors daily liquidity in a sector that traditionally delivers tax-exempt income streams.
Established in the mid-1990s, the trust has benefited from Eaton Vance’s longstanding expertise in municipal fixed income. Following Eaton Vance’s acquisition by Morgan Stanley in 2021, the municipal bond team continued to operate under the Eaton Vance brand, leveraging deep sector knowledge and local market insights. The trust’s investment approach emphasizes rigorous credit research, yield curve positioning, and diversification across issuers and industries within California.
Governance and oversight are provided by an independent board of trustees, while day-to-day portfolio management is conducted by experienced municipal professionals at Eaton Vance. With a focus on tax efficiency and the preservation of capital, Eaton Vance California Municipal Income Trust is designed for investors seeking consistent, exempt income along with exposure to critical public projects across California’s diverse economy.
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