BOSTON, Aug. 3 /PRNewswire-FirstCall/ -- Eaton Vance California Municipal Income Trust (NYSE Amex: CEV) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and six-month periods ended May 31, 2009. The Trust's fiscal year ends on November 30, 2009. For the three months ended May 31, 2009, the Trust had net investment income of $1,715,696 ($0.238 per common share). From this amount, the Trust paid dividends on preferred shares of $92,488 (equal to $0.013 for each common share), resulting in net investment income after the preferred dividends of $1,623,208, or $0.225 per common share. The Trust's net investment income for the six months ended May 31, 2009 was $3,366,226 ($0.468 per common share, before deduction of the preferred share dividends totaling $0.031 per common share), resulting in net investment income after the preferred dividends of $0.437 per common share. In comparison, for the three months ended May 31, 2008, the Trust had net investment income of $1,763,906 ($0.245 per common share). From this amount, the Trust paid dividends on preferred shares of $510,445 (equal to $0.072 for each common share), resulting in net investment income after the preferred dividends of $1,253,461, or $0.173 per common share. The Trust's net investment income for the six months ended May 31, 2008 was $3,450,041 ($0.480 per common share, before deduction of the preferred share dividends totaling $0.146 per common share), resulting in net investment income after the preferred dividends of $0.334 per common share. Net realized and unrealized gains for the three months ended May 31, 2009 were $5,512,135 ($0.771 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2009 were $12,874,075 ($1.796 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2008 were $11,674,189 ($1.621 per common share). The Trust's net realized and unrealized losses for the six months ended May 31, 2008 were $4,714,839 ($0.661 per common share). On May 31, 2009, net assets of the Trust applicable to common shares were $84,477,433. The net asset value per common share on May 31, 2009 was $11.76 based on 7,185,509 common shares outstanding. In comparison, on May 31, 2008, net assets of the Trust applicable to common shares were $103,865,680. The net asset value per common share on May 31, 2008 was $14.46 based on 7,181,488 common shares outstanding. 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 $136.3 billion in assets as of June 30, 2009 offering individuals and institutions a broad array of investment products 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 http://www.eatonvance.com/. EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended May 31, May 31, ------------------ ------------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $1,716 $1,764 $3,366 $3,450 Net realized and unrealized gains (losses) on investments 5,512 11,674 12,874 (4,715) Preferred dividends paid from net investment income (1) (92) (510) (219) (1,045) --- ---- ---- ------ Net increase (decrease) in net assets from operations $7,136 $12,928 $16,021 $(2,310) ====== ======= ======= ======= Earnings per Common Share Outstanding ------------------------- Net investment income $0.238 $0.245 $0.468 $0.480 Net realized and unrealized gains (losses) on investments 0.771 1.621 1.796 (0.661) Preferred dividends paid from net investment income(1) (0.013) (0.072) (0.031) (0.146) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $0.996 $1.794 $2.233 $(0.327) ====== ====== ====== ======= Net investment income $0.238 $0.245 $0.468 $0.480 Preferred dividends paid from net investment income (1) (0.013) (0.072) (0.031) (0.146) ------ ------ ------ ------ Net investment income after preferred dividends $0.225 $0.173 $0.437 $0.334 ====== ====== ====== ====== Net Asset Value at May 31 (Common Shares) ------------------------- Net assets $84,477 $103,866 Shares outstanding 7,186 7,181 Net asset value per share outstanding $11.76 $14.46 Market Value Summary (Common Shares) ---------------------------- Market price on NYSE Amex at May 31 $11.03 $13.70 High market price (period ended May 31) $11.08 $14.43 Low market price (period ended May 31) $6.02 $12.90 (1) During the year ended November 30, 2008, the Trust made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investors, Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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