Eaton Vance California Municipal Income Trust Announces Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2012
January 31, 2013 at 11:03 am
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Eaton Vance California Municipal Income Trust announced earnings results for the fourth quarter and full year ended November 30, 2012. For the three months ended November 30, 2012, the Trust had net investment income of $1,382,387 ($0.191 per common share). From this amount, the Trust paid dividends on preferred shares of $35,318 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $1,347,069, or $0.186 per common share. In comparison, for the three months ended November 30, 2011, the Trust had net investment income of $1,564,336 ($0.217 per common share). From this amount, the Trust paid dividends on preferred shares of $28,952 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $1,535,384, or $0.213 per common share. Net increase in net assets from operations was $5,717,000 or $0.788 per share against $2,487,000 or $0.343 per share a year ago.
The Trust's net investment income for the year ended November 30, 2012 was $5,734,651 ($0.791 per common share, before deduction of the preferred share dividends totaling $0.018 per common share), resulting in net investment income after the preferred dividends of $0.773 per common share. The Trust's net investment income for the year ended November 30, 2011 was $6,690,748 ($0.926 per common share, before deduction of the preferred share dividends totaling $0.022 per common share), resulting in net investment income after the preferred dividends of $0.904 per common share. The net asset value per common share on November 30, 2012 was $14.66 based on 7,257,591 common shares outstanding. In comparison, on November 30, 2011, net assets of the Trust applicable to common shares were $89,861,706. The net asset value per common share on November 30, 2011 was $12.41 based on 7,243,893 common shares outstanding. Net increase in net assets from operations was $22,406,000 or $3.089 per share against $6,562,000 or $0.906 per share a year ago.
Eaton Vance California Municipal Income Trust (the Fund) is a non-diversified, closed-end management investment company. The Fundâs investment objective is to provide current income exempt from regular federal income tax and California state personal income taxes. The Trust may invest in residual interest bonds whereby the Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The Trust invests primarily in debt securities issued by California municipalities. The Fundâs portfolio of investments includes various sectors, including general obligations, insured-education, healthcare, electric utilities, insured-escrowed/prefunded, airport, insured special assessment, special tax, water and sewer, public power, senior living/life care, special assessment and transportation. Eaton Vance Management acts as the Fundâs investment advisor.