Eaton Vance California Municipal Income Trust Reports Earnings Results for the Fourth Quarter and Year Ended November 30, 2011
January 31, 2012 at 03:52 pm EST
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Eaton Vance California Municipal Income Trust reported earnings results for the fourth quarter and year ended November 30, 2011. For the quarter, the Trust had net investment income of $1,564,336 or $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. In comparison, for the three months ended November 30, 2010, the Trust had net investment income of $1,664,731 or $0.231 per common share. From this amount, the Trust paid dividends on preferred shares of $53,779 equal to $0.007 for each common share, resulting in net investment income after the preferred dividends of $1,610,952, or $0.224 per common share. Net realized and unrealized gains were $952,161 or $0.130 per common share. In comparison, net realized and unrealized losses for the three months ended November 30, 2010 were $7,546,408 or $1.043 per common share. Net increase in net assets from operations was $2,487,000 or $0.343 per common share compared to net decrease in net assets from operations of $5,935,000 or $0.819 per common share for the same period a year ago.
For the year, the Trust's net investment income was $6,690,748 or $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. In comparison, the Trust's net investment income for the year ended November 30, 2010 was $6,802,191 or $0.945 per common share, before deduction of the preferred share dividends totaling $0.028 per common share, resulting in net investment income after the preferred dividends of $0.917 per common share. Net realized and unrealized gains were $28,169 or $0.002 per common share. In comparison, the Trust's net realized and unrealized gains for the year ended November 30, 2010 were $149,760 or $0.026 per common share. 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. In comparison, on November 30, 2010, net assets of the Trust applicable to common shares were $89,395,119. The net asset value per common share on November 30, 2010 was $12.39 based on 7,217,856 common shares outstanding. Net increase in net assets from operations was $6,562,000 or $0.906 per common share compared to $6,748,000 or $0.943 per common share for the same period 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.