Eaton Vance California Municipal Income Trust Announces Earnings Results for the Three Months and Year Ended November 30, 2014
March 17, 2015 at 04:01 pm EDT
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Eaton Vance California Municipal Income Trust announced earnings results for the three months and year ended November 30, 2014. For the three months ended November 30, 2014, the Trust had net investment income of $1,356,795 or $0.187 per common share. From this amount, the Trust paid dividends on preferred shares of $11,963 or equal to $0.001 for each common share, resulting in net investment income after the preferred dividends of $1,344,832, or $0.186 per common share. In comparison, for the three months ended November 30, 2013, the Trust had net investment income of $1,362,249 or $0.187 per common share. From this amount, the Trust paid dividends on preferred shares of $15,427 or equal to $0.002 for each common share, resulting in net investment income after the preferred dividends of $1,346,822, or $0.185 per common share. Net realized and unrealized gains for the three months ended November 30, 2014 were $1,401,210 or $0.194 per common share. In comparison, net realized and unrealized gains for the three months ended November 30, 2013 were $4,197,214 or $0.576 per common share.
The Trust's net investment income for the year ended November 30, 2014 was $5,491,298 or $0.756 per common share, before deduction of the preferred share dividends totaling $0.007 per common share, resulting in net investment income after the preferred dividends of $0.749 per common share. The Trust's net investment income for the year ended November 30, 2013 was $5,490,439 or $0.756 per common share, before deduction of the preferred share dividends totaling $0.012 per common share, resulting in net investment income after the preferred dividends of $0.744 per common share. The Trust's net realized and unrealized gains for the year ended November 30, 2014 were $10,934,760 or $1.507 per common share. The Trust's net realized and unrealized losses for the year ended November 30, 2013 were $14,708,011 or $2.028 per common share. The net asset value per common share on November 30, 2014 was $14.08 based on 7,254,575 common shares outstanding. The net asset value per common share on November 30, 2013 was $12.58 based on 7,261,075 common shares outstanding.
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.