Eaton Vance California Municipal Income Trust Reports Earnings Results for the Second Quarter and Six Months Ended Mary 31, 2014
August 15, 2014 at 12:31 am IST
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Eaton Vance California Municipal Income Trust reported earnings results for the second quarter and six months ended Mary 31, 2014. For the quarter, the company's net investment income was $1,394,000 or $0.192 per common share against $1,374,000 or $0.189 per common share a year ago. Net realized and unrealized gains on investments were $3,980,000 or $0.550 per common share against net realized and unrealized losses on investments of $2,821,000 or $0.393 per common share a year ago. Preferred dividends paid from net investment income were $16,000 or $0.002 per common share against $32,000 or $0.005 per common share a year ago. Net increase in net assets from operations was $5,358,000 or $0.740 per common share against net decrease in net assets from operations of $1,479,000 or $0.209 per common share a year ago.
For the six months, the company's net investment income was $2,755,000 or $0.379 per common share against $2,744,000 or $0.378 per common share a year ago. Net realized and unrealized gains on investments were $8,149,000 or $1.124 per common share against net realized and unrealized losses on investments of $5,025,000 or $0.697 per common share a year ago. Preferred dividends paid from net investment income were $28,000 or $0.004 per common share against $56,000 or $0.008 per common share a year ago. Net increase in net assets from operations was $10,876,000 or $1.499 per common share against net decrease in net assets from operations of $2,337,000 or $0.327 per common share a year ago. On May 31, 2014, net assets of the Trust applicable to common shares were $99,386,500. The net asset value per common share on May 31, 2014 was $13.69 based on 7,261,075 common shares outstanding. In comparison, on May 31, 2013, net assets of the Trust applicable to common shares were $101,153,514. The net asset value per common share on May 31, 2013 was $13.93 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.