Eaton Vance Municipal Income Trust Reports Earnings Results for the Second Quarter and Six Months Ended May 31, 2014
August 15, 2014 at 12:43 am IST
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Eaton Vance Municipal Income Trust reported earnings results for the second quarter and six months ended May 31, 2014. For the quarter, the company's net investment income was $5,391,000 or $0.229 per common share against $5,056,000 or $0.221 per common share a year ago. Net realized and unrealized gains on investments were $22,011,000 or $0.941 per common share against net realized and unrealized losses on investments of $12,705,000 or $0.558 per common share a year ago. Preferred dividends paid from net investment income were $39,000 or $0.002 per common share against $76,000 or $0.004 per common share a year ago. Net increase in net assets from operations was $27,363,000 or $1.168 per common share against net decrease in net assets from operations of $7,725,000 or $0.340 per common share a year ago.
For the six months, the company's net investment income was $10,556,000 or $0.450 per common share against $10,090,000 or $0.442 per common share a year ago. Net realized and unrealized gains on investments were $39,720,000 or $1.698 per common share against net realized and unrealized losses on investments of $17,671,000 or $0.776 per common share a year ago. Preferred dividends paid from net investment income were $66,000 or $0.003 per common share against $132,000 or $0.006 per common share a year ago. Net increase in net assets from operations was $50,210,000 or $2.145 per common share against net decrease in net assets from operations of $7,713,000 or $0.340 per common share a year ago. On May 31, 2014, net assets of the Trust applicable to common shares were $289,199,225. The net asset value per common share on May 31, 2014 was $12.24 based on 23,630,826 common shares outstanding. In comparison, on May 31, 2013, net assets of the Trust applicable to common shares were $286,444,388. The net asset value per common share on May 31, 2013 was $12.55 based on 22,815,671 common shares outstanding.
Eaton Vance Municipal Income Trust (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from regular federal income tax. During normal market conditions, substantially all of the Fund's total assets (at least 80%) will be invested in debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (municipal obligations). At least 65% of the Fund's total assets will normally be invested in municipal obligations rated at least investment grade at the time of investment, or, if unrated, determined by Eaton Vance Management (EVM) to be of at least investment grade quality. The Fund invests in various sectors, such as education, hospital, electric utilities and housing. The Fund's investment adviser is EVM.