Eaton Vance California Municipal Income Trust Announces Financial Results for the Fourth Quarter and Year Ended November 30, 2013
February 14, 2014 at 02:51 pm EST
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Eaton Vance California Municipal Income Trust announced financial results for the fourth quarter and year ended November 30, 2013. For the quarter, the company reported net investment income of $1.362 million or $0.187 per share against $1.382 million or $0.191 per share a year ago. Net realized and unrealized gains on investments were $4.197 million or $0.576 against $4.370 million or $0.602 per share a year ago. Net increase in net assets from operations was $5.544 million or $0.761 per share against $5.717 million or $0.788 per share a year ago.
For the year, the company reported net investment income of $5.490 million or $0.756 per share against $5.735 million or $0.791 per share a year ago. Net realized and unrealized loss on investments was $14.708 million or $2.028 per share against net realized and unrealized gains on investments of $16.799 million or $2.316 per share a year ago. Net decrease in net assets from operations was $9.304 million or $1.284 per share against net increase in net assets from operations of $22.406 million or $3.089 per share a year ago. The net asset value per common share on November 30, 2013 was $12.58 based on 7,261,075 common shares outstanding. The net asset value per common share on November 30, 2012 was $14.66 based on 7,257,591 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.