Eaton Vance Municipal Income Trust Announces Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2012
January 31, 2013 at 10:45 am EST
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Eaton Vance Municipal Income Trust announced earnings results for the fourth quarter and full year ended November 30, 2012. For the three months ended November 30, 2012, the Trust had net investment income of $5,221,575 ($0.229 per common share). From this amount, the Trust paid dividends on preferred shares of $85,105 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $5,136,470 or $0.226 per common share. In comparison, for the three months ended November 30, 2011, the Trust had net investment income of $5,073,283 ($0.222 per common share). From this amount, the Trust paid dividends on preferred shares of $68,893 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $5,004,390 or $0.219 per common share. Net increase in net assets from operations was $23,169,000 or $1.019 per share against $4,171,000 or $0.177 per share a year ago.
The Trust's net investment income for the year ended November 30, 2012 was $20,625,920 ($0.905 per common share, before deduction of the preferred share dividends totaling $0.013 per common share), resulting in net investment income after the preferred dividends of $0.892 per common share. The Trust's net investment income for the year ended November 30, 2011 was $22,443,277 ($0.988 per common share, before deduction of the preferred share dividends totaling $0.016 per common share), resulting in net investment income after the preferred dividends of $0.972 per common share. The net asset value per common share on November 30, 2012 was $13.36 based on 22,804,327 common shares outstanding. In comparison, on November 30, 2011, net assets of the Trust applicable to common shares were $243,936,427. The net asset value per common share on November 30, 2011 was $10.71 based on 22,769,255 common shares outstanding. Net increase in net assets from operations was $82,149,000 or $3.607 per share against $14,202,000 or $0.620 per share a year ago.
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.