For the three months ended August 31, 2009, the Trust had net investment income of $1,736,891 ($0.242 per common share). From this amount, the Trust paid dividends on preferred shares of $60,960 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $1,675,931, or $0.234 per common share. The Trust's net investment income for the nine months ended August 31, 2009 was $5,103,117 ($0.710 per common share, before deduction of the preferred share dividends totaling $0.039 per common share), resulting in net investment income after the preferred dividends of $0.671 per common share. In comparison, for the three months ended August 31, 2008, the Trust had net investment income of $1,769,506 ($0.247 per common share). From this amount, the Trust paid dividends on preferred shares of $388,432 (equal to $0.054 for each common share), resulting in net investment income after the preferred dividends of $1,381,074, or $0.193 per common share. The Trust's net investment income for the nine months ended August 31, 2008 was $5,219,547 ($0.727 per common share, before deduction of the preferred share dividends totaling $0.200 per common share), resulting in net investment income after the preferred dividends of $0.527 per common share.
Net realized and unrealized gains for the three months ended August 31, 2009 were $1,242,945 ($0.169 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2009 were $14,117,020 ($1.965 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2008 were $4,474,702 ($0.619 per common share). The Trust's net realized and unrealized losses for the nine months ended August 31, 2008 were $9,189,541 ($1.280 per common share).
On August 31, 2009, net assets of the Trust applicable to common shares were $86,003,145. The net asset value per common share on August 31, 2009 was $11.96 based on 7,190,265 common shares outstanding. In comparison, on August 31, 2008, net assets of the Trust applicable to common shares were $99,560,517. The net asset value per common share on August 31, 2008 was $13.86 based on 7,181,488 common shares outstanding.
The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $157.0 billion in assets as of September 30, 2009 offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Nine Months
Ended Ended
August 31, August 31,
----------- ----------
2009 2008 2009 2008
---- ---- ---- ----
Net investment income $1,737 $1,770 $5,103 $5,220
Net realized and unrealized gains
(losses) on investments 1,243 (4,475) 14,117 (9,190)
Preferred dividends paid from net
investment income (1) (61) (388) (280) (1,434)
--- ---- ---- ------
Net increase (decrease) in
net assets from operations $2,919 $(3,093) $18,940 $(5,404)
====== ======= ======= =======
Earnings per Common Share
Outstanding
--------------------------
Net investment income $0.242 $0.247 $0.710 $0.727
Net realized and unrealized gains
(losses) on investments 0.169 (0.619) 1.965 (1.280)
Preferred dividends paid from net
investment income (1) (0.008) (0.054) (0.039) (0.200)
------ ------ ------ ------
Net increase (decrease) in
net assets from operations $0.403 $(0.426) $2.636 $(0.753)
====== ======= ====== =======
Net investment income $0.242 $0.247 $0.710 $0.727
Preferred dividends paid from net
investment income (1) (0.008) (0.054) (0.039) (0.200)
------ ------ ------ ------
Net investment income after
preferred dividends $0.234 $0.193 $0.671 $0.527
====== ====== ====== ======
Net Asset Value at August 31
(Common Shares)
----------------------------
Net assets $86,003 $99,561
Shares outstanding 7,190 7,181
Net asset value per share
outstanding $11.96 $13.86
Market Value Summary (Common Shares)
------------------------------------
Market price on NYSE Amex
at August 31 $12.53 $13.35
High market price (period
ended August 31) $12.53 $14.43
Low market price (period
ended August 31) $6.02 $12.60
(1) During the year ended November 30, 2008, the Trust made a partial
redemption of its preferred shares.
SOURCE Eaton Vance Management