BOSTON, Nov. 24, 2014 /PRNewswire/ -- Eaton Vance
Michigan Municipal Income Trust (NYSE MKT: EMI) (the "Trust"), a
closed-end management investment company, today announced the
earnings of the Trust for the three and nine-month periods ended
August 31, 2014. The Trust's fiscal
year ends on November 30, 2014.
For the three months ended August 31,
2014, the Trust had net investment income of $393,028 ($0.186
per common share). From this amount, the Trust paid dividends
on preferred shares of $4,486 (equal
to $0.003 for each common share),
resulting in net investment income after the preferred dividends of
$388,542, or $0.183 per common share. The Trust's net
investment income for the nine months ended August 31, 2014 was $1,155,813 ($0.546
per common share, before deduction of the preferred share dividends
totaling $0.007 per common share),
resulting in net investment income after the preferred dividends of
$0.539 per common share. In
comparison, for the three months ended August 31, 2013, the Trust had net investment
income of $387,642 ($0.183 per common share). From this amount,
the Trust paid dividends on preferred shares of $5,505 (equal to $0.003 for each common share), resulting in net
investment income after the preferred dividends of $382,137, or $0.180
per common share. The Trust's net investment income for the nine
months ended August 31, 2013 was
$1,158,019 ($0.547 per common share, before deduction of the
preferred share dividends totaling $0.012 per common share), resulting in net
investment income after the preferred dividends of $0.535 per common share.
Net realized and unrealized gains for the three months ended
August 31, 2014 were $466,266 ($0.218
per common share). The Trust's net realized and unrealized gains
for the nine months ended August 31,
2014 were $3,316,923
($1.567 per common share). In
comparison, net realized and unrealized losses for the three months
ended August 31, 2013 were
$4,667,209 ($2.198 per common share). The Trust's net
realized and unrealized losses for the nine months ended
August 31, 2013 were $6,501,013 ($3.072
per common share).
On August 31, 2014, net assets of
the Trust applicable to common shares were $30,661,128. The net asset value per common share
on August 31, 2014 was $14.49 based on 2,116,294 common shares
outstanding. In comparison, on August 31,
2013, net assets of the Trust applicable to common shares
were $25,820,787. The net asset value
per common share on August 31, 2013
was $12.20 based on 2,116,294 common
shares outstanding.
The Trust periodically makes certain performance data and
information about portfolio characteristics available on
www.eatonvance.com (on the fund information page under "Individual
Investors – Closed-End Funds"). Trust portfolio holdings for
the most recent month-end are also posted to the website
approximately 30 days following month-end.
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 $297.7 billion
in assets as of October 31, 2014,
offering individuals and institutions a broad array of investment
strategies 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
MICHIGAN MUNICIPAL INCOME TRUST
|
SUMMARY OF RESULTS
OF OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
August
31,
|
|
August
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net investment
income
|
$ 393
|
|
$ 388
|
|
$ 1,156
|
|
$ 1,158
|
Net realized and
unrealized gains (losses)
|
|
|
|
|
|
|
|
on
investments
|
466
|
|
(4,667)
|
|
3,317
|
|
(6,501)
|
Preferred dividends
paid from net investment income
|
(4)
|
|
(6)
|
|
(14)
|
|
(24)
|
|
Net increase
(decrease) in net assets
|
|
|
|
|
|
|
|
|
from
operations
|
$ 855
|
|
$ (4,285)
|
|
$ 4,459
|
|
$ (5,367)
|
|
|
|
|
|
|
|
|
|
Earnings per Common
Share Outstanding
|
|
|
|
|
|
|
|
Net investment
income
|
$ 0.186
|
|
$ 0.183
|
|
$ 0.546
|
|
$ 0.547
|
Net realized and
unrealized gains (losses)
|
|
|
|
|
|
|
|
on
investments
|
0.218
|
|
(2.198)
|
|
1.567
|
|
(3.072)
|
Preferred dividends
paid from net investment income
|
(0.003)
|
|
(0.003)
|
|
(0.007)
|
|
(0.012)
|
|
Net increase
(decrease) in net assets
|
|
|
|
|
|
|
|
|
from
operations
|
$ 0.401
|
|
$ (2.018)
|
|
$ 2.106
|
|
$ (2.537)
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
$ 0.186
|
|
$ 0.183
|
|
$ 0.546
|
|
$ 0.547
|
Preferred dividends
paid from net investment income
|
(0.003)
|
|
(0.003)
|
|
(0.007)
|
|
(0.012)
|
Net investment income
after preferred dividends
|
$ 0.183
|
|
$ 0.180
|
|
$ 0.539
|
|
$ 0.535
|
|
|
|
|
|
|
|
|
|
Net Asset Value at
August 31 (Common Shares)
|
|
|
|
|
|
|
|
|
Net
assets
|
|
|
|
|
$30,661
|
|
$25,821
|
|
Shares
outstanding
|
|
|
|
|
2,116
|
|
2,116
|
|
Net asset value per
share outstanding
|
|
|
|
|
$14.49
|
|
$12.20
|
|
|
|
|
|
|
|
|
|
Market Value Summary
(Common Shares)
|
|
|
|
|
|
|
|
|
Market price on NYSE
MKT at August 31
|
|
|
|
|
$12.41
|
|
$11.07
|
|
High market price
(period ended August 31)
|
|
|
|
|
$12.74
|
|
$14.85
|
|
Low market price
(period ended August 31)
|
|
|
|
|
$10.76
|
|
$10.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/eaton-vance-michigan-municipal-income-trust-report-of-earnings-300000483.html
SOURCE Eaton Vance Management