Eaton Vance Michigan Municipal Income Trust Report of Earnings
February 11 2009 - 4:10PM
PR Newswire (US)
BOSTON, Feb. 11 /PRNewswire-FirstCall/ -- Eaton Vance Michigan
Municipal Income Trust (NYSE Alternext US: EMI) (the "Trust"), a
closed-end management investment company, today announced the
earnings of the Trust for the three months and year ended November
30, 2008. The Trust's fiscal year ended on November 30, 2008. For
the three months ended November 30, 2008, the Trust had net
investment income of $504,157 ($0.239 per common share). From this
amount, the Trust paid dividends on preferred shares of $197,928
(equal to $0.094 for each common share), resulting in net
investment income after the preferred dividends of $306,229, or
$0.145 per common share. The Trust's net investment income for the
year ended November 30, 2008 was $1,969,595 ($0.931 per common
share, before deduction of the preferred share dividends totaling
$0.301 per common share), resulting in net investment income after
the preferred dividends of $0.630 per common share. In comparison,
for the three months ended November 30, 2007, the Trust had net
investment income of $474,283 ($0.224 per common share). From this
amount, the Trust paid dividends on preferred shares of $160,667
(equal to $0.076 for each common share), resulting in net
investment income after the preferred dividends of $313,616, or
$0.148 per common share. The Trust's net investment income for the
year ended November 30, 2007 was $1,932,321 ($0.913 per common
share, before deduction of the preferred share dividends totaling
$0.296 per common share), resulting in net investment income after
the preferred dividends of $0.617 per common share. Net realized
and unrealized losses for the three months ended November 30, 2008
were $5,395,692 ($2.546 per common share). The Trust's net realized
and unrealized losses for the year ended November 30, 2008 were
$7,772,780 ($3.669 per common share). In comparison, net realized
and unrealized gains for the three months ended November 30, 2007
were $161,037 ($0.080 per common share). The Trust's net realized
and unrealized losses for the year ended November 30, 2007 were
$1,871,907 ($0.881 per common share). On November 30, 2008, net
assets of the Trust applicable to common shares were $22,977,181.
The net asset value per common share on November 30, 2008 was
$10.86 based on 2,116,294 common shares outstanding. In comparison,
on November 30, 2007, net assets of the Trust applicable to common
shares were $30,710,345. The net asset value per common share on
November 30, 2007 was $14.51 based on 2,116,294 common shares
outstanding. The Fund 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
$124.9 billion in assets as of December 31, 2008 offering
individuals and institutions a broad array of financial products
and wealth solutions including mutual funds, managed accounts,
variable trusts and charitable giving services. A combination of
tradition, proven long-term performance and more than 80 years of
experience have made Eaton Vance the investment manager of choice
for many investors. For more information about Eaton Vance, visit
http://www.eatonvance.com/. EATON VANCE MICHIGAN MUNICIPAL INCOME
TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per
share amounts) Three Months Ended Year Ended November 30, November
30, ------------ ------------ 2008 2007 2008 2007 ---- ---- ----
---- Net investment income $504 $474 $1,970 $1,932 Net realized and
unrealized gains (losses) on investments (5,396) 161 (7,773)
(1,872) Preferred dividends paid from net investment income (198)
(161) (637) (626) ---- ---- ---- ---- Net increase (decrease) in
net assets from operations $(5,090) $474 $(6,440) $(566) =======
==== ======= ===== Earnings per Common Share Outstanding
------------------------------------- Net investment income $0.239
$0.224 $0.931 $0.913 Net realized and unrealized gains (losses) on
investments (2.546) 0.080 (3.669) (0.881) Preferred dividends paid
from net investment income (0.094) (0.076) (0.301) (0.296) ------
------ ------ ------ Net increase (decrease) in net assets from
operations $(2.401) $0.228 $(3.039) $(0.264) ======= ====== =======
======= Net investment income $0.239 $0.224 $0.931 $0.913 Preferred
dividends paid from net investment income (0.094) (0.076) (0.301)
(0.296) ------ ------ ------ ------ Net investment income after
preferred dividends $0.145 $0.148 $0.630 $0.617 ====== ======
====== ====== Net Asset Value at November 30 (Common Shares)
--------------- Net assets $22,977 $30,710 Shares outstanding 2,116
2,116 Net asset value per share outstanding $10.86 $14.51 Market
Value Summary (Common Shares) ------------------------------------
Market price on NYSE Alternext US at November 30 $7.92 $12.43 High
market price (period ended November 30) $13.04 $14.68 Low market
price (period ended November 30) $7.05 $12.21 DATASOURCE: Eaton
Vance Management CONTACT: Investor Contact: +1-800-262-1122 Web
Site: http://www.eatonvance.com/
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