Eaton Vance Michigan Municipal Income Trust Report of Earnings
May 08 2009 - 3:03PM
PR Newswire (US)
BOSTON, May 8 /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 ended February 28, 2009.
The Trust's fiscal year ends on November 30, 2009. For the three
months ended February 28, 2009, the Trust had net investment income
of $497,952 ($0.235 per common share). From this amount, the Trust
paid dividends on preferred shares of $45,894 (equal to $0.022 for
each common share), resulting in net investment income after the
preferred dividends of $452,058, or $0.213 per common share. In
comparison, for the three months ended February 29, 2008, the Trust
had net investment income of $492,495 ($0.233 per common share).
From this amount, the Trust paid dividends on preferred shares of
$170,384 (equal to $0.081 for each common share), resulting in net
investment income after the preferred dividends of $322,111, or
$0.152 per common share. Net realized and unrealized gains for the
three months ended February 28, 2009 were $1,315,364 ($0.622 per
common share). In comparison, net realized and unrealized losses
for the three months ended February 29, 2008 were $3,416,889
($1.615 per common share). On February 28, 2009, net assets of the
Trust applicable to common shares were $24,396,647. The net asset
value per common share on February 28, 2009 was $11.53 based on
2,116,290 common shares outstanding. In comparison, on February 29,
2008, net assets of the Trust applicable to common shares were
$27,294,948. The net asset value per common share on February 29,
2008 was $12.90 based on 2,116,294 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 $119.3
billion in assets as of March 31, 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 http://www.eatonvance.com/.
EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF
OPERATIONS (in thousands, except per share amounts) Three Months
Ended Three Months Ended February 28, February 29, ------------
------------ 2009 2008 ---- ---- Net investment income $498 $492
Net realized and unrealized gains (losses) on investments 1,315
(3,417) Preferred dividends paid from net investment income (46)
(170) --- ---- Net increase (decrease) in net assets from
operations $1,767 $(3,095) ====== ======= Earnings per Common Share
Outstanding ------------------------------------- Net investment
income $0.235 $0.233 Net realized and unrealized gains (losses) on
investments 0.622 (1.615) Preferred dividends paid from net
investment income (0.022) (0.081) ------ ------ Net increase
(decrease) in net assets from operations $0.835 $(1.463) ======
======= Net investment income $0.235 $0.233 Preferred dividends
paid from net investment income (0.022) (0.081) ------ ------ Net
investment income after preferred dividends $0.213 $0.152 ======
====== Net Asset Value at February 28 (Common Shares)
---------------------------------------------- Net assets $24,397
$27,295 Shares outstanding 2,116 2,116 Net asset value per share
outstanding $11.53 $12.90 Market Value Summary (Common Shares)
------------------------------------ Market price on NYSE Alternext
US at February 28 $9.62 $11.75 High market price (period ended
February 28) $10.20 $13.04 Low market price (period ended February
28) $7.10 $11.75 DATASOURCE: Eaton Vance Management CONTACT:
Investors, Eaton Vance Management, +1-800-262-1122 Web Site:
http://www.eatonvance.com/
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