Home Page
Home Page
09:34:44 EDT Thu 24 Apr 2014
Enter Symbol
or Name
USA
Canada
EATON VANCE CORP
Symbol U : EV
Recent Sedar Documents

Eaton Vance Michigan Municipal Income Trust Report Of Earnings

2013-01-31 10:13 ET - News Release

BOSTON, Jan. 31, 2013 /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 months and year ended November 30, 2012. The Trust's fiscal year ended on November 30, 2012.

For the three months ended November 30, 2012, the Trust had net investment income of $391,732 ($0.185 per common share).  From this amount, the Trust paid dividends on preferred shares of $12,389 (equal to $0.006 for each common share), resulting in net investment income after the preferred dividends of $379,343, or $0.179 per common share. The Trust's net investment income for the year ended November 30, 2012 was $1,609,283 ($0.760 per common share, before deduction of the preferred share dividends totaling $0.021 per common share), resulting in net investment income after the preferred dividends of $0.739 per common share. In comparison, for the three months ended November 30, 2011, the Trust had net investment income of $413,275 ($0.196 per common share).  From this amount, the Trust paid dividends on preferred shares of $10,018 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $403,257, or $0.192 per common share. The Trust's net investment income for the year ended November 30, 2011 was $1,747,303 ($0.826 per common share, before deduction of the preferred share dividends totaling $0.025 per common share), resulting in net investment income after the preferred dividends of $0.801 per common share. 

Net realized and unrealized gains for the three months ended November 30, 2012 were $1,195,198 ($0.573 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2012 were $4,096,358 ($1.944 per common share). In comparison, net realized and unrealized gains for the three months ended November 30, 2011 were $275,350 ($0.128 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2011 were $1,185,888 ($0.558 per common share).

On November 30, 2012, net assets of the Trust applicable to common shares were $32,391,135. The net asset value per common share on November 30, 2012 was $15.31 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2011, net assets of the Trust applicable to common shares were $28,366,330. The net asset value per common share on November 30, 2011 was $13.40 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 $238.4 billion in assets as of December 31, 2012, 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


Year Ended



November 30, 


November 30, 



2012


2011


2012


2011

Net investment income

$        392


$        413


$     1,609


$     1,747

Net realized and unrealized gains (losses)








  on investments

1,195


275


4,096


1,186

Preferred dividends paid from net investment income 

(12)


(10)


(45)


(54)


Net increase (decrease) in net assets









  from operations

$     1,575


$        678


$     5,660


$     2,879










Earnings per Common Share Outstanding








Net investment income

$     0.185


$     0.196


$     0.760


$     0.826

Net realized and unrealized gains (losses)








  on investments

0.573


0.128


1.944


0.558

Preferred dividends paid from net investment income 

(0.006)


(0.004)


(0.021)


(0.025)


Net increase (decrease) in net assets









  from operations

$     0.752


$     0.320


$     2.683


$     1.359










Net investment income

$     0.185


$     0.196


$     0.760


$     0.826

Preferred dividends paid from net investment income 

(0.006)


(0.004)


(0.021)


(0.025)

Net investment income after preferred dividends

$     0.179


$     0.192


$     0.739


$     0.801










Net Asset Value at November 30 (Common Shares)









Net assets 





$32,391


$28,366


Shares outstanding 





2,116


2,116


Net asset value per share outstanding





$15.31


$13.40










Market Value Summary (Common Shares)









Market Price on NYSE MKT at November 30





$14.69


$12.47


High market price (period ended November 30)





$14.69


$12.52


Low market price (period ended November 30)





$12.49


$11.10

 

 

SOURCE Eaton Vance Management

© 2014 Canjex Publishing Ltd. All rights reserved.