ETON VANCE MIC BEN 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
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SOURCE Eaton Vance Management
