ETON VANCE MIC BEN BOSTON, March 17, 2015 /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, 2014. The Trust's fiscal year ended on November 30, 2014.
For the three months ended November 30, 2014, the Trust had net investment income of $385,668 ($0.184 per common share). From this amount, the Trust paid dividends on preferred shares of $4,169 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $381,499, or $0.182 per common share. The Trust's net investment income for the year ended November 30, 2014 was $1,541,481 ($0.730 per common share, before deduction of the preferred share dividends totaling $0.009 per common share), resulting in net investment income after the preferred dividends of $0.721 per common share. In comparison, for the three months ended November 30, 2013, the Trust had net investment income of $383,643 ($0.181 per common share). From this amount, the Trust paid dividends on preferred shares of $5,272 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $378,371, or $0.179 per common share. The Trust's net investment income for the year ended November 30, 2013 was $1,541,662 ($0.728 per common share, before deduction of the preferred share dividends totaling $0.014 per common share), resulting in net investment income after the preferred dividends of $0.714 per common share.
Net realized and unrealized gains for the three months ended November 30, 2014 were $239,114 ($0.118 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2014 were $3,556,037 ($1.685 per common share). In comparison, net realized and unrealized gains for the three months ended November 30, 2013 were $1,510,626 ($0.707 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2013 were $4,990,387 ($2.365 per common share).
On November 30, 2014, net assets of the Trust applicable to common shares were $30,495,943. The net asset value per common share on November 30, 2014 was $14.64 based on 2,083,294 common shares outstanding. In comparison, on November 30, 2013, net assets of the Trust applicable to common shares were $27,327,615. The net asset value per common share on November 30, 2013 was $12.91 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 $295.7 billion in assets as of January 31, 2015, 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,
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2014 2013 2014 2013
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Net investment income $386 $384 $1,541 $1,542
Net realized and unrealized gains (losses)
on investments 239 1,511 3,556 (4,990)
Preferred dividends paid from net investment income (4) (5) (18) (30)
--- --- --- ---
Net increase (decrease) in net assets
from operations $621 $1,890 $5,079 $(3,478)
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Earnings per Common Share Outstanding
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Net investment income $0.184 $0.181 $0.730 $0.728
Net realized and unrealized gains (losses)
on investments 0.118 0.707 1.685 (2.365)
Preferred dividends paid from net investment income (0.002) (0.002) (0.009) (0.014)
------ ------ ------ ------
Net increase (decrease) in net assets
from operations $0.300 $0.886 $2.406 $(1.651)
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Net investment income $0.184 $0.181 $0.730 $0.728
Preferred dividends paid from net investment income (0.002) (0.002) (0.009) (0.014)
------ ------ ------ ------
Net investment income after preferred dividends $0.182 $0.179 $0.721 $0.714
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Net Asset Value at November 30 (Common Shares)
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Net assets $30,496 $27,328
Shares outstanding 2,083 2,116
Net asset value per share outstanding $14.64 $12.91
Market Value Summary (Common Shares)
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Market Price on NYSE MKT at November 30 $12.55 $11.00
High market price (period ended November 30) $12.74 $14.85
Low market price (period ended November 30) $10.76 $10.60
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SOURCE Eaton Vance Management
