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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/