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Eaton Vance Massachusetts Municipal Income Trust
(AMEX:MMV), a non-diversified closed-end investment company, today
announced the earnings of the Trust for the three and six-month
periods ended May 31, 2005. The Trust's fiscal year ends on November
30, 2005.
For the three months ended May 31, 2005, the Trust had net
investment income of $657,122 ($0.243 per common share). From this
amount, the Trust paid dividends on preferred shares of $108,101
(equal to $0.040 for each common share), resulting in net investment
income after the preferred dividends of $549,021, or $0.203 per common
share. The Trust's net investment income for the six months ended May
31, 2005 increased to $1,339,421 ($0.496 per common share, before
deduction of the preferred share dividends totaling $0.062 per common
share), resulting in net investment income after the preferred
dividends of $0.434 per common share. In comparison, for the three
months ended May 31, 2004, the Trust had net investment income of
$723,355 ($0.270 per common share). From this amount, the Trust paid
dividends on preferred shares of $32,822 (equal to $0.012 for each
common share), resulting in net investment income after the preferred
dividends of $690,533, or $0.258 per common share. The Trust's net
investment income for the six months ended May 31, 2004 increased to
$1,423,296 ($0.532 per common share, before deduction of the preferred
share dividends totaling $0.028 per common share), resulting in net
investment income after the preferred dividends of $0.504 per common
share.
Net realized and unrealized gains for the three months ended May
31, 2005 were $267,743 ($0.107 per common share). The Trust's net
realized and unrealized gains for the six months ended May 31, 2005
were $1,610,197 ($0.605 per common share). In comparison, net realized
and unrealized losses for the three months ended May 31, 2004 were
$2,846,600 ($1.058 per common share). The Trust's net realized and
unrealized losses for the six months ended May 31, 2004 were
$1,975,398 ($0.732 per common share).
On May 31, 2005, net assets of the Trust applicable to common
shares were $42,345,131. The net asset value per common share on May
31, 2005 was $15.65 based on 2,706,497 common shares outstanding. In
comparison, on May 31, 2004, net assets of the Trust applicable to
common shares were $39,234,456. The net asset value per common share
on May 31, 2004 was $14.64 based on 2,680,412 common shares
outstanding.
The Trust is managed by Eaton Vance Management. Eaton Vance and
its affiliates had $101.5 billion in assets under management on May
31, 2005. Eaton Vance Management will make available periodic summary
information regarding portfolio investments. Those interested should
call Eaton Vance at (617) 482-8260.
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EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
May 31, May 31,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Gross investment income $861 $917 $1,732 $1,799
Operating expenses (204) (194) (393) (376)
-------- -------- -------- --------
Net investment income $657 $723 $1,339 $1,423
Net realized and unrealized gains
(losses) on investments $268 ($2,847) $1,610 ($1,975)
Preferred dividends paid ($108) ($33) ($166) ($75)
Net increase (decrease) in net
assets from operations $817 ($2,157) $2,783 ($627)
Earnings per Common Share Outstanding
-------------------------------------
Gross investment income $0.318 $0.343 $0.641 $0.673
Operating expenses (0.075) (0.073) (0.145) (0.141)
-------- -------- -------- --------
Net investment income $0.243 $0.270 $0.496 $0.532
Net realized and unrealized gains
(losses) on investments $0.107 ($1.058) $0.605 ($0.732)
Preferred dividends paid ($0.040) ($0.012) ($0.062) ($0.028)
-------- -------- -------- --------
Net increase (decrease) in net
assets from operations $0.310 ($0.800) $1.039 ($0.228)
Net investment income $0.243 $0.270 $0.496 $0.532
Preferred dividends paid (0.040) (0.012) (0.062) (0.028)
-------- -------- -------- --------
Net investment income after
preferred dividends $0.203 $0.258 $0.434 $0.504
======== ======== ======== ========
Net Asset Value at May 31 (Common Shares)
-----------------------------------------
Net assets (000) $42,345 $39,234
Shares outstanding (000) 2,706 2,680
Net asset value per share outstanding $15.65 $14.64
Market Value Summary (Common Shares)
------------------------------------
Market price on AMEX at May 31 $16.00 $14.55
High market price (six months ended May 31) $18.10 $16.60
Low market price (six months ended May 31) $15.72 $14.19
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