Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Lori MacVittie, Elizabeth White, Eva Belanyiova, tru welu

News Feed Item

Eaton Vance Michigan Municipal Income Trust Report Of Earnings

BOSTON, Feb. 14, 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 months and year ended November 30, 2013. The Trust's fiscal year ended on November 30, 2013.

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. In comparison, 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. 

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). In comparison, 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).

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. In comparison, 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.

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 $283.3 billion in assets as of December 31, 2013, 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, 



2013


2012


2013


2012

Net investment income

$        384


$        392


$     1,542


$     1,609

Net realized and unrealized gains (losses)








  on investments

1,511


1,195


(4,990)


4,096

Preferred dividends paid from net investment income 

(5)


(12)


(30)


(45)


Net increase (decrease) in net assets









  from operations

$     1,890


$     1,575


$   (3,478)


$     5,660










Earnings per Common Share Outstanding








Net investment income

$     0.181


$     0.185


$     0.728


$     0.760

Net realized and unrealized gains (losses)








  on investments

0.707


0.573


(2.365)


1.944

Preferred dividends paid from net investment income 

(0.002)


(0.006)


(0.014)


(0.021)


Net increase (decrease) in net assets









  from operations

$     0.886


$     0.752


$   (1.651)


$     2.683










Net investment income

$     0.181


$     0.185


$     0.728


$     0.760

Preferred dividends paid from net investment income 

(0.002)


(0.006)


(0.014)


(0.021)

Net investment income after preferred dividends

$     0.179


$     0.179


$     0.714


$     0.739










Net Asset Value at November 30 (Common Shares)









Net assets 





$27,328


$32,391


Shares outstanding 





2,116


2,116


Net asset value per share outstanding





$12.91


$15.31










Market Value Summary (Common Shares)









Market Price on NYSE MKT at November 30





$11.00


$14.69


High market price (period ended November 30)





$14.85


$14.69


Low market price (period ended November 30)





$10.60


$12.49

 

 

SOURCE Eaton Vance Management

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
“Connect2Me is basically a game changer in the IoT industry. We have created IoT connecter middleware that can enable a connection to any kind of device," explained Yasser Khan, CTO of Connect2Me, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Application monitoring and intelligence can smooth the path in a DevOps environment. In a DevOps environment you see constant change. If you are trying to monitor things in a constantly changing environment, you're going to spend a lot of your job fixing your monitoring," explained Todd Rader, Solutions Architect at AppDynamics, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
"In our world there's a lot of cloud. Our focus is to help companies, who are bogged down by the enormousness of the cloud and infrastructure, to really go out there and monetize the cloud," explained Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
"Desktop as a Service is emerging as a very big trend. One of the big influencers of this – for Esri – is that we have a large user base that uses virtualization and they are looking at Desktop as a Service right now," explained John Meza, Product Engineer at Esri, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...