Click here to close now.

SYS-CON MEDIA Authors: Eva Belanyiova, tru welu, Blue Box Blog, Kevin Jackson, Peter Silva

News Feed Item

Eaton Vance Michigan Municipal Income Trust Report Of Earnings

BOSTON, Aug. 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 and six-month periods ended May 31, 2014. The Trust's fiscal year ends on November 30, 2014.

For the three months ended May 31, 2014, the Trust had net investment income of $386,805 ($0.182 per common share).  From this amount, the Trust paid dividends on preferred shares of $5,424 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $381,381, or $0.180 per common share. The Trust's net investment income for the six months ended May 31, 2014 was $762,785 ($0.360 per common share, before deduction of the preferred share dividends totaling $0.004 per common share), resulting in net investment income after the preferred dividends of $0.356 per common share. In comparison, for the three months ended May 31, 2013, the Trust had net investment income of $383,359 ($0.181 per common share).  From this amount, the Trust paid dividends on preferred shares of $10,909 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $372,450, or $0.176 per common share. The Trust's net investment income for the six months ended May 31, 2013 was $770,377 ($0.364 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 $0.355 per common share.

Net realized and unrealized gains for the three months ended May 31, 2014 were $1,403,994 ($0.665 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2014 were $2,850,657 ($1.349 per common share). In comparison, net realized and unrealized losses for the three months ended May 31, 2013 were $944,337 ($0.454 per common share). The Trust's net realized and unrealized losses for the six months ended May 31, 2013 were $1,833,804 ($0.874 per common share).

On May 31, 2014, net assets of the Trust applicable to common shares were $30,181,438. The net asset value per common share on May 31, 2014 was $14.26 based on 2,116,294 common shares outstanding. In comparison, on May 31, 2013, net assets of the Trust applicable to common shares were $30,502,139. The net asset value per common share on May 31, 2013 was $14.41 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 $288.2 billion in assets as of July 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


Six Months Ended



May 31, 


May 31, 



2014


2013


2014


2013

Net investment income

$        387


$        383


$        763


$        770

Net realized and unrealized gains (losses)








  on investments

1,404


(944)


2,851


(1,834)

Preferred dividends paid from net investment income 

(5)


(11)


(9)


(19)


Net increase (decrease) in net assets









  from operations

$     1,786


$       (572)


$     3,605


$   (1,083)










Earnings per Common Share Outstanding








Net investment income

$     0.182


$     0.181


$     0.360


$     0.364

Net realized and unrealized gains (losses)








  on investments

0.665


(0.454)


1.349


(0.874)

Preferred dividends paid from net investment income 

(0.002)


(0.005)


(0.004)


(0.009)


Net increase (decrease) in net assets









  from operations

$     0.845


$   (0.278)


$     1.705


$   (0.519)










Net investment income

$     0.182


$     0.181


$     0.360


$     0.364

Preferred dividends paid from net investment income 

(0.002)


(0.005)


(0.004)


(0.009)

Net investment income after preferred dividends

$     0.180


$     0.176


$     0.356


$     0.355










Net Asset Value at May 31 (Common Shares)









Net assets 





$30,181


$30,502


Shares outstanding 





2,116


2,116


Net asset value per share outstanding





$14.26


$14.41










Market Value Summary (Common Shares)









Market price on NYSE MKT at May 31





$12.60


$13.27


High market price (period ended May 31)





$12.74


$14.85


Low market price (period ended May 31)





$10.76


$13.15

 

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
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
"We are the top stocking distributor for HP renew products in North America. We can only sell to U.S. authorized partners and resellers for HP," explained Miguel Diazdelcastillo Jr., Sales Executive at Creative Business Solutions, 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.
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...
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, 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.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
"SendGrid sends about 15 billion emails a month and process all the events associated with that, about a trillion events a year," explained Aaron Beach, Senior Data Scientist at SendGrid, in this SYS-CON.tv interview at Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, 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 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...
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
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 ...
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...
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.