Welcome!

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
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...