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Eaton Vance Michigan Municipal Income Trust Report of Earnings

BOSTON, Nov. 12, 2012 /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 nine-month periods ended August 31, 2012. The Trust's fiscal year ends on November 30, 2012.

For the three months ended August 31, 2012, the Trust had net investment income of $398,403 ($0.188 per common share).  From this amount, the Trust paid dividends on preferred shares of $11,316 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $387,087, or $0.183 per common share. The Trust's net investment income for the nine months ended August 31, 2012 was $1,217,551 ($0.575 per common share, before deduction of the preferred share dividends totaling $0.015 per common share), resulting in net investment income after the preferred dividends of $0.560 per common share. In comparison, for the three months ended August 31, 2011, the Trust had net investment income of $440,882 ($0.208 per common share).  From this amount, the Trust paid dividends on preferred shares of $8,994 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $431,888, or $0.203 per common share. The Trust's net investment income for the nine months ended August 31, 2011 was $1,334,028 ($0.630 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 $0.609 per common share. 

Net realized and unrealized gains for the three months ended August 31, 2012 were $524,453 ($0.239 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2012 were $2,901,160 ($1.371 per common share). In comparison, net realized and unrealized gains for the three months ended August 31, 2011 were $1,104,766 ($0.516 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2011 were $910,538 ($0.430 per common share).

On August 31, 2012, net assets of the Trust applicable to common shares were $31,223,455. The net asset value per common share on August 31, 2012 was $14.75 based on 2,116,293 common shares outstanding. In comparison, on August 31, 2011, net assets of the Trust applicable to common shares were $28,121,041. The net asset value per common share on August 31, 2011 was $13.29 based on 2,116,293 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 $198.2 billion in assets as of September 30, 2012, 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


Nine Months Ended



August 31,


August 31,



2012


2011


2012


2011

Net investment income

$ 398


$ 441


$ 1,218


$ 1,334

Net realized and unrealized gains (losses)








  on investments

524


1,105


2,901


911

Preferred dividends paid from net investment income 

(11)


(9)


(32)


(44)


Net increase (decrease) in net assets









  from operations

$ 911


$  1,537


$  4,087


$  2,201










Earnings per Common Share Outstanding








Net investment income

$ 0.188


$ 0.208


$ 0.575


$  0.630

Net realized and unrealized gains (losses)








  on investments

0.239


0.516


1.371


0.430

Preferred dividends paid from net investment income 

(0.005)


(0.005)


(0.015)


(0.021)


Net increase (decrease) in net assets









  from operations

$  0.422


$  0.719


$   1.931


$  1.039










Net investment income

$   0.188


$  0.208


$  0.575


$  0.630

Preferred dividends paid from net investment income 

(0.005)


(0.005)


(0.015)


(0.021)

Net investment income after preferred dividends

$  0.183


$  0.203


$  0.560


$  0.609










Net Asset Value at August 31 (Common Shares)









Net assets 





$31,223


$28,121


Shares outstanding 





2,116


2,116


Net asset value per share outstanding





$14.75


$13.29










Market Value Summary (Common Shares)









Market price on NYSE MKT at August 31





$13.72


$12.06


High market price (period ended August 31)





$13.98


$12.18


Low market price (period ended August 31)





$12.49


$11.10

SOURCE Eaton Vance Management

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