EATON VANCE CORP. 
By BOSTON, Jan. 31, 2012 /PRNewswire/ -- Eaton Vance Michigan Municipal Income Trust (NYSE Amex: 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, 2011. The Trust's fiscal year ended on November 30, 2011.
For the three months ended November 30, 2011, the Trust had net investment income of $413,275 ($0.196 per common share). From this amount, the Trust paid dividends on preferred shares of $10,018 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $403,257, or $0.192 per common share. The Trust's net investment income for the year ended November 30, 2011 was $1,747,303 ($0.826 per common share, before deduction of the preferred share dividends totaling $0.025 per common share), resulting in net investment income after the preferred dividends of $0.801 per common share. In comparison, for the three months ended November 30, 2010, the Trust had net investment income of $457,495 ($0.216 per common share). From this amount, the Trust paid dividends on preferred shares of $18,305 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $439,190, or $0.208 per common share. The Trust's net investment income for the year ended November 30, 2010 was $1,854,695 ($0.876 per common share, before deduction of the preferred share dividends totaling $0.033 per common share), resulting in net investment income after the preferred dividends of $0.843 per common share.
Net realized and unrealized gains for the three months ended November 30, 2011 were $275,350 ($0.128 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2011 were $1,185,888 ($0.558 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2010 were $2,068,788 ($0.976 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2010 were $95,653 ($0.044 per common share).
On November 30, 2011, net assets of the Trust applicable to common shares were $28,366,330. The net asset value per common share on November 30, 2011 was $13.40 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2010, net assets of the Trust applicable to common shares were $27,262,276. The net asset value per common share on November 30, 2010 was $12.88 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 calendar quarter-end are also posted to the website approximately 30 days following quarter-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 $184.5 billion in assets as of December 31, 2011, 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,
------------ ------------
2011 2010 2011 2010
---- ---- ---- ----
Net investment
income $413 $457 $1,747 $1,855
Net realized and
unrealized gains
(losses)
on investments 275 (2,069) 1,186 (96)
Preferred
dividends paid
from net
investment
income (10) (18) (54) (71)
--- --- --- ---
Net increase
(decrease) in
net assets
from operations $678 $(1,630) $2,879 $1,688
==== ======= ====== ======
Earnings per
Common Share
Outstanding
-------------
Net investment
income $0.196 $0.216 $0.826 $0.876
Net realized and
unrealized gains
(losses)
on investments 0.128 (0.976) 0.558 (0.044)
Preferred
dividends paid
from net
investment
income (0.004) (0.008) (0.025) (0.033)
------ ------ ------ ------
Net increase
(decrease) in
net assets
from operations $0.320 $(0.768) $1.359 $0.799
====== ======= ====== ======
Net investment
income $0.196 $0.216 $0.826 $0.876
Preferred
dividends paid
from net
investment
income (0.004) (0.008) (0.025) (0.033)
------ ------ ------ ------
Net investment
income after
preferred
dividends $0.192 $0.208 $0.801 $0.843
====== ====== ====== ======
Net Asset Value
at November 30
(Common Shares)
----------------
Net assets $28,366 $27,262
Shares
outstanding 2,116 2,116
Net asset value
per share
outstanding $13.40 $12.88
Market Value
Summary (Common
Shares)
----------------
Market price on
NYSE Amex at
November 30 $12.47 $12.10
High market price
(period ended
November 30) $12.52 $13.35
Low market price
(period ended
November 30) $11.10 $11.45
SOURCE Eaton Vance Management
