E.vance Mich.mun. : Eaton Vance Michigan Municipal Income Trust Report of Earnings
For the three months ended May 31, 2006, the Trust had net investment income of $502,494 ($0.238 per share). From this amount, the Trust paid dividends on preferred shares of $138,471 (equal to $0.066 for each common share), resulting in net investment income after the preferred dividend of $364,023, or $0.172 per common share. The Trust's net investment income for the six months ended May 31, 2006 increased to $1,013,549 ($0.479 per share). From this amount, the Trust paid dividends on preferred shares of $259,637 (equal to $0.123 for each common share), resulting in net investment income after preferred dividend of $753,912 or $0.356 per common share. In comparison, for the three months ended May 31, 2005, the Trust had net investment income of $526,112 ($0.249 per share). From this amount, the Trust paid dividends on preferred shares of $93,610 (equal to $0.044 for each common share), resulting in net investment income after the preferred dividend of $432,502, or $0.205 per common share. The Trust net investment income for the six months ended May 31, 2005 increased to $1,063,314 ($0.503 per share). From this amount, the Trust paid dividends on preferred shares of $164,503 (equal to $0.078 for each common share), resulting in net investment income after preferred dividend of $898,811 or $0.425 per common share.
Net realized and unrealized losses for the three months ended May 31, 2006 were $471,815 ($0.228 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2006 were $31,762 ($0.010 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2005 were $138,023 ($0.071 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2005 were $822,043 ($0.395 per common share).
On May 31, 2006, net assets of the Trust applicable to common shares were $31,388,902. The net asset value per common share on May 31, 2006 was $14.83 based on 2,116,294 common shares outstanding. In comparison, on May 31, 2005, net assets of the Trust applicable to common shares were $32,168,460. The net asset value per common share on May 31, 2005 was $15.21 based on 2,115,522 common shares outstanding.
The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had approximately $118.5 billion in assets under management on June 30, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122. -0- *T 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, ------------------ -------------- 2006 2005 2006 2005 ------------------ --------------- Gross investment income $1,326 $683 $1,326 $1,377 Operating expenses (312) (157) (312) (314) ------------------ --------------- Net investment income $1,014 $526 $1,014 $1,063 Net realized and unrealized gains (losses) on investments $32 $138 $32 $822 Preferred dividend paid from net investment income ($260) ($93) ($260) ($164) Net increase (decrease) in net assets from operations $786 $570 $786 $1,721 =================== =============== Earnings per Common Share Outstanding ---------------------------------- Gross investment income $0.627 $0.323 $0.627 $0.651 Operating expenses (0.148) (0.074) (0.148) (0.148) ------------------- --------------- Net investment income $0.479 $0.249 $0.479 $0.503 Net realized and unrealized gains (losses) on investments $0.010 $0.071 $0.010 $0.395 Preferred dividend paid from net investment income ($0.123) ($0.044) ($0.123)($0.078) Net increase (decrease) in net assets from operations $0.366 $0.276 $0.366 $0.820 =================== =============== Net investment income $0.479 $0.249 $0.479 $0.503 Preferred dividend paid from net investment income (0.123) (0.044) (0.123) (0.078) ------------------- --------------- Net investment income after preferred dividend $0.356 $0.205 $0.356 $0.425 =================== =============== Net Asset Value at May 31, (Common Shares) ---------------------------------- Net assets (000) $31,389 $32,168 Shares outstanding (000) 2,116 2,116 Net asset value per share outstanding $14.83 $15.21 Market Value Summary (Common Shares) ---------------------------------- Market price on AMEX at May 31 $13.64 $15.96 High market price (Six Months Ended May 31) $14.20 $17.20 Low market price (Six Months Ended May 31) $13.53 $15.93 *T