Eaton Vance Michigan Municipal Income Trust Report of Earnings.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- Eaton Vance Eaton Vance is an American financial services company headquartered in Boston, MA. It is traded on the New York Stock Exchange under the symbol EV.[1] At the end of the second quarter of the 2006 fiscal year, the company had assets under management of $118.8 billion. Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). Municipal Income Trust (AMEX AMEX See: American Stock Exchange : EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. ) (the "Trust"), a closed-end closed-end adj. Issuing a fixed number of shares that can be traded publicly but are not redeemable by the issuer: a closed-end investment company. management investment company, today announced the earnings of the Trust for the three months and year ended November 30, 2005. The Trust's fiscal year ended on November 30, 2005. For the three months ended November 30, 2005, the Trust had net investment income of $515,402 ($0.244 per share). From this amount, the Trust paid a dividend on preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of $109,256 (equal to $0.052 for each common share), resulting in net investment income after the preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $406,146, or $0.192 per common share. The Trust's net investment income for the year ended November 30, 2005 was $2,104,211 ($0.995 per common share, before deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of the preferred share dividends totaling $0.172 per common share), resulting in net investment income after the preferred dividends of $0.823 per common share. In comparison, for the three months ended November 30, 2004, the Trust had net investment income of $553,215 ($0.262 per share). From this amount, the Trust paid a dividend on preferred shares of $56,220 (equal to $0.026 for each common share), resulting in net investment income after the preferred dividend of $496,995, or $0.236 per common share. The Trust's net investment income for the year ended November 30, 2004 was $2,255,367 ($1.072 per common share, before deduction of the preferred share dividends totaling $0.086 per common share), resulting in net investment income after the preferred dividends of $0.986 per common share. Net realized and unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. for the three months ended November 30, 2005 were $949,988 ($0.443 per common share). The Trust's net realized and unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. for the year ended November 30, 2005 were $8,550 ($0.010 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2004 were $121,763 ($0.057 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2004 were $703,634 ($0.334 per common share). On November 30, 2005, net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the Trust applicable to common shares were $31,357,333. The net asset value per common share on November 30, 2005 was $14.82 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2004, net assets of the Trust applicable to common shares were $31,363,164. The net asset value per common share on November 30, 2004 was $14.86 based on 2,110,515 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 New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol EV. Eaton Vance and its affiliates had approximately $112 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of December 31, 2005. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (617) 482-8260.
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
---------------- ----------------
2005 2004 2005 2004
---------------- ----------------
Gross investment income $676 $704 $2,738 $2,872
Operating expenses (160) (151) (634) (617)
---------------- ----------------
Net investment income $516 $553 $2,104 $2,255
Net realized and unrealized gains
(losses) on investments ($950) ($122) $9 ($704)
Preferred dividend paid from net
investment income ($110) ($56) ($364) ($181)
Net increase (decrease) in net
assets from operations ($544) $375 $1,749 $1,370
Earnings per Common Share Outstanding
-------------------------------------
Gross investment income $0.320 $0.333 $1.295 $1.365
Operating expenses (0.076) (0.071) (0.300) (0.293)
---------------- ----------------
Net investment income $0.244 $0.262 $0.995 $1.072
Net realized and unrealized gains
(losses) on investments ($0.443)($0.057) $0.010 ($0.334)
Preferred dividend paid from net
investment income ($0.052)($0.026) ($0.172)($0.086)
Net increase (decrease) in net
assets from operations ($0.251) $0.179 $0.833 $0.652
Net investment income $0.244 $0.262 $0.995 $1.072
Preferred dividend paid from net
investment income (0.052) (0.026) (0.172) (0.086)
---------------- ----------------
Net investment income after preferred
dividend $0.192 $0.236 $0.823 $0.986
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Net Asset Value at November 30, (Common Shares)
-----------------------------------------------
Net assets (000) $31,357 $31,363
Shares outstanding (000) 2,116 2,111
Net asset value per share outstanding $14.82 $14.86
Market Value Summary (Common Shares)
------------------------------------
Market price on AMEX at November 30 $13.50 $16.60
High market price (Year Ended November 30) $17.20 $16.85
Low market price (Year Ended November 30) $13.50 $14.96
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