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. ), a non-diversified closed-end investment company closed-end investment company: see mutual fund. , today announced the earnings of the Trust for the six months ended May 31, 2006. The Trust's fiscal year ends on November November: see month. 30, 2006. 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 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 $138,471 (equal to $0.066 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 $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 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 May 31, 2006 were $471,815 ($0.228 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 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 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 $31,388,902. 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 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 $118.5 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. on June June: see month. 30, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122.
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)
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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
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