Eaton Vance Michigan Municipal Income Trust Report Of Earnings

BOSTON, Nov. 26, 2013 /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, 2013. The Trust's fiscal year ends on November 30, 2013.

For the three months ended August 31, 2013, the Trust had net investment income of $387,642 ($0.183 per common share).  From this amount, the Trust paid dividends on preferred shares of $5,505 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $382,137, or $0.180 per common share. The Trust's net investment income for the nine months ended August 31, 2013 was $1,158,019 ($0.547 per common share, before deduction of the preferred share dividends totaling $0.012 per common share), resulting in net investment income after the preferred dividends of $0.535 per common share. In comparison, 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. 

Net realized and unrealized losses for the three months ended August 31, 2013 were $4,667,209 ($2.198 per common share). The Trust's net realized and unrealized losses for the nine months ended August 31, 2013 were $6,501,013 ($3.072 per common share). In comparison, 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).

On August 31, 2013, net assets of the Trust applicable to common shares were $25,820,787. The net asset value per common share on August 31, 2013 was $12.20 based on 2,116,294 common shares outstanding. In comparison, 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.

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 $280.7 billion in assets as of October 31, 2013, 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.

SOURCE Eaton Vance Management