Eaton Vance Municipal Income Trust Report of Earnings
Thu Nov 19, 12:16 PM
BOSTON, Nov. 19 /PRNewswire-FirstCall/ -- Eaton Vance Municipal Income Trust (NYSE: EVN) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three month and the nine-month periods ended August 31, 2009. The Trust's fiscal year ends on November 30, 2009.
For the three months ended August 31, 2009, the Trust had net investment income of $5,593,850 ($0.251 per common share). From this amount, the Trust paid dividends on preferred shares of $148,551 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $5,445,299 or $0.246 per common share. For the nine months ended August 31, 2009, the Trust had net investment income of $13,838,565 ($0.724 per common share). From this amount, the Trust paid dividends on preferred shares of $594,404 (equal to $0.031 for each common share), resulting in net investment income after the preferred dividends of $13,244,161 or $0.693 per common share. In comparison, for the three months ended August 31, 2008, the Trust had net investment income of $4,702,865 ($0.273 per common share). From this amount, the Trust paid dividends on preferred shares of $802,052 (equal to $0.047 for each common share), resulting in net investment income after the preferred dividends of $3,900,813 or $0.226 per common share. For the nine months ended August 31, 2008, the Trust had net investment income of 14,549,758 ($0.845 per common share). From this amount, the Trust paid dividends on preferred shares of $3,184,017 (equal to $0.185 for each common share), resulting in net investment income after the preferred dividends of $11,365,741 or $0.660 per common share.
Net realized and unrealized gains for the three months ended August 31, 2009 were $10,271,816 ($0.496 per common share) and net realized and unrealized gains for the nine months ended August 31, 2009 were $35,661,110 ($1.919 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2008 were $18,094,772 ($1.044 per common share) and net realized and unrealized losses for the nine months ended August 31, 2008 were $31,733,087 ($1.843 per common share).
On August 31, 2009, net assets of the Trust applicable to common shares were $226,916,880. The net asset value per common share on August 31, 2009 was $10.11 based on 22,449,373 common shares outstanding. In comparison, on August 31, 2008, net assets applicable to common shares of the Trust were $217,186,934. The net asset value per common share on August 31, 2008 was $12.59 based on 17,254,607 common shares outstanding.
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 $157.0 billion in assets as of September 30, 2009, offering individuals and institutions a broad array of investment products 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 MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
August 31, August 31,
---------- ----------
2009 2008 2009 2008
---- ---- ---- ----
Net investment income $5,594 $4,703 $13,839 $14,550
Net realized and unrealized
gains (losses) on investments 10,272 (18,095) 35,661 (31,733)
Preferred dividends paid from
net investment income (1) (148) (802) (594) (3,184)
--- ---- ---- ------
Net increase (decrease)
in net assets from operations $15,718 $(14,194) $48,906 $(20,367)
======= ======== ======= ========
Earnings per Common Share Outstanding
-------------------------------------
Net investment income $0.251 $0.273 $0.724 $0.845
Net realized and unrealized
gains (losses) on investments 0.496 (1.044) 1.919 (1.843)
Preferred dividends paid from net
investment income (1) (0.005) (0.047) (0.031) (0.185)
------ ------ ------ ------
Net increase (decrease)
in net assets from operations $0.742 $(0.818) $2.612 $(1.183)
====== ======= ====== =======
Net investment income $0.251 $0.273 $0.724 $0.845
Preferred dividends paid from
net investment income (1) (0.005) (0.047) (0.031) (0.185)
------ ------ ------ ------
Net investment income after
preferred dividends $0.246 $0.226 $0.693 $0.660
====== ====== ====== ======
Net Asset Value at August 31 (Common Shares)
--------------------------------------------
Net assets $226,917 $217,187
Shares outstanding 22,449 17,255
Net asset value per share outstanding $10.11 $12.59
Market Value Summary (Common Shares)
------------------------------------
Market price on NYSE at August 31 $11.33 $13.14
High market price (period ended August 31) $11.47 $14.59
Low market price (period ended August 31) $6.31 $12.80
(1) During the nine months ended August 31, 2009, the Trust made a partial
redemption of its preferred shares.
SOURCE Eaton Vance Management
158.94 (1.43%)
