Eaton Vance Massachusetts Municipal Income Trust Report of Earnings
BOSTON, Jan. 29 /PRNewswire-FirstCall/ -- Eaton Vance Massachusetts Municipal Income Trust (NYSE Amex: MMV) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months and year ended November 30, 2009. The Trust's fiscal year ended on November 30, 2009.
For the three months ended November 30, 2009, the Trust had net investment income of $620,603 ($0.227 per common share). From this amount, the Trust paid dividends on preferred shares of $22,376 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $598,227, or $0.219 per common share. The Trust's net investment income for the year ended November 30, 2009 was $2,579,336 ($0.948 per common share, before deduction of the preferred share dividends totaling $0.049 per common share), resulting in net investment income after the preferred dividends of $0.899 per common share. In comparison, for the three months ended November 30, 2008, the Trust had net investment income of $635,306 ($0.235 per common share). From this amount, the Trust paid dividends on preferred shares of $226,057 (equal to $0.083 for each common share), resulting in net investment income after the preferred dividends of $409,249, or $0.152 per common share. The Trust's net investment income for the year ended November 30, 2008 was $2,569,040 ($0.947 per common share, before deduction of the preferred share dividends totaling $0.278 per common share), resulting in net investment income after the preferred dividends of $0.669 per common share.
Net realized and unrealized gains for the three months ended November 30, 2009 were $1,161,446 ($0.428 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2009 were $9,122,654 ($3.356 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2008 were $9,345,849 ($3.436 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2008 were $12,831,753 ($4.720 per common share).
On November 30, 2009, net assets of the Trust applicable to common shares were $37,010,707. The net asset value per common share on November 30, 2009 was $13.59 based on 2,724,361 common shares outstanding. In comparison, on November 30, 2008, net assets of the Trust applicable to common shares were $27,575,960. The net asset value per common share on November 30, 2008 was $10.16 based on 2,715,457 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 $163.1 billion in assets as of December 31, 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 MASSACHUSETTS MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months
Ended Year Ended
November 30, November 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Net investment income $621 $635 $2,579 $2,569
Net realized and unrealized gains
(losses) on investments 1,161 (9,346) 9,123 (12,832)
Preferred dividends paid from net
investment income (1) (22) (226) (134) (755)
--- ---- ---- ----
Net increase (decrease) in net
assets from operations $1,760 $(8,937) $11,568 $(11,018)
====== ======= ======= ========
Earnings per Common Share Outstanding
-------------------------------------
Net investment income $0.227 $0.235 $0.948 $0.947
Net realized and unrealized gains
(losses) on investments 0.428 (3.436) 3.356 (4.720)
Preferred dividends paid from net
investment income (1) (0.008) (0.083) (0.049) (0.278)
------ ------ ------ ------
Net increase (decrease) in net
assets from operations $0.647 $(3.284) $4.255 $(4.051)
====== ======= ====== =======
Net investment income $0.227 $0.235 $0.948 $0.947
Preferred dividends paid from net
investment income (1) (0.008) (0.083) (0.049) (0.278)
------ ------ ------ ------
Net investment income after
preferred dividends $0.219 $0.152 $0.899 $0.669
====== ====== ====== ======
Net Asset Value at November 30
(Common Shares)
------------------------------
Net assets $37,011 $27,576
Shares outstanding 2,724 2,715
Net asset value per share
outstanding $13.59 $10.16
Market Value Summary (Common Shares)
------------------------------------
Market price on NYSE Amex at
November 30 $13.26 $8.93
High market price (period ended
November 30) $14.70 $14.05
Low market price (period ended
November 30) $8.00 $8.70
(1) During the year ended November 30, 2008, the Trust made a partial
redemption of its preferred shares.
SOURCE Eaton Vance Management
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