Eaton Vance Municipal Income Trust Report of Earnings
BOSTON, Jan. 29 /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 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 $5,743,855 ($0.257 per common share). From this amount, the Trust paid dividends on preferred shares of $132,199 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $5,611,656, or $0.252 per common share. The Trust's net investment income for the year ended November 30, 2009 was $19,582,420 ($0.981 per common share, before deduction of the preferred share dividends totaling $0.036 per common share), resulting in net investment income after the preferred dividends of $0.945 per common share. In comparison, for the three months ended November 30, 2008, the Trust had net investment income of $3,831,032 ($0.222 per common share). From this amount, the Trust paid dividends on preferred shares of $1,254,380 (equal to $0.073 for each common share), resulting in net investment income after the preferred dividends of $2,576,652, or $0.149 per common share. The Trust's net investment income for the year ended November 30, 2008 was $18,380,790 ($1.067 per common share, before deduction of the preferred share dividends totaling $0.258 per common share), resulting in net investment income after the preferred dividends of $0.809 per common share.
Net realized and unrealized gains for the three months ended November 30, 2009 were $15,859,519 ($0.729 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2009 were $51,520,629 ($2.648 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2008 were $76,250,551 ($4.419 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2008 were $107,983,638 ($6.262 per common share).
On November 30, 2009, net assets of the Trust applicable to common shares were $243,845,777. The net asset value per common share on November 30, 2009 was $10.84 based on 22,491,278 common shares outstanding. In comparison, on November 30, 2008, net assets of the Trust applicable to common shares were $140,253,643. The net asset value per common share on November 30, 2008 was $8.11 based on 17,292,177 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 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 $5,744 $3,831 $19,582 $18,381
Net realized and unrealized
gains (losses)
on investments 15,860 (76,251) 51,521 (107,984)
Preferred dividends paid from
net investment income (1) (132) (1,254) (727) (4,438)
---- ------ ---- ------
Net increase (decrease) in
net assets from operations $21,472 $(73,674) $70,376 $(94,041)
======= ======== ======= ========
Earnings per Common Share
Outstanding
---------------------------
Net investment income $0.257 $0.222 $0.981 $1.067
Net realized and unrealized
gains (losses) on investments 0.729 (4.419) 2.648 (6.262)
Preferred dividends paid from
net investment income (1) (0.005) (0.073) (0.036) (0.258)
------ ------ ------ ------
Net increase (decrease) in
net assets from operations $0.981 $(4.270) $3.593 $(5.453)
====== ======= ====== =======
Net investment income $0.257 $0.222 $0.981 $1.067
Preferred dividends paid from
net investment income (1) (0.005) (0.073) (0.036) (0.258)
------ ------ ------ ------
Net investment income after
preferred dividends $0.252 $0.149 0.945 $0.809
====== ====== ----- ======
Net Asset Value at November 30
(Common Shares)
------------------------------
Net assets $243,846 $140,254
Shares outstanding 22,491 17,292
Net asset value per share
outstanding $10.84 $8.11
Market Value Summary (Common
Shares)
------------------------------
Market price on NYSE at
November 30 $11.48 $8.45
High market price (period
ended November 30) $12.66 $14.59
Low market price (period
ended November 30) $6.31 $7.20
(1) During the year ended November 30, 2009 and the year ended November
30, 2008, the Trust made a partial redemption of its preferred shares.
SOURCE Eaton Vance Management
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