Eaton Vance Michigan Municipal Income Trust Report of Earnings

BOSTON, Aug. 3  /PRNewswire-FirstCall/ -- Eaton Vance Michigan Municipal Income Trust (NYSE Amex: EMI) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and six-month periods ended May 31, 2009.  The Trust's fiscal year ends on November 30, 2009.

For the three months ended May 31, 2009, the Trust had net investment income of $501,981 ($0.237 per common share).  From this amount, the Trust paid dividends on preferred shares of $31,254 (equal to $0.014 for each common share), resulting in net investment income after the preferred dividends of $470,727, or $0.223 per common share. The Trust's net investment income for the six months ended May 31, 2009 was $999,933 ($0.472 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 $0.436 per common share. In comparison, for the three months ended May 31, 2008, the Trust had net investment income of $485,859 ($0.229 per common share).  From this amount, the Trust paid dividends on preferred shares of $148,194 (equal to $0.070 for each common share), resulting in net investment income after the preferred dividends of $337,665, or $0.159 per common share. The Trust's net investment income for the six months ended May 31, 2008 was $978,354 ($0.462 per common share, before deduction of the preferred share dividends totaling $0.151 per common share), resulting in net investment income after the preferred dividends of $0.311 per common share.

Net realized and unrealized gains for the three months ended May 31, 2009 were $1,646,853 ($0.778 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2009 were $2,962,217 ($1.400 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2008 were $2,085,014 ($0.987 per common share). The Trust's net realized and unrealized losses for the six months ended May 31, 2008 were $1,331,875 ($0.628 per common share).

On May 31, 2009, net assets of the Trust applicable to common shares were $26,109,837.  The net asset value per common share on May 31, 2009 was $12.34 based on 2,116,294 common shares outstanding.  In comparison, on May 31, 2008, net assets of the Trust applicable to common shares were $29,397,009.  The net asset value per common share on May 31, 2008 was $13.89 based on 2,116,294 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 $136.3 billion in assets as of June 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 http://www.eatonvance.com/.

                EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST
                      SUMMARY OF RESULTS OF OPERATIONS
                  (in thousands, except per share amounts)

                                           Three Months      Six Months
                                               Ended            Ended
                                              May 31,          May 31,
                                             --------          -------
                                           2009    2008     2009     2008
                                           ----    ----     ----     ----
  Net investment income                    $502    $486   $1,000     $978
  Net realized and unrealized gains
   (losses) on investments                1,647   2,085    2,962   (1,332)
  Preferred dividends paid from net
   investment income                        (31)   (148)     (77)    (319)
                                            ---    ----      ---     ----
    Net increase (decrease) in net
     assets from operations              $2,118  $2,423   $3,885    $(673)
                                         ======  ======   ======    =====

  Earnings per Common Share Outstanding
  -------------------------------------
  Net investment income                  $0.237  $0.229   $0.472   $0.462
  Net realized and unrealized gains
   (losses) on investments                0.778   0.987    1.400   (0.628)
  Preferred dividends paid from net
   investment income                     (0.014) (0.070)  (0.036)  (0.151)
                                         ------  ------   ------   ------
    Net increase (decrease) in net
     assets from operations              $1.001  $1.146   $1.836  $(0.317)
                                         ======  ======   ======  =======

  Net investment income                  $0.237  $0.229   $0.472   $0.462
  Preferred dividends paid from net
   investment income                     (0.014) (0.070)  (0.036)  (0.151)
                                         ------  ------   ------   ------
  Net investment income after preferred
   dividends                             $0.223  $0.159   $0.436   $0.311
                                         ======  ======   ======   ======

  Net Asset Value at May 31 (Common Shares)
  -----------------------------------------
    Net assets                                           $26,110  $29,397
    Shares outstanding                                     2,116    2,116
    Net asset value per share outstanding                 $12.34   $13.89

  Market Value Summary (Common Shares)
  ------------------------------------
    Market price on NYSE Amex at May 31                   $10.96   $12.33
    High market price (period ended May 31)               $11.76   $13.04
    Low market price (period ended May 31)                 $7.10   $11.57


DATASOURCE: Eaton Vance Management



CONTACT:  Investors, [phone]



Web Site:  http://www.eatonvance.com/ 

Copyright