Eaton Vance Michigan Municipal Income Trust Report of Earnings

Jan 29, 2010, 13:29 ET from Eaton Vance Management

BOSTON, Jan. 29 /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 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 $462,313 ($0.218 per common share).  From this amount, the Trust paid dividends on preferred shares of $19,181 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $443,132, or $0.209 per common share. The Trust's net investment income for the year ended November 30, 2009 was $1,943,559 ($0.918 per common share, before deduction of the preferred share dividends totaling $0.056 per common share), resulting in net investment income after the preferred dividends of $0.862 per common share. In comparison, for the three months ended November 30, 2008, the Trust had net investment income of $504,157 ($0.239 per common share).  From this amount, the Trust paid dividends on preferred shares of $197,928 (equal to $0.094 for each common share), resulting in net investment income after the preferred dividends of $306,229, or $0.145 per common share. The Trust's net investment income for the year ended November 30, 2008 was $1,969,595 ($0.931 per common share, before deduction of the preferred share dividends totaling $0.301 per common share), resulting in net investment income after the preferred dividends of $0.630 per common share.  

Net realized and unrealized gains for the three months ended November 30, 2009 were $366,715 ($0.168 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2009 were $4,222,379 ($1.990 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2008 were $5,395,692 ($2.546 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2008 were $7,772,780 ($3.669 per common share).

On November 30, 2009, net assets of the Trust applicable to common shares were $27,391,667. The net asset value per common share on November 30, 2009 was $12.94 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2008, net assets of the Trust applicable to common shares were $22,977,181.  The net asset value per common share on November 30, 2008 was $10.86 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 $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 MICHIGAN 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                  $462     $504   $1,944   $1,970 
    Net realized and unrealized gains 
     (losses) on investments                367   (5,396)   4,222   (7,773)
    Preferred dividends paid from net                                      
     investment income                      (19)    (198)    (118)    (637)
                                            ---     ----     ----     ---- 
      Net increase (decrease) in net assets                                
        from operations                    $810  $(5,090)  $6,048  $(6,440)
                                           ====  =======   ======  ======= 
    Earnings per Common Share 
    Outstanding                                  
    -------------------------- 
    Net investment income                $0.218   $0.239   $0.918   $0.931 
    Net realized and unrealized gains 
     (losses) on investments              0.168   (2.546)   1.990   (3.669)
    Preferred dividends paid from net                                      
     investment income                   (0.009)  (0.094)  (0.056)  (0.301)
                                         ------   ------   ------   ------ 
      Net increase (decrease) in
       net assets from operations        $0.377  $(2.401)  $2.852  $(3.039)
                                         ======  =======   ======  ======= 
                                                                           
    Net investment income                $0.218   $0.239   $0.918   $0.931 
    Preferred dividends paid from net                                      
     investment income                   (0.009)  (0.094)  (0.056)  (0.301)
                                         ------   ------   ------   ------ 
    Net investment income after                                            
     preferred dividends                 $0.209   $0.145   $0.862   $0.630 
                                         ======   ======   ======   ====== 
                                                                           
    Net Asset Value at November 30 
    (Common Shares)                         
    ------------------------------ 
      Net assets                                          $27,392  $22,977 
      Shares outstanding                                    2,116    2,116 
      Net asset value per share outstanding                $12.94   $10.86 
                                                                           
    Market Value Summary (Common Shares)                                   
    ------------------------------------                                   
      Market price on NYSE Amex at November 30             $11.53    $7.92 
      High market price (period ended November 30)         $12.82   $13.04 
      Low market price (period ended November 30)           $7.10    $7.05 

SOURCE Eaton Vance Management



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