Eaton Vance Michigan Municipal Income Trust Report of Earnings

BOSTON, July 28 /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, 2010. The Trust’s fiscal year ends on November 30, 2010.

For the three months ended May 31, 2010, the Trust had net investment income of $463,502 ($0.219 per common share).  From this amount, the Trust paid dividends on preferred shares of $18,285 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $445,217, or $0.210 per common share. The Trust’s net investment income for the six months ended May 31, 2010 was $922,187 ($0.436 per common share, before deduction of the preferred share dividends totaling $0.016 per common share), resulting in net investment income after the preferred dividends of $0.420 per common share. In comparison, 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.  

Net realized and unrealized gains for the three months ended May 31, 2010 were $659,182 ($0.313 per common share). The Trust’s net realized and unrealized gains for the six months ended May 31, 2010 were $1,118,179 ($0.530 per common share). In comparison, 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).

On May 31, 2010, net assets of the Trust applicable to common shares were $28,489,099. The net asset value per common share on May 31, 2010 was $13.46 based on 2,116,294 common shares outstanding. In comparison, 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.

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 $165.4 billion in assets as of June 30, 2010, offering individuals and institutions a broad array of investment strategies 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 .

SOURCE Eaton Vance Management