BOSTON, Nov. 19 /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 nine-month periods ended August 31, 2009. The Trust's fiscal year ends on November 30, 2009. For the three months ended August 31, 2009, the Trust had net investment income of $481,313 ($0.228 per common share). From this amount, the Trust paid dividends on preferred shares of $21,332 (equal to $0.011 for each common share), resulting in net investment income after the preferred dividends of $459,981, or $0.217 per common share. The Trust's net investment income for the nine months ended August 31, 2009 was $1,481,246 ($0.700 per common share, before deduction of the preferred share dividends totaling $0.047 per common share), resulting in net investment income after the preferred dividends of $0.653 per common share. In comparison, for the three months ended August 31, 2008, the Trust had net investment income of $487,084 ($0.230 per common share). From this amount, the Trust paid dividends on preferred shares of $120,418 (equal to $0.056 for each common share), resulting in net investment income after the preferred dividends of $366,666, or $0.174 per common share. The Trust's net investment income for the nine months ended August 31, 2008 was $1,465,438 ($0.692 per common share, before deduction of the preferred share dividends totaling $0.207 per common share), resulting in net investment income after the preferred dividends of $0.485 per common share. Net realized and unrealized gains for the three months ended August 31, 2009 were $893,447 ($0.422 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2009 were $3,855,664 ($1.822 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2008 were $1,045,213 ($0.495 per common share). The Trust's net realized and unrealized losses for the nine months ended August 31, 2008 were $2,377,088 ($1.123 per common share). On August 31, 2009, net assets of the Trust applicable to common shares were $27,036,299. The net asset value per common share on August 31, 2009 was $12.78 based on 2,116,292 common shares outstanding. In comparison, on August 31, 2008, net assets of the Trust applicable to common shares were $28,395,201. The net asset value per common share on August 31, 2008 was $13.42 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 $157.0 billion in assets as of September 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 Nine Months Ended Ended August 31, August 31, ----------- ---------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $481 $487 $1,481 $1,465 Net realized and unrealized gains (losses) on investments 893 (1,045) 3,856 (2,377) Preferred dividends paid from net investment income (21) (120) (98) (439) --- ---- --- ---- Net increase (decrease) in net assets from operations $1,353 $(678) $5,239 $(1,351) ====== ===== ====== ======= Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.228 $0.230 $0.700 $0.692 Net realized and unrealized gains (losses) on investments 0.422 (0.495) 1.822 (1.123) Preferred dividends paid from net investment income (0.011) (0.056) (0.047) (0.207) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $0.639 $(0.321) $2.475 $(0.638) ====== ======= ====== ======= Net investment income $0.228 $0.230 $0.700 $0.692 Preferred dividends paid from net investment income (0.011) (0.056) (0.047) (0.207) ------ ------ ------ ------ Net investment income after preferred dividends $0.217 $0.174 $0.653 $0.485 ====== ====== ====== ====== Net Asset Value at August 31 (Common Shares) ------------------------------------ Net assets $27,036 $28,395 Shares outstanding 2,116 2,116 Net asset value per share outstanding $12.78 $13.42 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at August 31 $11.81 $11.64 High market price (period ended August 31) $11.81 $13.04 Low market price (period ended August 31) $7.10 $11.57 DATASOURCE: Eaton Vance Management CONTACT: Investors, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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