Eaton Vance Michigan Municipal Income Trust Report of Earnings

BOSTON, May 20, 2011 /PRNewswire/ -- 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 ended February 28, 2011. The Trust's fiscal year ends on November 30, 2011.

For the three months ended February 28, 2011, the Trust had net investment income of $447,174 ($0.211 per common share).  From this amount, the Trust paid dividends on preferred shares of $18,186 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $428,988, or $0.202 per common share. In comparison, for the three months ended February 28, 2010, the Trust had net investment income of $458,685 ($0.217 per common share).  From this amount, the Trust paid dividends on preferred shares of $15,693 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $442,992, or $0.210 per common share.

Net realized and unrealized losses for the three months ended February 28, 2011 were $1,457,022 ($0.688 per common share). In comparison, net realized and unrealized gains for the three months ended February 28, 2010 were $458,997 ($0.217 per common share).

On February 28, 2011, net assets of the Trust applicable to common shares were $25,779,764. The net asset value per common share on February 28, 2011 was $12.18 based on 2,116,293 common shares outstanding. In comparison, on February 28, 2010, net assets of the Trust applicable to common shares were $27,839,179. The net asset value per common share on February 28, 2010 was $13.15 based on 2,116,293 common shares outstanding.

The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds").  Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.

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 $203.0 billion in assets as of April 30, 2011, 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

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