E.vance Mich.mun. : Eaton Vance Michigan Municipal Income Trust Report of Earnings

Eaton Vance Michigan Municipal Income Trust (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, 2006. The Trust's fiscal year ends on November 30, 2006.

For the three months ended August 31, 2006, the Trust had net investment income of $498,625 ($0.235 per share). From this amount, the Trust paid dividends on preferred shares of $143,542 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividend of $355,083, or $0.167 per common share. The Trust's net investment income for the nine months ended August 31, 2006 increased to $1,512,174 ($0.714 per share). From this amount, the Trust paid dividends on preferred shares of $403,179 (equal to $0.191 for each common share), resulting in net investment income after preferred dividend of $1,108,995 or $0.523 per common share. In comparison, for the three months ended August 31, 2005, the Trust had net investment income of $525,495 ($0.248 per share). From this amount, the Trust paid a dividend on preferred shares of $89,936 (equal to $0.042 for each common share), resulting in net investment income after the preferred dividend of $435,559, or $0.206 per common share. The Trust's net investment income for the nine months ended August 31, 2005 was $1,588,809 ($0.751 per common share, before deduction of the preferred share dividends totaling $0.120 per common share), resulting in net investment income after the preferred dividends of $0.631 per common share.

Net realized and unrealized gains for the three months ended August 31, 2006 were $706,357 ($0.339 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2006 were $738,119 ($0.349 per common share). In comparison, Net realized and unrealized gains for the three months ended August 31, 2005 were $136,495 ($0.058 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2005 were $958,538 ($0.453 per common share).

On August 31, 2006, net assets of the Trust applicable to common shares were $32,082,356. The net asset value per common share on August 31, 2006 was $15.16 based on 2,116,294 common shares outstanding. In comparison On August 31, 2005, net assets of the Trust applicable to common shares were $32,322,313. The net asset value per common share on August 31, 2005 was $15.27 based on 2,116,294 common shares outstanding.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had approximately $124.1 billion in assets under management on August 31, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (800) 262-1122.