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 months ended February 28, 2007. The Trust's fiscal year ends on November 30, 2007.

For the three months ended February 28, 2007, the Trust had net investment income of $493,723 ($0.233 per share). From this amount, the Trust paid a dividend on preferred shares of $153,775 (equal to $0.073 for each common share), resulting in net investment income after the preferred dividend of $339,948, or $0.160 per common share. For the three months ended February 28, 2006, the Trust had net investment income of $511,055 ($0.241 per share). From this amount, the Trust paid a dividend on preferred shares of $121,166 (equal to $0.057 for each common share), resulting in net investment income after the preferred dividend of $389,889, or $0.184 per common share.

Net realized and unrealized losses for the three months ended February 28, 2007 were $229,071 ($0.108 per common share). Net realized and unrealized gains for the three months ended February 28, 2006 were $503,577 ($0.238 per common share).

On February 28, 2007, net assets of the Trust applicable to common shares were $32,400,491. The net asset value per common share on February 28, 2007 was $15.31 based on 2,116,294 common shares outstanding. On February 28, 2006, net assets of the Trust applicable to common shares were $31,864,930. The net asset value per common share on February 28, 2006 was $15.06 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 $144.3 billion in assets under management on March 31, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (617) 262-1122.

EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
 

Three Months
Ended

Three Months
Ended

February 28 February 28
2007  2006 
Net investment income $494  $511 
Net realized and unrealized gains (losses)
on investments ($229) $504 
Preferred dividends paid ($154) ($121)
Net increase (decrease) in net assets
from operations $111  $894 
 
Earnings per Common Share Outstanding
Net investment income $0.233  $0.241 
Net realized and unrealized gains (losses) on investments
($0.108) $0.238 
Preferred dividends paid (0.073) (0.057)
Net increase (decrease) in net assets from operations
$0.052  $0.422 
 
Net investment income $0.233  $0.241 
Preferred dividends paid (0.073) (0.057)
Net investment income after preferred dividends $0.160  $0.184 
 
Net Asset Value at February 28 (Common Shares)
Net assets (000) $32,400  $31,865 
Shares outstanding (000) 2,116  2,116 
Net asset value per share outstanding $15.31  $15.06 
 
Market Value Summary (Common Shares)
Market price on AMEX at February 28 $14.02  $14.07 
High market price (three months ended February 28) $14.29  $14.13 
Low market price (three months ended February 28) $13.88  $13.53