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EMI News Eaton Vance Michigan Municipal Income Trust Report of Earnings

BOSTON--(BUSINESS WIRE)--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 and year ended November 30, 2006. The Trust’s fiscal year ended on November 30, 2006.

For the three months ended November 30, 2006, the Trust had net investment income of $498,048 ($0.236 per share). From this amount, the Trust paid dividends on preferred shares of $138,139 (equal to $0.065 for each common share), resulting in net investment income after the preferred dividend of $359,909, or $0.171 per common share. The Trust’s net investment income for the year ended November 30, 2006 increased to $2,010,222 ($0.950 per share). From this amount, the Trust paid dividends on preferred shares of $541,318 (equal to $0.256 for each common share), resulting in net investment income after preferred dividend of $1,468,904 or $0.694 per common share. In comparison, for the three months ended November 30, 2005, the Trust had net investment income of $515,402 ($0.244 per share). From this amount, the Trust paid a dividend on preferred shares of $109,256 (equal to $0.052 for each common share), resulting in net investment income after the preferred dividend of $406,146, or $0.192 per common share. The Trust’s net investment income for the year ended November 30, 2005 was $2,104,211 ($0.995 per common share, before deduction of the preferred share dividends totaling $0.172 per common share), resulting in net investment income after the preferred dividends of $0.823 per common share.

Net realized and unrealized gains for the three months ended November 30, 2006 were $563,528 ($0.259 per common share). The Trust’s net realized and unrealized gains for the year ended November 30, 2006 were $1,301,647 ($0.608 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2005 were $949,988 ($0.443 per common share). The Trust’s net realized and unrealized gains for the year ended November 30, 2005 were $8,550 ($0.010 per common share).

On November 30, 2006, net assets of the Trust applicable to common shares were $32,642,600. The net asset value per common share on November 30, 2006 was $15.42 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2005, net assets of the Trust applicable to common shares were $31,357,333. The net asset value per common share on November 30, 2005 was $14.82 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 $130.0 billion in assets under management on December 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.