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 six month period ended May 31, 2007. The Trust's fiscal year ends on November 30, 2007.

For the three months ended May 31, 2007, the Trust had net investment income of $487,343 ($0.231 per share). From this amount, the Trust paid a dividend on preferred shares of $153,499 (equal to $0.072 for each common share), resulting in net investment income after the preferred dividend of $333,844, or $0.159 per common share. The Trust's net investment income for the six months ended May 31, 2007 was $981,066 ($0.464 per common share, before deduction of the preferred share dividends totaling $0.145 per common share), resulting in net investment income after the preferred dividends of $0.319 per common share. In comparison, for the three months ended May 31, 2006, the Trust had net investment income of $502,494 ($0.238 per share). From this amount, the Trust paid dividends on preferred shares of $138,471 (equal to $0.066 for each common share), resulting in net investment income after the preferred dividend of $364,023, or $0.172 per common share. The Trust's net investment income for the six months ended May 31, 2006 was $1,013,549 ($0.479 per share). From this amount, the Trust paid dividends on preferred shares of $259,637 (equal to $0.123 for each common share), resulting in net investment income after preferred dividend of $753,912 or $0.356 per common share.

Net realized and unrealized losses for the three months ended May 31, 2007 were $706,004 ($0.328 per common share). The Trust's net realized and unrealized losses for the six months ended May 31, 2007 were $935,075 ($0.436 per common share). In comparison, net realized and unrealized losses for the three months ended May 31, 2006 were $471,815 ($0.228 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2006 were $31,762 ($0.010 per common share).

On May 31, 2007, net assets of the Trust applicable to common shares were $31,676,591. The net asset value per common share on May 31, 2007 was $14.97 based on 2,116,294 common shares outstanding. In comparison, on May 31, 2006 net assets of the Trust applicable to common shares were $31,388,902. The net asset value per common share on May 31, 2006 was $14.83 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 $153.6 billion in assets under management as of June 30, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (800) 262-1122.

EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
 
Three Months Ended Six Months Ended
May 31, May 31,
  2007     2006     2007     2006  
Net investment income $ 487 $ 503 $ 981 $ 1,014
Net realized and unrealized gains (losses) on investments
$ (706 ) (472 ) (935 ) 32
Preferred dividends paid   (153 )   (139 )   (307 )   (260 )

Net increase (decrease) in net assets from operations

$ (372 ) $ (108 ) $ (261 ) $ 786  
 
Earnings per Common Share Outstanding
Net investment income $ 0.231 $ 0.238 $ 0.464 $ 0.479
Net realized and unrealized gains (losses) on investments
(0.328 ) (0.228 ) (0.436 ) 0.010
Preferred dividends paid   (0.072 )   (0.066 )   (0.145 )   (0.123 )
Net increase (decrease) in net assets from operations
$ (0.169 ) $ (0.056 ) $ (0.117 ) $ 0.366  
 
Net investment income $ 0.231 $ 0.238 $ 0.464 $ 0.479
Preferred dividends paid   (0.072 )   (0.066 )   (0.145 )   (0.123 )
Net investment income after preferred dividends $ 0.159   $ 0.172   $ 0.319   $ 0.356  
 
Net Asset Value at May 31 (Common Shares)
Net assets $ 31,677 $ 31,389
Shares outstanding 2,116 2,116
Net asset value per share outstanding $ 14.97 $ 14.83
 
Market Value Summary (Common Shares)
Market price on NYSE at May 31 $ 14.35 $ 13.64
High market price (period ended May 31) $ 14.59 $ 14.20
Low market price (period ended May 31) $ 13.88 $ 13.53

Eaton Vance Michigan Municipal Income Trust
Investor Contact: 800-262-1122