BOSTON, Nov. 24, 2014 /PRNewswire/ -- Eaton Vance Michigan Municipal Income Trust (NYSE MKT: 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, 2014. The Trust's fiscal year ends on November 30, 2014.

For the three months ended August 31, 2014, the Trust had net investment income of $393,028 ($0.186 per common share).  From this amount, the Trust paid dividends on preferred shares of $4,486 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $388,542, or $0.183 per common share. The Trust's net investment income for the nine months ended August 31, 2014 was $1,155,813 ($0.546 per common share, before deduction of the preferred share dividends totaling $0.007 per common share), resulting in net investment income after the preferred dividends of $0.539 per common share. In comparison, for the three months ended August 31, 2013, the Trust had net investment income of $387,642 ($0.183 per common share).  From this amount, the Trust paid dividends on preferred shares of $5,505 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $382,137, or $0.180 per common share. The Trust's net investment income for the nine months ended August 31, 2013 was $1,158,019 ($0.547 per common share, before deduction of the preferred share dividends totaling $0.012 per common share), resulting in net investment income after the preferred dividends of $0.535 per common share. 

Net realized and unrealized gains for the three months ended August 31, 2014 were $466,266 ($0.218 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2014 were $3,316,923 ($1.567 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2013 were $4,667,209 ($2.198 per common share). The Trust's net realized and unrealized losses for the nine months ended August 31, 2013 were $6,501,013 ($3.072 per common share).

On August 31, 2014, net assets of the Trust applicable to common shares were $30,661,128. The net asset value per common share on August 31, 2014 was $14.49 based on 2,116,294 common shares outstanding. In comparison, on August 31, 2013, net assets of the Trust applicable to common shares were $25,820,787. The net asset value per common share on August 31, 2013 was $12.20 based on 2,116,294 common shares outstanding.

The Trust 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").  Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-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 $297.7 billion in assets as of October 31, 2014, 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.

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SOURCE Eaton Vance Management