BOSTON, Aug. 3 /PRNewswire-FirstCall/ -- Eaton Vance Massachusetts Municipal Income Trust (NYSE Amex: MMV) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and six-month periods ended May 31, 2009. The Trust's fiscal year ends on November 30, 2009. For the three months ended May 31, 2009, the Trust had net investment income of $662,117 ($0.244 per common share). From this amount, the Trust paid dividends on preferred shares of $36,593 (equal to $0.014 for each common share), resulting in net investment income after the preferred dividends of $625,524, or $0.230 per common share. The Trust's net investment income for the six months ended May 31, 2009 was $1,320,007 ($0.486 per common share, before deduction of the preferred share dividends totaling $0.032 per common share), resulting in net investment income after the preferred dividends of $0.454 per common share. In comparison, for the three months ended May 31, 2008, the Trust had net investment income of $657,418 ($0.243 per common share). From this amount, the Trust paid dividends on preferred shares of $183,483 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends of $473,935, or $0.175 per common share. The Trust's net investment income for the six months ended May 31, 2008 was $1,293,736 ($0.477 per common share, before deduction of the preferred share dividends totaling $0.143 per common share), resulting in net investment income after the preferred dividends of $0.334 per common share. Net realized and unrealized gains for the three months ended May 31, 2009 were $2,793,172 ($1.027 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2009 were $6,438,719 ($2.369 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2008 were $3,977,676 ($1.467 per common share). The Trust's net realized and unrealized losses for the six months ended May 31, 2008 were $1,670,289 ($0.614 per common share). On May 31, 2009, net assets of the Trust applicable to common shares were $34,255,509. The net asset value per common share on May 31, 2009 was $12.60 based on 2,719,495 common shares outstanding. In comparison, on May 31, 2008, net assets of the Trust applicable to common shares were $38,710,638. The net asset value per common share on May 31, 2008 was $14.26 based on 2,714,063 common shares outstanding. 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 $136.3 billion in assets as of June 30, 2009 offering individuals and institutions a broad array of investment products 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 http://www.eatonvance.com/. EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended May 31, May 31, ------- ------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $662 $657 $1,320 $1,294 Net realized and unrealized gains (losses) on investments 2,793 3,978 6,439 (1,670) Preferred dividends paid from net investment income (1) (37) (183) (86) (387) --- ---- --- ---- Net increase (decrease) in net assets from operations $3,418 $4,452 $7,673 $(763) ====== ====== ====== ===== Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.244 $0.243 $0.486 $0.477 Net realized and unrealized gains (losses) on investments 1.027 1.467 2.369 (0.614) Preferred dividends paid from net investment income (1) (0.014) (0.068) (0.032) (0.143) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $1.257 $1.642 $2.823 $(0.280) ====== ====== ====== ======= Net investment income $0.244 $0.243 $0.486 $0.477 Preferred dividends paid from net investment income (1) (0.014) (0.068) (0.032) (0.143) ------ ------ ------ ------ Net investment income after preferred dividends $0.230 $0.175 $0.454 $0.334 ====== ====== ====== ====== Net Asset Value at May 31 (Common Shares) ----------------------------------------- Net assets $34,256 $38,711 Shares outstanding 2,719 2,714 Net asset value per share outstanding $12.60 $14.26 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at May 31 $12.60 $13.90 High market price (period ended May 31) $12.77 $13.90 Low market price (period ended May 31) $8.00 $12.25 (1) During the year ended November 30, 2008, the Trust made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investor Contact of Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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