Eaton Vance Michigan Municipal Bond Fund Report of Earnings

BOSTON, June 22, 2012 /PRNewswire/ -- Eaton Vance Michigan Municipal Bond Fund (NYSE MKT: MIW) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three and six-month periods ended March 31, 2012. The Fund's fiscal year ends on September 30, 2012.

For the three months ended March 31, 2012, the Fund had net investment income of $330,876 ($0.219 per common share).  From this amount, the Fund paid dividends on preferred shares of $6,205 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $324,671, or $0.215 per common share. The Fund's net investment income for the six months ended March 31, 2012 was $662,060 ($0.438 per common share, before deduction of the preferred share dividends totaling $0.009 per common share), resulting in net investment income after the preferred dividends of $0.429 per common share. In comparison, for the three months ended March 31, 2011, the Fund had net investment income of $348,064 ($0.230 per common share).  From this amount, the Fund paid dividends on preferred shares of $13,282 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $334,782, or $0.221 per common share. The Fund's net investment income for the six months ended March 31, 2011 was $694,780 ($0.459 per common share, before deduction of the preferred share dividends totaling $0.018 per common share), resulting in net investment income after the preferred dividends of $0.441 per common share.

Net realized and unrealized gains for the three months ended March 31, 2012 were $469,427 ($0.309 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2012 were $857,010 ($0.565 per common share). In comparison, net realized and unrealized losses for the three months ended March 31, 2011 were $181,104 ($0.127 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2011 were $2,375,040 ($1.578 per common share).

On March 31, 2012, net assets of the Fund applicable to common shares were $22,075,907. The net asset value per common share on March 31, 2012 was $14.59 based on 1,513,417 common shares outstanding. In comparison, on March 31, 2011, net assets of the Fund applicable to common shares were $19,610,578.  The net asset value per common share on March 31, 2011 was $12.96 based on 1,512,623 common shares outstanding. 

The Fund 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"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.

The Fund 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 $197.5 billion in assets as of April 30, 2012 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.

SOURCE Eaton Vance Management