Eaton Vance Michigan Municipal Bond Fund Report of Earnings

Jun 08, 2010, 13:08 ET from Eaton Vance Management

BOSTON, June 8 /PRNewswire-FirstCall/ -- Eaton Vance Michigan Municipal Bond Fund (NYSE Amex: 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, 2010.  The Fund's fiscal year ends on September 30, 2010.

For the three months ended March 31, 2010, the Fund had net investment income of $350,117 ($0.231 per common share).  From this amount, the Fund paid dividends on preferred shares of $10,855 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $339,262, or $0.224 per common share. The Fund's net investment income for the six months ended March 31, 2010 was $700,555 ($0.463 per common share, before deduction of the preferred share dividends totaling $0.017 per common share), resulting in net investment income after the preferred dividends of $0.446 per common share. In comparison, for the three months ended March 31, 2009, the Fund had net investment income of $352,573 ($0.233 per common share).  From this amount, the Fund paid dividends on preferred shares of $26,163 (equal to $0.017 for each common share), resulting in net investment income after the preferred dividends of $326,410, or $0.216 per common share. The Fund's net investment income for the six months ended March 31, 2009 was $699,833 ($0.463 per common share, before deduction of the preferred share dividends totaling $0.088 per common share), resulting in net investment income after the preferred dividends of $0.375 per common share.

Net realized and unrealized losses for the three months ended March 31, 2010 were $94,787 ($0.057 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2010 were $1,146,049 ($0.752 per common share). In comparison, net realized and unrealized gains for the three months ended March 31, 2009 were $1,092,547 ($0.725 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2009 were $431,510 ($0.283 per common share).

On March 31, 2010, net assets of the Fund applicable to common shares were $21,148,366.  The net asset value per common share on March 31, 2010 was $13.99 based on 1,511,977 common shares outstanding.  In comparison, on March 31, 2009, net assets of the Fund applicable to common shares were $18,610,110.  The net asset value per common share on March 31, 2009 was $12.31 based on 1,511,845 common shares outstanding.

The Funds are 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 $176.2 billion in assets as of April 30, 2010 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.

EATON VANCE MICHIGAN MUNICIPAL BOND FUND

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)

2010

2009

2010

2009

Net investment income

$     351

$     353

$   701

$    700

Net realized and unrealized gains  (losses) on investments

$      (95)

1,093

(1,146)

(432)

Preferred dividends paid from net investment income (1)

(11)

(26)

(25)

(133)

Net increase (decrease) in net assets from operations

$      245

$   1,420

$    (470)

$    135

Earnings per Common Share Outstanding

Net investment income

$   0.231

$   0.233

$  0.463

$ 0.463

Net realized and unrealized gains (losses) on investments

$ (0.057)

0.725

(0.752)

(0.283)

Preferred dividends paid from net investment income (1)

(0.007)

(0.017)

(0.017)

(0.088)

Net increase (decrease) in net assets

$   0.167

$  0.941

$(0.306)

$ 0.092

Net investment income

$   0.231

$  0.233

$  0.463

$ 0.463

Preferred dividends paid from net investment income (1)

(0.007)

(0.017)

(0.017)

(0.088)

Net investment income after preferred dividends

$   0.224

$  0.216

$  0.446

$0.375)

Net Asset Value at March 31 (Common Shares)

Net assets

$21,148

$18,610

Shares outstanding

1,512

1,512

Net asset value per share outstanding

$13.99

$  12.31

Market Value Summary (Common Shares)

Market price on NYSE Amex at March 31

$14.16

$  10.74

High market price (period ended March 31)

$14.38

$  10.74

Low market price (period ended March 31)

$12.91

$    8.03

(1) During the period ended March 31, 2009, the Fund made a partial redemption of its preferred shares.

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com