Eaton Vance Michigan Municipal Bond Fund Report of Earnings

BOSTON, Sept. 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 nine-month periods ended June 30, 2010.  The Fund's fiscal year ends on September 30, 2010.

For the three months ended June 30, 2010, the Fund had net investment income of $348,661 ($0.231 per common share).  From this amount, the Fund paid dividends on preferred shares of $14,844 (equal to $0.010 for each common share), resulting in net investment income after the preferred dividends of $333,817, or $0.221 per common share. The Fund's net investment income for the nine months ended June 30, 2010 was $1,049,216 ($0.694 per common share, before deduction of the preferred share dividends totaling $0.027 per common share), resulting in net investment income after the preferred dividends of $0.667 per common share. In comparison, for the three months ended June 30, 2009, the Fund had net investment income of $353,453 ($0.234 per common share).  From this amount, the Fund paid dividends on preferred shares of $20,818 (equal to $0.014 for each common share), resulting in net investment income after the preferred dividends of $332,635, or $0.220 per common share. The Fund's net investment income for the nine months ended June 30, 2009 was $1,053,286 ($0.697 per common share, before deduction of the preferred share dividends totaling $0.102 per common share), resulting in net investment income after the preferred dividends of $0.595 per common share.

Net realized and unrealized losses for the three months ended June 30, 2010 were $71,733 ($0.053 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2010 were $1,217,782 ($0.805 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2009 were $1,070,910 ($0.706 per common share). The Fund's net realized and unrealized gains for the nine months ended June 30, 2009 were $639,400 ($0.423 per common share).

On June 30, 2010, net assets of the Fund applicable to common shares were $21,082,280.  The net asset value per common share on June 30, 2010 was $13.94 based on 1,512,242 common shares outstanding.  In comparison, on June 30, 2009, net assets of the Fund applicable to common shares were $19,712,044.  The net asset value per common share on June 30, 2009 was $13.04 based on 1,511,845 common shares outstanding.

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 $173.3 billion in assets as of July 31, 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.

SOURCE Eaton Vance Management

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