Eaton Vance Michigan Municipal Bond Fund Report of Earnings

BOSTON, Dec. 22, 2010 /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 months and year ended September 30, 2010.  The Fund's fiscal year ended on September 30, 2010.

For the three months ended September 30, 2010, the Fund had net investment income of $354,722 ($0.234 per common share).  From this amount, the Fund paid dividends on preferred shares of $14,041 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $340,681, or $0.225 per common share. The Fund's net investment income for the year ended September 30, 2010 was $1,403,938 ($0.928 per common share, before deduction of the preferred share dividends totaling $0.036 per common share), resulting in net investment income after the preferred dividends of $0.892 per common share. In comparison, for the three months ended September 30, 2009, the Fund had net investment income of $345,790 ($0.228 per common share).  From this amount, the Fund paid dividends on preferred shares of $16,429 (equal to $0.011 for each common share), resulting in net investment income after the preferred dividends of $329,361, or $0.217 per common share. The Fund's net investment income for the year ended September 30, 2009 was $1,399,076 ($0.925 per common share, before deduction of the preferred share dividends totaling $0.113 per common share), resulting in net investment income after the preferred dividends of $0.812 per common share.

Net realized and unrealized gains for the three months ended September 30, 2010 were $892,721 ($0.597 per common share). The Fund's net realized and unrealized losses for the year ended September 30, 2010 were $325,061 ($0.208 per common share). In comparison, net realized and unrealized gains for the three months ended September 30, 2009 were $2,551,172 ($1.687 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2009 were $3,190,572 ($2.110 per common share).

On September 30, 2010, net assets of the Fund applicable to common shares were $21,984,794.  The net asset value per common share on September 30, 2010 was $14.54 based on 1,512,368 common shares outstanding.  In comparison, on September 30, 2009, net assets of the Fund applicable to common shares were $22,276,102.  The net asset value per common share on September 30, 2009 was $14.73 based on 1,511,977 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 $185.2 billion in assets as of October 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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