Eaton Vance Michigan Municipal Bond Fund Report of Earnings

BOSTON, Dec. 3, 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 months and year ended September 30, 2012.  The Fund's fiscal year ended on September 30, 2012.

For the three months ended September 30, 2012, the Fund had net investment income of $321,404 ($0.212 per common share).  From this amount, the Fund paid dividends on preferred shares of $8,497 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $312,907, or $0.207 per common share. The Fund's net investment income for the year ended September 30, 2012 was $1,304,791 ($0.862 per common share, before deduction of the preferred share dividends totaling $0.021 per common share), resulting in net investment income after the preferred dividends of $0.841 per common share. In comparison, for the three months ended September 30, 2011, the Fund had net investment income of $342,114 ($0.226 per common share).  From this amount, the Fund paid dividends on preferred shares of $7,287 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $334,827, or $0.221 per common share. The Fund's net investment income for the year ended September 30, 2011 was $1,381,043 ($0.913 per common share, before deduction of the preferred share dividends totaling $0.030 per common share), resulting in net investment income after the preferred dividends of $0.883 per common share.

Net realized and unrealized gains for the three months ended September 30, 2012 were $506,996 ($0.328 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2012 were $1,581,498 ($1.038 per common share). In comparison, net realized and unrealized gains for the three months ended September 30, 2011 were $695,740 ($0.460 per common share). The Fund's net realized and unrealized losses for the year ended September 30, 2011 were $750,466 ($0.496 per common share).

On September 30, 2012 net assets of the Fund applicable to common shares were $22,758,958.  The net asset value per common share on September 30, 2012 was $15.03 based on 1,513,921 common shares outstanding.  In comparison, on September 30, 2011, net assets of the Fund applicable to common shares were $21,232,796.  The net asset value per common share on September 30, 2011 was $14.04 based on 1,512,740 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 month-end are also posted to the website approximately 30 days following month-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 $199.5 billion in assets as of October 31, 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

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