Eaton Vance Michigan Municipal Bond Fund Report of Earnings

BOSTON, March 3 /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 ended December 31, 2009.  The Fund's fiscal year ends on September 30, 2010.

For the three months ended December 31, 2009, the Fund had net investment income of $350,438 ($0.232 per common share).  From this amount, the Fund paid dividends on preferred shares of $14,442 (equal to $0.010 for each common share), resulting in net investment income after the preferred dividends of $335,996, or $0.222 per common share. In comparison, for the three months ended December 31, 2008, the Fund had net investment income of $347,260 ($0.230 per common share).  From this amount, the Fund paid dividends on preferred shares of $106,803 (equal to $0.071 for each common share), resulting in net investment income after the preferred dividends of $240,457, or $0.159 per common share.

Net realized and unrealized losses for the three months ended December 31, 2009 were $1,051,262 ($0.695 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2008 were $1,524,057 ($1.008 per common share).

On December 31, 2009, net assets of the Fund applicable to common shares were $21,234,255.  The net asset value per common share on December 31, 2009 was $14.04 based on 1,511,977 common shares outstanding.  In comparison, on December 31, 2008, net assets of the Fund applicable to common shares were $17,467,564.  The net asset value per common share on December 31, 2008 was $11.55 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 $161.6 billion in assets as of January 31, 2010 offering individuals and institutions a broad array of investment products 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.

* Effective February 1, 2010, the name of the Fund was changed from Eaton Vance Insured Michigan Municipal Bond Fund.

    
    
    
    EATON VANCE MICHIGAN MUNICIPAL BOND FUND
    SUMMARY OF RESULTS OF OPERATIONS
    (in thousands, except per share amounts)
    
                                    Three Months Ended    Three Months Ended
                                         December 31,          December 31,
                                         ------------          ------------
                                             2009                  2008
                                             ----                  ----
    Net investment income                       $350                  $347
    Net realized and unrealized
     gains (losses) on investments            (1,051)               (1,524)
    Preferred dividends paid from
     net investment income (1)                   (14)                 (107)
                                                 ---                  ----
       Net increase (decrease) in
        net assets from operations             $(715)              $(1,284)
                                               =====               =======
    
    Earnings per Common Share
     Outstanding
    ------------
    Net investment income                     $0.232                $0.230
    Net realized and unrealized gains
     (losses) on investments                  (0.695)               (1.008)
    Preferred dividends paid from net
     investment income (1)                    (0.010)               (0.071)
                                              ------                ------
       Net increase (decrease) in net
        assets from operations               $(0.473)              $(0.849)
                                             =======               =======
    
    Net investment income                     $0.232                $0.230
    Preferred dividends paid
     from net investment income (1)           (0.010)               (0.071)
                                              ------                ------
    Net investment income after
     preferred dividends                      $0.222                $0.159
                                              ======                ======
    
    Net Asset Value at December 31
     (Common Shares)
    ----------------
       Net assets                            $21,234               $17,468
       Shares outstanding                      1,512                 1,512
       Net asset value per share
        outstanding                           $14.04                $11.55
    
    Market Value Summary (Common Shares)
    ------------------------------------
       Market price on NYSE Amex at
        December 31                           $13.31                 $8.63
       High market price (period ended
        December 31)                          $13.85                $10.60
       Low market price (period ended
        December 31)                          $12.91                 $8.03
    
    (1) During the period ended December 31, 2008, the Fund made a partial 
    redemption of its preferred shares.
    
    * Effective February 1, 2010, the name of the Fund was changed from Eaton 
    Vance Insured Michigan Municipal Bond Fund.

SOURCE Eaton Vance Management

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