EAT VNCE INS MICH 
By BOSTON, April 16, 2014 /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 ended December 31, 2013. The Fund's fiscal year ends on September 30, 2014.
For the three months ended December 31, 2013, the Fund had net investment income of $291,127 ($0.192 per common share). From this amount, the Fund paid dividends on preferred shares of $4,117 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $287,010, or $0.189 per common share. In comparison, for the three months ended December 31, 2012, the Fund had net investment income of $313,051 ($0.207 per common share). From this amount, the Fund paid dividends on preferred shares of $9,147 (equal to $0.006 for each common share), resulting in net investment income after the preferred dividends of $303,904 or $0.201 per common share.
Net realized and unrealized gains for the three months ended December 31, 2013 were $10,039 ($0.007 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2012 were $67,670 ($0.045 per common share).
On December 31, 2013, net assets of the Fund applicable to common shares were $19,952,319. The net asset value per common share on December 31, 2013 was $13.18 based on 1,514,065 common shares outstanding. In comparison, on December 31, 2012, net assets of the Fund applicable to common shares were $22,683,638. The net asset value per common share on December 31, 2012 was $14.98 based on 1,514,065 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 $285.4 billion in assets as of March 31, 2014, 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)
Three Months Ended Three Months Ended
December 31, December 31,
------------ ------------
2013 2012
---- ----
Net investment income $291 $313
Net realized and unrealized gains (losses)
on investments 10 (68)
Preferred dividends paid from net investment income (4) (9)
--- ---
Net increase (decrease) in net assets
from operations $297 $236
Earnings per Common Share Outstanding
-------------------------------------
Net investment income $0.192 $0.207
Net realized and unrealized gains (losses)
on investments 0.007 (0.045)
Preferred dividends paid from net investment income (0.003) (0.006)
------ ------
Net increase (decrease) in net assets
from operations $0.196 $0.156
Net investment income $0.192 $0.207
Preferred dividends paid from net investment income (0.003) (0.006)
------ ------
Net investment income after preferred dividends $0.189 $0.201
====== ======
Net Asset Value at December 31 (Common Shares)
---------------------------------------------
Net assets $19,952 $22,684
Shares outstanding 1,514 1,514
Net asset value per share outstanding $13.18 $14.98
Market Value Summary (Common Shares)
-----------------------------------
Market price on NYSE MKT at December 31 $11.54 $15.89
High market price (period ended December 31) $12.06 $16.30
Low market price (period ended December 31) $11.23 $15.56
SOURCE Eaton Vance Management
