BOSTON, March 12, 2012 /PRNewswire/ -- 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, 2011. The Fund's fiscal year
ends on September 30, 2012.
For the three months ended December 31,
2011, the Fund had net investment income of $331,184 ($0.219
per common share). From this amount, the Fund paid dividends on
preferred shares of $6,954 (equal to
$0.005 for each common share),
resulting in net investment income after the preferred dividends of
$324,230 or $0.214 per common share. In comparison, for the
three months ended December 31, 2010,
the Fund had net investment income of $346,716 ($0.229
per common share). From this amount, the Fund paid dividends
on preferred shares of $14,346 (equal
to $0.009 for each common share),
resulting in net investment income after the preferred dividends of
$332,370, or $0.220 per common share.
Net realized and unrealized gains for the three months ended
December 31, 2011 were $387,583 ($0.256
per common share). In comparison, net realized and unrealized
losses for the three months ended December
31, 2010 were $2,193,936
($1.451 per common share).
On December 31, 2011, net assets
of the Fund applicable to common shares were $21,611,535. The net asset value per common share
on December 31, 2011 was $14.28 based on 1,512,968 common shares
outstanding. In comparison, on December 31,
2010, net assets of the Fund applicable to common shares
were $19,789,630. The net asset
value per common share on December 31,
2010 was $13.09 based on
1,512,368 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 calendar quarter-end are also posted to the website
approximately 30 days following quarter-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 $191.7 billion
in assets as of January 31, 2012
offering individuals and institutions a broad array of investment
strategies and wealth management solutions. The Company's long
record of providing exemplary service and attractive returns
through a variety of market conditions has made Eaton Vance the
investment manager of choice for many of today's most discerning
investors. For more information about Eaton Vance, visit
www.eatonvance.com.
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EATON
VANCE MICHIGAN MUNICIPAL BOND FUND
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SUMMARY
OF RESULTS OF OPERATIONS
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(in
thousands, except per share amounts)
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Three
Months Ended
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Three
Months Ended
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|
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December 31,
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December 31,
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|
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2011
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2010
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Net
investment income
|
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$
331
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$
347
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Net
realized and unrealized gains (losses)
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|
|
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on
investments
|
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388
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|
(2,194)
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Preferred
dividends paid from net investment income
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(7)
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(14)
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Net
increase (decrease) in net assets
|
|
|
|
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from
operations
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$
712
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$
(1,861)
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|
|
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Earnings
per Common Share Outstanding
|
|
|
|
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Net
investment income
|
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$
0.219
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$
0.229
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Net
realized and unrealized gains (losses)
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|
|
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on
investments
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0.256
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(1.451)
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Preferred
dividends paid from net investment income
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(0.005)
|
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(0.009)
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Net
increase (decrease) in net assets
|
|
|
|
|
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from
operations
|
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$
0.470
|
|
$
(1.231)
|
|
|
|
|
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Net
investment income
|
|
$
0.219
|
|
$
0.229
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Preferred
dividends paid from net investment income
|
|
(0.005)
|
|
(0.009)
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Net
investment income after preferred dividends
|
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$
0.214
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$
0.220
|
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|
|
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Net Asset
Value at December 31 (Common Shares)
|
|
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Net
assets
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$
21,612
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$
19,790
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Shares
outstanding
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1,513
|
|
1,512
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Net asset
value per share outstanding
|
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$
14.28
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$
13.09
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Market
Value Summary (Common Shares)
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Market
price on NYSE Amex at December 31
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$
14.76
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$
12.32
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High
market price (period ended December 31)
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$
14.87
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$
14.94
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Low market
price (period ended December 31)
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$
13.34
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$
11.82
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SOURCE Eaton Vance Management