Eaton Vance Michigan Municipal Bond Fund Report of Earnings

         Eaton Vance Michigan Municipal Bond Fund Report of Earnings

PR Newswire

BOSTON, Dec. 3, 2012

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.

EATON VANCE MICHIGAN MUNICIPAL BOND FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
                             Three Months Ended        Year Ended
                             September 30,             September 30,
                             2012         2011         2012        2011
Net investment income        $    322  $    342  $  1,305  $  1,381
Net realized and unrealized
gains (losses)
 on investments             506          695          1,581       (751)
Preferred dividends paid     (8)          (7)          (32)        (45)
from net investment income
   Net increase (decrease)
   in net assets
    from operations         $    820  $  1,030   $  2,854  $    585
Earnings per Common Share
Outstanding
Net investment income       $  0.212   $  0.226   $  0.862  $  0.913
Net realized and unrealized
gains (losses)
 on investments             0.328        0.460        1.038       (0.496)
Preferred dividends paid     (0.005)      (0.005)      (0.021)     (0.030)
from net investment income
   Net increase (decrease)
   in net assets
    from operations         $  0.535   $  0.681   $  1.879  $  0.387
Net investment income        $  0.212   $  0.226   $  0.862  $  0.913
Preferred dividends paid     (0.005)      (0.005)      (0.021)     (0.030)
from net investment income
Net investment income after  $  0.207   $  0.221   $  0.841  $  0.883
preferred dividends
Net Asset Value at September
30 (Common Shares)
   Net assets                                         $22,759     $21,233
   Shares outstanding                                 1,514       1,513
   Net asset value per share                           $15.03      $14.04
   outstanding
Market Value Summary (Common
Shares)
   Market price on NYSE MKT                            $16.00      $13.61
   at September 30
   High market price (period                           $16.30      $14.94
   ended September 30)
   Low market price (period                            $13.34      $11.63
   ended September 30)

SOURCE Eaton Vance Management

Website: http://www.eatonvance.com
Contact: Investor Contact: 1-800-262-1122
 
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