Eaton Vance Michigan Municipal Bond Fund Report Of Earnings

BOSTON, Sept. 7, 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 and nine-month periods ended June 30, 2012.  The Fund's fiscal year ends on September 30, 2012.

For the three months ended June 30, 2012, the Fund had net investment income of $321,327 ($0.212 per common share). From this amount, the Fund paid dividends on preferred shares of $10,496 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $310,831, or $0.205 per common share. The Fund's net investment income for the nine months ended June 30, 2012 was $983,387 ($0.650 per common share, before deduction of the preferred share dividends totaling $0.016 per common share), resulting in net investment income after the preferred dividends of $0.634 per common share. In comparison, for the three months ended June 30, 2011, the Fund had net investment income of $344,149 ($0.228 per common share). From this amount, the Fund paid dividends on preferred shares of $10,504 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $333,645, or $0.221 per common share. The Fund's net investment income for the nine months ended June 30, 2011 was $1,038,929 ($0.687 per common share, before deduction of the preferred share dividends totaling $0.025 per common share), resulting in net investment income after the preferred dividends of $0.662 per common share.

Net realized and unrealized gains for the three months ended June 30, 2012 were $217,492 ($0.145 per common share). The Fund's net realized and unrealized gains for the nine months ended June 30, 2012 were $1,074,502 ($0.710 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2011 were $928,834 ($0.622 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2011 were $1,446,206 ($0.956 per common share).

On June 30, 2012, net assets of the Fund applicable to common shares were $22,271,134. The net asset value per common share on June 30, 2012 was $14.71 based on 1,513,634 common shares outstanding. In comparison, on June 30, 2011, net assets of the Fund applicable to common shares were $20,538,431. The net asset value per common share on June 30, 2011 was $13.58 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 $192.9 billion in assets as of July 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


Nine Months Ended


June 30,


June 30,


2012


2011


2012


2011

Net investment income

$    321


$    344


$      983


$   1,039

Net realized and unrealized gains (losses)








  on investments

218


929


1,075


(1,446)

Preferred dividends paid from net investment income

(11)


(10)


(24)


(38)


Net increase (decrease) in net assets









  from operations

$    528


$ 1,263


$   2,034


$     (445)









Earnings per Common Share Outstanding








Net investment income 

$ 0.212


$ 0.228


$   0.650


$   0.687

Net realized and unrealized gains (losses)








  on investments

0.145


0.622


0.710


(0.956)

Preferred dividends paid from net investment income

(0.007)


(0.007)


(0.016)


(0.025)


Net increase (decrease) in net assets









  from operations

$ 0.350


$ 0.843


$   1.344


$ (0.294)









Net investment income

$ 0.212


$ 0.228


$   0.650


$   0.687

Preferred dividends paid from net investment income

(0.007)


(0.007)


(0.016)


(0.025)

Net investment income after preferred dividends

$ 0.205


$ 0.221


$   0.634


$   0.662









Net Asset Value at June 30 (Common Shares)









Net assets 





$ 22,271


$ 20,538


Shares outstanding 





1,514


1,513


Net asset value per share outstanding





$   14.71


$   13.58









Market Value Summary (Common Shares)









Market price on NYSE MKT at June 30





$   16.13


$   13.06


High market price (period ended June 30)





$   16.30


$   14.94


Low market price (period ended June 30)





$   13.34


$   11.63

























SOURCE Eaton Vance Management

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here