BOSTON, June 11, 2013 /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 six-month periods ended March 31, 2013. The Fund's fiscal year ends on September 30, 2013.
For the three months ended March 31, 2013, the Fund had net investment income of $299,392 ($0.198 per common share). From this amount, the Fund paid dividends on preferred shares of $5,503 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $293,889, or $0.194 per common share. The Fund's net investment income for the six months ended March 31, 2013 was $612,443 ($0.405 per common share, before deduction of the preferred share dividends totaling $0.010 per common share), resulting in net investment income after the preferred dividends of $0.395 per common share. In comparison, for the three months ended March 31, 2012, the Fund had net investment income of $330,876 ($0.219 per common share). From this amount, the Fund paid dividends on preferred shares of $6,205 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $324,671, or $0.215 per common share. The Fund's net investment income for the six months ended March 31, 2012 was $662,060 ($0.438 per common share, before deduction of the preferred share dividends totaling $0.009 per common share), resulting in net investment income after the preferred dividends of $0.429 per common share.
Net realized and unrealized losses for the three months ended March 31, 2013 were $266,789 ($0.173 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2013 were $334,459 ($0.218 per common share). In comparison, net realized and unrealized gains for the three months ended March 31, 2012 were $469,427 ($0.309 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2012 were $857,010 ($0.565 per common share).
On March 31, 2013, net assets of the Fund applicable to common shares were $22,408,307. The net asset value per common share on March 31, 2013 was $14.80 based on 1,514,065 common shares outstanding. In comparison, on March 31, 2012, net assets of the Fund applicable to common shares were $22,075,907. The net asset value per common share on March 31, 2012 was $14.59 based on 1,513,417 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 $260.3 billion in assets as of April 30, 2013 offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
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EATON VANCE MICHIGAN MUNICIPAL BOND FUND
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SUMMARY OF RESULTS OF OPERATIONS
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(in thousands, except per share amounts)
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Three Months Ended
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Six Months Ended
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March 31,
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March 31,
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2013
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2012
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2013
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2012
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Net investment income
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$ 299
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$ 331
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$ 612
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$ 662
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Net realized and unrealized gains (losses)
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on investments
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(266)
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469
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(334)
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857
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Preferred dividends paid from net investment income
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(6)
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(6)
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(15)
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(13)
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Net increase (decrease) in net assets
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from operations
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$ 27
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$ 794
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$ 263
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$ 1,506
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Earnings per Common Share Outstanding
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Net investment income
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$ 0.198
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$ 0.219
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$ 0.405
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$ 0.438
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Net realized and unrealized gains (losses)
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on investments
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(0.173)
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0.309
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(0.218)
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0.565
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Preferred dividends paid from net investment income
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(0.004)
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(0.004)
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(0.010)
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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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$ 0.021
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$ 0.524
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$ 0.177
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$ 0.994
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Net investment income
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$ 0.198
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$ 0.219
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$ 0.405
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$ 0.438
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Preferred dividends paid from net investment income
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(0.004)
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(0.004)
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(0.010)
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(0.009)
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Net investment income after preferred dividends
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$ 0.194
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$ 0.215
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$ 0.395
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$ 0.429
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Net Asset Value at March 31 (Common Shares)
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Net assets
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$22,408
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$ 22,076
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Shares outstanding
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1,514
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1,513
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Net asset value per share outstanding
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$14.80
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$ 14.59
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Market Value Summary (Common Shares)
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Market price on NYSE MKT at March 31
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$14.60
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$ 15.05
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High market price (period ended March 31)
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$16.30
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$ 15.93
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Low market price (period ended March 31)
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$13.90
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$ 13.34
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SOURCE Eaton Vance Management