Eaton Vance Municipal (AMEX:EIM)
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BOSTON, Dec. 15 /PRNewswire-FirstCall/ -- Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM), a closed-end management investment company, today announced the earnings of the Fund for the three months ended September 30, 2009 and the year ended September 30, 2009. The Fund's fiscal year ended on September 30, 2009.
For the three months ended September 30, 2009, the Fund had net investment income of $15,299,014 ($0.226 per common share). For the year ended September 30, 2009, the Fund had net investment income of $56,812,789 ($0.846 per common share). In comparison, for the three months ended September 30, 2008, the Fund had net investment income of $13,997,295 ($0.216 per common share). From this amount, the Fund paid dividends on preferred shares of $228,946 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $13,768,349 or $0.212 per common share. For the year ended September 30, 2008, the Fund had net investment income of $62,117,806 ($0.959 per common share). From this amount, the Fund paid dividends on preferred shares of $11,060,870 (equal to $0.171 for each common share), resulting in net investment income after the preferred dividends of $51,056,936 or $0.788 per common share.
Net realized and unrealized gains for the three months ended September 30, 2009 were $145,668,074 ($2.148 per common share) and net realized and unrealized gains for the year ended September 30, 2009 were $149,266,685 ($2.051 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2008 were $138,675,065 ($2.135 per common share) and net realized and unrealized losses for the year ended September 30, 2008 were $246,310,868 ($3.797 per common share).
On September 30, 2009, net assets of the Fund applicable to common shares were $893,391,134. The net asset value per common share on September 30, 2009 was $13.17 based on 67,828,589 common shares outstanding. In comparison, on September 30, 2008, net assets applicable to common shares of the Fund were $719,391,966. The net asset value per common share on September 30, 2008 was $11.08 based on 64,933,679 common shares outstanding.
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 $154.9 billion in assets as of October 31, 2009, offering individuals and institutions a broad array of investment products 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 http://www.eatonvance.com/.
EATON VANCE INSURED MUNICIPAL BOND FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Year Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Net investment income $15,299 $13,997 $56,813 $62,118
Net realized and unrealized
gains (losses) on
investments 145,668 (138,675) 149,267 (246,311)
Preferred dividends paid
from net investment
income (1) - (229) - (11,061)
Preferred dividends paid
from net
realized gains (1) - - - (3,285)
--- --- --- ------
Net increase (decrease)
in net assets
from operations $160,967 $(124,907) $206,080 $(198,539)
======== ========= ======== =========
Earnings per Common
Share Outstanding
--------------------
Net investment income $0.226 $0.216 $0.846 $0.959
Net realized and
unrealized gains
(losses) on investments 2.148 (2.135) 2.051 (3.797)
Preferred dividends paid
from net investment
income (1) - (0.004) - (0.171)
Preferred dividends
paid from net
realized gains (1) - - - (0.051)
--- --- --- ------
Net increase (decrease)
in net assets
from operations $2.374 $(1.923) $2.897 $(3.060)
====== ======= ====== =======
Net investment income $0.226 $0.216 $0.846 $0.959
Preferred dividends paid
from net
investment income (1) - (0.004) - (0.171)
--- ------ --- ------
Net investment income
after preferred
dividends $0.226 $0.212 $0.846 $0.788
====== ====== ====== ======
Net Asset Value at March 31
(Common Shares)
----------------------------
Net assets $893,391 $719,392
Shares outstanding 67,829 64,934
Net asset value per
share outstanding $13.17 $11.08
Market Value Summary
(Common Shares)
---------------------
Market price on NYSE Amex
at September 30 $13.16 $11.14
High market price
(period ended September 30) $13.20 $15.53
Low market price (period
ended September 30) $6.95 $11.14
(1) Beginning in May 2008 through August 2008, the Fund redeemed in full
each series of its Auction Preferred Shares.
DATASOURCE: Eaton Vance Management
CONTACT: Investors, Eaton Vance Management, +1-800-262-1122
Web Site: http://www.eatonvance.com/