Eaton Vance Massachusetts Municipal Bond Fund Report of Earnings
BOSTON, March 3 /PRNewswire-FirstCall/ -- Eaton Vance Massachusetts Municipal Bond Fund (NYSE Amex: MAB) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months ended December 31, 2009. The Fund's fiscal year ends on September 30, 2010.
For the three months ended December 31, 2009, the Fund had net investment income of $386,540 ($0.220 per common share). From this amount, the Fund paid dividends on preferred shares of $14,543 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $371,997, or $0.212 per common share. In comparison, for the three months ended December 31, 2008, the Fund had net investment income of $404,215 ($0.230 per common share). From this amount, the Fund paid dividends on preferred shares of $110,306 (equal to $0.063 for each common share), resulting in net investment income after the preferred dividends of $293,909, or $0.167 per common share.
Net realized and unrealized losses for the three months ended December 31, 2009 were $1,551,734 ($0.882 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2008 were $2,005,651 ($1.142 per common share).
On December 31, 2009, net assets of the Fund applicable to common shares were $24,234,890. The net asset value per common share on December 31, 2009 was $13.78 based on 1,759,048 common shares outstanding. In comparison, on December 31, 2008, net assets of the Fund applicable to common shares were $19,304,128. The net asset value per common share on December 31, 2008 was $10.99 based on 1,756,990 common shares outstanding.
The Funds are 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 $161.6 billion in assets as of January 31, 2010 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 www.eatonvance.com.
* Effective February 1, 2010, the name of the Fund was changed from Eaton Vance Insured Massachusetts Municipal Bond Fund.
EATON VANCE MASSACHUSETTS MUNICIPAL BOND FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Three Months Ended
December 31, December 31,
----------- -----------
2009 2008
---- ----
Net investment income $387 $404
Net realized and unrealized
gains (losses) on investments (1,552) (2,006)
Preferred dividends paid
from net investment income (15) (110)
--- ----
Net increase (decrease) in
net assets from operations $(1,180) $(1,712)
======= =======
Earnings per Common Share Outstanding
-------------------------
Net investment income $0.220 $0.230
Net realized and unrealized
gains (losses) on investments (0.882) (1.142)
Preferred dividends paid
from net investment income (0.008) (0.063)
------ ------
Net increase (decrease) in
net assets from operations $(0.670) $(0.975)
======= =======
Net investment income $0.220 $0.230
Preferred dividends paid
from net investment income (0.008) (0.063)
------ ------
Net investment income after
preferred dividends $0.212 $0.167
====== ======
Net Asset Value at December 31
(Common Shares)
------------------------------
Net assets $24,235 $19,304
Shares outstanding 1,759 1,757
Net asset value per share outstanding $13.78 $10.99
Market Value Summary (Common Shares)
--------------------
Market price on NYSE Amex
at December 31 $15.20 $10.40
High market price
(period ended December 31) $15.40 $14.30
Low market price
(period ended December 31) $13.31 $9.34
* Effective February 1, 2010, the name of the Fund was changed from
Eaton Vance Insured Massachusetts Municipal Bond Fund.
SOURCE Eaton Vance Management
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