Eaton Vance New Jersey Municipal Bond Fund* Report of Earnings
BOSTON, March 3 /PRNewswire-FirstCall/ -- Eaton Vance New Jersey Municipal Bond Fund (NYSE Amex: EMJ) (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 $610,076 ($0.237 per common share). From this amount, the Fund paid dividends on preferred shares of $21,642 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $588,434, or $0.229 per common share. In comparison, for the three months ended December 31, 2008, the Fund had net investment income of $579,248 ($0.225 per common share). From this amount, the Fund paid dividends on preferred shares of $141,176 (equal to $0.055 for each common share), resulting in net investment income after the preferred dividends of $438,072, or $0.170 per common share.
Net realized and unrealized losses for the three months ended December 31, 2009 were $2,384,891 ($0.926 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2008 were $4,429,334 ($1.724 per common share).
On December 31, 2009, net assets of the Fund applicable to common shares were $35,270,388. The net asset value per common share on December 31, 2009 was $13.69 based on 2,575,999 common shares outstanding. In comparison, on December 31, 2008, net assets of the Fund applicable to common shares were $26,036,024. The net asset value per common share on December 31, 2008 was $10.13 based on 2,570,215 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 $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 New Jersey Municipal Bond Fund.
EATON VANCE NEW JERSEY 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 $610 $579
Net realized and unrealized
gains (losses) on investments (2,385) (4,429)
Preferred dividends paid from net
investment income (1) (22) (141)
Preferred dividends paid from net
realized gains (1) - (27)
-------- --------
Net increase (decrease) in
net assets from operations $(1,797) $(4,018)
======== ========
Earnings per Common
Share Outstanding
------------------------------
Net investment income $0.237 $0.225
Net realized and unrealized
gains (losses) on investments (0.926) (1.724)
Preferred dividends paid from net
investment income (1) (0.008) (0.055)
Preferred dividends paid from net
realized gains (1) - (0.011)
-------- --------
Net increase (decrease) in
net assets from operations $(0.697) $(1.565)
======== ========
Net investment income $0.237 $0.225
Preferred dividends paid from net
investment income (1) (0.008) (0.055)
-------- --------
Net investment income after
preferred dividends $0.229 $0.170
======= ========
Net Asset Value at December 31
(Common Shares)
------------------------------
Net assets $35,270 $26,036
Shares outstanding 2,576 2,570
Net asset value per share
outstanding $13.69 $10.13
Market Value Summary
(Common Shares)
------------------------------
Market price on NYSE Amex at
December 31 $14.33 $10.00
High market price
(period ended December 31) $15.44 $12.15
Low market price
(period ended December 31) $14.31 $9.12
(1) During the period ended December 31, 2008, the Fund made a
partial redemption of its preferred shares.
* Effective February 1, 2010, the name of the Fund was changed
from Eaton Vance Insured New Jersey Municipal Bond Fund.
SOURCE Eaton Vance Management
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