Eaton Vance Pennsylvania Municipal Bond Fund Report of Earnings
BOSTON, March 3 /PRNewswire-FirstCall/ -- Eaton Vance Pennsylvania Municipal Bond Fund (NYSE Amex: EIP) (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 $646,784 ($0.219 per common share). From this amount, the Fund paid dividends on preferred shares of $23,274 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $623,510, or $0.211 per common share. In comparison, for the three months ended December 31, 2008, the Fund had net investment income of $683,219 ($0.232 per common share). From this amount, the Fund paid dividends on preferred shares of $173,406 (equal to $0.059 for each common share), resulting in net investment income after the preferred dividends of $509,813, or $0.173 per common share.
Net realized and unrealized losses for the three months ended December 31, 2009 were $2,594,306 ($0.880 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2008 were $6,869,072 ($2.333 per common share).
On December 31, 2009, net assets of the Fund applicable to common shares were $38,385,190. The net asset value per common share on December 31, 2009 was $13.02 based on 2,947,473 common shares outstanding. In comparison, on December 31, 2008, net assets of the Fund applicable to common shares were $27,690,580. The net asset value per common share on December 31, 2008 was $9.40 based on 2,944,615 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 Pennsylvania Municipal Bond Fund.
EATON VANCE PENNSYLVANIA MUNICIPAL BOND FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Three
Months Months
Ended Ended
December December
31, 31,
-------- --------
2009 2008
---- ----
Net investment income $647 $683
Net realized and unrealized gains (losses)
on investments (2,594) (6,869)
Preferred dividends paid from net investment income (1) (23) (173)
Preferred dividends paid from net realized gains (1) - (40)
--- ---
Net increase (decrease) in net assets
from operations $(1,970) $(6,399)
======= =======
Earnings per Common Share Outstanding
-------------------------------------
Net investment income $0.219 $0.232
Net realized and unrealized gains (losses)
on investments (0.880) (2.333)
Preferred dividends paid from net investment
income (1) (0.008) (0.059)
Preferred dividends paid from net realized gains (1) - (0.013)
------ ------
Net increase (decrease) in net assets
from operations $(0.669) $(2.173)
======= =======
Net investment income $0.219 $0.232
Preferred dividends paid from net investment
income (1) (0.008) (0.059)
------ ------
Net investment income after preferred dividends $0.211 $0.173
====== ======
Net Asset Value at December 31 (Common Shares)
----------------------------------------------
Net assets $38,385 $27,691
Shares outstanding 2,947 2,945
Net asset value per share outstanding $13.02 $9.40
Market Value Summary (Common Shares)
------------------------------------
Market price on NYSE Amex at December 31 $14.04 $8.75
High market price (period ended December 31) $14.77 $13.55
Low market price (period ended December 31) $12.50 $7.33
(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 Pennsylvania Municipal Bond Fund.
SOURCE Eaton Vance Management
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