BOSTON, June 16 Eaton Vance Insured 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 and six-month periods ended March 31, 2009. The Fund's fiscal year ends on September 30, 2009.
For the three months ended March 31, 2009, the Fund had net investment income of $400,694 ($0.228 per common share). From this amount, the Fund paid dividends on preferred shares of $26,543 (equal to $0.015 for each common share), resulting in net investment income after the preferred dividends of $374,151, or $0.213 per common share. The Fund's net investment income for the six months ended March 31, 2009 was $804,909 ($0.458 per common share, before deduction of the preferred share dividends totaling $0.078 per common share), resulting in net investment income after the preferred dividends of $0.380 per common share. In comparison, for the three months ended March 31, 2008, the Fund had net investment income of $434,120 ($0.247 per common share). From this amount, the Fund paid dividends on preferred shares of $132,637 (equal to $0.075 for each common share), resulting in net investment income after the preferred dividends of $301,483, or $0.172 per common share. The Fund's net investment income for the six months ended March 31, 2008 was $865,825 ($0.493 per common share, before deduction of the preferred share dividends totaling $0.153 per common share), resulting in net investment income after the preferred dividends of $0.340 per common share.
Net realized and unrealized gains for the three months ended March 31, 2009 were $1,614,583 ($0.926 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2009 were $391,068 ($0.216 per common share). In comparison, net realized and unrealized losses for the three months ended March 31, 2008 were $2,219,471 ($1.267 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2008 were $2,586,944 ($1.476 per common share).
On March 31, 2009, net assets of the Fund applicable to common shares were $20,976,709. The net asset value per common share on March 31, 2009 was $11.94 based on 1,757,489 common shares outstanding. In comparison, on March 31, 2008, net assets of the Fund applicable to common shares were $23,915,901. The net asset value per common share on March 31, 2008 was $13.62 based on 1,755,423 common shares outstanding.
The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. , 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 $127.2 billion in assets as of April 30, 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 MASSACHUSETTS MUNICIPAL BOND FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Six Months Ended Ended March 31, March 31, --------- --------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $401 $434 $805 $866 Net realized and unrealized gains (losses) on investments 1,615 (2,219) (391) (2,587) Preferred dividends paid from net investment income (1) (27) (133) (137) (269) --- ---- ---- ---- Net increase (decrease) in net assets from operations $1,989 $(1,918) $277 $(1,990) ====== ======= ==== ======= Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.228 $0.247 $0.458 $0.493 Net realized and unrealized gains (losses) on investments 0.926 (1.267) (0.216) (1.476) Preferred dividends paid from net investment income (1) (0.015) (0.075) (0.078) (0.153) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $1.139 $(1.095) $0.164 $(1.136) ====== ======= ====== ======= Net investment income $0.228 $0.247 $0.458 $0.493 Preferred dividends paid from net investment income (1) (0.015) (0.075) (0.078) (0.153) ------ ------ ------ ------ Net investment income after preferred dividends (1) $0.213 $0.172 $0.380 $0.340 ====== ====== ====== ====== Net Asset Value at March 31 (Common Shares) ------------------------------------------- Net assets $20,977 $23,916 Shares outstanding 1,757 1,755 Net asset value per share outstanding $11.94 $13.62 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at March 31 $11.73 $14.35 High market price (period ended March 31) $14.30 $15.77 Low market price (period ended March 31) $9.34 $13.38 (1) During the year ended September 30, 2008, the Fund made a partial redemption of its preferred shares.
Eaton Vance Management
CONTACT: Investor Contact of Eaton Vance Management, +1-800-262-1122
Web Site: http://www.eatonvance.com/
