Eaton Vance Insured California Municipal Bond Fund Report of Earnings
September 11 2009 - 12:02PM
PR Newswire (US)
BOSTON, Sept. 11 /PRNewswire-FirstCall/ -- Eaton Vance Insured
California Municipal Bond Fund (NYSE Amex: EVM), a closed-end
management investment company, today announced the earnings of the
Fund for the three months ended June 30, 2009 and the nine months
ended June 30, 2009. The Fund's fiscal year ends on September 30,
2009. For the three months ended June 30, 2009, the Fund had net
investment income of $4,675,009 ($0.216 per common share). For the
nine months ended June 30, 2009, the Fund had net investment income
of $13,242,411 ($0.611 per common share). In comparison, for the
three months ended June 30, 2008, the Fund had net investment
income of $4,995,734 ($0.230 per common share). From this amount,
the Fund paid dividends on preferred shares of $1,071,114 (equal to
$0.049 for each common share), resulting in net investment income
after the preferred dividends of $3,924,620 or $0.181 per common
share. For the nine months ended June 30, 2008, the Fund had net
investment income of $15,785,550 ($0.729 per common share). From
this amount, the Fund paid dividends on preferred shares of
$2,996,687 (equal to $0.138 for each common share), resulting in
net investment income after the preferred dividends of $12,788,863
or $0.591 per common share. Net realized and unrealized gains for
the three months ended June 30, 2009 were $8,839,408 ($0.410 per
common share) and net realized and unrealized losses for the nine
months ended June 30, 2009 were $9,463,691 ($0.437 per common
share). In comparison, net realized and unrealized gains for the
three months ended June 30, 2008 were $7,547,341 ($0.353 per common
share) and net realized and unrealized losses for the nine months
ended June 30, 2008 were $29,870,338 ($1.380 per common share). On
June 30, 2009, net assets of the Fund applicable to common shares
were $236,742,718. The net asset value per common share on June 30,
2009 was $10.92 based on 21,681,982 common shares outstanding. In
comparison, on June 30, 2008, net assets applicable to common
shares of the Fund were $288,869,240. The net asset value per
common share on June 30, 2008 was $13.34 based on 21,657,917 common
shares outstanding. The Fund is managed by Eaton Vance Management,
a subsidiary of Eaton Vance Corp. (NYSE Amex: 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 $143.7 billion in assets as of July 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 CALIFORNIA
MUNICIPAL BOND FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands,
except per share amounts) Three Months Ended Nine Months Ended June
30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ----
---- Net investment income $4,675 $4,996 $13,242 $15,785 Net
realized and unrealized gains (losses) on investments 8,839 7,547
(9,464) (29,870) Preferred dividends paid from net investment
income (1) - (1,071) - (2,997) Preferred dividends paid from net
realized gains (1) - - - (2,039) - - - ------ Net increase
(decrease) in net assets from operations $13,514 $11,472 $3,778
$(19,121) ======= ======= ====== ======== Earnings per Common Share
Outstanding ------------------------------------- Net investment
income $0.216 $0.230 $0.611 $0.729 Net realized and unrealized
gains (losses) on investments 0.410 0.353 (0.437) (1.380) Preferred
dividends paid from net investment income (1) - (0.049) - (0.138)
Preferred dividends paid from net realized gains (1) - - - (0.094)
- - - ------ Net increase (decrease) in net assets from operations
$0.626 $0.534 $0.174 $(0.883) ====== ====== ====== ======= Net
investment income $0.216 $0.230 $0.611 $0.729 Preferred dividends
paid from net Investment income (1) - (0.049) - (0.138) - ------ -
------ Net investment income after preferred dividends $0.216
$0.181 $0.611 $0.591 ====== ====== ====== ====== Net Asset Value at
June 30 (Common Shares) ------------------------------------- Net
assets $236,743 $288,869 Shares outstanding 21,682 21,658 Net asset
value per share outstanding $10.92 $13.34 Market Value Summary
(Common Shares) ------------------------------------ Market price
on NYSE Amex at June 30 $10.62 $12.98 High market price (period
ended June 30) $11.60 $14.85 Low market price (period ended June
30) $6.41 $12.74 (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: Investor Contact:
+1-800-262-1122 Web Site: http://www.eatonvance.com/
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