Eaton Vance Pennsylvania Municipal Bond Fund Report of Earnings

Jun 08, 2010, 13:12 ET from Eaton Vance Management

BOSTON, June 8 /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 and six month periods ended March 31, 2010.  The Fund's fiscal year ends on September 30, 2010.

For the three months ended March 31, 2010, the Fund had net investment income of $639,149 ($0.217 per common share).  From this amount, the Fund paid dividends on preferred shares of $17,712 (equal to $0.006 for each common share), resulting in net investment income after the preferred dividends of $621,437, or $0.211 per common share.  The Fund's net investment income for the six months ended March 31, 2010 was $1,285,933 ($0.436 per common share, before deduction of the preferred share dividends totaling $0.014 per common share), resulting in net investment income after the preferred dividends of $0.422 per common share.  In comparison, for the three months ended March 31, 2009, the Fund had net investment income of $629,592 ($0.214 per common share).  The Fund's net investment income for the six months ended March 31, 2009 was $1,312,811 ($0.446 per common share, before deduction of the preferred share dividends totaling $0.059 per common share), resulting in net investment income after the preferred dividends of $0.387 per common share.

Net realized and unrealized losses for the three months ended March 31, 2010 were $392,355 ($0.135 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2010 were $2,986,661 ($1.015 per common share).  In comparison, net realized and unrealized gains for the three months ended March 31, 2009 were $4,359,590 ($1.480 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2009 were $2,509,482 ($0.853 per common share).  

On March 31, 2010, net assets of the Fund applicable to common shares were $38,010,625.  The net asset value per common share on March 31, 2010 was $12.89 based on 2,948,530 common shares outstanding.  In comparison, on March 31, 2009, net assets of the Fund applicable to common shares were $32,098,773.  The net asset value per common share on March 31, 2009 was $10.90 based on 2,945,280 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 $176.2 billion in assets as of April 30, 2010, offering individuals and institutions a broad array of investment strategies 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.

EATON VANCE PENNSYLVANIA MUNICIPAL BOND FUND

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

Six Months Ended

March 31,

March 31,

2010

2009

2010

2009

Net investment income

$               639

$               630

$            1,286

$            1,313

Net realized and unrealized gains (losses)

 on investments

(392)

4,360

(2,987)

(2,509)

Preferred dividends paid from net investment income (1)

(18)

-

(41)

(173)

Preferred dividends paid from net realized gains (1)

-

(61)

-

(100)

Net increase (decrease) in net assets

 from operations

$               229

$            4,929

$          (1,742)

$          (1,469)

Earnings per Common Share Outstanding

Net investment income

$            0.217

$            0.214

$            0.436

$            0.446

Net realized and unrealized gains (losses)

 on investments

(0.135)

1.480

(1.015)

(0.853)

Preferred dividends paid from net investment income (1)

(0.006)

-

(0.014)

(0.059)

Preferred dividends paid from net realized gains (1)

-

(0.021)

-

(0.034)

Net increase (decrease) in net assets

 from operations

$            0.076

$            1.673

$          (0.593)

$          (0.500)

Net investment income

$            0.217

$            0.214

$            0.436

$            0.446

Preferred dividends paid from net investment income (1)

(0.006)

-

(0.014)

(0.059)

Net investment income after preferred dividends (1)

$            0.211

$            0.214

$            0.422

$            0.387

Net Asset Value at March 31 (Common Shares)

Net assets

$38,011

$32,099

Shares outstanding

2,949

2,945

Net asset value per share outstanding

$12.89

$10.90

Market Value Summary (Common Shares)

Market price on NYSE Amex at March 31

$13.75

$11.41

High market price (period ended March 31)

$14.77

$13.55

Low market price (period ended March 31)

$12.50

$7.33

(1) During the period ended March 31, 2009, the Fund made a partial redemption of its preferred shares.

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com