For the three months ended June 30, 2009, the Fund had net investment income of $2,384,081 ($0.240 per common share). From this amount, the Fund paid dividends on preferred shares of $69,121 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $2,314,960, or $0.233 per common share. The Fund's net investment income for the nine months ended June 30, 2009 was $6,947,237 ($0.699 per common share, before deduction of the preferred share dividends totaling $0.053 per common share), resulting in net investment income after the preferred dividends of $0.646 per common share. In comparison, for the three months ended June 30, 2008, the Fund had net investment income of $2,638,182 ($0.266 per common share). From this amount, the Fund paid dividends on preferred shares of $646,031 (equal to $0.065 for each common share), resulting in net investment income after the preferred dividends of $1,992,151, or $0.201 per common share. The Fund's net investment income for the nine months ended June 30, 2008 was $7,834,017 ($0.789 per common share, before deduction of the preferred share dividends totaling $0.121 per common share), resulting in net investment income after the preferred dividends of $0.668 per common share.
Net realized and unrealized gains for the three months ended June 30, 2009 were $7,634,113 ($0.765 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2009 were $2,575,845 ($0.259 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2008 were $2,760,675 ($0.271 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2008 were $17,707,362 ($1.783 per common share).
On June 30, 2009, net assets of the Fund applicable to common shares were $107,445,494. The net asset value per common share on June 30, 2009 was $10.80 based on 9,949,079 common shares outstanding. In comparison, on June 30, 2008, net assets of the Fund applicable to common shares were $133,093,206. The net asset value per common share on June 30, 2008 was $13.40 based on 9,931,873 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 $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 www.eatonvance.com.
EATON VANCE INSURED MUNICIPAL BOND FUND II
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 $2,384 $2,638 $6,947 $7,834
Net realized and unrealized
gains (losses) on investments 7,634 2,761 (2,576) (17,707)
Preferred dividends paid from
net investment income (1) (69) (646) (524) (1,198)
Preferred dividends paid from
net realized gains (1) - - - (1,161)
--- --- --- -------
Net increase (decrease) in net
assets from operations $9,949 $4,753 $3,847 $(12,232)
====== ====== ====== =========
Earnings per Common Share
Outstanding
-----------
Net investment income $0.240 $0.266 $0.699 $0.789
Net realized and unrealized
gains (losses) on investments 0.765 0.271 (0.259) (1.783)
Preferred dividends paid from
net investment income (1) (0.007) (0.065) (0.053) (0.121)
Preferred dividends paid from
net realized gains (1) - - - (0.117)
--- --- --- -------
Net increase (decrease) in net
assets from operations $0.998 $0.472 $0.387 $(1.232)
====== ====== ====== ========
Net investment income $0.240 $0.266 $0.699 $0.789
Preferred dividends paid from
net investment income (1) (0.007) (0.065) (0.053) (0.121)
------ ------ ------ ------
Net investment income after
preferred dividends (1) $0.233 $0.201 $0.646 $0.668
====== ====== ====== ======
Net Asset Value at June 30
(Common Shares)
-------------
Net assets $107,445 $133,093
Shares outstanding 9,949 9,932
Net asset value per share
outstanding $10.80 $13.40
Market Value Summary (Common Shares)
-----------------------------------
Market price on NYSE Amex at
June 30 $12.21 $14.45
High market price (period ended
June 30) $12.94 $14.90
Low market price (period
ended June 30) $7.04 $12.20
(1) During the year ended September 30, 2008, the Fund made a partial
redemption of its preferred shares.