Earnings per Common Share – The average monthly net investment income per common share (after payment of preferred dividends) for the three months ended December 31, 2009;
Dividend per Common Share – The monthly dividend per common share paid in December 2009;
Undistributed Net Investment Income (UNII) per Common Share – The average balance at month end of undistributed net investment income per common share (net of pending distributions) for the three months ended December 31, 2009.
Leverage – The ratio of outstanding auction rate preferred shares (a source of the Funds' financial leverage) ("APS") to total assets as of December 31, 2009.(1)
Earnings and UNII will fluctuate over time due to fund activity and /or market factors.
For more information about a Fund, please see the Funds' annual and semi annual shareholder reports or contact your financial adviser. In addition, Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122.
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 $163.1 billion in assets as of December 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.
Closed-End Fund Earnings Data December 31, 2009
Earnings and UNII are 3 month averages unless indicated
3 Month 3 Month
Avg. December Avg.
Earnings/ Dividend/ UNII/
Fund Ticker Share Share Share Leverage*
Eaton Vance Municipal
Income Trust EVN $0.08220 $0.07583 $0.08590 32.50%
Eaton Vance Insured Municipal
Bond Fund^ EIM $0.07530 $0.07467 $0.12980 +
Eaton Vance Insured Municipal
Bond Fund II^ EIV $0.07990 $0.07687 $0.16090 27.30%
Eaton Vance National
Municipal Opportunities
Trust EOT $0.10190 $0.10333 $0.04900 +
Eaton Vance California
Municipal Income Trust CEV $0.07550 $0.07217 $0.07960 35.50%
Eaton Vance Insured
California Municipal Bond
Fund^ EVM $0.07180 $0.06992 $0.11510 +
Eaton Vance Insured
California Municipal Bond
Fund II^ EIA $0.07300 $0.07092 $0.09080 36.00%
Eaton Vance Massachusetts
Municipal Income Trust MMV $0.07400 $0.07550 $0.10870 34.70%
Eaton Vance Insured
Massachusetts Municipal Bond
Fund^ MAB $0.07040 $0.06916 $0.07180 35.90%
Eaton Vance Michigan
Municipal Income Trust EMI $0.06920 $0.07158 $0.08780 38.80%
Eaton Vance Insured Michigan
Municipal Bond Fund^ MIW $0.07330 $0.07199 $0.10190 38.60%
Eaton Vance New Jersey
Municipal Income Trust EVJ $0.07740 $0.07900 $0.11030 34.40%
Eaton Vance Insured New
Jersey Municipal Bond Fund^ EMJ $0.07540 $0.07542 $0.11360 35.70%
Eaton Vance New York
Municipal Income Trust EVY $0.07510 $0.07334 $0.06350 31.90%
Eaton Vance Insured New York
Municipal Bond Fund^ ENX $0.06960 $0.06692 $0.07230 +
Eaton Vance Insured New York
Municipal Bond Fund II^ NYH $0.07100 $0.07267 $0.14170 28.70%
Eaton Vance Ohio Municipal
Income Trust EVO $0.07170 $0.07425 $0.10460 37.00%
Eaton Vance Insured Ohio
Municipal Bond Fund^ EIO $0.06510 $0.06183 $0.07140 35.10%
Eaton Vance Pennsylvania
Municipal Income Trust EVP $0.06850 $0.07225 $0.08230 36.30%
Eaton Vance Insured
Pennsylvania Municipal Bond
Fund^ EIP $0.06940 $0.06900 $0.13660 36.10%
*Based on total assets. Leverage achieved through the issuance of APS. Use of financial leverage creates an opportunity for increased income, but at the same time creates special risks (including the likelihood of greater volatility of net asset value and market prices of common shares). Please see note above entitled "Leverage" for further information on these percentages.
+ In 2008, the Fund redeemed in full its APS.
^ Effective February 1, 2010, the Fund's name was changed by dropping the word "Insured" therefrom. The Fund's ticker symbol did not change
Each Municipal Income Trust paid a monthly dividend on December 17, 2009 to shareholders of record on December 10, 2009. Each Insured Municipal Bond Fund paid a monthly dividend on December 31, 2009 to shareholders of record on December 24, 2009. As portfolio and market conditions change, the rate of future distributions may change.
(1) The leverage percentage quoted refers only to the ratio involving a Fund's APS outstanding on December 31, 2009. During 2008, three of the Funds redeemed their APS in full while many other have redeemed their APS in part. Replacement financing for these Funds has been provided by the creation of Tender Option Bond trusts.
SOURCE Eaton Vance Management
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