Trustees of Eaton Vance Closed-End Insured Municipal Bond Funds Approve Changes in Investment Policy; Announce Special Sharehold
02 November 2009 - 10:46PM
PR Newswire (US)
BOSTON, Nov. 2 /PRNewswire-FirstCall/ -- The Trustees of the
following Eaton Vance closed-end funds have approved changes to the
Funds' investment policies related to investments in insured
obligations: Eaton Vance Insured Municipal Bond Fund (NYSE Amex:
EIM); Eaton Vance Insured California Municipal Bond Fund (NYSE
Amex: EVM); Eaton Vance Insured New York Municipal Bond Fund (NYSE
Amex: ENX); Eaton Vance Insured Municipal Bond Fund II (NYSE Amex:
EIV); Eaton Vance Insured California Municipal Bond Fund II (NYSE
Amex: EIA); Eaton Vance Insured Massachusetts Municipal Bond Fund
(NYSE Amex: MAB); Eaton Vance Insured Michigan Municipal Bond Fund
(NYSE Amex: MIW); Eaton Vance Insured New Jersey Municipal Bond
Fund (NYSE Amex: EMJ); Eaton Vance Insured New York Municipal Bond
Fund II (NYSE Amex: NYH); Eaton Vance Insured Ohio Municipal Bond
Fund (NYSE Amex: EIO); and Eaton Vance Insured Pennsylvania
Municipal Bond Fund (NYSE Amex: EIP) (together, the "Funds"). Under
the Funds' current policy, during normal market conditions (a) at
least 80 percent of each Fund's net assets shall be invested in
tax-exempt municipal obligations that are insured as to the payment
of principal and interest by an insurer rated Baa or better by
Moody's Investors Service, Inc. ("Moody's") or BBB or better by
Standard & Poor's Ratings Group ("S&P") or Fitch Ratings
("Fitch") and (b) at least 50 percent of each Fund's investments in
insured municipal obligations shall be insured by an insurer rated
A or better by Moody's, S&P or Fitch. Effective today, each
Fund has eliminated the requirement that at least 50 percent of its
insured municipal obligations be insured by insurers rated A or
better. In addition, the Trustees of each Fund have voted to
recommend that shareholders approve a modification to each Fund's
80 percent policies to eliminate the requirement to invest
primarily in insured municipal obligations. If approved by
shareholders, the Funds would thereafter be required, under normal
market conditions, to invest at least 80 percent of net assets in
municipal obligations rated A or better by Moody's, S&P or
Fitch and each of them would eliminate "Insured" from its name. For
purposes of the Funds' 80 percent requirement, the rating of
insured obligations will be deemed to be the higher of the
claims-paying rating of the insurer and the rating of the
underlying issue. The joint special meeting of shareholders of the
Funds is scheduled to take place on Friday, January 29, 2010 at
2:00 P.M. eastern time. Proxy materials containing information
about the meeting and the proposed changes will be mailed to each
Fund's shareholders of record as of November 18, 2009. The Funds
are managed by Eaton Vance Management, a subsidiary of Eaton Vance
Corp. (NYSE:EV), one of the oldest investment management firms in
the United States, with a history dating back to 1924. Eaton Vance
and its affiliates managed $157.0 billion in assets as of September
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/. DATASOURCE: Eaton Vance Management
CONTACT: Investors, Jonathan Isaac of Eaton Vance Management,
+1-800-262-1122 Web Site: http://www.eatonvance.com/
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