Trustees of Eaton Vance Closed-End Insured Municipal Bond Funds Approve
Changes in Investment Policy; Announce Special Shareholder Meetings
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
www.eatonvance.com.
SOURCE Eaton Vance Management
Investors, Jonathan Isaac of Eaton Vance Management, +1-800-262-1122
