Eaton Vance Provides Statement on Closed-End Fund Demand Letters and Lawsuits

Jun 21, 2010, 17:32 ET from Eaton Vance Management

BOSTON, June 21 /PRNewswire-FirstCall/ -- Eaton Vance Management, a wholly-owned subsidiary of Eaton Vance Corp. (NYSE: EV), announced today that five closed-end management investment companies that it advises, Eaton Vance Floating-Rate Income Trust (NYSE: EFR), Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV), Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG), Eaton Vance New Jersey Municipal Income Trust (NYSE Amex: EVJ) and Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM) (collectively, the "Trusts"), have each received a demand letter from a law firm on behalf of a putative common shareholder of the Trust.  The demand letters allege that Eaton Vance Management and the Trustees and officers of the Trusts breached their fiduciary duty to the Trusts in connection with redemption by the Trusts of their auction preferred securities following the collapse of auction markets in February 2008.  The letters demand that the Boards of Trustees of the Trusts take certain action to remedy those alleged breaches, which the Boards are considering at this time.

Additionally, a law firm has filed purported class action lawsuits against two of the Trusts, EVV and ETG, on behalf of a putative common shareholder of each Trust, alleging breach of fiduciary duty in connection with the Trusts' redemption of auction preferred securities.  In addition to the Trusts themselves, named defendants include the Trustees of the Trusts, Eaton Vance Management and Eaton Vance Corp.

Eaton Vance Corp. is 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. For more information about Eaton Vance, visit www.eatonvance.com.

SOURCE Eaton Vance Management



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