Eaton Vance Municipal Income Funds to redeem $176 million auction preferred shares

By Cristal Cody

Springdale, Ark., Aug. 5 - Eaton Vance Municipal Income Funds announced Tuesday that it plans to redeem the remaining $176 million of auction preferred shares at the next dividend payment on or after Aug. 22.

The Eaton Vance Insured Municipal Bond Fund, Eaton Vance Insured California Municipal Bond Fund and Eaton Vance Insured New York Municipal Bond Fund have secured new financing through tender option bonds that will be used to redeem all outstanding shares.

A portion of outstanding shares also will be redeemed from Eaton Vance Insured Municipal Bond Fund II, Eaton Vance National Municipal Income Trust, Eaton Vance California Municipal Income Trust, Eaton Vance Insured California Municipal Bond Fund II, Eaton Vance New York Municipal Income Trust and Eaton Vance Insured New York Municipal Bond Fund II.

The Eaton Vance funds have redeemed $3.8 billion, or about 76%, of outstanding auction shares since February.

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