Eaton Vance Municipal Income Trust : Closed-End Funds Announce Mandatory Redemptions of Auction Preferred Shares Outstanding
March 12, 2018 at 04:08 pm EDT
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BOSTON, March 12, 2018 /PRNewswire/ -- The Funds listed below today announced the mandatory redemption of Auction Preferred Shares ("APS") outstanding. Each Fund is a closed-end management investment company sponsored and managed by Eaton Vance Management. All redemptions will occur at the APS liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends as of the redemption date. Each Fund currently expects to replace its APS with tender option bond financing. Subject to satisfying the notice and other requirements that apply to APS redemptions, the Funds are expected to redeem the following amounts of APS on or after March 26, 2018:
Funds
TKR
Series
CUSIP
No. Shares Redeemed
Total Liquidation Amount
Eaton Vance California Municipal Bond Fund II
EIA
A
27828C205
36
$900,000
Eaton Vance Massachusetts Municipal Bond Fund
MAB
A
27828K207
25
625,000
Eaton Vance Michigan Municipal Bond Fund
MIW
A
27828M203
112
2,800,000
Eaton Vance Municipal Bond Fund II
EIV
A
27827K208
62
1,550,000
EIV
B
27827K307
128
3,200,000
Eaton Vance New Jersey Municipal Bond Fund
EMJ
A
27828R202
89
2,225,000
Eaton Vance New York Municipal Bond Fund II
NYH
A
27828T208
70
1,750,000
Eaton Vance Ohio Municipal Bond Fund
EIO
A
27828L205
90
2,250,000
Eaton Vance Pennsylvania Municipal Bond Fund
EIP
A
27828W201
51
1,275,000
Eaton Vance California Municipal Income Trust
CEV
A
27826F200
120
3,000,000
Eaton Vance Massachusetts Municipal Income Trust
MMV
A
27826E203
130
3,250,000
Eaton Vance Michigan Municipal Income Trust
EMI
A
27826D205
26
650,000
Eaton Vance Municipal Income Trust
EVN
A
27826U207
349
8,725,000
EVN
B
27826U306
185
4,625,000
EVN
C
27826U405
57
1,425,000
Eaton Vance New Jersey Municipal Income Trust
EVJ
A
27826V205
177
4,425,000
Eaton Vance New York Municipal Income Trust
EVY
A
27826W203
165
4,125,000
Eaton Vance Ohio Municipal Income Trust
EVO
A
27826G208
173
4,325,000
Eaton Vance Pennsylvania Municipal Income Trust
EVP
A
27826T200
168
4,200,000
All Funds, expect EVN, are listed on the NYSE MKT. EVN is listed on the NYSE.
Eaton Vance Management is a subsidiary of Eaton Vance Corp. (NYSE: EV). Eaton Vance is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $449.2 billion in assets as of January 31, 2018, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information about Eaton Vance, visit eatonvance.com.
Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond a Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
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Eaton Vance Municipal Income Trust (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from regular federal income tax. During normal market conditions, substantially all of the Fund's total assets (at least 80%) will be invested in debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (municipal obligations). At least 65% of the Fund's total assets will normally be invested in municipal obligations rated at least investment grade at the time of investment, or, if unrated, determined by Eaton Vance Management (EVM) to be of at least investment grade quality. The Fund invests in various sectors, such as education, hospital, electric utilities and housing. The Fund's investment adviser is EVM.