BOSTON, Aug. 16 /PRNewswire-FirstCall/ -- Eaton Vance Management, a wholly-owned subsidiary of Eaton Vance Corp. (NYSE: EV), announced today that the Board of Trustees of five closed-end management investment companies that it advises, Eaton Vance Floating-Rate Income Trust (NYSE: EFT), 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"), has rejected the demands contained in letters received from a law firm on behalf of putative common shareholders of the Trusts.
As announced on June 21, 2010, the demand letters allege that Eaton Vance Management and the Trustees and officers of the Trusts breached their fiduciary duties in connection with the Trusts' redemptions of their auction preferred securities ("APS") following the collapse of auction markets in February 2008. The letters demanded that the Board of Trustees of each Trust take certain actions to remedy the alleged breaches. Following a thorough investigation conducted by the independent Trustees of the Trusts, the Board of Trustees of each Trust (including all of the independent Trustees) rejected the demands set forth in the demand letters.
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 $173.3 billion in assets as of July 31, 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