Eaton Vance Municipal Income Funds Announce Redemption of Auction Preferred Shares

BOSTON--(BUSINESS WIRE)--Eaton Vance New Jersey Municipal Income Trust (AMEX: EVJ), Eaton Vance Ohio Municipal Income Trust (AMEX: EVO), Eaton Vance Pennsylvania Municipal Income Trust (AMEX: EVP), Eaton Vance Insured Michigan Municipal Bond Fund (AMEX: MIW), Eaton Vance Insured New Jersey Municipal Bond Fund (AMEX: EMJ), Eaton Vance Insured Ohio Municipal Bond Fund (AMEX: EIO) and Eaton Vance Insured Pennsylvania Municipal Bond Fund (AMEX: EIP) today announced the voluntary redemption of a portion of their outstanding Auction Preferred Shares (“APS”) to reduce the amount of the Funds’ financial leverage. 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. Subject to satisfying the notice and other requirements that apply to APS redemptions, the Funds are expected to redeem the following amounts of APS at the next dividend payment date on or after October 27, 2008:

Fund		APS Series			Shares Redeemed					Liquidation Preference of Shares Redeemed
EVJ		A				106			$2,650,000
EVO		A				22			550,000
EVP		A				11			275,000
MIW		A				7			175,000
EMJ		A				28			700,000
EIO		A				126			3,150,000
EIP		A				86			2,150,000

Depository Trust Company, holder of record of the APS, will determine the allocation of redemptions among participant broker-dealer accounts. Each participant broker-dealer will determine the allocation of redemptions among beneficial holders for which it serves as nominee. Allocation procedures used by different broker-dealers will vary. Additional information about the Funds’ APS redemptions can be found under “Information Concerning APS Auctions and Applicable Dividend Rates” on the Closed-End Fund section of the Eaton Vance website at www.eatonvance.com.

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp., which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had $144 billion in assets under management on September 30, 2008.

This news release contains statements that are not historical facts, referred to as “forward looking statements.” The Funds’ actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of fund shares, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Funds’ filings with the Securities and Exchange Commission.