Overview

Distribution Rates1

as of Sep 19, 2014
Distribution Rate at NAV 5.05%
Taxable-Equivalent Distribution Rate at NAV 9.41%
Distribution Rate at Market Price 5.24%
Taxable-Equivalent Distribution Rate at Market Price 9.77%

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 2.75 2.84 17.77 24.68 9.20 8.81 5.98
Market Price 0.02 -0.43 17.99 15.77 5.82 4.69 4.34
06/30/2014
Fund at NAV -0.43 5.02 14.03 13.34 9.66 9.72 6.28
Market Price 0.16 9.21 18.70 11.78 6.91 9.08 5.37
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Fund Facts as of Aug 31, 2014

Performance Inception 11/29/2002
Investment Objective Current income
CUSIP 27828K108


Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2010

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 2.75 2.84 17.77 24.68 9.20 8.81 5.98
Market Price 0.02 -0.43 17.99 15.77 5.82 4.69 4.34
06/30/2014
Fund at NAV -0.43 5.02 14.03 13.34 9.66 9.72 6.28
Market Price 0.16 9.21 18.70 11.78 6.91 9.08 5.37
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 7.62 6.83 9.65 -1.31 -22.27 33.23 -1.96 21.29 14.54 -9.90
Market Price 13.74 3.57 4.40 -10.39 -20.74 55.29 -9.86 18.44 16.83 -18.29

Fund Facts

Performance Inception 11/29/2002


Distribution Rates1

as of Sep 19, 2014
Distribution Rate at NAV 5.05%
Taxable-Equivalent Distribution Rate at NAV 9.41%
Distribution Rate at Market Price 5.24%
Taxable-Equivalent Distribution Rate at Market Price 9.77%

Distribution History2

Ex-Date Distribution Reinvest Price
Sep 19, 2014 $0.06333 $14.51
Aug 20, 2014 $0.06333 $14.10
Jul 22, 2014 $0.06333 $13.95
Jun 19, 2014 $0.06333 $14.31
May 21, 2014 $0.06333 $14.24
Apr 21, 2014 $0.06333 $13.99
Mar 20, 2014 $0.06333 $13.10
Feb 19, 2014 $0.06333 $13.06
Jan 22, 2014 $0.06333 $13.07
Dec 20, 2013 $0.06333 $12.27
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Exempt-Interest Dividends    
Non-AMT AMT Total Non-Qualified Ordinary Dividends Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2013 $0.77 $0.00 $0.77 $0.00 $0.00 $0.00 $0.77
2012 $0.84 $0.00 $0.84 $0.00 $0.00 $0.00 $0.84
2011 $0.84 $0.00 $0.84 $0.00 $0.00 $0.00 $0.84
2010 $0.84 $0.00 $0.84 $0.00 $0.00 $0.00 $0.84
2009 $0.80 $0.00 $0.80 $0.00 $0.00 $0.00 $0.80
2008 $0.67 $0.00 $0.67 $0.00 $0.00 $0.00 $0.67
2007 $0.68 $0.00 $0.68 $0.00 $0.00 $0.00 $0.68
2006 $0.74 $0.00 $0.74 $0.00 $0.00 $0.00 $0.74
2005 $0.95 $0.00 $0.95 $0.00 $0.00 $0.00 $0.95
Distributions (%)
2013 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2012 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2011 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2010 99.99% 0.00% 99.99% 0.01% 0.00% 0.00% 100.00%
2009 99.85% 0.00% 99.85% 0.15% 0.00% 0.00% 100.00%
2008 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2007 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2006 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2005 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Exempt-interest dividends are not subject to regular federal income tax. Exempt-interest dividends derived from specified private activity bonds are subject to the alternative minimum tax (AMT). Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Capital gains distributions are taxable at long-term capital gain rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings3,4 as of Jul 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
Commonwealth of Massachusetts 5.50% 08/01/2030 9.36%
Massachusetts State College Building Authority 0.00% 05/01/2026 7.99%
Massachusetts Bay Transportation Authority 5.00% 07/01/2035 5.14%
Boston University 6.00% 05/15/2059 5.09%
Puerto Rico Public Finance Corp 5.50% 08/01/2027 4.91%
Marthas Vineyard Land Bank 5.00% 05/01/2032 4.68%
Massachusetts Water Resources Authority 5.25% 08/01/2036 4.53%
Tufts University 5.38% 08/15/2038 4.42%
Massachusetts Institute of Technology 5.50% 07/01/2036 4.40%
University of Massachusetts Building Authority 5.00% 11/01/2039 4.22%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Quarterly Commentary

No commentary information is available.

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Attribution

No attribution information is available.


Management

Biography
Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1998

Craig Brandon is a vice president of Eaton Vance Management, co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.

Craig joined Eaton Vance in 1998 as a research analyst covering both high-yield and high–grade bonds. He was responsible for state and local government obligation, hospital, industrial development and tobacco-backed sectors. Prior to joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee responsible for negotiating that state's debt service budget and its various capital financing programs.

Craig earned a B.S. in finance in 1989 from Canisius College and an M.B.A. from the University of Pittsburgh in 1991. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.A. Canisius College
  • M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh
Experience
  • Managed Fund since 2010

Fund Literature

Fund Literature

Annual Report

Fact Sheet

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Information Concerning APS Auctions & Dividend Rates

Auction Preferred Shares Market Update

Morningstar MAB Fact Sheet

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Municipal Closed-End Funds Amend Investment Policy

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Eaton Vance Massachusetts Municipal Bond Fund Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Annual Meeting of Shareholders

Eaton Vance Massachusetts Municipal Bond Fund Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Massachusetts Municipal Bond Fund Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Massachusetts Municipal Bond Fund Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .



    Don't have an account? Register.

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character: ! @ # $ % ^ & * ( ) - _ = + , < . > ?

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Don't have an account? Register.

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game!

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Financial Advisors, stay on top of your game.

    Receive email notifications of updates to  by entering your email address to subscribe.

    Cancel

    Don't have an account? Register.

    Enter your e-mail address to reset your password.

    Already have an account?
    Don't have an account? Register.

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    If you are an individual investor and have a Mutual Fund account with Eaton Vance, sign into your account here.

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.

    Financial Advisors

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of