Overview

Distribution Rates1

as of Sep 19, 2014
Distribution Rate at NAV 4.92%
Taxable-Equivalent Distribution Rate at NAV 9.08%
Distribution Rate at Market Price 5.70%
Taxable-Equivalent Distribution Rate at Market Price 10.52%

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 2.89 3.04 17.38 26.16 9.17 9.25 5.82
Market Price 1.70 -0.13 16.30 19.08 7.08 7.60 3.64
06/30/2014
Fund at NAV 0.02 5.65 13.95 13.08 9.72 10.18 5.93
Market Price -0.68 5.30 15.67 7.86 7.53 10.31 4.02
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 01/29/1999
Investment Objective Current income
CUSIP 27826D106


Portfolio Management

Thomas M. Metzold, CFA Managed Fund since 2014

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 2.89 3.04 17.38 26.16 9.17 9.25 5.82
Market Price 1.70 -0.13 16.30 19.08 7.08 7.60 3.64
06/30/2014
Fund at NAV 0.02 5.65 13.95 13.08 9.72 10.18 5.93
Market Price -0.68 5.30 15.67 7.86 7.53 10.31 4.02
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 5.25 5.02 7.35 -1.42 -21.95 32.43 0.78 20.57 13.40 -8.03
Market Price 9.31 -12.76 7.87 -6.67 -32.32 59.19 3.19 21.03 13.13 -14.62

Fund Facts

Performance Inception 01/29/1999


Distribution Rates1

as of Sep 19, 2014
Distribution Rate at NAV 4.92%
Taxable-Equivalent Distribution Rate at NAV 9.08%
Distribution Rate at Market Price 5.70%
Taxable-Equivalent Distribution Rate at Market Price 10.52%

Distribution History2

Ex-Date Distribution Reinvest Price
Sep 10, 2014 $0.05908 $12.43
Aug 07, 2014 $0.05908 $12.42
Jul 08, 2014 $0.05908 $12.44
Jun 06, 2014 $0.05908 $13.38
May 08, 2014 $0.05908 $12.57
Apr 08, 2014 $0.05908 $12.06
Mar 06, 2014 $0.05908 $11.97
Feb 06, 2014 $0.05908 $11.64
Jan 08, 2014 $0.05908 $11.48
Dec 06, 2013 $0.05908 $10.95
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 $0.70 $0.04 $0.74 $0.00 $0.00 $0.00 $0.74
2012 $0.72 $0.05 $0.77 $0.00 $0.00 $0.00 $0.77
2011 $0.75 $0.09 $0.84 $0.00 $0.00 $0.00 $0.84
2010 $0.74 $0.12 $0.86 $0.00 $0.00 $0.00 $0.86
2009 $0.67 $0.12 $0.79 $0.00 $0.00 $0.00 $0.79
2008 $0.52 $0.09 $0.61 $0.00 $0.00 $0.00 $0.61
2007 $0.56 $0.08 $0.64 $0.00 $0.00 $0.00 $0.64
2006 $0.61 $0.08 $0.69 $0.00 $0.00 $0.00 $0.69
2005 $0.76 $0.09 $0.85 $0.00 $0.00 $0.00 $0.85
Distributions (%)
2013 94.63% 4.97% 99.60% 0.40% 0.00% 0.00% 100.00%
2012 93.32% 6.68% 100.00% 0.00% 0.00% 0.00% 100.00%
2011 89.37% 10.63% 100.00% 0.00% 0.00% 0.00% 100.00%
2010 86.20% 13.80% 100.00% 0.00% 0.00% 0.00% 100.00%
2009 85.01% 14.88% 99.89% 0.11% 0.00% 0.00% 100.00%
2008 85.85% 14.15% 100.00% 0.00% 0.00% 0.00% 100.00%
2007 87.12% 12.19% 99.31% 0.69% 0.00% 0.00% 100.00%
2006 88.08% 11.81% 99.89% 0.11% 0.00% 0.00% 100.00%
2005 89.01% 10.99% 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
County of Kent MI 5.00% 01/01/2025 5.70%
City of Detroit MI Water Supply System Revenue 5.00% 07/01/2030 5.48%
Watervliet Public Schools 5.00% 05/01/2038 4.61%
Van Dyke Public Schools 5.00% 05/01/2038 4.51%
William Beaumont Hospital Obligated Group 5.00% 09/01/2039 4.47%
South Haven Public Schools 5.00% 05/01/2041 4.35%
Michigan State Building Authority 0.00% 10/15/2030 4.28%
City of Holland MI 5.00% 07/01/2039 4.21%
Battle Creek School District/MI 5.00% 05/01/2037 3.99%
Lansing Community College 5.00% 05/01/2030 3.75%
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
Thomas M. Metzold, CFA

Thomas M. Metzold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1987

Tom Metzold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance’s municipal bond team. Tom is portfolio manager of Eaton Vance’s flagship municipal bond offerings. In his role as senior portfolio advisor, Tom is also responsible for representation of Eaton Vance’s municipal bond strategies and insights on the municipal market.

With more than 30 years of experience, Tom provides valuable insight and perspective on issues facing the municipal market. He is a frequent guest on financial news outlets and is widely quoted in the financial media. Tom's commentary has appeared in Barron's, Bloomberg, The Bond Buyer, The New York Times, Reuters Financial Report, and The Wall Street Journal, among other publications.

Tom began his investment management career in 1986. He joined Eaton Vance in 1987 as a high yield municipal bond analyst covering the health care and hospital sectors, becoming a portfolio manager in 1991. Tom was formerly a financial analyst at General Electric Company from 1981 to 1986.

Tom earned a B.S. in finance from Siena College in 1980 and an M.B.A. with a concentration in finance from the State University of New York at Albany in 1987. 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.S. Siena College
  • M.B.A. State University of New York at Albany
Experience
  • Managed Fund since 2014

Fund Literature

Fund Literature

Annual Report

Fact Sheet

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

Information Concerning APS Auctions & Dividend Rates

Morningstar EMI 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 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

Eaton Vance Michigan Municipal Income Trust Report of Earnings

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

Eaton Vance Michigan Municipal Income Trust Report of Earnings

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Michigan Municipal Income Trust Report of Earnings

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Annual Meeting of Shareholders

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Michigan Municipal Income Trust Report of Earnings

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Eaton Vance Municipal Income Trusts Declare Monthly Distributions

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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