Overview

Distribution Rates1

as of Apr 16, 2014
Distribution Rate at NAV 5.79%
Taxable-Equivalent Distribution Rate at NAV 10.23%
Distribution Rate at Market Price 6.37%
Taxable-Equivalent Distribution Rate at Market Price 11.25%

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.77 8.22 8.22 -0.47 13.50 11.93 5.46
Market Price 0.79 6.84 6.84 -7.77 8.09 9.09 4.85
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 Mar 31, 2014

Performance Inception 08/30/2002
Investment Objective Current income
CUSIP 27827X101


Portfolio Management

Cynthia J. Clemson 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 Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.77 8.22 8.22 -0.47 13.50 11.93 5.46
Market Price 0.79 6.84 6.84 -7.77 8.09 9.09 4.85
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 6.54 9.25 11.25 -2.44 -31.75 41.55 -0.59 22.52 17.23 -8.02
Market Price 4.35 19.74 11.48 -4.42 -32.91 50.51 -0.42 19.36 16.77 -13.98

Fund Facts

Performance Inception 08/30/2002


Distribution Rates1

as of Apr 16, 2014
Distribution Rate at NAV 5.79%
Taxable-Equivalent Distribution Rate at NAV 10.23%
Distribution Rate at Market Price 6.37%
Taxable-Equivalent Distribution Rate at Market Price 11.25%

Distribution History2

Ex-Date Distribution Reinvest Price
Mar 20, 2014 $0.06384 $11.85
Feb 19, 2014 $0.06384 $11.85
Jan 22, 2014 $0.06384 $11.85
Dec 20, 2013 $0.06384 $11.39
Nov 20, 2013 $0.06384 $10.95
Oct 22, 2013 $0.06384 $11.24
Sep 19, 2013 $0.06384 $11.38
Aug 21, 2013 $0.06384 $10.93
Jul 22, 2013 $0.06384 $11.04
Jun 19, 2013 $0.06384 $11.78
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 $0.78 $0.00 $0.78 $0.00 $0.00 $0.00 $0.78
2011 $0.91 $0.00 $0.91 $0.00 $0.00 $0.00 $0.91
2010 $0.91 $0.00 $0.91 $0.00 $0.00 $0.00 $0.91
2009 $0.84 $0.00 $0.84 $0.00 $0.00 $0.00 $0.84
2008 $0.78 $0.00 $0.78 $0.00 $0.00 $0.00 $0.78
2007 $0.77 $0.00 $0.77 $0.00 $0.19 $0.00 $0.96
2006 $0.79 $0.00 $0.79 $0.03 $0.30 $0.00 $1.12
2005 $0.91 $0.00 $0.91 $0.00 $0.07 $0.00 $0.98
Distributions (%)
2013 99.93% 0.00% 99.93% 0.07% 0.00% 0.00% 100.00%
2012 99.85% 0.00% 99.85% 0.15% 0.00% 0.00% 100.00%
2011 99.98% 0.00% 99.98% 0.02% 0.00% 0.00% 100.00%
2010 99.84% 0.00% 99.84% 0.16% 0.00% 0.00% 100.00%
2009 99.95% 0.00% 99.95% 0.05% 0.00% 0.00% 100.00%
2008 99.98% 0.00% 99.98% 0.02% 0.00% 0.00% 100.00%
2007 80.51% 0.00% 80.51% 0.00% 19.49% 0.00% 100.00%
2006 70.23% 0.00% 70.23% 2.83% 26.94% 0.00% 100.00%
2005 92.97% 0.00% 92.97% 0.01% 7.02% 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 Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
Kane Cook & DuPage Counties School District No U-46 Elgin 0.00% 01/01/2022 2.63%
College of the Holy Cross 5.25% 09/01/2032 2.14%
US DOLLARS 1.85%
Alabama Public School & College Authority 2.50% 12/01/2027 1.67%
San Joaquin Hills Transportation Corridor Agency 0.00% 01/15/2025 1.61%
Mississippi Development Bank 5.00% 03/01/2041 1.59%
Virtua Health Inc 5.50% 07/01/2038 1.57%
Texas State Turnpike Authority 0.00% 08/15/2020 1.51%
New York State Dormitory Authority 5.00% 03/15/2035 1.49%
County of Miami-Dade FL 0.00% 10/01/2039 1.48%
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

A Word On The Markets  as of Dec 31, 2013

Municipal bond market conditions remained challenging during the fourth quarter of 2013, as evidenced by the 0.32% return of the Barclays Municipal Bond Index5 for the three-month period ended December 31, 2013.

Munis posted a positive return in October, 0.79%, continuing a rally that began in September, after U.S. Federal Reserve (Fed) Chairman Ben Bernanke surprised the markets by announcing that the central bank would not taper its bond-buying program, which was designed to stimulate the economy by suppressing interest rates. However, the muni market retreated in November, -0.21%, following a stronger-than-expected jobs report and comments from the Fed indicating that economic growth was improving. Against that backdrop, tapering worries spiked, pushing muni yields generally higher and prices lower. December was another difficult month for the muni market, -0.26%, in part due to the Fed’s mid-month decision to taper its quantitative easing policy by $10 billion per month, to $74 billion. Although municipal credit quality generally improved along with the rebound in U.S. housing and the general economy, negative news regarding a number of high-profile tax-exempt6 issuers—including Detroit, Puerto Rico and Illinois—also weighed on the market throughout the fourth quarter.

For the quarter overall, longer-term bonds lagged shorter-maturity securities, as longer-term yields moved higher while short-term yields barely budged. The underperformance of longer-term securities resulted in a further steepening of the yield curve7 during the quarter. On a total return basis, higher-quality bonds outpaced lower-quality securities, reflecting investors’ cautionary approach to riskier munis.

Performance Summary 

Eaton Vance Municipal Bond Fund (the Fund) (EIM) outperformed the Barclays Long (22+) Municipal Bond Index (the Index)8 at net asset value for the quarter ended December 31, 2013. The Fund’s smaller exposure to Puerto Rico bonds relative to the Index bolstered the Fund’s performance because the securities performed poorly amid concerns about the U.S. territory’s fiscal and economic outlook. The Fund’s use of U.S. Treasury futures—which are not included in the Index—was another plus, as these securities helped insulate the Fund from rising interest rates. Likewise, leverage employed through the use of TOBs contributed to the Fund’s performance versus the Index. Security selection among zero coupon bonds—one of the market’s worst-performing groups during the period—was advantageous, with such bonds in the Fund outpacing similar securities in the Index. In contrast, security selection in the industrial development revenue/pollution control revenue sector hurt, as the Fund’s holdings in this group underperformed similar bonds in the Index. Security selection among bonds with 30+ years to maturity detracted, as the Fund’s holdings in this maturity range lagged comparable-maturity bonds in the Index.

Average Annual Returns (%) as of Dec 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.42 0.81 -8.02 -8.02 9.72 13.20 4.83
Market Price 3.40 -0.57 -13.98 -13.98 6.23 12.43 4.84
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 Dec 31, 2013

Performance Inception 08/30/2002


Investment Outlook And Fund Positioning 

Management is optimistic about the credit outlook for the vast majority of muni issuers. Thanks largely to improved economic conditions and a mood of austerity among issuers at large, revenues have been higher and balance sheets have improved. Despite the headlines involving Detroit’s record bankruptcy filing, the muni default rate for 2013 remained low at 0.23%, according to Municipal Market Advisors. As for interest rates, it appears they may be headed higher in 2014. Although the potential for interest-rate volatility may periodically act as a headwind for munis, we foresee potentially powerful tailwinds. First, munis ended the quarter with yields that were in line with and, in many cases, exceeded the yields on comparable-maturity U.S. Treasurys. Given these attractive yields, we think munis could benefit from a potential resurgence in investor demand. Additionally, we expect the supply of munis—already down significantly in 2013—to decline further in 2014.9

 

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, 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, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

 

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
Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

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

Cindy has been in the investment management industry since 1985, when she joined Eaton Vance as a client service representative. She became a research assistant in the fixed-income department in 1987. In 1988, she became an investment analyst responsible for lower- and nonrated municipal issues and, in 1991, was named a portfolio manager.

Cindy earned a B.A. in 1985 from Mount Holyoke College and an M.B.A., cum laude, from Boston University in 1990. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Fixed Income Management Society, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Education
  • B.A. Mount Holyoke College
  • M.B.A. Graduate School of Management, Boston University
Experience
  • Managed Fund since 2014

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

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

Information Concerning APS Auctions & Dividend Rates

Auction Preferred Shares Market Update

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

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 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 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 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 Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Fund Report of Earnings

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Funds Annual Meeting of Shareholders

Semi-Annual Report


 

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