Overview

Distribution Rates1

as of Apr 15, 2014
Distribution Rate at NAV 4.68%
Taxable-Equivalent Distribution Rate at NAV 8.72%
Distribution Rate at Market Price 5.28%
Taxable-Equivalent Distribution Rate at Market Price 9.84%

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 1.08 11.62 11.62 -3.38 -3.25
Market Price 0.51 8.92 8.92 -17.75 -13.77
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 03/28/2013
Investment Objective Current income
CUSIP 27829U105


Portfolio Management

Thomas M. Metzold, CFA Managed Fund since inception

 

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 Life of Fund
Fund at NAV 1.08 11.62 11.62 -3.38 -3.25
Market Price 0.51 8.92 8.92 -17.75 -13.77
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
Market Price

Fund Facts

Performance Inception 03/28/2013


Distribution Rates1

as of Apr 15, 2014
Distribution Rate at NAV 4.68%
Taxable-Equivalent Distribution Rate at NAV 8.72%
Distribution Rate at Market Price 5.28%
Taxable-Equivalent Distribution Rate at Market Price 9.84%

Distribution History2

Ex-Date Distribution Reinvest Price
Mar 20, 2014 $0.07083 $15.73
Feb 19, 2014 $0.07083 $15.74
Jan 22, 2014 $0.07083 $15.80
Dec 20, 2013 $0.07083 $14.98
Nov 20, 2013 $0.07083 $14.15
Oct 22, 2013 $0.07083 $14.50
Sep 19, 2013 $0.07083 $14.54
Aug 21, 2013 $0.07083 $13.92
Jul 22, 2013 $0.07083 $14.01
Jun 19, 2013 $0.07083 $16.30
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Tax Character of Distributions

Exempt-Interest Dividends    
Non-AMT AMT Total Non-Qualified Ordinary Dividends Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2013 $0.44 $0.06 $0.50 $0.00 $0.00 $0.00 $0.50
Distributions (%)
2013 88.39% 11.61% 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 Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
Lower Colorado River Authority 4.00% 05/15/2033 3.80%
New York State Dormitory Authority 5.00% 03/15/2029 2.92%
Goldman Sachs Headquarters LLC 5.25% 10/01/2035 2.78%
Dallas/Fort Worth International Airport 5.00% 11/01/2031 2.69%
Puttable Floating Option Tax-Exempt Receipts 6.77% 01/01/2031 2.50%
New Jersey Transportation Trust Fund Authority 0.00% 12/15/2029 2.44%
Lowell General Hospital 5.00% 07/01/2037 2.43%
Cleco Power LLC 4.25% 12/01/2038 2.35%
County of Santa Clara CA 3.00% 08/01/2031 2.31%
Puerto Rico Electric Power Authority 5.25% 07/01/2030 2.30%
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 Income Term Trust (the Trust) (ETX) outperformed the Barclays Long (22+) Municipal Bond Index (the Index)8 at net asset value for the quarter ended December 31, 2013. The Trust’s use of leverage employed through TOBs contributed to its outperformance of the Index. Additionally, the Trust’s performance was bolstered by advantageous security selection in the health care sector and among zero coupon bonds, with the Trust’s holdings in these segments outpacing similar securities in the Index. In contrast, the Trust’s larger exposure relative to the Index in bonds with maturities of 20 to 30 years negatively influenced relative performance, as these securities lagged intermediate-term bonds in which the Trust was underweight.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.46 1.09 -13.35
Market Price 3.23 2.31 -20.93
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 03/28/2013


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
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 inception

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

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

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

Eaton Vance Management Announces Portfolio Manager Changes For ETX, EOT, EVM, EIA, and CEV, and ETX Amends Investment Policy

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

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Eaton Vance Municipal Income Trust Data Now Available

Eaton Vance Municipal Income Term Trust (ETX) Raises $205 Million in Initial Public Offering

Eaton Vance Municipal Income Term Trust 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 Municipal Income Term Trust 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 Income Term Trust 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 Municipal Income Term Trust Annual Meeting of Shareholders

Eaton Vance Municipal Income Term Trust Declares Monthly Distribution

Eaton Vance Municipal Income Term Trust Declares Monthly Distribution

Semi-Annual Report


 

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