Overview

Distribution Rates1

as of Jul 28, 2015
Distribution Rate at NAV 5.69%
Taxable-Equivalent Distribution Rate at NAV 11.03%
Distribution Rate at Market Price 6.00%
Taxable-Equivalent Distribution Rate at Market Price 11.63%

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.12 -1.10 0.72 6.54 6.13 8.20 5.13
Market Price -0.54 -1.65 -0.47 -1.35 1.93 6.47 3.81
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 Factsas of Jun 30, 2015

Performance Inception 01/29/1999
Investment Objective Current income
CUSIP 27826W104


Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2005

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, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.12 -1.10 0.72 6.54 6.13 8.20 5.13
Market Price -0.54 -1.65 -0.47 -1.35 1.93 6.47 3.81
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 6.52 8.50 -3.28 -38.33 63.23 0.76 17.58 16.43 -6.28 18.84
Market Price 10.05 2.34 -6.82 -42.79 94.70 -0.24 20.55 18.96 -15.16 18.53

Fund Facts

Performance Inception 01/29/1999


Distribution Rates1

as of Jul 28, 2015
Distribution Rate at NAV 5.69%
Taxable-Equivalent Distribution Rate at NAV 11.03%
Distribution Rate at Market Price 6.00%
Taxable-Equivalent Distribution Rate at Market Price 11.63%

Distribution History2

Ex-Date Distribution Reinvest Price
Jul 09, 2015 $0.06833 $13.39
Jun 09, 2015 $0.06833 $13.50
May 07, 2015 $0.06833 $13.43
Apr 09, 2015 $0.06833 $13.95
Mar 10, 2015 $0.06833 $13.83
Feb 10, 2015 $0.06833 $13.60
Jan 08, 2015 $0.06833 $13.93
Dec 09, 2014 $0.06833 $13.79
Nov 10, 2014 $0.06833 $13.95
Oct 08, 2014 $0.06833 $13.74
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 ($)
2014 $0.72 $0.14 $0.86 $0.00 $0.00 $0.00 $0.86
2013 $0.70 $0.18 $0.88 $0.00 $0.00 $0.00 $0.88
2012 $0.72 $0.19 $0.91 $0.00 $0.00 $0.00 $0.91
2011 $0.70 $0.21 $0.91 $0.00 $0.00 $0.00 $0.91
2010 $0.69 $0.22 $0.91 $0.00 $0.00 $0.00 $0.91
2009 $0.61 $0.24 $0.85 $0.00 $0.00 $0.00 $0.85
2008 $0.51 $0.21 $0.72 $0.00 $0.00 $0.00 $0.72
2007 $0.55 $0.17 $0.72 $0.00 $0.00 $0.00 $0.72
2006 $0.63 $0.14 $0.77 $0.00 $0.00 $0.00 $0.77
2005 $0.79 $0.18 $0.97 $0.00 $0.00 $0.00 $0.97
Distributions (%)
2014 83.40% 16.60% 100.00% 0.00% 0.00% 0.00% 100.00%
2013 79.64% 20.33% 99.97% 0.03% 0.00% 0.00% 100.00%
2012 79.58% 20.34% 99.92% 0.08% 0.00% 0.00% 100.00%
2011 77.33% 22.61% 99.94% 0.06% 0.00% 0.00% 100.00%
2010 75.47% 24.41% 99.88% 0.12% 0.00% 0.00% 100.00%
2009 71.52% 28.42% 99.94% 0.06% 0.00% 0.00% 100.00%
2008 70.48% 29.52% 100.00% 0.00% 0.00% 0.00% 100.00%
2007 76.41% 23.59% 100.00% 0.00% 0.00% 0.00% 100.00%
2006 81.66% 18.33% 99.99% 0.01% 0.00% 0.00% 100.00%
2005 81.80% 18.20% 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 Holdings3,4as of May 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
Rockefeller University/The 5.00% 07/01/2040 3.61%
New York State Dormitory Authority 5.00% 03/15/2034 3.46%
New York State Housing Finance Agency 5.40% 11/15/2042 3.42%
Housing Development Corp/NY 5.20% 11/01/2040 3.38%
Rochester Institute of Technology 6.00% 07/01/2018 3.34%
Highland Hospital 5.00% 08/01/2025 3.22%
Hamilton College 0.00% 07/01/2033 3.05%
New School/The 5.50% 07/01/2040 2.93%
Cornell University 5.00% 07/01/2039 2.92%
7 World Trade Center II LLC 5.00% 03/15/2044 2.76%
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 2005

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 EVY 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 Funds Adopt Share Repurchase Programs

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

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

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

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

Eaton Vance New York Municipal Income Trust Report of Earnings

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 Closed-End Municipal Bond Funds Fund Data Now Available

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

Eaton Vance Municipal Income Trust's Annual Meeting of Shareholders

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

Eaton Vance New York Municipal Income Trust Report of Earnings

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

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 New York Municipal Income Trust Report of Earnings

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

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

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 Municipal Income Trusts Declare Monthly Distributions

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

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in 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 advisory, administrative and service contracts, and other risks.

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