Overview

Distribution Rates1

as of Nov 21, 2014
Distribution Rate at NAV 9.72%
Distribution Rate at Market Price 10.26%

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
10/31/2014
Fund at NAV -2.52 -1.03 3.66 2.52 3.83 3.84
Market Price -0.42 6.01 6.68 1.03 6.07 2.75
09/30/2014
Fund at NAV 1.12 1.93 6.33 4.70 4.09 4.54
Market Price 4.84 4.24 7.14 4.16 4.89 2.91
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.

The Fund has adopted a policy to pay common shareholders a stable quarterly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Fund Facts as of Oct 31, 2014

Performance Inception 06/29/2010
Investment Objective Tax-advantaged current income and gains
CUSIP 27829M103


Portfolio Management

James H. Evans, CFA Managed Fund since 2010
Ken Everding, Ph.D Managed Fund since 2010
Jonathan Orseck Managed Fund since 2010

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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
10/31/2014
Fund at NAV -2.52 -1.03 3.66 2.52 3.83 3.84
Market Price -0.42 6.01 6.68 1.03 6.07 2.75
09/30/2014
Fund at NAV 1.12 1.93 6.33 4.70 4.09 4.54
Market Price 4.84 4.24 7.14 4.16 4.89 2.91
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.

The Fund has adopted a policy to pay common shareholders a stable quarterly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 13.75 9.23 -6.81
Market Price 9.29 17.45 -10.47

Fund Facts

Performance Inception 06/29/2010


Distribution Rates1

as of Nov 21, 2014
Distribution Rate at NAV 9.72%
Distribution Rate at Market Price 10.26%

Distribution History2,3

Ex-Date Distribution Reinvest Price
Sep 19, 2014 $0.35000 $14.20
Jun 19, 2014 $0.35000 $13.72
Mar 20, 2014 $0.35000 $13.81
Dec 20, 2013 $0.42500 $14.29
Sep 19, 2013 $0.42500 $14.93
Jun 19, 2013 $0.42500 $15.77
Mar 20, 2013 $0.42500 $17.49
Dec 20, 2012 $0.42500 $18.03
Sep 19, 2012 $0.42500 $17.84
Jun 20, 2012 $0.42500 $17.54
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 $0.06 $0.00 $0.06 $0.01 $0.00 $1.63 $1.70
2012 $0.04 $0.00 $0.04 $0.57 $0.95 $0.14 $1.70
2011 $0.05 $0.00 $0.05 $0.54 $0.51 $0.60 $1.70
2010 $0.02 $0.00 $0.02 $0.31 $0.10 $0.00 $0.43
Distributions (%)
2013 3.56% 0.00% 3.56% 0.77% 0.00% 95.67% 100.00%
2012 2.14% 0.00% 2.14% 33.49% 56.28% 8.09% 100.00%
2011 3.22% 0.00% 3.22% 31.98% 29.90% 34.90% 100.00%
2010 4.45% 0.00% 4.45% 72.75% 22.80% 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 Fund has adopted a policy to pay common shareholders a stable quarterly distribution. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. In recent years, a significant portion of the Fund's distributions has been characterized as a return of capital. Click here for more information.

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 Holdings (%)4,5 as of Sep 30, 2014

Holding % of Net Assets
New York State Thruway Authority Highway & Bridge Trust Fund 14.53%
State of Washington 7.67%
EV Cash Reserves Fund 6.24%
County of Allen OH 4.83%
Beaufort County School District/SC 4.00%
State of Arkansas 3.86%
State of Maryland 3.76%
Pennsylvania Economic Development Financing Authority 3.67%
California State Public Works Board 3.40%
State of Utah 2.48%
View All

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 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
James H. Evans, CFA

James H. Evans, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

James Evans is a vice president of Eaton Vance Management, director of the tax-advantaged bond strategies (TABS) division and portfolio manager on Eaton Vance’s TABS team. Jim joined Eaton Vance in December 2008 when it acquired M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was senior portfolio manager and manager of the TABS team.

Jim joined M.D. Sass in 1990 to manage its clients’ municipal bond portfolios. He has over 30 years of investment experience. Previously, he was affiliated with Kidder, Peabody & Company as vice president in charge of its municipal arbitrage account, and with Continental Bank and Mellon Bank, where he was a municipal bond trader/underwriter.

Jim earned a B.S. in engineering from Cornell University. He is a CFA charterholder. Jim’s commentary has appeared in Bloomberg, The Bond Buyer and Barron’s, among other publications.

Education
  • B.S. Cornell University
Experience
  • Managed Fund since 2010
 
Biography
Ken Everding, Ph.D

Ken Everding, Ph.D

Managing Director, Parametric Risk Advisors, LLC
Joined Parametric Risk Advisors 2005

Ken Everding is managing director of Parametric Risk Advisors, an investment adviser and subsidiary of Parametric Portfolio Associates, LLC, a majority-owned subsidiary of Eaton Vance Corp.

Prior to joining Parametric in 2005, Ken was a managing director at Zurich Capital Markets and BNP Paribas, following Zurich's acquisition. At Zurich, Ken's team was the pioneer in creating structured hedge fund products. Before Zurich, Ken was a founding member of Donaldson, Lufkin & Jenrette's credit derivative group and subsequently moved to London to form and run DLJ's European credit derivatives business. There, he was responsible for its trading, structuring and marketing efforts.

Ken earned a B.S. with honors in physics from Iowa State University and holds a doctorate in theoretical particle physics from Yale University. The title of his Ph.D. thesis is "Aspects of Non-Perturbative Quantum Electrodynamics," excerpts of which have been published in leading academic journals.

Education
  • B.S. Iowa State University
  • Ph.D. Yale University
Experience
  • Managed Fund since 2010
 
Biography
Jonathan Orseck

Jonathan Orseck

Managing Director, Parametric Risk Advisors, LLC
Joined Parametric Risk Advisors 2006

Jon Orseck is managing director of Parametric Risk Advisors, an investment adviser and subsidiary of Parametric Portfolio Associates, LLC, a majority-owned subsidiary of Eaton Vance Corp.

Prior to joining Parametric in 2006, Jon was a managing director at Banc of America Securities, where he founded and managed the Equity Linked Solutions Group. He was responsible for the development, structuring, marketing and sales of equity and commodity index-linked structured investments. Before Bank of America, Jon was an executive director at Morgan Stanley responsible for structuring and marketing structured notes to institutional clients. He also managed their high- net-worth, over-the-counter equity derivative business for hedging and investment purposes for the eastern half of North America. From 1993-1996, Jon held similar roles at Kidder, Peabody and Royal Bank of Canada.

Jon earned a B.S. in computer science from the University of Pennsylvania and an M.B.A. from New York University Stern School of Business.

Education
  • B.S. University of Pennsylvania
  • M.B.A. Stern School of Business, New York University
Experience
  • Managed Fund since 2010
 

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Fact Sheet

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

Reinvesting Closed-End Fund Distributions

Return of Capital Distributions Demystified

Morningstar EXD Fact Sheet

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund (EXD) Raises $200 Million in Initial Public Offering

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Report of Earnings

Eaton Vance Closed-End Funds Release Estimated Sources Of Distributions

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

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Report of Earnings

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund June 2014 Distribution

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Declares Quarterly Distribution

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund March 2014 Distribution

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Declares Quarterly Distribution And Announces Distrbution Change

Tax-Advantaged Bond and Option Strategies Fund Report of Earnings

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Report of Earnings

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund January 2014 Distribution

Eaton Vance Closed-End Funds Annual Meeting of Shareholders

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Declares Quarterly Distribution

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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