Overview

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2017
Fund at NAV -0.03 1.15 4.17 10.38 4.43 5.42
Market Price -1.07 -2.83 0.67 12.86 5.08 3.59
06/30/2017
Fund at NAV 0.03 0.77 3.02 13.81 4.13 5.36
Market Price -2.82 0.97 0.68 18.91 5.05 3.75
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 or equal to one year is cumulative.

Distribution Rates1

as of Sep 21, 2017
Distribution Rate at NAV 5.30%
Distribution Rate at Market Price 5.77%

Fund Factsas of Aug 31, 2017

Performance Inception 06/28/2013
Investment Objective Total return
CUSIP 278284104

Portfolio Management

Scott H. Page, CFA Managed Fund since inception
Craig P. Russ Managed Fund since inception
Kathleen C. Gaffney, CFA Managed Fund since inception

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

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2017
Fund at NAV -0.03 1.15 4.17 10.38 4.43 5.42
Market Price -1.07 -2.83 0.67 12.86 5.08 3.59
06/30/2017
Fund at NAV 0.03 0.77 3.02 13.81 4.13 5.36
Market Price -2.82 0.97 0.68 18.91 5.05 3.75
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 or equal to one year is cumulative.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 0.74 -5.76 19.99
Market Price -3.58 -5.55 28.78

Fund Facts

Performance Inception 06/28/2013

Distribution Rates1

as of Sep 21, 2017
Distribution Rate at NAV 5.30%
Distribution Rate at Market Price 5.77%

Distribution History2

Ex-Date Distribution Reinvest Price
Aug 22, 2017 $0.07900 $16.61
Jul 20, 2017 $0.08000 $16.89
Jun 21, 2017 $0.08100 $16.78
May 22, 2017 $0.07900 $17.25
Apr 19, 2017 $0.07700 $17.31
Mar 22, 2017 $0.07900 $16.95
Feb 16, 2017 $0.08200 $17.29
Jan 20, 2017 $0.08300 $17.15
Dec 21, 2016 $0.08100 $17.25
Nov 21, 2016 $0.08400 $16.42
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

Ordinary Dividends    
Non-Qualified Qualified Total Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2016 $0.89 $0.06 $0.95 $0.00 $0.00 $0.95
2015 $1.06 $0.08 $1.14 $0.00 $0.00 $1.14
2014 $1.32 $0.08 $1.40 $0.01 $0.00 $1.41
2013 $0.56 $0.04 $0.60 $0.00 $0.00 $0.60
Distributions (%)
2016 94.04% 5.96% 100.00% 0.00% 0.00% 100.00%
2015 92.71% 7.29% 100.00% 0.00% 0.00% 100.00%
2014 93.58% 5.59% 99.17% 0.83% 0.00% 100.00%
2013 93.26% 6.74% 100.00% 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. Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Qualified dividends and capital gains distributions are taxable at long-term capital gains 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 Holdings3,4,5as of Jul 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 3.02%
Reynolds Consumer Products 4.23% 02/05/2023 1.77%
Valeant Pharmaceuticals International, Inc. 5.98% 04/01/2022 1.62%
Univision Communications Inc 3.98% 03/15/2024 1.41%
Infor Lawson 4.05% 02/01/2022 1.39%
Rexnord LLC 4.05% 08/21/2023 1.28%
Envision Healthcare (EMS) 4.30% 12/01/2023 1.27%
Virgin Media 3.98% 01/31/2025 1.21%
PPD 4.02% 08/18/2022 1.19%
Restaurant Brands International 3.51% 02/16/2024 1.18%
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

Commentary

A Word On The Markets as of Jun 30, 2017

The loan market's technical condition softened in the second quarter, with the S&P/LSTA Leveraged Loan Index (the Index)6 advancing 0.76% for the three months ended June 30, 2017. Performance for the period was composed of 1.16% in coupon income and a price decline of -0.40%. Decomposing results into its monthly constituents, the Index returned 0.44%, 0.37% and -0.04% in April, May and June, respectively, reflecting a continuation of first-quarter momentum into April and early May before technical conditions softened in the final third of the period. Including second-quarter results, the Index's year-to-date performance to 1.91%, carried predominantly by the strong technical footing that underscored the opening quarter of the year.

Following several quarters of supply shortages, loan market technicals sharply reversed in June. As a result, the net supply of Index loans outstanding modestly expanded during the quarter. Refinancing activity remained strong during the period but decelerated from the torrid pace of the first quarter. On the demand side of the equation, collateralized loan obligation (CLO) issuance continued apace, with managers launching almost $34 billion of new vehicles during the quarter. Meanwhile, a nearly year-long string of positive inflows from retail funds eased as the quarter rolled along, slowing to $153 million for the four weeks ended June 28 (according to Lipper FMI weekly reporters). That compares to $5.7 billion in inflows during December 2016.

In the secondary market, as refinancing activity carried over from the first quarter, investor appetite for holding loans priced over par declined, resulting in a price adjustment lower for the par-plus segment. The percentage of Index loans priced over par ended the quarter at 59%, down from 72% toward the middle of the first quarter, creating some additional value for accounts looking to allocate. Additionally, commodity-related volatility and a few special situations created bifurcation among sectors. Notably, the oil & gas sector delivered negative performance for the quarter, as oil prices fell below $45 per barrel. Retailers (excluding food and drug) also experienced a volatile quarter, as an early-quarter turnaround was offset by a -1.49% performance in June.

On fundamentals, the loan market's benign environment continued throughout the quarter. The par-weighted default rate ended the period at 1.54% on a last-12-months basis, which remains low from a historical perspective.

Performance Summary 

Eaton Vance Floating-Rate Income Plus Fund (EFF) performed in line with the Index.

  • An allocation to high-yield bonds helped performance relative to the Index, as the high-yield market generally outperformed loans.
  • Relative performance for the quarter was also a function of the Funds' higher credit-quality positioning.
  • On sectors, the Funds' underweight to retailers — which underperformed the broader loan market during the quarter — helped relative results, as did security selection within the segment.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.03 0.77 3.02 13.81 4.13 5.36
Market Price -2.82 0.97 0.68 18.91 5.05 3.75
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 or equal to one year is cumulative.

Fund Factsas of Jun 30, 2017

Performance Inception 06/28/2013

Contributors 

The Funds' allocation to high-yield bonds — a strategic element of its investment strategy — benefited performance relative to the Index, as high-yield bonds outperformed loans for the quarter. The Index does not include high-yield bonds.

  • The Funds' underweight to the distressed end of the loan market aided relative performance. Loans within the CCC and D (defaulted) tiers ended the quarter with returns of 0.70% and -0.28%, respectively, underperforming the overall market.
  • On sectors, the Funds' underweight to the underperforming retailers sector — as well as security selection within this space — was beneficial to relative results.

Detractors 

The Funds' preference for first-lien paper was underexposed to the strong second-lien results. The second-lien market segment — more akin to the credit risk profile of high-yield bonds — returned 1.76% alongside upside returns in the high-yield space.

  • Credit selection within the chemicals & plastics segment detracted from performance relative to the Index.

Investment Outlook And Fund Positioning 

We remain constructive on the credit risk profile underlying the loan market. Overall, we believe defaults are likely to grind modestly higher in the remainder of the year but remain low and below average in an historical context. Surveys of loan manager default expectations as well as technical readings of loan market distress both align with this view.

The average price of the Index ended June at $98, with 59% of performing loans bid at par or higher. With appreciation potential of the asset class having largely been realized at these levels, upside potential for the remainder of the year is now shaping up to take its place in the coupon component of returns. But with market risk-free rates now above the loan market's floors, the higher income potential that may follow the next Fed rate hike will likely continue to draw investor attention.

Looking ahead, we think it's likely that asset class buyership remains strong as investors await higher interest rates. With a modest calendar of new loan issuance and continued positive (albeit subdued) demand growth, we expect technicals to remain firm. Though unexpected events can always translate to volatility in the shorter run, we think loans are set up well given competing investment opportunities across the capital markets.

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 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 currently available.


Management

Biography
Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Scott Page is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 1989.

Scott began his career in the investment management industry in 1981. Before joining Eaton Vance, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review.

Scott earned a B.A. from Williams College and an MBA from the Amos Tuck School at Dartmouth College. He has served as a member of the board of directors of the LSTA (Loan Syndications and Trading Association). He is a CFA charterholder.

Scott co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007). His commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, SmartMoney, Kiplinger's, USA Today and The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since inception

Biography
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Craig Russ is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions and portfolio construction for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant’s Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College

Experience
  • Managed Fund since inception

Biography
Kathleen C. Gaffney, CFA

Kathleen C. Gaffney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Kathleen Gaffney is a vice president of Eaton Vance Management, director of diversified fixed income and lead portfolio manager for Eaton Vance’s multisector bond and core plus bond strategies. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2012.

Kathleen began her career in the investment management industry in 1984. Before joining Eaton Vance, Kathleen was a vice president of Loomis, Sayles & Company and portfolio manager for its fixed-income group, managing a variety of mutual funds and institutional strategies.

Kathleen earned a B.A. from the University of Massachusetts, Amherst. She is a CFA charterholder. Her commentary has appeared in The Wall Street Journal, the Financial Times, Institutional Investor, Bloomberg and The New York Times, among other outlets. She has made appearances on Bloomberg TV, Bloomberg Radio and CNBC.

Education
  • B.A. University of Massachusetts, Amherst

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Commentary

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Annual Report

Download - Last updated: May 31, 2017

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

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Morningstar EFF Fact Sheet

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Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Download - Last updated: Nov 15, 2013

Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF) Raises $135 Million in Initial Public Offering

Download - Last updated: Jun 26, 2013

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

Download - Last updated: Sep 1, 2017

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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Closed-End Fund Earnings Undistributed Net Income Information

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

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

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

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

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

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

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

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

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Eaton Vance Declares Early Monthly Distributions for Certain Eaton Vance Closed-End Funds

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

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

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

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Section 16 Filings - www.sec.gov

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Semi-Annual Report

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