Overview

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV -5.19 -7.11 -0.63 3.03 9.41 6.89 5.27
Market Price -4.97 -11.48 -0.17 5.17 10.83 4.07 5.07
09/30/2016
Fund at NAV -0.83 -0.89 6.09 11.59 12.46 8.43 6.24
Market Price -0.90 -4.47 11.77 21.36 14.59 7.95 6.56
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 Dec 02, 2016
Distribution Rate at NAV 4.35%
Taxable-Equivalent Distribution Rate at NAV 8.03%
Distribution Rate at Market Price 4.88%
Taxable-Equivalent Distribution Rate at Market Price 9.00%

Fund Factsas of Oct 31, 2016

Performance Inception 11/29/2002
Investment Objective Current income
CUSIP 27828M104

Portfolio Management

Cynthia J. Clemson Managed Fund since 2015

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

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV -1.20 -1.81 4.81 9.79 11.31 8.24 6.00
Market Price -6.01 -7.91 5.05 9.48 11.93 5.30 5.86
09/30/2016
Fund at NAV -0.83 -0.89 6.09 11.59 12.46 8.43 6.24
Market Price -0.90 -4.47 11.77 21.36 14.59 7.95 6.56
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 9.20 0.59 -18.07 29.80 -0.63 16.55 11.16 -6.65 21.48 8.52
Market Price -2.67 -1.07 -32.64 64.69 -1.35 28.02 3.36 -14.97 21.12 11.83

Fund Facts

Performance Inception 11/29/2002

Distribution Rates1

as of Dec 02, 2016
Distribution Rate at NAV 4.35%
Taxable-Equivalent Distribution Rate at NAV 8.03%
Distribution Rate at Market Price 4.88%
Taxable-Equivalent Distribution Rate at Market Price 9.00%

Distribution History2

Ex-Date Distribution Reinvest Price
Nov 21, 2016 $0.05330 $13.64
Oct 20, 2016 $0.05330 $14.20
Sep 21, 2016 $0.05330 $15.05
Aug 22, 2016 $0.05330 $15.41
Jul 20, 2016 $0.05330 $15.48
Jun 21, 2016 $0.05330 $15.97
May 20, 2016 $0.05910 $15.56
Apr 20, 2016 $0.05910 $14.96
Mar 22, 2016 $0.05910 $14.88
Feb 18, 2016 $0.05910 $14.33
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 ($)
2015 $0.79 $0.00 $0.79 $0.00 $0.00 $0.00 $0.79
2014 $0.75 $0.00 $0.75 $0.00 $0.00 $0.00 $0.75
2013 $0.75 $0.00 $0.75 $0.01 $0.00 $0.00 $0.76
2012 $0.87 $0.00 $0.87 $0.00 $0.00 $0.00 $0.87
2011 $0.89 $0.00 $0.89 $0.00 $0.00 $0.00 $0.89
2010 $0.88 $0.00 $0.88 $0.00 $0.00 $0.00 $0.88
2009 $0.81 $0.00 $0.81 $0.00 $0.00 $0.00 $0.81
2008 $0.67 $0.00 $0.67 $0.00 $0.00 $0.00 $0.67
2007 $0.67 $0.00 $0.67 $0.00 $0.00 $0.00 $0.67
2006 $0.70 $0.00 $0.70 $0.00 $0.00 $0.00 $0.70
2005 $0.95 $0.00 $0.95 $0.00 $0.00 $0.00 $0.95
Distributions (%)
2015 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2014 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2013 99.25% 0.00% 99.25% 0.75% 0.00% 0.00% 100.00%
2012 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2011 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2010 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2009 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2008 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2007 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2006 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
2005 100.00% 0.00% 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 Oct 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
Capital Outlook LLC 0.00% 08/15/2023 9.91%
Great Lakes Water Authority Sewage Disposal System Revenue 5.00% 07/01/2031 7.52%
Okemos Public Schools 0.00% 05/01/2019 5.44%
Lansing Community College 5.00% 05/01/2030 5.11%
State of Michigan Trunk Line Revenue 5.00% 11/15/2036 5.02%
Watervliet Public Schools 5.00% 05/01/2038 4.97%
St John Health/Warren MI 5.00% 05/15/2028 4.97%
Beaumont Health Obligated Group 5.00% 09/01/2039 4.86%
South Haven Public Schools 5.00% 05/01/2041 4.74%
City of Royal Oak MI 6.25% 10/01/2018 4.72%
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

Commentary

No commentary information is currently 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 currently available.


Management

Biography
Cynthia J. Clemson

Cynthia J. Clemson

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

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance’s municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. Cindy began her career in the investment management industry with Eaton Vance in 1985.

Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts 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 2015


Literature

Literature

Annual Report

Download - Last updated: Sep 30, 2016

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

Download

Information Concerning APS Auctions and Dividend Rates

Download - Last updated: Dec 1, 2016

Information Concerning IMTP Coverage and Leverage Percentages

Download - Last updated: Oct 31, 2016

Auction Preferred Shares Market Update

Download - Last updated: Sep 23, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Sep 30, 2015

Morningstar MIW Fact Sheet

Download

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

Download - Last updated: Apr 24, 2014

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

Download - Last updated: Jan 21, 2014

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

Download - Last updated: Nov 20, 2013

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Download - Last updated: Nov 15, 2013

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

Download - Last updated: Jul 16, 2013

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

Download - Last updated: Feb 4, 2013

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

Download - Last updated: Nov 9, 2010

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

Download - Last updated: Dec 1, 2016

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

Download - Last updated: Nov 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Oct 31, 2016

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

Download - Last updated: Oct 3, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Sep 30, 2016

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

Download - Last updated: Sep 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Aug 31, 2016

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

Download - Last updated: Aug 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jul 31, 2016

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

Download - Last updated: Jul 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jun 30, 2016

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

Download - Last updated: Jun 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: May 31, 2016

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

Download - Last updated: May 2, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Apr 30, 2016

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

Download - Last updated: Apr 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Mar 31, 2016

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

Download - Last updated: Mar 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Feb 29, 2016

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

Download - Last updated: Feb 1, 2016

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

Download - Last updated: Jan 4, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Dec 31, 2015

Eaton Vance Municipal Income Closed-End Funds Announce Final Results of Auction Preferred Shares Tender Offers and Issuance of New Preferred Shares

Download - Last updated: Dec 11, 2015

Eaton Vance Muni Income Closed End Funds Announce Expiration and Preliminary Results of APS Tender Offers

Download - Last updated: Dec 3, 2015

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

Download - Last updated: Dec 1, 2015

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

Download - Last updated: Nov 2, 2015

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Oct 31, 2015

Eaton Vance Municipal Income Closed-End Funds Announce Tender Offers for Outstanding Auction Preferred Shares

Download - Last updated: Oct 22, 2015

Eaton Vance Municipal Income Closed-End Funds Announce Tender Offers for Outstanding Auction Preferred Shares

Download - Last updated: Oct 5, 2015

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

Download - Last updated: Oct 1, 2015

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

Download - Last updated: Sep 1, 2015

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

Download - Last updated: Aug 3, 2015

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

Download - Last updated: Jul 1, 2015

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

Download - Last updated: Jun 1, 2015

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

Download - Last updated: May 1, 2015

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

Download - Last updated: Apr 1, 2015

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

Download - Last updated: Mar 2, 2015

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

Download - Last updated: Feb 2, 2015

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

Download - Last updated: Jan 16, 2015

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

Download - Last updated: Jan 2, 2015

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

Download - Last updated: Oct 20, 2014

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

Download - Last updated: Jul 30, 2014

Eaton Vance Municipal Closed-End Funds Amend Investment Policy

Download - Last updated: Feb 18, 2014

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

Download - Last updated: May 1, 2013

Section 16 Filings - www.sec.gov

Download - Last updated: Jun 30, 2011

Semi-Annual Report

Download - Last updated: Mar 31, 2016