Overview

Historical Returns (%) as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2017
Fund at NAV -0.47 -1.11 6.72 8.13 6.87 6.67 6.71
Market Price -1.41 -3.96 2.77 5.70 3.23 3.66 6.74
09/30/2017
Fund at NAV -0.10 2.47 7.81 -0.12 8.46 8.13 6.50
Market Price 0.26 0.86 7.29 -4.05 6.79 5.02 6.34
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 11, 2017
Distribution Rate at NAV 4.87%
Taxable-Equivalent Distribution Rate at NAV 8.60%
Distribution Rate at Market Price 5.24%
Taxable-Equivalent Distribution Rate at Market Price 9.26%

Fund Facts as of Nov 30, 2017

Performance Inception 01/29/1999
Investment Objective Current income
CUSIP 27826U108
 

Expense Ratios (%)2

as of Annual Report dated 11/30/2016
Management Fees 1.14
Other Expenses 0.16
Total Expenses (ex Interest and Fee Expense) 1.30
Interest and Fee Expense 0.83
Total Expenses 2.13

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.

Eaton Vance Distributors, Inc., Member FINRA/SIPC, is an affiliate of Eaton Vance Management.

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Borrowing to increase investments (leverage) will exaggerate the effect of any increase or decrease in the value of Fund investments. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks.


Performance

Historical Returns (%) as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2017
Fund at NAV -0.47 -1.11 6.72 8.13 6.87 6.67 6.71
Market Price -1.41 -3.96 2.77 5.70 3.23 3.66 6.74
09/30/2017
Fund at NAV -0.10 2.47 7.81 -0.12 8.46 8.13 6.50
Market Price 0.26 0.86 7.29 -4.05 6.79 5.02 6.34
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 -5.26 -45.90 69.33 0.32 17.86 23.94 -11.99 36.67 7.39 4.13
Market Price -9.56 -39.07 61.73 4.66 25.15 16.15 -17.37 37.57 9.54 -3.36
 

Fund Facts

Performance Inception 01/29/1999

Distribution Rates1

as of Dec 11, 2017
Distribution Rate at NAV 4.87%
Taxable-Equivalent Distribution Rate at NAV 8.60%
Distribution Rate at Market Price 5.24%
Taxable-Equivalent Distribution Rate at Market Price 9.26%
 

Distribution History3

Ex-Date Distribution Reinvest Price
Nov 10, 2017 $0.05410 $12.39
Oct 11, 2017 $0.05410 $12.84
Sep 08, 2017 $0.05410 $12.98
Aug 09, 2017 $0.05410 $13.03
Jul 11, 2017 $0.05410 $12.96
Jun 08, 2017 $0.05410 $13.07
May 09, 2017 $0.05410 $12.92
Apr 11, 2017 $0.05830 $12.98
Mar 09, 2017 $0.05830 $12.59
Feb 09, 2017 $0.05830 $12.96
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 ($)
2016 $0.59 $0.13 $0.72 $0.04 $0.00 $0.00 $0.76
2015 $0.70 $0.15 $0.85 $0.04 $0.00 $0.00 $0.89
2014 $0.71 $0.16 $0.87 $0.03 $0.00 $0.00 $0.90
2013 $0.73 $0.18 $0.91 $0.02 $0.00 $0.00 $0.93
2012 $0.71 $0.23 $0.94 $0.01 $0.00 $0.00 $0.95
2011 $0.65 $0.33 $0.98 $0.01 $0.00 $0.00 $0.99
2010 $0.59 $0.36 $0.95 $0.00 $0.00 $0.00 $0.95
2009 $0.49 $0.38 $0.87 $0.00 $0.00 $0.00 $0.87
2008 $0.47 $0.34 $0.81 $0.00 $0.00 $0.00 $0.81
2007 $0.60 $0.19 $0.79 $0.00 $0.00 $0.00 $0.79
2006 $0.68 $0.18 $0.86 $0.00 $0.00 $0.00 $0.86
2005 $0.85 $0.24 $1.09 $0.00 $0.00 $0.00 $1.09
Distributions (%)
2016 77.76% 17.20% 94.96% 5.04% 0.00% 0.00% 100.00%
2015 78.55% 16.98% 95.53% 4.47% 0.00% 0.00% 100.00%
2014 79.34% 17.34% 96.68% 3.32% 0.00% 0.00% 100.00%
2013 78.28% 19.39% 97.67% 2.33% 0.00% 0.00% 100.00%
2012 75.35% 23.98% 99.33% 0.67% 0.00% 0.00% 100.00%
2011 65.91% 33.17% 99.08% 0.92% 0.00% 0.00% 100.00%
2010 61.20% 38.36% 99.56% 0.44% 0.00% 0.00% 100.00%
2009 55.45% 44.14% 99.59% 0.41% 0.00% 0.00% 100.00%
2008 58.32% 41.67% 99.99% 0.01% 0.00% 0.00% 100.00%
2007 75.98% 23.62% 99.60% 0.40% 0.00% 0.00% 100.00%
2006 79.05% 20.86% 99.91% 0.09% 0.00% 0.00% 100.00%
2005 78.26% 21.58% 99.84% 0.16% 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.

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Borrowing to increase investments (leverage) will exaggerate the effect of any increase or decrease in the value of Fund investments. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks.

Eaton Vance Distributors, Inc., Member FINRA/SIPC, is an affiliate of Eaton Vance Management.


Portfolio

Fund Holdings4,5 as of Oct 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
County of MiamiDade FL 0.00% 10/01/2037 4.56%
Chicago Midway International Airport 5.00% 01/01/2041 3.54%
Puerto Rico Highway Transportation Authority 5.25% 07/01/2041 3.43%
County of DeKalb GA Water Sewerage Revenue 9.85% 10/01/2035 2.93%
North Carolina Turnpike Authority 0.00% 01/01/2034 2.65%
South Carolina Public Service Authority 5.50% 12/01/2054 2.54%
Boston University 6.00% 05/15/2059 2.28%
New Jersey Transportation Trust Fund Authority 2.12% 06/15/2034 2.26%
State of Illinois 5.00% 11/01/2029 2.23%
Alameda Corridor Transportation Authority 0.00% 10/01/2033 2.21%
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.

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Borrowing to increase investments (leverage) will exaggerate the effect of any increase or decrease in the value of Fund investments. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks.

Eaton Vance Distributors, Inc., Member FINRA/SIPC, is an affiliate of Eaton Vance Management.


Management

Cynthia J. Clemson

Cynthia J. Clemson

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

Biography

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

Fact Sheet

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Nov 30, 2016

Prospectus

Download - Last updated: Mar 27, 2017

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

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Eaton Vance and Calvert municipal funds' holdings in Puerto Rico debt

Download - Last updated: Oct 1, 2017

Information Concerning APS Auctions and Dividend Rates

Download - Last updated: Dec 12, 2017

Information Concerning IMTP Coverage and Leverage Percentages

Download - Last updated: Oct 31, 2017

Auction Preferred Shares Market Update

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Morningstar EVN Fact Sheet

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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

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

Download - Last updated: Jan 24, 2011

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

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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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Closed-End Fund Earnings Undistributed Net Income Information

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

Download - Last updated: Sep 1, 2017

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

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Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Feb 28, 2017

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

Download - Last updated: Feb 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jan 31, 2017

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

Download - Last updated: Jan 3, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Dec 31, 2016

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

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

Download - Last updated: Oct 3, 2016

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

Download - Last updated: Sep 1, 2016

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

Download - Last updated: Aug 1, 2016

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

Download - Last updated: Jul 1, 2016

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

Download - Last updated: Jun 1, 2016

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

Download - Last updated: May 2, 2016

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

Download - Last updated: Apr 1, 2016

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

Download - Last updated: Mar 1, 2016

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: Feb 26, 2016

Eaton Vance Municipal Income Closed-End Funds Announce Expiration and Preliminary Results of Auction Preferred Shares Tender Offers

Download - Last updated: Feb 24, 2016

Eaton Vance Municipal Income Closed End Funds Announce Extension of Auction Preferred Shares Tender Offers

Download - Last updated: Feb 16, 2016

Eaton Vance Municipal Income Closed End Funds Announce Extension of Auction Preferred Shares Tender Offers

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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

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

Download - Last updated: Dec 21, 2015

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

Download - Last updated: Oct 5, 2015

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

Download - Last updated: Jan 16, 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 Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: May 1, 2013

SAI

Download - Last updated: Mar 27, 2017

Section 16 Filings - www.sec.gov

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Semi-Annual Report

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