Overview

Historical Returns (%) as of Jun 30, 2018

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.

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.
 

Distribution Rates1,2

as of Sep 24, 2018
Distribution Rate at NAV 6.20%
Distribution Rate at Market Price 7.31%
 

Fund Facts as of Aug 31, 2018

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

Expense Ratios (%)

as of Annual Report dated 12/31/2017
Management Fees 1.25
Other Expenses 0.20
Total Expenses 1.45
 

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, 2018

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.

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 (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV 13.75 9.23 -6.81 2.67 10.36 -2.01 -0.59
Market Price 9.29 17.45 -10.47 -1.14 8.40 -0.88 0.22
 

Fund Facts

Performance Inception 06/29/2010
 

Distribution Rates1,2

as of Sep 24, 2018
Distribution Rate at NAV 6.20%
Distribution Rate at Market Price 7.31%
 

Distribution History3,4

Ex-Date Distribution Reinvest Price
Jun 21, 2018 $0.16000 $9.13
Mar 21, 2018 $0.29000 $9.72
Dec 21, 2017 $0.29000 $10.50
Sep 21, 2017 $0.29000 $11.66
Jun 21, 2017 $0.29000 $11.48
Mar 22, 2017 $0.29000 $11.10
Dec 21, 2016 $0.29000 $11.52
Sep 21, 2016 $0.29000 $12.12
Jun 21, 2016 $0.29000 $12.35
Mar 22, 2016 $0.29000 $12.30
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 ($)
2017 $0.08 $0.00 $0.08 $0.02 $0.00 $1.06 $1.16
2016 $0.07 $0.00 $0.07 $0.08 $0.04 $0.97 $1.16
2015 $0.08 $0.00 $0.08 $0.01 $0.25 $1.17 $1.51
2014 $0.08 $0.00 $0.08 $0.01 $0.00 $1.39 $1.48
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 (%)
2017 7.20% 0.00% 7.20% 1.48% 0.00% 91.32% 100.00%
2016 5.82% 0.00% 5.82% 6.75% 3.23% 84.20% 100.00%
2015 5.12% 0.00% 5.12% 1.00% 16.31% 77.57% 100.00%
2014 5.46% 0.00% 5.46% 0.46% 0.00% 94.08% 100.00%
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 (%)5,6 as of Jul 31, 2018

Holding % of Net Assets
Beaufort County School District/SC 10.89%
State of Arkansas 10.68%
County of Allen OH Hospital Facilities Revenue 10.52%
New York City Transitional Finance Authority Future Tax Secured Revenue 9.49%
State of North Carolina 9.12%
EV Cash Reserves Fund LLC 8.73%
City of Charlotte NC Water & Sewer System Revenue 6.82%
City of Austin/TX 5.66%
State of Florida 5.61%
Washington Suburban Sanitary Commission 5.56%
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.


Management

James H. Evans, CFA

James H. Evans, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

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

 
Brian C. Barney, CFA

Brian C. Barney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

Brian Barney is a vice president of Eaton Vance Management, director of institutional portfolio strategies and municipal portfolio manager on Eaton Vance’s tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s tax-advantaged bond strategies. He joined Eaton Vance in 2009.

Brian began his career in the investment management industry in 2001. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was vice president and municipal portfolio manager.

Brian earned a B.S. in systems engineering from the University of Virginia. He is a CFA charterholder.

Education
  • B.S. University of Virginia

Experience
  • Managed Fund since 2015

 
Devin J. Cooch, CFA

Devin J. Cooch, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Biography

Devin Cooch is a vice president of Eaton Vance Management and municipal portfolio manager and trader on Eaton Vance's tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies. He joined Eaton Vance in 2008.

Devin began his career in the investment management industry in 2008. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was a trading assistant and accountant. He was previously affiliated with KPMG, LLP.

Devin earned a B.A. in economics, magna cum laude, from Bucknell University. He is a CFA charterholder.

Education
  • B.A. Bucknell University

Experience
  • Managed Fund since 2015

 
Ken Everding, Ph.D

Ken Everding, Ph.D

Managing Director, Parametric Portfolio Associates, LLC
Joined Parametric Portfolio Associates 2005

Biography

Ken Everding is a vice president and managing director of research of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for risk management and product development at Parametric's Westport Investment Center. He joined Parametric in 2005.

Ken began his career in the investment management industry in 1991. Before joining Parametric, he was a managing director at Zurich Capital Markets and BNP Paribas. He was a founding member of Donaldson, Lufkin & Jenrette's credit derivative group and subsequently formed and led DLJ's European credit derivatives business.

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

Education
  • B.S. Iowa State University
  • Ph.D. Yale University

Experience
  • Managed Fund since 2010

 
Jonathan Orseck

Jonathan Orseck

Managing Director, Parametric Portfolio Associates, LLC
Joined Parametric Portfolio Associates 2006

Biography

Jonathan Orseck is managing director of operations of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for overseeing day-to-day operations at the Westport Investment Center. He joined Parametric in 2006.

Jon began his career in the investment management industry in 1994. Before joining Parametric, he was a managing director at Bank of America Securities, where he founded and managed the Equity Linked Solutions Group, and an executive director at Morgan Stanley. He was previously affiliated with Kidder, Peabody & Co. and Royal Bank of Canada.

Jon earned a B.S. from the University of Pennsylvania and an MBA 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

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Dec 31, 2012

Annual Report

Download - Last updated: Dec 31, 2017

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

Download

Return of Capital Distributions Demystified

Download - Last updated: Dec 1, 2017

Morningstar EXD Fact Sheet

Download

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Download - Last updated: Nov 15, 2013

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

Download - Last updated: Jun 30, 2010

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

Download - Last updated: Sep 4, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Jun 29, 2018

Distribution Date and Distribution Rate Change Announced for Eaton Vance Tax-Advantaged Bond and Option Strategies Fund

Download - Last updated: Jun 1, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Mar 29, 2018

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

Download - Last updated: Mar 1, 2018

Eaton Vance Closed-End Funds Release Estimated Sources Of Distributions

Download - Last updated: Dec 29, 2017

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

Download - Last updated: Dec 1, 2017

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Sep 29, 2017

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

Download - Last updated: Sep 1, 2017

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution

Download - Last updated: Jun 30, 2017

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

Download - Last updated: Jun 1, 2017

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Mar 31, 2017

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

Download - Last updated: Mar 1, 2017

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Dec 30, 2016

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

Download - Last updated: Dec 1, 2016

Eaton Vance Tax-Advantaged Bond and Option Strategies Fund Announces Modification to Investment Policy

Download - Last updated: Nov 1, 2016

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Sep 30, 2016

Eaton Vance Management Announces Portfolio Managers of EV Tax-Advantaged Bond and Option Strategies Fund

Download - Last updated: Dec 1, 2015

Section 16 Filings - www.sec.gov

Download - Last updated: Jun 30, 2011

Semi-Annual Report

Download - Last updated: Jun 30, 2018