Overview

Historical Returns (%) as of Mar 31, 2020

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 monthly 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 May 27, 2020
Distribution Rate at NAV 7.37%
Distribution Rate at Market Price 7.79%
 

Fund Facts

Performance Inception 10/29/2004
Investment Objective Current income
CUSIP 278274105

Expense Ratios (%)

as of Annual Report dated 09/30/2019
Management Fees 1.00
Other Expenses 0.11
Total Expenses 1.11
 

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market behavior or unexpected events. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the option premium received and the exercise price of the call, but has retained the risk of loss, minus the option premium received, should the price of the underlying security decline. In addition, the trading price of options may be adversely affected if the market for such options becomes less liquid or smaller. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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. The Fund may engage in other investment practices that may involve additional risks.


Performance

Historical Returns (%) as of Mar 31, 2020

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 monthly 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 (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 8.75 -2.28 13.95 27.76 9.82 2.64 5.55 19.72 -4.25 27.60
Market Price -1.04 -11.20 15.26 32.89 14.51 5.24 0.25 26.17 -4.20 31.97
 

Fund Facts

Performance Inception 10/29/2004
 

Distribution Rates1,2

as of May 27, 2020
Distribution Rate at NAV 7.37%
Distribution Rate at Market Price 7.79%
 

Distribution History3,4

Ex-Date Distribution Reinvest Price
May 21, 2020 $0.08980 $13.50
Apr 22, 2020 $0.08980 $12.94
Mar 23, 2020 $0.08980 $9.70
Feb 20, 2020 $0.08980 $16.31
Jan 23, 2020 $0.08980 $15.86
Dec 23, 2019 $0.08980 $15.91
Nov 21, 2019 $0.08980 $15.59
Oct 23, 2019 $0.08980 $15.20
Sep 20, 2019 $0.08980 $15.06
Aug 22, 2019 $0.08980 $14.93
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 ($)
2019 $0.00 $0.11 $0.11 $0.97 $0.00 $1.08
2018 $0.00 $0.09 $0.09 $0.85 $0.10 $1.04
2017 $0.00 $0.10 $0.10 $0.13 $0.81 $1.04
2016 $0.00 $0.11 $0.11 $0.00 $0.93 $1.04
2015 $0.00 $0.24 $0.24 $0.62 $0.18 $1.04
2014 $0.29 $0.22 $0.51 $0.28 $0.25 $1.04
2013 $0.04 $0.23 $0.27 $0.77 $0.00 $1.04
2012 $0.00 $0.08 $0.08 $0.00 $0.97 $1.05
2011 $0.00 $0.02 $0.02 $0.00 $1.08 $1.10
2010 $0.00 $0.01 $0.01 $0.00 $1.36 $1.37
2009 $0.00 $0.17 $0.17 $0.00 $1.47 $1.64
2008 $0.49 $0.30 $0.79 $0.00 $0.72 $1.51
2007 $0.87 $0.23 $1.10 $0.66 $0.00 $1.76
2006 $1.26 $0.25 $1.51 $0.27 $0.00 $1.78
2005 $1.30 $0.21 $1.51 $0.00 $0.00 $1.51
Distributions (%)
2019 0.00% 10.27% 10.27% 89.73% 0.00% 100.00%
2018 0.00% 8.61% 8.61% 81.71% 9.68% 100.00%
2017 0.00% 9.83% 9.83% 11.91% 78.26% 100.00%
2016 0.00% 10.71% 10.71% 0.00% 89.29% 100.00%
2015 0.00% 22.69% 22.69% 60.15% 17.16% 100.00%
2014 28.56% 20.94% 49.50% 26.64% 23.86% 100.00%
2013 3.78% 22.47% 26.25% 73.75% 0.00% 100.00%
2012 0.00% 7.48% 7.48% 0.00% 92.52% 100.00%
2011 0.00% 1.72% 1.72% 0.00% 98.28% 100.00%
2010 0.00% 0.54% 0.54% 0.00% 99.46% 100.00%
2009 0.00% 10.76% 10.76% 0.00% 89.24% 100.00%
2008 32.51% 20.14% 52.65% 0.00% 47.35% 100.00%
2007 48.98% 13.33% 62.31% 37.69% 0.00% 100.00%
2006 70.77% 13.93% 84.70% 15.30% 0.00% 100.00%
2005 86.10% 13.90% 100.00% 0.00% 0.00% 100.00%

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market behavior or unexpected events. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the option premium received and the exercise price of the call, but has retained the risk of loss, minus the option premium received, should the price of the underlying security decline. In addition, the trading price of options may be adversely affected if the market for such options becomes less liquid or smaller. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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. 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 Holdings (%)5,6 as of Mar 31, 2020

Holding % of Net Assets
Microsoft Corp 7.08%
Apple Inc 5.13%
Amazon.com Inc 4.89%
Intel Corp 2.92%
Visa Inc 2.79%
Vertex Pharmaceuticals Inc 2.77%
Verizon Communications Inc 2.75%
Procter & Gamble Co 2.56%
Bank of America Corp 2.55%
JPMorgan Chase & Co 2.53%
View All

Complete options holdings for this Fund may be seen in the Fund’s quarterly N-Q filing. Common equity holdings are released on a monthly basis with a 30-day lag. 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.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market behavior or unexpected events. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the option premium received and the exercise price of the call, but has retained the risk of loss, minus the option premium received, should the price of the underlying security decline. In addition, the trading price of options may be adversely affected if the market for such options becomes less liquid or smaller. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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. 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

Michael A. Allison, CFA

Michael A. Allison, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Biography

Michael Allison is a vice president of Eaton Vance Management, a director of equity strategy implementation and a structured equity portfolio manager on a number of Eaton Vance’s global and domestic equity income and tax-managed equity portfolios. On those funds, he is responsible for portfolio construction, tax oversight and risk management. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2000.

Mike began his career in the investment management industry in 1988. Before joining Eaton Vance, Mike was an equity analyst for Schroder Investment Management North America Inc. He was also affiliated with Fleet Investment Advisors and Phoenix Home Life Mutual Fund Insurance Co.

Mike earned a B.S.B.A. from the University of Denver. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.S.B.A., The University of Denver

Experience
  • Managed Fund since 2008

 
G. R. Nelson

G. R. Nelson

Vice President, Eaton Vance Management
Joined Eaton Vance 2004

Biography

G.R. Nelson is a vice president of Eaton Vance Management and an equity analyst on Eaton Vance's value team. He is responsible for coverage of the consumer staples and discretionary sectors. He also serves as a portfolio manager, responsible for buy and sell decisions, portfolio construction and risk management. He joined Eaton Vance in 2004.

G.R. began his career in the investment management industry in 1997. Before joining Eaton Vance, he was affiliated with Alex Brown, One Equity Partners and Bank One. He also completed internships with McKinsey and Company and Fayez Sarofim & Company.

G.R. earned a B.B.A., magna cum laude, from the University of Notre Dame and an MBA, with distinction, from Harvard University's Graduate School of Business, where he co-wrote a case on the Chicago Board of Options Exchange.

Education
  • B.B.A. University of Notre Dame
  • M.B.A. Harvard University Graduate School of Business

Experience
  • Managed Fund since 2019

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2020

Commentary

Download - Last updated: Mar 31, 2020

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Sep 30, 2012

Annual Report

Download - Last updated: Sep 30, 2019

Important Quarterly Equity Option Fund Data

Download - Last updated: Mar 31, 2020

Equity Option Closed-End Fund Guide

Download - Last updated: Mar 31, 2020

Full Prospectus

Download - Last updated: Jan 14, 2020

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 3/31/2019)

Download

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 9/30/2019)

Download

Return of Capital Distributions Demystified

Download - Last updated: Dec 1, 2017

Eaton Vance Announces Updated Results of Closed-End Fund Share Repurchase Programs

Download - Last updated: Jan 9, 2014

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

Download - Last updated: May 1, 2020

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution 

Download - Last updated: Apr 30, 2020

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

Download - Last updated: Apr 1, 2020

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution 

Download - Last updated: Mar 31, 2020

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

Download - Last updated: Mar 2, 2020

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution

Download - Last updated: Feb 28, 2020

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

Download - Last updated: Feb 3, 2020

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution

Download - Last updated: Jan 31, 2020

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds and Portfolio Managers of Eaton Have High Income 2021 Target Term Trust (NYSE: EHT)

Download - Last updated: Jan 2, 2020

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Dec 31, 2019

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

Download - Last updated: Dec 2, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Nov 29, 2019

Eaton Vance Management Adds Portfolio Manager to Certain Closed-end Funds

Download - Last updated: Nov 15, 2019

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

Download - Last updated: Nov 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Oct 31, 2019

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

Download - Last updated: Oct 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Sep 30, 2019

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

Download - Last updated: Sep 3, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Aug 30, 2019

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

Download - Last updated: Aug 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Jul 31, 2019

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

Download - Last updated: Jul 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution 

Download - Last updated: Jun 28, 2019

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

Download - Last updated: Jun 3, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution

Download - Last updated: May 31, 2019

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

Download - Last updated: May 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution 

Download - Last updated: Apr 30, 2019

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

Download - Last updated: Apr 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution

Download - Last updated: Mar 29, 2019

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

Download - Last updated: Mar 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Feb 28, 2019

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

Download - Last updated: Feb 1, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Jan 31, 2019

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

Download - Last updated: Jan 2, 2019

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Dec 31, 2018

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

Download - Last updated: Dec 3, 2018

Eaton Vance Closed-End Funds Release Estimated Sources Of Distributions

Download - Last updated: Nov 30, 2018

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

Download - Last updated: Nov 1, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Oct 31, 2018

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

Download - Last updated: Oct 1, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distribution

Download - Last updated: Sep 28, 2018

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: Aug 31, 2018

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

Download - Last updated: Aug 1, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Jul 31, 2018

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

Download - Last updated: Jul 2, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: Jun 29, 2018

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

Download - Last updated: Jun 1, 2018

Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

Download - Last updated: May 31, 2018

Eaton Vance Updates Results of Equity Option CEF Share Repurchase Program

Download - Last updated: Oct 4, 2013

Eaton Vance Announces Updated Results of Equity Option Closed-End Fund Share Repurchase Program

Download - Last updated: Sep 19, 2013

Eaton Vance Announces Results of Equity Option Closed-End Fund Share Repurchase Program

Download - Last updated: May 1, 2013

Eaton Vance Announces Results of Equity Option Closed-End Fund Share Repurchase Program

Download - Last updated: Mar 8, 2013

Eaton Vance Equity Option CEFs Adopt Share Repurchase Program

Download - Last updated: Aug 8, 2012

Proxy Statement

Download - Last updated: May 22, 2020

SAI

Download - Last updated: Jan 14, 2020

Section 16 Filings - www.sec.gov

Download - Last updated: Jun 30, 2011

Semi-Annual Report

Download - Last updated: Mar 31, 2020