Eaton Vance Closed-End Funds Announce Distribution Dates and Amounts

BOSTON, MA – July 1, 2025 – Eaton Vance, a leading investment manager and a subsidiary of Morgan Stanley (NYSE: MS), today announced the distribution dates and amounts for several of its closed-end funds (CEFs). This announcement provides clarity for investors regarding upcoming income payments from these popular investment vehicles, particularly those focused on municipal bonds.

The distributions, declared on July 1, 2025, are scheduled with an ex-date of July 11, 2025, and a record date also on July 11, 2025. Payments to shareholders are set to be made on July 23, 2025. These dates are crucial for investors to determine their eligibility for the upcoming distributions.

Detailed Distribution Information for Municipal Bond Funds

Eaton Vance's municipal bond funds are a cornerstone of many income-focused portfolios, offering tax-advantaged income. The announced distributions for these funds are as follows:

• Eaton Vance California Municipal Income Trust (CEV): This fund will distribute $0.0500 per share. As of June 30, 2025, its closing market price was $9.69, resulting in a distribution rate at market price of 6.19%. There is no change from the prior distribution amount.
• Eaton Vance Municipal Income Trust (EVN): Investors in EVN will receive $0.0513 per share. With a closing market price of $10.23 on June 30, 2025, the fund's distribution rate at market price stands at 6.02%. This also represents no change from the previous distribution.

These consistent distribution amounts underscore Eaton Vance's commitment to providing stable income streams to its shareholders, a key attraction for investors seeking regular cash flow, especially in the current interest rate environment.

Market Context and Investor Implications

Closed-end funds like those offered by Eaton Vance are often favored by income-seeking investors due to their potential for higher yields compared to traditional mutual funds or ETFs. Their fixed capital structure allows fund managers to employ leverage and invest in less liquid assets, which can enhance income generation. The stability of these distributions, as evidenced by no change from prior amounts, can be particularly appealing in a volatile market.

For investors, understanding the distribution rate at market price is vital. This metric provides a real-time yield based on the fund's current trading price, which can fluctuate independently of its Net Asset Value (NAV). A higher distribution rate at market price can indicate an attractive income opportunity, but investors should also consider the fund's premium or discount to NAV, its underlying portfolio quality, and management's track record.

In the broader market, municipal bond funds remain attractive for their tax-exempt income, particularly for high-net-worth individuals or those in higher tax brackets. The stability of these distributions from Eaton Vance's funds provides a reliable income component, which can be a significant advantage in portfolio planning, especially as investors navigate potential economic shifts or interest rate changes. The consistent payouts from CEV and EVN reinforce their role as reliable income generators within a diversified investment portfolio.

Actionable Insights for Investors

1. Monitor Ex-Date: Ensure you hold shares before the ex-date (July 11, 2025) to be eligible for this distribution.
2. Evaluate Yield vs. NAV: While the distribution rate at market price is important, also assess if the fund is trading at a significant premium or discount to its Net Asset Value (NAV). A large premium might suggest overvaluation, while a discount could present a buying opportunity.
3. Consider Tax Implications: Remember that municipal bond income is generally exempt from federal income tax and often from state and local taxes for residents of the issuing state, making these funds highly tax-efficient.
4. Long-Term Income Strategy: These funds are best suited for investors with a long-term income objective, rather than those seeking short-term capital gains.

Eaton Vance's consistent distribution policy for its closed-end funds, particularly its municipal bond offerings, continues to provide a valuable income stream for investors seeking tax-advantaged returns and portfolio stability.