The Eaton Vance California Municipal Bond Fund (NYSE:EVM) is a closed-end management investment company that seeks to provide current income exempt from federal and California state income taxes. The fund primarily invests in investment-grade municipal securities issued by state and local government entities in California, focusing on general obligation and revenue bonds to support infrastructure, public utilities and healthcare facilities within the state.
Under the management of Eaton Vance Management, the fund maintains a portfolio that is predominantly composed of bonds rated investment grade by recognized credit rating agencies. The strategy emphasizes sector diversification across transportation, education, water and sewer systems, and other municipal projects to balance credit quality with yield opportunities. The fund may also employ leverage and interest rate hedging techniques, such as the use of reverse repurchase agreements and derivatives, to enhance income potential and manage duration risks.
Since its inception, the Eaton Vance California Municipal Bond Fund has served individual and institutional investors seeking tax-exempt income and exposure to California’s municipal bond market. The fund’s portfolio is actively managed by a dedicated team of municipal bond specialists at Eaton Vance, who conduct credit research and monitor market conditions to identify relative value opportunities within the state’s diverse municipal sectors.
With a focus on preserving capital and generating tax-advantaged income, the Eaton Vance California Municipal Bond Fund offers investors a targeted approach to California municipal fixed income. Its closed-end structure provides the potential for premium or discount pricing relative to net asset value, allowing investors to consider both income and market valuation in their investment decisions.
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