Personal Finance and Investing

It (and the others) appear to be closed end bond funds that were created back when interest rates were much higher. And a new investor can only access on the secondary market at a price that makes the yield much smaller or something ????????? I dunno.

I suppose I could create an account and Eaton Vance just to figure out if I could buy it or not (though actually I'd buy their Minnesota municpal one if it also had yields anywhere near like these).

I thought I kind of understood closed end funds (even though I never owned any), now I'm getting more and more confused.

Morningstar only gives it a 2 star rating, for some reason.
https://www.morningstar.com/cefs/xase/evm/quote

At Vanguard
https://investor.vanguard.com/mutual-funds/list#/mutual-funds/asset-class/month-end-returns

the California Long-Term Tax-Exempt fund, for example, VCITX, just has a 1.08% 30 day SEC yield.

But looking at the Distributions tab, the distributions are running around 2.37% annualized, which is better than I thought one can get these days, even with such long maturities.

It's an open-ended bond fund...