BOSTON, Oct. 5, 2012 /PRNewswire/ -- Eaton Vance
Management (EVM), investment adviser to the below-listed Eaton
Vance equity option closed-end funds (the Funds), announced today
the initial results of the Funds' share repurchase programs under
authorization granted in August 2012
by their Boards of Trustees to repurchase up to 10% of currently
outstanding common shares in open-market transactions at a discount
to net asset value (NAV):
Eaton Vance Enhanced Equity Income Fund (NYSE: EOI)
Eaton Vance Enhanced Equity Income II Fund (NYSE: EOS)
Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB)
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE:
ETV)
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (NYSE:
ETW)
Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE:
ETY)
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
(NYSE: EXG)
Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE:
ETJ)
From the date they began repurchasing shares until October 4, 2012, the Funds have purchased the
number and percentage of their outstanding shares and seen changes
in price and discount to NAV as indicated in the table below:
Fund
|
No.
Shares
Repurchased
|
%
Shares
Repurchased1
|
Beginning
Market
Price2
|
10/4/12
Market
Price
|
%
Return
at Market
Price3
|
Beginning
NAV
Discount2
|
10/4/12
NAV
Discount
|
Discount Change
|
EOI
|
160,600
|
0.40%
|
$10.82
|
$11.25
|
4.77%
|
-13.23%
|
-12.11%
|
1.12%
|
EOS
|
183,800
|
0.38%
|
$10.97
|
$11.23
|
3.17%
|
-12.31%
|
-11.16%
|
1.15%
|
ETV
|
108,400
|
0.17%
|
$12.98
|
$13.08
|
3.33%
|
-11.46%
|
-10.35%
|
1.11%
|
ETW
|
329,400
|
0.31%
|
$11.00
|
$11.17
|
4.20%
|
-13.93%
|
-13.01%
|
0.92%
|
ETY
|
936,100
|
0.61%
|
$
9.28
|
$
9.71
|
4.63%
|
-14.23%
|
-13.77%
|
0.47%
|
EXG
|
1,658,900
|
0.54%
|
$
8.51
|
$
8.91
|
4.70%
|
-14.64%
|
-14.49%
|
0.15%
|
ETJ
|
794,400
|
1.09%
|
$10.31
|
$10.79
|
4.66%
|
-14.93%
|
-12.84%
|
2.09%
|
(1) Based on shares outstanding at repurchase program
inception.
(2) A Fund's Beginning Market Price and Beginning NAV Discount are
as of the close of the market on the business day preceding
its first share repurchase. ETB has not repurchased shares to date.
As of October 4, 2012, its NAV Discount was -3.91%.
(3) % Return at Market Price reflects the change in the market
price of Fund shares plus any distributions paid during the
period. Past performance is no guarantee of future results.
Each Fund's repurchase program is implemented on a discretionary
basis under the direction of EVM. There can be no assurance that
shares will be repurchased for a Fund in the same or similar amount
going forward, or that the market price of Fund shares will
continue to increase.
EVM also announced that each Fund intends to continue paying its
regular monthly or quarterly distribution at the current rate
indicated in the table below at least through the end of 2012, and
has no current plans to alter future distributions. A Fund's
distribution rate may be affected by numerous factors, including
changes in realized and projected equity market returns, option
premiums, Fund performance and other factors. There can be no
assurance that an unanticipated change in market conditions or
other unforeseen factors will not result in a change in a Fund's
distribution rate at a future time, notwithstanding current
expectations.
Fund
|
Distribution
Frequency
|
Next
Scheduled
Distribution
|
Current
Distribution
Per Share1
|
Distribution
Rate at NAV2
|
Distribution Rate
at Market Price2
|
EOI
|
Monthly
|
October
|
$0.0864
|
8.10%
|
9.22%
|
EOS
|
Monthly
|
October
|
$0.0875
|
8.30%
|
9.35%
|
ETB
|
Quarterly
|
October
|
$0.3240
|
8.30%
|
8.64%
|
ETV
|
Quarterly
|
December
|
$0.3323
|
9.10%
|
10.16%
|
ETW
|
Quarterly
|
December
|
$0.2920
|
9.10%
|
10.46%
|
ETY
|
Quarterly
|
November
|
$0.2530
|
9.00%
|
10.42%
|
EXG
|
Quarterly
|
November
|
$0.2440
|
9.40%
|
10.95%
|
ETJ
|
Quarterly
|
October
|
$0.2790
|
9.00%
|
10.34%
|
(1) The Funds currently make distributions in accordance with a
managed distribution plan. Distributions may include amounts
characterized for federal income tax purposes as ordinary dividends
(including qualified dividends), capital gain distributions
and nondividend distributions, also known as return of capital
distributions. A return of capital distribution may include, for
example, a return of some or all of the money that an investor
invested in Fund shares. With each distribution, a Fund issues a
notice to shareholders and a press release containing information
about the amount and sources of the distribution and other
related information. Notices and press releases for the last 24
months are available on the Eaton Vance website
(http://funds.eatonvance.com/19a-Fund-Distribution-Notices.php).
The amounts and sources of distributions reported in notices
and press releases are only estimates and are not provided for tax
reporting purposes. Each Fund reports the character of
distributions for federal income tax purposes for each
calendar year on Form 1099-DIV.
A Fund's distributions in any period may be more or less than
the net return earned by the Fund on its investments, and therefore
should not be used as a measure of performance or confused with
"yield" or "income." Distributions in excess of Fund returns will
cause its NAV to erode. Investors should not draw any conclusions
about a Fund's investment performance from the amount of its
distribution or from the terms of its managed distribution
plan.
(2) Distribution Rate at NAV and Distribution Rate at Market
Price are calculated by dividing the last distribution paid
per share (annualized) by the closing NAV and market price,
respectively, on October 4, 2012. The Fund's net asset value
and distribution rate will vary.
Additional information about the Funds, including performance
and portfolio characteristic information, is available at
www.eatonvance.com.
EVM is a subsidiary of Eaton Vance Corp. (NYSE: EV), one of the
oldest investment management firms in the
United States, with a history dating back to 1924. Eaton
Vance and its affiliates managed $192.3
billion in assets as of June 30,
2012, offering individuals and institutions a broad array of
investment strategies and wealth management solutions. The
Company's long record of providing exemplary service, timely
innovation and attractive returns through a variety of market
conditions has made Eaton Vance the investment manager of choice
for many of today's most discerning investors. For more information
about Eaton Vance, visit www.eatonvance.com.
Shares of closed-end funds often trade at a discount from their
net asset value. The market price of Fund shares may vary from net
asset value based on factors affecting the supply and demand for
shares, such as Fund distribution rates relative to similar
investments, investors' expectations for future distribution
changes, the clarity of the Fund's investment strategy and future
return expectations, and investors' confidence in the underlying
markets in which the Fund invests. Fund shares are subject to
investment risk, including possible loss of principal invested. No
Fund is a complete investment program and you may lose money
investing in a Fund. An investment in a Fund may not be appropriate
for all investors. Before investing, prospective investors should
consider carefully the Fund's investment objective, risks, charges
and expenses.
Statements in this press release that are not historical
facts are forward-looking statements as defined by the
United States securities laws.
You should exercise caution in interpreting and relying on
forward-looking statements because they are subject to
uncertainties and other factors, in some cases beyond the
Funds' control, which could cause actual results to differ
materially from those set forth in the forward-looking
statements.
SOURCE Eaton Vance Management