BOSTON, Oct. 4, 2013 /PRNewswire/ -- The Boards of
Trustees of the below-listed Eaton Vance equity option closed-end
funds (Funds) have approved the continuation of each Fund's share
repurchase program. In approving the continuation of the
program, the Board authorized the Funds to repurchase up to 10% of
each Fund's common shares outstanding as of September 30, 2013 in open market transactions at
a discount to net asset value (NAV). Under the previous
authorization, each Fund could repurchase up to 10% of its common
shares outstanding as of August 8,
2012 at a discount to NAV in the open market. For the
Funds that have repurchased shares to date, the terms of the
reauthorization increase the number of shares available for
repurchase. The Funds are:
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)
|
Results of Repurchase Program: From August 2012, when the Funds began repurchasing
shares, until October 3, 2013, they
have purchased the number and percentage of their outstanding
shares, seen changes in price and discount to NAV, and impact to
per share NAV as indicated in the table below:
Fund
|
No.
Shares
Repurchased
|
%
Shares
Repurchased[1]
|
Beginning
Market
Price[2]
|
10/3/13
Market
Price
|
%
Return
at
Market
Price[3]
|
Beginning
NAV
Discount[2]
|
10/3/13
NAV
Discount
|
Discount
Change
|
Impact
of
Repurchases
on NAV
per
Share[4]
|
EOI
|
777,000
|
1.94%
|
$10.82
|
$12.11
|
22.26%
|
-13.23%
|
-9.49%
|
3.74%
|
+$0.030
|
EOS
|
837,700
|
1.73%
|
$10.97
|
$11.84
|
18.27%
|
-12.31%
|
-9.62%
|
2.69%
|
+$0.025
|
ETV
|
202,000
|
0.32%
|
$12.98
|
$13.02
|
13.12%
|
-11.46%
|
-8.18%
|
3.28%
|
+$0.005
|
ETW
|
786,800
|
0.73%
|
$11.00
|
$11.48
|
17.61%
|
-13.93%
|
-9.39%
|
4.54%
|
+$0.012
|
ETY
|
2,749,900
|
1.80%
|
$9.28
|
$10.33
|
22.19%
|
-14.23%
|
-10.41%
|
3.82%
|
+$0.027
|
EXG
|
3,945,000
|
1.29%
|
$8.51
|
$9.58
|
24.01%
|
-14.64%
|
-9.02%
|
5.62%
|
+$0.018
|
ETJ
|
4,292,000
|
5.88%
|
$10.31
|
$10.93
|
16.84%
|
-14.93%
|
-10.12%
|
4.81%
|
+$0.085
|
For Funds that have repurchased shares, discounts have narrowed
by an average of 4.07% over the above periods, while discounts of
closed-end funds included in the Morningstar U.S. Covered Call
group (excluding the Funds) have widened by an average of 3.16%
over corresponding periods.
Each Fund's repurchase program is implemented on a discretionary
basis under the direction of Eaton Vance Management (EVM), the
Funds' investment adviser. 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, either absolutely
or relative to NAV, will increase as a result of the program.
Regulatory requirements and other legal considerations may limit
the Fund's ability to repurchase shares. Each Fund's repurchase
activity will be disclosed in its shareholder reports for the
relevant fiscal periods.
Intention to Maintain Current Distributions: Based on
current estimates of return, each Fund intends to continue paying
its regular monthly distribution at the current rate indicated in
the table below at least through the end of 2013, and has no
current plans to alter future distributions. A Fund's
distribution rate may be affected by numerous factors, including
equity market returns, option premiums, the performance of the
managers and other factors. There can be no assurance that an
unanticipated change in market circumstances or other unforeseen
factors will not result in a change in a Fund's distribution rate
at a future time, notwithstanding current expectations.
Fund
|
Current
Distribution
Per
Share[5]
|
Distribution
Rate
at
NAV[6]
|
Distribution
Rate at
Market
Price[6]
|
EOI
|
$0.0864
|
7.75%
|
8.56%
|
EOS
|
$0.0875
|
8.02%
|
8.87%
|
ETB
|
$0.1080
|
8.30%
|
9.01%
|
ETV
|
$0.1108
|
9.38%
|
10.21%
|
ETW
|
$0.0973
|
9.22%
|
10.17%
|
ETY
|
$0.0843
|
8.77%
|
9.79%
|
EXG
|
$0.0813
|
9.26%
|
10.18%
|
ETJ
|
$0.0930
|
9.18%
|
10.21%
|
Additional information about the Funds, including performance
and portfolio characteristic information, is available at
www.eatonvance.com. Information about Fund repurchase
activity also is included in Fund shareholder reports.
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 $268.8 billion in assets as of July 31, 2013, 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
NAV. The market price of Fund shares can be affected by
factors such as changing perceptions about the Fund, market
conditions, fluctuations in supply and demand for Fund shares, or
changes in Fund distributions. 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.
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 which are, in some cases, beyond the Fund's control and
could cause actual results to differ materially from those set
forth in the forward-looking statements.
[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. To date, ETB has not repurchased
shares. On October 3, 2013, its
NAV Discount was -7.94%.
[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.
[4] This is the accretion each Fund realized to its NAV from
repurchasing its shares at a discount.
[5] The Funds currently make distributions in accordance with a
managed distribution plan ("plan"). Distributions may include net
investment income, net realized capital gains and/or return of
capital (which may in some cases represent net unrealized capital
gains). A return of capital distribution does not necessarily
reflect the Fund's investment performance and should not be
confused with 'yield' or 'income.' Historically the Fund's
distributions have included a significant return of capital.
With each distribution, the Fund issues a notice to shareholders
and a press release containing information about the amount and
sources of the distribution and other related information.
[6] Distribution Rate at NAV and Market Price is calculated by
dividing the last distribution paid per share (annualized) by NAV
or market price, respectively, on October
3, 2013. The Fund's NAV and distribution rate will
vary.
SOURCE Eaton Vance Management