Eaton Vance Announces Updated Results Of Closed-End Fund Share Repurchase Programs

BOSTON, Jan. 9, 2014 /PRNewswire/ -- Eaton Vance Management (EVM), investment adviser to the below-listed closed-end funds (the Funds), announced today the results of share repurchases made by the Funds pursuant to previously announced share repurchase programs, which authorize each Fund to repurchase up to 10% of its common shares outstanding in open-market transactions at a discount to net asset value per share (NAV):



Fund

Ticker

Enhanced Equity Income  Fund

EOI

Enhanced Equity Income II Fund

EOS

Risk-Managed Diversified Equity Income Fund

ETJ

Tax-Managed Buy-Write Opportunities Fund

ETV

Tax-Managed Diversified Equity Income Fund

ETY

Tax-Managed Global Buy-Write Opportunities Fund

ETW

Tax-Managed Global Diversified Equity Income Fund

EXG

National Municipal Opportunities Fund

EOT

Short Duration Diversified Income Fund

EVG



Through January 8, 2014, the Funds have purchased the number and percentage of their outstanding shares, seen changes in price, discount to NAV and accretion to NAV from repurchases as indicated in the table below:

 

Fund

Ticker

No. of Shares

Repurchased

% Shares

Repurchased1

Beginning

Market Price2

1/08/14

Market

Price

%

Market

Return3

Beginning

NAV

Discount2

1/08/14

NAV

Discount

Discount

Change

Impact of

Repurchases on

NAV4

Equity Option Funds[5]

EOI

797,000

1.99%

$10.82

$13.00

32.87%

-13.23%

-9.72%

-3.51%

+$0.031

EOS

837,700

1.73%

$10.97

$12.86

29.95%

-12.31%

-8.66%

-3.65%

+$0.025

ETJ

6,126,342

8.40%

$10.31

$11.44

24.49%

-14.93%

-9.99%

-4.94%

+$0.121

ETV

202,000

0.32%

$12.98

$13.91

22.54%

-11.46%

-6.14%

-5.32%

+$0.005

ETY

3,028,196

1.99%

$9.28

$11.02

32.34%

-14.23%

-9.38%

-4.86%

+$0.029

ETW

786,800

0.73%

$11.00

$12.13

26.16%

-13.93%

-7.33%

-6.60%

+$0.012

EXG

3,985,000

1.30%

$8.51

$10.18

33.91%

-14.64%

-7.79%

-6.85%

+$0.019

Income Funds[6]

EOT

90,000

0.59%

$18.17

$18.91

4.55%

-11.92%

-8.47%

-3.45%

+$0.014

EVG

56,000

0.08%

$15.15

$15.60

3.56%

-10.41%

-7.25%

-3.16%

+$0.005

 

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 by a Fund in the same or similar amounts going forward, or that the market price of Fund shares will continue to increase.

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 $280.7 billion in assets as of October 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 to 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.  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 which are, in some cases, beyond a Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

_________________________

1

% Shares Repurchased is based on the number of shares outstanding on August 8, 2012 for the Equity Option Funds and November 11, 2013 for Income Funds. 



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. 



3

% Market Return reflects the change in the market price of Fund shares plus any distributions paid during the period.



4

This is the accretion to NAV each Fund has realized from repurchasing its shares at a discount.



5

As initially approved, each Equity Option Fund was authorized to repurchase up to 10% of its common shares outstanding as of August 8, 2012 in open-market transactions at a discount to NAV.  In September 2013, the Board authorized each Equity Option Fund to repurchase up to 10% of its common shares outstanding as of September 30, 2013 in open-market transactions at a discount to NAV.



6

As initially approved, each Income Fund was authorized to repurchase up to 10% of its common shares outstanding as of November 11, 2013 in open-market transactions at a discount to NAV.

 

SOURCE Eaton Vance Management



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