Eaton Vance Equity Option Closed-End Funds Announce Continuation of Share
Repurchase Program, Program Results and Intent to Maintain Current Fund
BOSTON, Oct. 4, 2013
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
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:
% Impact of
Beginning 10/3/13 Return Beginning 10/3/13
No. Shares % Shares Discount Repurchases
Fund Market Market at NAV NAV
Repurchased Repurchased Price Market Change on NAV per
Price Discount Discount
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.
Current Distribution Distribution
Fund Distribution Rate at Rate at
Per Share NAV Market Price
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.
 Based on shares outstanding at repurchase program inception.
 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
 % 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.
 This is the accretion each Fund realized to its NAV from repurchasing its
shares at a discount.
 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
 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
SOURCE Eaton Vance Management
Contact: Investor Contact: (800) 262-1122
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