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):
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Fund
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Ticker
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Enhanced Equity Income Fund
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EOI
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Enhanced Equity Income II Fund
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EOS
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Risk-Managed Diversified Equity Income Fund
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ETJ
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Tax-Managed Buy-Write Opportunities Fund
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ETV
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Tax-Managed Diversified Equity Income Fund
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ETY
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Tax-Managed Global Buy-Write Opportunities Fund
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ETW
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Tax-Managed Global Diversified Equity Income Fund
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EXG
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National Municipal Opportunities Fund
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EOT
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Short Duration Diversified Income Fund
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EVG
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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:
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Fund
Ticker
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No. of Shares
Repurchased
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% Shares
Repurchased1
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Beginning
Market Price2
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1/08/14
Market
Price
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%
Market
Return3
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Beginning
NAV
Discount2
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1/08/14
NAV
Discount
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Discount
Change
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Impact of
Repurchases on
NAV4
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Equity Option Funds[5]
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EOI
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797,000
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1.99%
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$10.82
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$13.00
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32.87%
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-13.23%
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-9.72%
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-3.51%
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+$0.031
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EOS
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837,700
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1.73%
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$10.97
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$12.86
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29.95%
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-12.31%
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-8.66%
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-3.65%
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+$0.025
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ETJ
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6,126,342
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8.40%
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$10.31
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$11.44
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24.49%
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-14.93%
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-9.99%
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-4.94%
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+$0.121
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ETV
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202,000
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0.32%
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$12.98
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$13.91
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22.54%
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-11.46%
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-6.14%
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-5.32%
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+$0.005
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ETY
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3,028,196
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1.99%
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$9.28
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$11.02
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32.34%
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-14.23%
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-9.38%
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-4.86%
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+$0.029
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ETW
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786,800
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0.73%
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$11.00
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$12.13
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26.16%
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-13.93%
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-7.33%
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-6.60%
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+$0.012
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EXG
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3,985,000
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1.30%
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$8.51
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$10.18
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33.91%
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-14.64%
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-7.79%
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-6.85%
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+$0.019
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Income Funds[6]
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EOT
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90,000
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0.59%
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$18.17
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$18.91
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4.55%
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-11.92%
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-8.47%
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-3.45%
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+$0.014
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EVG
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56,000
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0.08%
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$15.15
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$15.60
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3.56%
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-10.41%
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-7.25%
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-3.16%
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+$0.005
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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.
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1
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% 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.
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2
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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.
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3
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% Market Return reflects the change in the market price of Fund shares plus any distributions paid during the period.
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4
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This is the accretion to NAV each Fund has realized from repurchasing its shares at a discount.
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5
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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.
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6
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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.
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SOURCE Eaton Vance Management