Eaton Vance Closed-End Funds
Eaton Vance manages eight closed-end funds that invest in common stocks and employ options strategies.
An overview of each fund’s investment objectives and investment program is included in the attached
Quick Reference Guide. Also included are key portfolio characteristics as of June 30, 2024.
Eaton Vance Equity Option Closed-End Funds
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 qualied 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.” Fund distribution rates are determined by its adviser based on its current assessment of long-term return potential. As portfolio and market
conditions change, the Fund distribution rate could change. 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.
Equity Option Fund Categories
Eaton Vance offers equity option closed-end funds employing a variety of options strategies:
Covered Call Funds – sell call options on individual stocks held (EOI, EOS)
Buy-Write Funds – sell call options on one or more stock indices reective of the fund’s holdings (ETB, ETV, ETW)
Diversied Equity Income Funds – sell stock index call options; invest in higher-dividend-yielding stocks (ETY, EXG)
Collar Strategy Fund – buys index put options and sells index call options (ETJ)
Fund Highlights
Hedged equity exposure – seek equity market participation with less volatile returns
Regular monthly distributions – follow managed distribution plans
Managed for after-tax returns – seek to minimize and defer shareholder taxes (except covered call funds)
NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT
Eaton Vance Closed-End Funds
Equity Option Fund Quick Reference Guide Current as of June 30, 2024
Covered Call Buy-Write Diversied Equity Income Collar Strategy
Name
Enhanced Equity
Income Fund
Enhanced Equity
Income Fund II
Tax-Managed
Buy-Write
Income Fund
Tax-Managed
Buy-Write
Opportunities Fund
1
Tax-Managed
Global Buy-Write
Opportunities Fund Name
Tax-Managed
Diversied Equity
Income Fund
Tax-Managed
Global Diversied
Equity Income Fund
Risk-Managed
Diversied Equity
Income Fund
Ticker EOI EOS ETB ETV ETW Ticker ETY EXG ETJ
Total Net Assets $790.36MM $1.18B $441.98MM $1.66B $1.02B Total Net Assets $2.30B $2.88B $638.15MM
Listing Exchange NYSE NYSE NYSE NYSE NYSE Listing Exchange NYSE NYSE NYSE
Primary Objective Current income Current income
Current income
and gains
Current income
and gains
Current income
and gains
Primary Objective
Current income
and gains
Current income
and gains
Current income
and gains
Secondary Objective
Capital
appreciation
Capital
appreciation
Capital appreciation
Capital
appreciation
Capital
appreciation
Secondary Objective
Capital
appreciation
Capital
appreciation
Capital
appreciation
Tax-Managed No No Yes Yes Yes Tax-Managed Yes Yes Yes
Distribution Frequency Monthly Monthly Monthly Monthly Monthly Distribution Frequency Monthly Monthly Monthly
Equity Benchmark
2
S&P 500
Russell 1000
Growth®
S&P 500
S&P 500
NASDAQ 100
S&P 500
MSCI Europe
Equity Benchmark
2
S&P 500 MSCI World S&P 500
Morningstar
Option-based Category
Option Writing Option Writing Option Writing Option Writing Option Writing
Morningstar
Option-based Category
Option Writing Option Writing Option Writing
Options Strategy
Write single stock
covered calls
Write single stock
covered calls
Write index covered
calls
Write index
covered calls
Write index
covered calls
Options Strategy
Write index covered
calls
Write index covered
calls
Write index covered
calls; buy index puts
Equity Portfolio Equity Portfolio
Positions Held 54 48 151 158 277 Positions Held 53 79 51
% US / Non-US
(% of Fund Net Assets)
97.6/2.4 99.1/0.9 99.8/0.2 99.4/0.7 57.5/42.5
% US / Non-US
(% of Fund Net Assets)
97.3/2.7 54.2/45.8 97.9/2.1
Avg. Mkt Cap 1.15T 1.44T 1.09T 1.23T 765.54B Avg. Mkt Cap 1.16T 735.56B 1.13T
Call Options Written Call Options Written
% of Stock Portfolio 48.0% 49.0% 96.0% 96.0% 95.0% % of Stock Portfolio 48.0% 48.0% 95.0%
Avg. Days to Expiration 24 Days 22 Days 15 Days 15 Days 16 Days Avg. Days to Expiration 15 Days 16 Days 15 Days
% Out of the Money** 5.00% 4.70% 0.40% 0.40% 0.80% % Out of the Money** 0.40% 1.00% 1.30%
Put Options Purchased Put Options Purchased
% of Stock Portfolio None None None None None % of Stock Portfolio None None 95.0%
Avg. Days to Expiration N/A N/A N/A N/A N/A Avg. Days to Expiration N/A N/A 15 Days
% Out of the Money** N/A N/A N/A N/A N/A % Out of the Money** N/A N/A 3.30%
1
Effective April 14, 2023, the Tax-Managed Buy-Write Strategy Fund (EXD) merged into Tax-Managed Buy-Write Opportunities Fund (ETV).
2
S&P 500 Index is
an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Russell 1000 Growth Index is an unmanaged index of
U.S. large-cap growth stocks. NASDAQ 100 Index includes 100 of the largest domestic and international securities (by market cap), excluding nancials, listed on
NASDAQ. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its afliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors
on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Europe Index is
an unmanaged index designed to measure the developed equity market performance of Europe. MSCI World Index is an unmanaged index of equity securities in
the developed markets. MSCI indices are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI
provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reect the effect
of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
**Negative value indicates “% In the Money”.
Eaton Vance Closed-End Funds
Equity Option Fund Quick Reference Guide Current as of June 30, 2024
Covered Call Buy-Write Diversied Equity Income Collar Strategy
Name
Enhanced Equity
Income Fund
Enhanced Equity
Income Fund II
Tax-Managed
Buy-Write
Income Fund
Tax-Managed
Buy-Write
Opportunities Fund
1
Tax-Managed
Global Buy-Write
Opportunities Fund Name
Tax-Managed
Diversied Equity
Income Fund
Tax-Managed
Global Diversied
Equity Income Fund
Risk-Managed
Diversied Equity
Income Fund
Ticker EOI EOS ETB ETV ETW Ticker ETY EXG ETJ
Total Net Assets $790.36MM $1.18B $441.98MM $1.66B $1.02B Total Net Assets $2.30B $2.88B $638.15MM
Listing Exchange NYSE NYSE NYSE NYSE NYSE Listing Exchange NYSE NYSE NYSE
Primary Objective Current income Current income
Current income
and gains
Current income
and gains
Current income
and gains
Primary Objective
Current income
and gains
Current income
and gains
Current income
and gains
Secondary Objective
Capital
appreciation
Capital
appreciation
Capital appreciation
Capital
appreciation
Capital
appreciation
Secondary Objective
Capital
appreciation
Capital
appreciation
Capital
appreciation
Tax-Managed No No Yes Yes Yes Tax-Managed Yes Yes Yes
Distribution Frequency Monthly Monthly Monthly Monthly Monthly Distribution Frequency Monthly Monthly Monthly
Equity Benchmark
2
S&P 500
Russell 1000
Growth®
S&P 500
S&P 500
NASDAQ 100
S&P 500
MSCI Europe
Equity Benchmark
2
S&P 500 MSCI World S&P 500
Morningstar
Option-based Category
Option Writing Option Writing Option Writing Option Writing Option Writing
Morningstar
Option-based Category
Option Writing Option Writing Option Writing
Options Strategy
Write single stock
covered calls
Write single stock
covered calls
Write index covered
calls
Write index
covered calls
Write index
covered calls
Options Strategy
Write index covered
calls
Write index covered
calls
Write index covered
calls; buy index puts
Equity Portfolio Equity Portfolio
Positions Held 54 48 151 158 277 Positions Held 53 79 51
% US / Non-US
(% of Fund Net Assets)
97.6/2.4 99.1/0.9 99.8/0.2 99.4/0.7 57.5/42.5
% US / Non-US
(% of Fund Net Assets)
97.3/2.7 54.2/45.8 97.9/2.1
Avg. Mkt Cap 1.15T 1.44T 1.09T 1.23T 765.54B Avg. Mkt Cap 1.16T 735.56B 1.13T
Call Options Written Call Options Written
% of Stock Portfolio 48.0% 49.0% 96.0% 96.0% 95.0% % of Stock Portfolio 48.0% 48.0% 95.0%
Avg. Days to Expiration 24 Days 22 Days 15 Days 15 Days 16 Days Avg. Days to Expiration 15 Days 16 Days 15 Days
% Out of the Money** 5.00% 4.70% 0.40% 0.40% 0.80% % Out of the Money** 0.40% 1.00% 1.30%
Put Options Purchased Put Options Purchased
% of Stock Portfolio None None None None None % of Stock Portfolio None None 95.0%
Avg. Days to Expiration N/A N/A N/A N/A N/A Avg. Days to Expiration N/A N/A 15 Days
% Out of the Money** N/A N/A N/A N/A N/A % Out of the Money** N/A N/A 3.30%
Tax-Managed Investing
Other than the covered call Funds (EOI and
EOS), each Fund evaluates returns on an after-
tax basis and seeks to minimize and defer the
federal income taxes incurred by shareholders.
The Funds may employ a variety of techniques
and strategies in pursuit of this objective:
1. Investing in stocks that pay dividends that
currently qualify for federal income taxation
at rates applicable to long-term capital
gains and complying with the holding
period and other requirements for favorable
tax treatment.
2. Selling index call options that qualify for
treatment as “section 1256 contracts”
under the Code, on which capital gains
and losses are generally treated as 60%
long-term and 40% short-term,
regardless of holding period.
3
3. Limiting the overlap between a Fund’s stock
holdings (and any subset thereof) and each
index on which it has outstanding options
positions to less than 70% on an ongoing
basis so that the Fund’s stock holdings and
index call options are not subject to the
“straddle rules.”
3
4. Selling stocks that have declined in price
to realize capital losses that can be used to
offset realized capital gains.
5. Managing sales of appreciated stocks to
minimize each year’s net realized short-term
capital gains in excess of net realized long-
term capital losses. When an appreciated
security is sold, a Fund generally seeks to
select for sale the share lots resulting in the
most favorable tax treatment, normally those
with holding periods sufcient to qualify for
long-term capital gains treatment that have
the highest cost basis.
3
Applies to funds selling index call options.
Eaton Vance Closed-End Funds
© 2024 Morgan Stanley. All rights reserved. Eaton Vance Distributors, Inc. 6349 | 07.31.24
DEFINITIONS
Average Market Cap: The average market capitalization of the companies that have issued the common stocks owned by a Fund. Market Cap is determined by
multiplying the price of a share of a company’s common stock by the number of shares outstanding. Buy-Write Strategy: A strategy involving the ownership
of common stocks and writing call options on an index that is representative of the common stock portfolio. The index call options typically are written on a
substantial portion of the value of the common stock portfolio, generating current earnings from the option premium. Call Option: For a call option on a security,
the option buyer has the right to purchase, and the option seller (or writer) has the obligation to sell, a specied security at a specied price (exercise price or
strike price) on or before a specied date (option expiration date). For an index call option, the buyer has the right to receive from the seller (or writer) a cash
payment at the option expiration date equal to any positive difference between the value of the index at contract expiration and the exercise price. The buyer
of a call option makes a cash payment (premium) to the seller of the option upon entering into option contract. Covered Call: A call option in which the option
seller owns the stock on which the option is written. Covered Call Strategy: A strategy of owning a portfolio of common stocks and writing call options on all
or a portion of such stocks to generate current earnings from option premium. Collar Strategy: A strategy of owning a common stock portfolio and (i) selling
call options on a representative index at a higher exercise price and (ii) buying index put options on the same index at a lower exercise price. This strategy is
intended to limit exposure to price declines, but also limits upside participation. In the Money: For a call option on a common stock or an index, the extent to
which the current price of the stock or value of the index exceeds the exercise price of the option. For an index put option, the extent to which the exercise price
of the option exceeds the current value of the index. Out of the Money: For a call option on a common stock or an index, the extent to which the exercise price
of the option exceeds the current price of the stock or value of the index. For an index put option, the extent to which the current value of the index exceeds
the exercise price of the option. Index Put Option: Gives the option buyer the right to receive from the option seller (writer) a cash payment if the value of the
index exceeds a specied value (exercise price or strike price) on or before a specied date (option expiration date). The buyer makes a cash payment (premium)
to seller of the option upon entering into contract.
RISK CONSIDERATIONS
The following is a summary of the primary risks of investing in one or more of the Funds. Fund shares are subject to investment risk, including possible loss of
principal invested. There is no assurance that a Fund will meet its investment objective. Fund share values are sensitive to stock market volatility. In selling call
options, a Fund foregoes the opportunity to prot from increases in market value above the premium it received upon entering the option. In purchasing and/
or selling index options, a Fund is subject to the risk that the performance of its stock portfolio will vary from the performance of the underlying index and the
purpose of purchasing or selling the option will not be fully achieved. Investments in foreign instruments or currencies can involve greater risk and volatility
than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, or other conditions. A Fund’s ability to utilize various tax-managed
techniques may be curtailed or eliminated in the future by tax legislation or regulation. The Funds may engage in other investment practices that may involve
additional risks. Shares of closed-end funds often trade at a discount from their net asset value. The market price of a Fund’s shares can be affected by factors
such as changing perceptions about the Fund, market conditions, uctuations in supply and demand for Fund shares, or changes in Fund distributions. Fund net
asset values and distribution rates will vary and may be affected by numerous factors, including changes in stock prices, dividend rates, option premiums and
other factors. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Funds performance. No Fund is
a complete investment program and you may lose money investing in a Fund. Investment in the Funds may not be appropriate for all investors.
The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares.
Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve
its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net
asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate
for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.
This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes
and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specic investment strategy. The information herein
has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax,
accounting, legal or regulatory advice. To that end, investors should seek independent legal and nancial advice, including advice as to tax consequences, before
making any investment decision.
Please consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectuses contain this and other information
about the funds. To obtain a prospectus for the Eaton Vance Funds please download one at https://funds.eatonvance.com/open-end-mutual-fund-documents.php or
contact your nancial professional. Please read the prospectus carefully before investing.
Eaton Vance is part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.
The whole or any part of this material may not be directly or indirectly reproduced, copied, modied, used to create a derivative work, performed, displayed,
published, posted, licensed, framed, distributed or transmitted or any of its contents disclosed to third parties without MSIM’s express written consent. This
material may not be linked to unless such hyperlink is for personal and non-commercial use. All information contained herein is proprietary and is protected
under copyright and other applicable law.
