Eaton Vance Closed-End Funds January Distribution Disclosure
Eaton Vance has released estimated sources of distributions for a group of its closed-end funds related to their January 2025 payouts. This disclosure is issued in accordance with the funds’ managed distribution plans and pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. Each fund operates under a board-approved plan designed to provide regular cash distributions to common shareholders, typically on a monthly basis, with payments stated as a fixed dollar amount per common share. The information provided is intended solely for informational purposes and reflects estimates rather than final determinations. Importantly, these estimates should not be interpreted as definitive indicators of the tax treatment of distributions for the 2026 calendar year, as final classifications depend on each fund’s full fiscal-year investment activity and applicable tax regulations.
Understanding the Managed Distribution Plan Framework
The managed distribution plans adopted by Eaton Vance closed-end funds are designed to offer shareholders a predictable income stream regardless of short-term market volatility. Under these plans, distributions may be sourced from net investment income, realized capital gains, or, in certain cases, return of capital. The Board of Trustees has approved these plans to enhance income consistency, but the total amount distributed by each fund may fluctuate due to market conditions, portfolio performance, or changes in income generation. As such, shareholders are cautioned against drawing conclusions about a fund’s underlying investment performance based solely on the amount or composition of a given distribution.
Important Disclosure on Return of Capital and Distribution Sources
Shareholders should be aware that when a fund distributes more than its net investment income and realized capital gains, a portion of the distribution may represent a return of capital. A return of capital occurs when part of the investor’s original investment is paid back rather than income or gains earned by the fund. While return of capital can be a component of a managed distribution strategy, it does not necessarily indicate poor performance and should not be equated with yield or income. The estimated breakdowns provided in this disclosure are not intended for tax reporting purposes. Actual amounts and classifications for accounting and tax reporting will be determined at the end of the fiscal year and reported to shareholders via Form 1099-DIV.
Eaton Vance Enhanced Equity Income Fund (NYSE: EOI) Distribution Summary
For January 2025, the Eaton Vance Enhanced Equity Income Fund declared a monthly distribution of $0.1338 per common share. The fund’s fiscal year ends in September, and the entire January distribution was estimated to be derived from net realized long-term capital gains. There was no contribution from net investment income, short-term gains, or return of capital. On a cumulative basis for the fiscal year to date, distributions totaled $0.5352 per share, also entirely attributed to long-term capital gains. The fund reported an average annual total return at net asset value of 12.99% for the five-year period ended December 31, 2025. Its annualized current distribution rate stood at 7.61% of NAV, while the cumulative total return at NAV for the fiscal year through December 31, 2025 was 2.14%, with a cumulative fiscal year distribution rate of 1.90%.
Eaton Vance Enhanced Equity Income Fund II (NYSE: EOS) Distribution Details
The Eaton Vance Enhanced Equity Income Fund II announced a January 2025 distribution of $0.1523 per share, paid monthly, with a fiscal year ending in December. Similar to EOI, the entire distribution was estimated to come from net realized long-term capital gains, with no portion attributed to investment income, short-term gains, or return of capital. The cumulative fiscal year-to-date distribution matched the January payment at $0.1523 per share. Performance metrics show a five-year average annual total return at NAV of 11.20%. The annualized current distribution rate was 7.47% of NAV, while the cumulative total return at NAV for the fiscal year through December 31, 2025 reached 13.58%, matching the cumulative distribution rate for the same period.
Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ) Overview
For January 2025, the Eaton Vance Risk-Managed Diversified Equity Income Fund distributed $0.0651 per common share on a monthly basis. The fund’s fiscal year ends in December, and the entire distribution was estimated to be sourced from return of capital or other capital sources. There was no contribution from net investment income or realized capital gains. The cumulative fiscal year-to-date distribution mirrored the January amount at $0.0651 per share. The fund recorded a five-year average annual total return at NAV of 8.51%. Its annualized current distribution rate was 8.06% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 stood at 8.71%, aligning with the cumulative fiscal year distribution rate of 8.06%.
Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE: EVT) Breakdown
The Eaton Vance Tax-Advantaged Dividend Income Fund declared a January 2025 distribution of $0.1646 per share, paid monthly, with a fiscal year ending in October. The estimated sources of the distribution were diversified, with 15.4% derived from net investment income, 52.5% from net realized short-term capital gains, and 32.1% from net realized long-term capital gains. No return of capital was reported. Cumulative fiscal year-to-date distributions totaled $0.4938 per share, reflecting a similar mix of income and gains. The fund achieved a five-year average annual total return at NAV of 10.10%. Its annualized current distribution rate was 7.26% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 was 2.83%, with a cumulative fiscal year distribution rate of 1.21%.
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (NYSE: ETO) Performance Snapshot
For January 2025, the Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund announced a monthly distribution of $0.1733 per share. The fund’s fiscal year ends in October, and the distribution was estimated to consist of 15.4% net investment income and 84.6% net realized long-term capital gains. There were no short-term gains or return of capital included. Cumulative distributions for the fiscal year to date amounted to $0.5199 per share. Over the five-year period ended December 31, 2025, the fund delivered an average annual total return at NAV of 11.47%. The annualized current distribution rate was 6.54% of NAV, while cumulative total return at NAV for the fiscal year reached 3.66%, with a cumulative distribution rate of 1.09%.
Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB) Distribution Composition
The Eaton Vance Tax-Managed Buy-Write Income Fund paid a January 2025 distribution of $0.1058 per share on a monthly schedule, with a fiscal year ending in December. The estimated breakdown included 0.9% net investment income, 3.4% net realized short-term capital gains, 80.5% net realized long-term capital gains, and 15.2% return of capital. The cumulative fiscal year-to-date distribution matched the January amount. The fund posted a five-year average annual total return at NAV of 11.45%. Its annualized current distribution rate was 7.76% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 was 14.48%, equal to the cumulative distribution rate.
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) Analysis
For January 2025, the Eaton Vance Tax-Managed Buy-Write Opportunities Fund distributed $0.0993 per share on a monthly basis. The fund’s fiscal year ends in December, and the estimated sources included 5.18% net realized short-term capital gains, 48.22% net realized long-term capital gains, and 46.60% return of capital. There was no net investment income contribution. Cumulative fiscal year-to-date distributions totaled $0.0993 per share. Performance metrics indicate a five-year average annual total return at NAV of 11.02%. The annualized current distribution rate was 7.61% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 reached 14.09%, consistent with the cumulative distribution rate.
Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) Distribution Profile
The Eaton Vance Tax-Managed Diversified Equity Income Fund declared a January 2025 distribution of $0.0992 per share, paid monthly, with a fiscal year ending in October. The distribution was estimated to be sourced entirely from realized capital gains, with 61.4% from short-term gains and 38.6% from long-term gains. No investment income or return of capital was included. Cumulative fiscal year-to-date distributions amounted to $0.2976 per share. The fund achieved a five-year average annual total return at NAV of 13.07%. Its annualized current distribution rate was 7.61% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 was 1.28%, with a cumulative fiscal year distribution rate of 1.27%.
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (NYSE: ETW) Summary
For January 2025, the Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund paid a monthly distribution of $0.0664 per share, with a fiscal year ending in December. The estimated sources showed 4.7% net investment income and 95.3% return of capital, with no realized capital gains reported. Cumulative fiscal year-to-date distributions equaled the January amount. Over the five-year period ended December 31, 2025, the fund recorded an average annual total return at NAV of 9.20%. The annualized current distribution rate was 7.80% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 reached 20.37%, matching the cumulative distribution rate.
Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) Distribution Highlights
The Eaton Vance Tax-Advantaged Global Dividend Income Fund announced a January 2025 distribution of $0.1293 per share, paid monthly, with a fiscal year ending in October. The estimated breakdown included 4.6% net investment income and 95.4% net realized long-term capital gains, with no return of capital. Cumulative fiscal year-to-date distributions totaled $0.3879 per share. The fund posted a five-year average annual total return at NAV of 12.15%. Its annualized current distribution rate was 6.53% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 was 3.49%, and the cumulative fiscal year distribution rate stood at 1.09%.
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE: EXG) Overview
For January 2025, the Eaton Vance Tax-Managed Global Diversified Equity Income Fund distributed $0.0657 per share on a monthly basis. The fund’s fiscal year ends in October, and the estimated sources comprised 4.6% net investment income, 33.2% net realized short-term capital gains, and 62.2% net realized long-term capital gains. No return of capital was reported. Cumulative fiscal year-to-date distributions amounted to $0.1971 per share. Performance data show a five-year average annual total return at NAV of 10.71%. The annualized current distribution rate was 7.87% of NAV, while cumulative total return at NAV for the fiscal year through December 31, 2025 reached 3.88%, with a cumulative distribution rate of 1.31%.
Final Notes on Performance Metrics and Shareholder Reporting
All performance figures cited are based on changes in net asset value assuming reinvestment of distributions. Average annual total return at NAV reflects performance over the five-year period ended December 31, 2025. Annualized current distribution rates represent cumulative distributions annualized as a percentage of NAV as of December 31, 2025. Cumulative total return at NAV measures performance from the beginning of each fund’s fiscal year through December 31, 2025, including distributions paid. Shareholders are encouraged to review Form 1099-DIV issued for the calendar year to determine the appropriate federal income tax treatment of distributions received.
