Eaton Vance Closed-End Equity Funds Declare Early Distribution of Monthly Dividends.BOSTON -- On December 20, 2006, Eaton Vance Eaton Vance is an American financial services company headquartered in Boston, MA. It is traded on the New York Stock Exchange under the symbol EV.[1] At the end of the second quarter of the 2006 fiscal year, the company had assets under management of $118.8 billion. Management, the Boston-based investment adviser, declared dividends on the common shares of three of its closed-end equity funds (the "Funds"). The dividend distributions represent an acceleration in the declaration, record and payment dates of the Funds' regularly scheduled monthly dividends for January. The record date for the dividends is December 28, 2006, and the payable date is January 5, 2007. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is December 26, 2006. The declaration, record and payment dates of the regular January distribution have been accelerated to allow the Funds to meet their 2006 distribution requirements for federal excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. purposes. The Funds expect to declare their next regular monthly dividend in the middle of February for payment at the end of February. The dividend per share, closing market price on December 19, 2006 (or last trade price), and annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. market yield for each Fund are as follows: [TABLE OMITTED] At this time, the Funds estimate that virtually of the income paid out of the Funds in calendar year 2006 will be considered qualified dividend income, subject to taxation at long-term capital gains Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. rates no greater than 15%. The amount of monthly dividend distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions could change. The final determination of tax characteristics of the Funds' distributions will not occur until after the end of the year, at which time it will be reported to shareholders. In order for the Funds' distributions of qualified dividend income to be taxable at long-term capital gains rates, a shareholder must meet certain prescribed holding period and other requirements with respect to his or her shares. Shareholders should consult with their tax advisor for more information about their particular tax situation. The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp., which is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol EV. Eaton Vance and its affiliates had $128.9 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. on October 31, 2006. Eaton Vance will make available periodic summary information regarding the Funds' portfolio investments. Those interested should call Eaton Vance Management at 800-262-1122. |
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