Eaton Vance Equity Option Closed-End Funds Approve Change To Monthly Distributions

BOSTON, Nov. 27, 2012 /PRNewswire/ -- The Trustees of the following Eaton Vance equity option closed-end funds (the "Funds") have approved a change in the frequency of regular Fund distributions from quarterly to monthly: 

            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)

As a result of the change, beginning in January 2013, Fund shareholders will receive one-third of the current quarterly distribution on a monthly basis rather than the full current distribution once every three months.  The change does not affect total distribution amounts paid over the calendar year.  Eaton Vance Management ("EVM"), the Funds' investment adviser, believes that the change will simplify the Funds' internal cash management and make the Funds more attractive to investors seeking regular monthly distributions. 

The Funds make distributions in accordance with a managed distribution plan. 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.  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." Distributions in excess of Fund returns will cause its net asset value 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. A Fund's distribution rate may be affected by numerous factors, including changes in realized and projected equity market returns, option premiums, Fund performance and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund's distribution rate.  Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com.

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 $199.5 billion in assets as of October 31, 2012, 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 net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. 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, in some cases beyond the Funds' control, which could cause actual results to differ materially from those set forth in the forward-looking statements.

SOURCE Eaton Vance Management

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