Eaton Vance Closed-End Equity Funds Declare and Announce Changes in Quarterly Distributions

BOSTON, Dec. 14, 2010 /PRNewswire-FirstCall/ -- Eaton Vance Management, the Boston-based investment adviser, today announced the quarterly distributions declared on the common shares of two of its closed-end equity funds (the "Funds"). The record date for the distributions is January 24, 2011, and the payable date is January 31, 2011. The ex-date is January 20, 2011.  The distribution per share for each Fund is as follows:

The portfolio management team believes a reduction in the fund's distributions will help strike a greater balance in total return, including both distributions and the opportunity for capital appreciation. The anticipated adjustment in the distribution is the result of ongoing analysis conducted by the portfolio management team which considers several factors including the current market outlook and volatility environment, the dividend yield of the underlying equity portfolios and the level of other income yielding assets in the marketplace.

Each Fund's portfolio management team reviews the level and sustainability of the Fund's distributions periodically. As portfolio and market conditions change, the rate of distributions paid by each Fund could change.

The portfolio management team will be conducting a conference call to discuss these changes on Thursday, December 16th, 2010 at 3.00pm EST.  The details are as follows:

At this time the Funds believe that a portion of the January distribution may be comprised of amounts from sources other than net investment income.  If that is the case, you will be notified in writing.  Further information will be available prior to the payment date at   http://individuals.eatonvance.com.  The final determination of tax characteristics of the Fund's distributions will occur after the end of the year, at which time it will be reported to the shareholders.

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $185.2 billion in assets as of October 31, 2010, offering individuals and institutions a broad array of investment strategies and wealth management solutions.  The Company's long record of providing exemplary service 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.

SOURCE Eaton Vance Management

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