Eaton Vance Equity Option Income Funds Announce Expected Adjustment in Quarterly Distributions

BOSTON, Dec. 14, 2010 /PRNewswire-FirstCall/ -- Eaton Vance Enhanced Equity Option Income Fund and Eaton Vance Risk-Managed Equity Option Income Fund, two diversified open-end investment management companies, announced today that beginning with the February 2011 distributions, each Fund's quarterly distribution rate is expected to be reduced by approximately 25%.  The anticipated new distribution rates are expected to return the rates to the approximate levels that they were at the time of each Fund's inception.

Each Fund's 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 distributions 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.

The portfolio management team reviews the level and sustainability of the Fund's distributions periodically. The amount of quarterly distributions may vary depending on a number of factors. 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 16^th, 2010 at 3:00pm EST. The details are as follows:

Participant Dial-in Numbers and Passcode

Domestic Toll-Free Dial-in #: 1-888-469-1928

Participant Passcode: EATON VANCE

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.

Before investing, prospective investors should consider carefully a fund's investment objective(s), risks, and charges and expenses. A fund's current prospectus contains this and other information and is available through your financial advisor.

Mutual fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution.  Shares are subject to investment risks, including possibility of loss of principal invested.  Past performance is no guarantee of future results.

Eaton Vance Distributors, Inc. Two International Place, Boston, MA 02110

SOURCE Eaton Vance Management

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