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

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

PR Newswire

BOSTON, Nov. 27, 2012

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:

 Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY)

 Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE:

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

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

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

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

Contact: Investor: 1-800-262-1122
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