Eaton Vance Announces Initial Results Of Equity Option Closed-End Fund Share Repurchase Program And Intent To Maintain Current Fund Distributions

BOSTON, Oct. 5, 2012 /PRNewswire/ -- Eaton Vance Management (EVM), investment adviser to the below-listed Eaton Vance equity option closed-end funds (the Funds), announced today the initial results of the Funds' share repurchase programs under authorization granted in August 2012 by their Boards of Trustees to repurchase up to 10% of currently outstanding common shares in open-market transactions at a discount to net asset value (NAV):

Eaton Vance Enhanced Equity Income Fund (NYSE: EOI)
Eaton Vance Enhanced Equity Income II Fund (NYSE: EOS)
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)

From the date they began repurchasing shares until October 4, 2012, the Funds have purchased the number and percentage of their outstanding shares and seen changes in price and discount to NAV as indicated in the table below:

(1) Based on shares outstanding at repurchase program inception.
(2) A Fund's Beginning Market Price and Beginning NAV Discount are as of the close of the market on the business day preceding its first share repurchase. ETB has not repurchased shares to date. As of October 4, 2012, its NAV Discount was -3.91%.
(3) % Return at Market Price reflects the change in the market price of Fund shares plus any distributions paid during the period. Past performance is no guarantee of future results.

Each Fund's repurchase program is implemented on a discretionary basis under the direction of EVM. There can be no assurance that shares will be repurchased for a Fund in the same or similar amount going forward, or that the market price of Fund shares will continue to increase.

EVM also announced that each Fund intends to continue paying its regular monthly or quarterly distribution at the current rate indicated in the table below at least through the end of 2012, and has no current plans to alter future distributions. 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 an unanticipated change in market conditions or other unforeseen factors will not result in a change in a Fund's distribution rate at a future time, notwithstanding current expectations.

(1) The Funds currently make distributions in accordance with a managed distribution plan. Distributions may include amounts characterized for federal income tax purposes as ordinary dividends (including qualified dividends), capital gain distributions and nondividend distributions, also known as return of capital distributions. A return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares. 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. Notices and press releases for the last 24 months are available on the Eaton Vance website (http://funds.eatonvance.com/19a-Fund-Distribution-Notices.php). The amounts and sources of distributions reported in notices and press releases are only estimates and are not provided for tax reporting purposes. Each Fund reports the character of distributions for federal income tax purposes for each calendar year on Form 1099-DIV.

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 NAV 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.

(2) Distribution Rate at NAV and Distribution Rate at Market Price are calculated by dividing the last distribution paid per share (annualized) by the closing NAV and market price, respectively, on October 4, 2012. The Fund's net asset value and distribution rate will vary.

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 $192.3 billion in assets as of June 30, 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