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Eaton Vance Closed-End Funds Release Estimated Sources of Distributions

1. Eaton Vance funds announced January 2025 distribution estimates. 2. Distributions are primarily sourced from realized long-term capital gains. 3. Plans outline fixed monthly cash distributions to shareholders. 4. Tax character of distributions remains uncertain for 2025. 5. Returns of capital may mislead performance evaluation.

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FAQ

Why Neutral?

Stable distributions suggest consistent income, yet reliance on capital gains might weaken performance, similar to past trends.

How important is it?

Earnings distribution plans influence investor decisions but are subject to fluctuation based on market conditions.

Why Short Term?

Immediate impact on investor perceptions but long-term performance remains uncertain due to market conditions.

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ETNEOIEOSETJEVT
BOSTON--(BUSINESS WIRE)--The Eaton Vance closed-end funds listed below released today the estimated sources of their January distributions (each a “Fund”). This press release is issued as required by the Funds’ managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make monthly, as noted below, cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the January distribution. It is not determinative of the tax character of a Fund’s distributions for the 2025 calendar year. Shareholders should note that each Fund’s total regular distribution amount is subject to change as a result of market conditions or other factors. IMPORTANT DISCLOSURE: You should not draw any conclusions about each Fund’s investment performance from the amount of this distribution or from the terms of each Fund’s Plan. Each Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in each Fund is paid back to you. A return of capital distribution does not necessarily reflect each Fund’s investment performance and should not be confused with “yield” or “income.” The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The following tables set forth estimates of the sources of each Fund’s January distribution and its cumulative distributions paid for its fiscal year through January 31, 2025, and information relating to each Fund’s performance based on its net asset value (NAV) for certain periods. Eaton Vance Enhanced Equity Income Fund (NYSE: EOI) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.1338 Distribution Frequency: Monthly Fiscal Year End: September Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0000 0.00% $0.0000 0.00% Net Realized Short-Term Capital Gains $0.0000 0.00% $0.0000 0.00% Net Realized Long-Term Capital Gains $0.1338 100.00% $0.5352 100.00% Return of Capital or Other Capital Source(s) $0.0000 0.00% $0.0000 0.00% Total per common share $0.1338 100.00% $0.5352 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 13.14% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.92% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 1.98% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 1.98% Eaton Vance Enhanced Equity Income Fund II (NYSE: EOS) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.1523 Distribution Frequency: Monthly Fiscal Year End: December Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0000 0.00% $0.0000 0.00% Net Realized Short-Term Capital Gains $0.0000 0.00% $0.0000 0.00% Net Realized Long-Term Capital Gains $0. 0000 0.00% $0.0000 0.00% Return of Capital or Other Capital Source(s) $0.1523 100.00% $0.1523 100.00% Total per common share $0.1523 100.00% $0.1523 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 13.98% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.84% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 28.10% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 7.37% Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.0651 Distribution Frequency: Monthly Fiscal Year End: December Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0000 0.00% $0.0000 0.00% Net Realized Short-Term Capital Gains $0.0231 35.60% $0.0231 35.60% Net Realized Long-Term Capital Gains $0.0420 64.40% $0.0420 64.40% Return of Capital or Other Capital Source(s) $0.0000 0.00% $0.0000 0.00% Total per common share $0.0651 100.00% $0.0651 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 10.44% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 8.03% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 24.90% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 7.81% Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE: EVT) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.1646 Distribution Frequency: Monthly Fiscal Year End: October Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0250 15.20% $0.0813 16.50% Net Realized Short-Term Capital Gains $0.0000 0.00% $0.0691 14.00% Net Realized Long-Term Capital Gains $0.1396 84.80% $0.3434 69.50% Return of Capital or Other Capital Source(s) $0.0000 0.00% $0.0000 0.00% Total per common share $0.1646 100.00% $0.4938 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 8.27% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.66% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 -0.59% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 1.28% Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (NYSE: ETO) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.1733 Distribution Frequency: Monthly Fiscal Year End: October Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0083 4.80% $0.0307 5.90% Net Realized Short-Term Capital Gains $0.0000 0.00% $0.1040 20.00% Net Realized Long-Term Capital Gains $0.1650 95.20% $0.3852 74.10% Return of Capital or Other Capital Source(s) $0.0000 0.00% $0.0000 0.00% Total per common share $0.1733 100.00% $0.5199 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 9.55% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.62% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 -0.30% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 1.27% Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.1058 Distribution Frequency: Monthly Fiscal Year End: December Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0035 3.30% $0.0035 3.30% Net Realized Short-Term Capital Gains $0.0000 0.00% $0.0000 0.00% Net Realized Long-Term Capital Gains $0.0000 0.00% $0.0000 0.00% Return of Capital or Other Capital Source(s) $0.1023 96.70% $0.1023 96.70% Total per common share $0.1058 100.00% $0.1058 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 9.55% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 8.14% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 19.73% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 7.90% Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.0993 Distribution Frequency: Monthly Fiscal Year End: December Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0013 1.30% $0.0013 1.30% Net Realized Short-Term Capital Gains $0.0784 79.00% $0.0784 79.00% Net Realized Long-Term Capital Gains $0.0196 19.70% $0.0196 19.70% Return of Capital or Other Capital Source(s) $0.0000 0.00% $0.0000 0.00% Total per common share $0.0993 100.00% $0.0993 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 10.03% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.97% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 23.52% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 7.88% Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.0992 Distribution Frequency: Monthly Fiscal Year End: October Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0000 0.00% $0.0000 0.00% Net Realized Short-Term Capital Gains $0.0679 68.40% $0.0679 22.80% Net Realized Long-Term Capital Gains $0.0313 31.60% $0.2297 77.20% Return of Capital or Other Capital Source(s) $0.0000 0.00% $0.0000 0.00% Total per common share $0.0992 100.00% $0.2976 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 13.25% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.87% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 2.81% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 1.31% Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (NYSE: ETW) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.0664 Distribution Frequency: Monthly Fiscal Year End: December Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0048 7.20% $0.0048 7.20% Net Realized Short-Term Capital Gains $0.0009 1.30% $0.0009 1.30% Net Realized Long-Term Capital Gains $0.0250 37.60% $0.0250 37.60% Return of Capital or Other Capital Source(s) $0.0357 53.90% $0.0357 53.90% Total per common share $0.0664 100.00% $0.0664 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 6.96% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 8.57% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 12.77% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 8.30% Eaton Vance Tax-Advantaged Global Dividend Income (NYSE: ETG) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.1293 Distribution Frequency: Monthly Fiscal Year End: October Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0025 1.90% $0.0097 2.50% Net Realized Short-Term Capital Gains $0.0000 0.00% $0.0248 6.40% Net Realized Long-Term Capital Gains $0.0813 62.90% $0.3080 79.40% Return of Capital or Other Capital Source(s) $0.0455 35.20% $0.0454 11.70% Total per common share $0.1293 100.00% $0.3879 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 9.65% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 7.71% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 -0.50% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 1.28% Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE: EXG) Distribution Period: January- 2025 Distribution Amount per Common Share: $0.0657 Distribution Frequency: Monthly Fiscal Year End: October Source Current Distribution % of Current Distribution Cumulative Distributions for the Fiscal Year-to-Date % of the Cumulative Distributions for the Fiscal Year-to-Date Net Investment Income $0.0026 3.90% $0.0066 3.30% Net Realized Short-Term Capital Gains $0.0028 4.30% $0.0339 17.20% Net Realized Long-Term Capital Gains $0.0372 56.70% $0.1335 67.80% Return of Capital or Other Capital Source(s) $0.0231 35.10% $0.0231 11.70% Total per common share $0.0657 100.00% $0.1971 100.00% Average annual total return at NAV for the 5-year period ended on December 31, 2024 1 9.19% Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2024 2 8.70% Cumulative total return at NAV for the fiscal year through December 31, 2024 3 0.01% Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 2024 4 1.45% 1 Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on December 31, 2024 2 The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund's NAV as of December 31, 2024 3 Cumulative total return at NAV is the percentage change in the Fund's NAV for the period from the beginning of its fiscal year to December 31, 2024 including distributions paid and assuming reinvestment of those distributions. 4 Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to December 31, 2024 measured on the dollar value of the distributions in year-to-date period as a percentage of the Fund's NAV as of December 31, 2024

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