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<SEC-DOCUMENT>0000950135-07-000249.txt : 20070119
<SEC-HEADER>0000950135-07-000249.hdr.sgml : 20070119
<ACCEPTANCE-DATETIME>20070119143541
ACCESSION NUMBER:		0000950135-07-000249
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		16
FILED AS OF DATE:		20070119
DATE AS OF CHANGE:		20070119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Global Diversified Equity Income Fund
		CENTRAL INDEX KEY:			0001379438
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21973
		FILM NUMBER:		07540407

	BUSINESS ADDRESS:	
		STREET 1:		THE EATON VANCE BUILDING
		STREET 2:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		THE EATON VANCE BUILDING
		STREET 2:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Global Diversified Equity Income Fund
		CENTRAL INDEX KEY:			0001379438
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-138318
		FILM NUMBER:		07540408

	BUSINESS ADDRESS:	
		STREET 1:		THE EATON VANCE BUILDING
		STREET 2:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		THE EATON VANCE BUILDING
		STREET 2:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>b63412nanv2za.htm
<DESCRIPTION>EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND
<TEXT>
<HTML>
<HEAD>
<TITLE>nv2za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on January&nbsp;19, 2007
</DIV>

<DIV align="right" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">1933 Act File No.&nbsp;333-138318<BR>
1940 Act File No.&nbsp;811-21973
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">U.S. SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FORM N-2
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="98%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">REGISTRATION STATEMENT</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">UNDER THE SECURITIES ACT OF 1933
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091; &#093;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">PRE-EFFECTIVE AMENDMENT NO. 1
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;X&#093;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">POST-EFFECTIVE AMENDMENT NO. &#95;&#95;&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091; &#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">AND/OR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">REGISTRATION STATEMENT UNDER THE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">INVESTMENT COMPANY ACT OF 1940
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091; &#093;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">AMENDMENT NO. 1
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;X&#093;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(CHECK APPROPRIATE BOX OR BOXES)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND<BR>
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE EATON VANCE BUILDING, 255 STATE STREET, BOSTON, MASSACHUSETTS 02109<BR>
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRANT&#146;S TELEPHONE NUMBER, INCLUDING AREA CODE&nbsp;&nbsp;(617)&nbsp;482-8260
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ALAN R. DYNNER<BR>
THE EATON VANCE BUILDING, 255 STATE STREET, BOSTON, MASSACHUSETTS 02109<BR>
NAME AND ADDRESS (OF AGENT FOR SERVICE)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COPIES OF COMMUNICATIONS TO:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">MARK P. GOSHKO, ESQ. <BR>
KIRKPATRICK &#038; LOCKHART PRESTON GATES ELLIS LLP <BR>
STATE STREET FINANCIAL CENTER <BR>
ONE LINCOLN STREET <BR>
BOSTON, MASSACHUSETTS 02111
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">SARAH E. COGAN, ESQ.<BR>
SIMPSON THACHER &#038; BARTLETT LLP<BR>
425 LEXINGTON AVENUE<BR>
NEW YORK, NY 10007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this form are to be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under the Securities Act
of 1933, other than securities offered in connection with a dividend
reinvestment plan, check the following box. &nbsp;&nbsp; &#091; &#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091; &#093; &nbsp;&nbsp; when declared effective pursuant to Section&nbsp;8(c)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">PROPOSED</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">PROPOSED</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">MAXIMUM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">MAXIMUM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">OFFERING</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">AGGREGATE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">AMOUNT OF</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">AMOUNT BEING</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">PRICE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">OFFERING</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">REGISTRATION</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">TITLE OF SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">REGISTERED</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">PER UNIT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">PRICE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">FEES</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">BEING REGISTERED</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(1)(2)(3)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares of
Beneficial Interest,
$0.01 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">50,000</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$20.00</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$1,000,000</TD>
    <TD>&nbsp;</TD>
<TD colspan="3" align="center">$107.00</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee, pursuant to Rule 457(o) under the Securities Act of 1933.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes Shares that may be offered to the Underwriters pursuant to an option to cover over-allotments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>A registration fee of $107.00 was previously paid in connection with the initial filing filed on October&nbsp;31, 2006.</TD>
</TR>

</TABLE>



<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THIS REGISTRATION STATEMENT
SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE
SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATES AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<FONT style="font-size: 9pt; color: #E8112D">The information in
this Prospectus is not complete and may be changed. These
securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective.
This Prospectus is not an offer to sell these securities and it
is not soliciting an offer to buy these securities in any
jurisdiction where the offer or sale is not permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;<B><FONT style="color: #00337F">PRELIMINARY
    PROSPECTUS</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">SUBJECT TO COMPLETION, DATED
    January&#160;22, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="position: relative; left: -4%; margin-left: 0; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b63412nab6341200.gif" alt="(EATON VANCE LOGO)" ><B> </B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 14%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 13pt; color: #00337F">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 14%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 17pt; color: #00337F">Eaton Vance
    Tax-Managed Global Diversified Equity Income Fund</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 14%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 13pt; color: #00337F">Common
    Shares<BR>
    $20.00&#160;per share</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=0 -->

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="color: #00337F">Investment
    objectives.</FONT></I></B><FONT style="color: #00337F">&#160;&#160;Eaton
    Vance Tax-Managed Global Diversified Equity Income Fund (the
    &#147;Fund&#148;) is a newly organized, diversified, closed-end
    management investment company. The Fund&#146;s primary
    investment objective is to provide current income and gains,
    with a secondary objective of capital appreciation. In pursuing
    its investment objectives, the Fund will evaluate returns on an
    after-tax basis, seeking to minimize and defer shareholder
    federal income taxes.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="color: #00337F">Portfolio management
    strategies.</FONT></I></B><FONT style="color: #00337F">&#160;&#160;Under
    normal market conditions, the Fund&#146;s investment program
    will consist primarily of owning a diversified portfolio of
    domestic and foreign common stocks. The Fund will seek to earn
    high levels of tax-advantaged income and gains by
    (1)&#160;emphasizing investments in stocks that pay dividends
    that qualify for favorable federal income tax treatment and
    (2)&#160;writing (selling) stock index call options with respect
    to a portion of its common stock portfolio value. <I>(continued
    on inside front cover)</I>
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="color: #00337F">This Prospectus sets forth
    concisely information you should know before investing in the
    shares of the Fund.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #00337F">Because the Fund is newly
    organized, its common shares (&#147;Common Shares&#148;) have no
    history of public trading. The shares of closed-end investment
    companies often trade at a discount from their net asset value,
    which may increase investors&#146; risk of loss.</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=0 -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt; color: #00337F">Investing in
    the Fund&#146;s Common Shares involves certain risks. See
    &#147;Investment objectives, policies and risks&#160;&#151; Risk
    Consideration&#148; beginning on page&#160;40.</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="color: #00337F">Neither the Securities and Exchange
    Commission nor any state securities commission has approved or
    disapproved of these securities or determined this Prospectus is
    truthful or complete. Any representation to the contrary is a
    criminal offense.
    </FONT>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #00337F">
    <B><FONT style="color: #00337F">Per Share</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #00337F">
    <B><FONT style="color: #00337F">Total(1)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #00337F">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Public Offering Price
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    20.00
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="color: #00337F">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Sales Load(2)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    0.90
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #00337F">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Estimated Offering Expenses(3)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    0.04
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #00337F">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Proceeds to the Fund
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    19.06
</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #00337F">

</TD>
<TD nowrap align="left" valign="bottom" style="color: #00337F">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt; color: #00337F">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; color: #00337F">The Fund has also
    granted the underwriters an option to purchase up to an
    additional&#160;&#160;&#160;&#160;&#160;Common Shares at the
    public offering price, less the sales load, within 45&#160;days
    from the date of this Prospectus to cover over-allotments, if
    any. If such option is exercised in full, the total public
    offering price, sales load, estimated offering expenses and
    proceeds to the Fund will be $&#160;&#160;&#160;&#160;&#160;,
    $&#160;&#160;&#160;&#160;&#160;,
    $&#160;&#160;&#160;&#160;&#160;, and
    $&#160;&#160;&#160;&#160;&#160;, respectively
    </FONT></TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt; color: #00337F">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; color: #00337F">Eaton Vance (not
    the Fund) has agreed to pay from its own assets a structuring
    fee to each of Wachovia Capital Markets, LLC, Citigroup Global
    Markets Inc., Morgan Stanley &#38; Co. Incorporated and UBS
    Securities LLC and additional compensation to
    A.G.&#160;Edwards&#160;&#38; Sons, Inc. Eaton Vance (not the
    Fund) may pay certain qualifying underwriters a marketing and
    structuring fee, additional compensation, or a sales incentive
    fee in connection with the offering. See
    &#147;Underwriting.&#148; The total compensation received by the
    underwriters will not exceed 9.0% of the total public offering
    price of the Common Shares offered hereby.
    </FONT></TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt; color: #00337F">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; color: #00337F">In addition to the
    sales load, the Fund will pay offering costs of up to
    $0.04&#160;per share, estimated to total
    $&#160;&#160;&#160;&#160;&#160;, which will reduce the
    &#147;Proceeds to the Fund&#148; (above). Eaton Vance or an
    affiliate has agreed to pay the amount by which the aggregate of
    all of the Fund&#146;s offering costs (other than sales loads)
    exceeds $0.04 per share. Eaton Vance or an affiliate has agreed
    to reimburse all organizational costs.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="color: #00337F">The underwriters expect to deliver
    the Common Shares to purchasers on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Wachovia
    Securities</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 25%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Citigroup</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 40%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Morgan
    Stanley</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">UBS Investment
    Bank</FONT></B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times; color: #00337F">A.G.
    Edwards</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Robert
    W. Baird &#38; Co.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Banc
    of America Securities LLC</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">BB&#38;T
    Capital Markets</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Crowell,
    Weedon &#38; Co.</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Ferris,
    Baker Watts</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">H&#38;R
    Block Financial Advisors, Inc.</FONT></B></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; color: #00337F">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Incorporated</FONT></B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">J.J.B.
    Hilliard, W.L.&#160;Lyons, Inc.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Janney
    Montgomery Scott LLC</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Oppenheimer
    &#38; Co.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Raymond
    James</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">RBC
    Capital Markets</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Ryan
    Beck &#38; Co.</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Southwest
    Securities</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Stifel
    Nicolaus</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">SunTrust
    Robinson Humphrey</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times; color: #00337F">Wedbush
    Morgan Securities Inc.</FONT></B></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt; color: #00337F">Wells Fargo
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt; color: #00337F">The date of this
    Prospectus is February&#160;&#160;&#160;, 2007
    </FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(continued from previous page)</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Call options on broad-based stock indices generally qualify for
    treatment as &#147;section&#160;1256 contracts,&#148; as defined
    in the Internal Revenue Code of 1986, as amended, on which
    capital gains and losses are generally treated as 60% long-term
    and 40% short-term, regardless of holding period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Investment adviser and
    <FONT style="white-space: nowrap">sub-adviser.</FONT></I></B>&#160;&#160;The
    Fund&#146;s investment adviser is Eaton Vance Management
    (&#147;Eaton Vance&#148; or the &#147;Adviser&#148;). As of
    September&#160;30, 2006, Eaton Vance and its subsidiaries
    managed approximately $124.1&#160;billion on behalf of funds,
    institutional clients and individuals, including approximately
    $74.9&#160;billion in equity assets. Eaton Vance has engaged
    Rampart Investment Management Company, Inc. (&#147;Rampart&#148;
    or the
    <FONT style="white-space: nowrap">&#147;Sub-Adviser&#148;)</FONT>
    as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    of the Fund. Rampart, founded in 1983, specializes in options
    management and trading for institutional, high net worth and
    investment company clients. Rampart managed approximately
    $6.6&#160;billion in assets as of September&#160;30, 2006. Eaton
    Vance will be responsible for the Fund&#146;s overall investment
    program, structuring and managing the Fund&#146;s common stock
    portfolio, including dividend capture trading, tax-loss
    harvesting and other tax-management techniques, providing
    consultation to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and supervising the performance of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    Rampart will be responsible for providing advice on and
    execution of the Fund&#146;s options strategy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Portfolio contents.</I></B>&#160;&#160;Under normal market
    conditions, the Fund will invest at least 80% of its total
    assets in a combination of (1)&#160;dividend-paying domestic and
    foreign common stocks and (2)&#160;common stocks the value of
    which is subject to covered written index call options.
    Typically, the Fund will invest at least 40% of its total assets
    in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies</FONT>
    (unless the Adviser deems market conditions
    <FONT style="white-space: nowrap">and/or</FONT>
    company valuations less favorable to
    <FONT style="white-space: nowrap">non-U.S.&#160;companies,</FONT>
    in which case the Fund will invest at least 30% of its total
    assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies).</FONT>
    The Fund may not invest 25% or more of its total assets in the
    securities of issuers in any single industry. The Fund will
    emphasize investments in stocks that pay dividends that qualify
    for federal income taxation at rates applicable to long-term
    capital gains, and will seek to enhance the level of
    tax-advantaged dividend income it receives by engaging in
    dividend capture trading. In a dividend capture trade, the Fund
    sells a stock on or shortly after the stock&#146;s ex-dividend
    date and uses the sale proceeds to purchase one or more other
    stocks that are expected to pay dividends before the next
    dividend payment on the stock being sold. Through this practice,
    the Fund may receive more dividend payments over a given time
    period than if it held a single stock. By complying with
    applicable holding period and other requirements while engaging
    in dividend capture trading, the Fund may enhance the level of
    tax-advantaged dividend income it receives. The use of dividend
    capture trading strategies will expose the Fund to increased
    trading costs and potentially higher short-term gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund intends to write call options on broad-based domestic,
    foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that the Adviser believes collectively
    approximate the characteristics of its common stock portfolio
    (or that portion of its portfolio against which options are
    written) and that present attractive opportunities to earn
    options premiums. The Fund intends initially to write call
    options on the S&#38;P 500 Composite Stock Price
    Index<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    and at least one broad-based foreign stock index, and may also
    write call options on other domestic and foreign stock indices.
    Over time, the indices on which the Fund writes call options may
    vary as a result of changes in the availability and liquidity of
    various listed index options, changes in stock portfolio
    holdings, the Adviser&#146;s evaluation of equity market
    conditions and other factors. Writing index call options
    involves a tradeoff between the option premiums received and
    reduced participation in potential future stock price
    appreciation. Due to tax considerations, the Fund intends to
    limit the overlap between its stock holdings (and any subset
    thereof) and each index on which it has outstanding options
    positions to less than 70% on an ongoing basis. The Fund&#146;s
    stock holdings will normally include stocks not included in the
    indices on which it writes call options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Fund seeks to generate current earnings from dividends on
    stocks held and from option premiums.</B>&#160;&#160;The Fund
    intends to employ a variety of tax-management techniques and
    strategies as described herein, seeking in part to minimize the
    Fund&#146;s ordinary income (other than qualified dividend
    income) and net realized short-term capital gains in excess of
    net realized long-term capital losses and Fund expenses. To the
    extent that the Fund&#146;s ordinary income (other than
    qualified dividend income) and net realized short-term gains
    over net realized long-term losses exceed Fund expenses,
    dividends with respect to such amounts when paid to Common
    Shareholders (as defined below) will be taxable as ordinary
    income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Exchange listing.</I></B>&#160;&#160;The Fund&#146;s
    common shares have been approved for listing on the New York
    Stock Exchange under the symbol &#147;EXG,&#148; subject to
    notice of issuance. Because the Fund is newly organized, its
    Common Shares have no history of public trading. The shares of
    closed-end management investment companies frequently trade at a
    discount from their net asset value. The returns earned by
    holders of the Fund&#146;s Common Shares (&#147;Common
    Shareholders&#148;) who purchase their shares in this offering
    and sell their shares below net asset value will be reduced.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance believes that the Fund may be appropriate for
    investors seeking an investment vehicle that combines regular
    distributions and the potential for capital appreciation. The
    Fund may be particularly well suited for taxpaying investors who
    can benefit from the minimization and deferral of federal income
    taxes that the Fund seeks to provide.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s net asset value and distribution rate will vary
    and may be affected by numerous factors, including changes in
    stock prices, dividend rates, dividend capture trading activity,
    option premiums and other factors. An investment in the Fund may
    not be appropriate for all investors. There is no assurance that
    the Fund will achieve its investment objectives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please read and retain this Prospectus for future reference. A
    Statement of Additional Information
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2007 has been filed with the Securities and Exchange Commission
    and can be obtained without charge by calling
    <FONT style="white-space: nowrap">1-800-225-6265</FONT>
    or by writing to the Fund. A table of contents to the Statement
    of Additional Information is located at page&#160;66 of this
    Prospectus. This Prospectus incorporates by reference the entire
    Statement of Additional Information. The Statement of Additional
    Information is available along with shareholder reports and
    other Fund-related materials at the Securities and Exchange
    Commission&#146;s public reference room in Washington, DC
    <FONT style="white-space: nowrap">(call&#160;1-202-942-8090</FONT>
    for information on the operation of the reference room), from
    the EDGAR database on the Securities and Exchange
    Commission&#146;s internet site (http://www.sec.gov), upon
    payment of copying fees by writing to the Securities and
    Exchange Commission&#146;s public reference section, Washington,
    DC
    <FONT style="white-space: nowrap">20549-0102;</FONT>
    or by electronic mail at publicinfo@sec.gov. The Fund&#146;s
    address is The Eaton Vance Building, 255 State Street, Boston,
    Massachusetts 02109 and its telephone number is
    <FONT style="white-space: nowrap">1-800-225-6265.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s shares do not represent a deposit or obligation
    of, and are not guaranteed or endorsed by, any bank or other
    insured depository institution, and are not federally insured by
    the Federal Deposit Insurance Corporation, the Federal Reserve
    Board or any other government agency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is not sponsored, endorsed, sold or promoted by any
    index sponsor. No index sponsor has passed on the legality or
    suitability of, or the accuracy or adequacy of, descriptions and
    disclosures relating to the Fund. No index sponsor has made any
    representation or warranty, express or implied, to the Common
    Shareholders of the Fund or any member of the public regarding
    the advisability of investing in securities generally or in the
    Fund particularly, or the ability of any index to track general
    stock market performance. The indices are determined, composed
    and calculated by the respective index sponsors without regard
    to the Fund or its use of the indices for option writing. The
    index sponsors have no obligation to take the needs of the Fund
    or its Common Shareholders into consideration in determining,
    composing or calculating the indices. No index sponsor is
    responsible for or has participated in the determination of the
    timing of, price of, or number of Common Shares of the Fund to
    be issued. No index sponsor has any liability in connection with
    the management, administration, marketing or trading of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The index sponsors do not guarantee the accuracy
    <FONT style="white-space: nowrap">and/or</FONT>
    uninterrupted calculation of the indices or any data included
    therein. The index sponsors make no warranty, express or
    implied, as to results to be obtained by the Fund, the Common
    Shareholders or any other person or entity from the use of the
    indices in the Fund&#146;s options writing program. In
    publishing the indices, the index sponsors make no express or
    implied warranties, and expressly disclaim all warranties of
    merchantability or fitness for a particular purpose or use with
    respect to the indices or any data included therein. Without
    limiting any of the foregoing, in no event shall an index
    sponsor have any liability for any lost profits or special,
    incidental, punitive, indirect or consequential damages, even if
    notified of the possibility of such damages.</B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this Prospectus. The Fund has not,
    and the underwriters have not, authorized any other person to
    provide you with different information. If anyone provides you
    with different or inconsistent information, you should not rely
    on it. The Fund is not, and the underwriters are not, making an
    offer to sell these securities in any jurisdiction where the
    offer or sale is not permitted. The Fund will notify
    shareholders promptly of any material change to this Prospectus
    during the period the Fund is required to deliver the
    Prospectus. The Fund&#146;s business, financial condition and
    results of operations may have changed since the date of this
    Prospectus.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Table of
    Contents</FONT></B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'><FONT style="font-size: 10pt">Prospectus
    Summary</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'><FONT style="font-size: 10pt">Summary of
    Fund&#160;Expenses</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">24
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'><FONT style="font-size: 10pt">The Fund</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'><FONT style="font-size: 10pt">Use of
    Proceeds</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'><FONT style="font-size: 10pt">Investment
    Objectives, Policies and Risks</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'><FONT style="font-size: 10pt">Management of the
    Fund</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">46
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'><FONT style="font-size: 10pt">Distributions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">48
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'><FONT style="font-size: 10pt">Federal Income Tax
    Matters</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'><FONT style="font-size: 10pt">Dividend
    Reinvestment Plan</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">54
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'><FONT style="font-size: 10pt">Description of
    Capital Structure</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">55
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'><FONT style="font-size: 10pt">Underwriting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">61
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'><FONT style="font-size: 10pt">Custodian and
    Transfer Agent</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'><FONT style="font-size: 10pt">Legal
    Opinions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'><FONT style="font-size: 10pt">Reports to
    Shareholders</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'><FONT style="font-size: 10pt">Independent
    Registered Public Accounting Firm</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'><FONT style="font-size: 10pt">Additional
    Information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'><FONT style="font-size: 10pt">Table of Contents
    for the Statement of Additional Information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">66
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'><FONT style="font-size: 10pt">The Fund&#146;s
    Privacy Policy</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">67
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007 (25&#160;days after the date of this Prospectus), all
    dealers that buy, sell or trade the Common Shares, whether or
    not participating in this offering, may be required to deliver a
    Prospectus. This requirement is in addition to the dealers&#146;
    obligation to deliver a Prospectus when acting as underwriters
    and with respect to their unsold allotments or subscriptions.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is only a summary. This summary may not contain all of the
    information that you should consider before investing in the
    Eaton Vance Tax-Managed Global Diversified Equity Income
    Fund&#146;s common shares (&#147;Common Shares&#148;). You
    should review the more detailed information contained in this
    Prospectus and in the Statement of Additional Information,
    especially the information set forth under the heading
    &#147;Investment Objectives and Policies&#148; and &#147;Risk
    Factors.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>The Fund</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Eaton Vance Tax-Managed Global Diversified Equity Income Fund
    (the &#147;Fund&#148;) is a newly organized, diversified,
    closed-end management investment company. The Fund seeks to
    provide current income and gains, with a secondary objective of
    capital appreciation. Investments are based on Eaton Vance
    Management&#146;s (&#147;Eaton Vance&#148; or the
    &#147;Adviser&#148;) and Rampart Investment Management Company,
    Inc.&#146;s (&#147;Rampart&#148; or the
    <FONT style="white-space: nowrap">&#147;Sub-Adviser&#148;)</FONT>
    internal research and management. An investment in the Fund may
    not be appropriate for all investors.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>The Offering</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund is
    offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Common
    Shares of beneficial interest, par value $0.01&#160;per share,
    through a group of underwriters (the &#147;Underwriters&#148;)
    led by Wachovia Capital Markets, LLC, Citigroup Global Markets
    Inc., Morgan Stanley&#160;&#38; Co. Incorporated, UBS Securities
    LLC and A.G. Edwards&#160;&#38; Sons, Inc. The Common Shares of
    beneficial interest are called &#147;Common Shares.&#148; The
    Underwriters have been granted an option by the Fund to purchase
    up to an additional&#160;&#160;&#160;&#160;&#160;Common Shares
    solely to cover over-allotments, if any. The initial public
    offering price is $20.00 per Common Share. The minimum purchase
    in this offering is 100 Common Shares ($2,000). See
    &#147;Underwriting.&#148; Eaton Vance or an affiliate has agreed
    to (i)&#160;reimburse all organizational costs of the Fund and
    (ii)&#160;pay all offering costs (other than sales load) that
    exceed $0.04&#160;per Common Share.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Investment Objectives and Strategies</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s primary investment objective is to provide
    current income and gains, with a secondary objective of capital
    appreciation. In pursuing its investment objectives, the Fund
    will evaluate returns on an after-tax basis, seeking to minimize
    and defer shareholder federal income taxes. There can be no
    assurance that the Fund will achieve its investment objectives.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under normal market conditions, the Fund&#146;s investment
    program will consist primarily of owning a diversified portfolio
    of domestic and foreign common stocks. The Fund will seek to
    earn high levels of tax-advantaged income and gains by
    (1)&#160;emphasizing investments in stocks that pay dividends
    that qualify for favorable federal income tax treatment and
    (2)&#160;writing (selling) stock index call options with respect
    to a portion of its common stock portfolio value. Call options
    on broad-based stock indices generally will qualify for
    treatment as &#147;section&#160;1256 contracts&#148; as defined
    in the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), on which capital gains and losses are
    generally treated as 60% long-term and 40% short-term,
    regardless of holding period.</TD>
</TR>

</TABLE>
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    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under normal market conditions, the Fund will invest at least
    80% of its total assets in a combination of
    (1)&#160;dividend-paying domestic and foreign common stocks and
    (2)&#160;common stocks the value of which is subject to covered
    written index call options. The Fund will emphasize investments
    in stocks that pay dividends that qualify for federal income
    taxation at rates applicable to long-term capital gains, and
    will seek to enhance the level of tax-advantaged dividend income
    it receives by engaging in dividend capture trading. In a
    dividend capture trade, the Fund sells a stock on or shortly
    after the stock&#146;s ex-dividend date and uses the sale
    proceeds to purchase one or more other stocks that are expected
    to pay dividends before the next dividend payment on the stock
    being sold. Through this practice, the Fund may receive more
    dividend payments over a given time period than if it held a
    single stock. By complying with applicable holding period and
    other requirements while engaging in dividend capture trading,
    the Fund may enhance the level of tax-advantaged dividend income
    it receives. The use of dividend capture trading strategies will
    expose the Fund to increased trading costs and potentially
    higher short-term gain or loss.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Typically, the Fund will invest at least 40% of its total assets
    in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies</FONT>
    (unless the Adviser deems market conditions
    <FONT style="white-space: nowrap">and/or</FONT>
    company valuations less favorable to
    <FONT style="white-space: nowrap">non-U.S.&#160;companies,</FONT>
    in which case the Fund will invest at least 30% of its total
    assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies).</FONT>
    The Fund&#146;s investments in
    <FONT style="white-space: nowrap">non-U.S.&#160;companies</FONT>
    may include securities evidenced by American Depositary Receipts
    (&#147;ADRs&#148;), Global Depositary Receipts
    (&#147;GDRs&#148;) and European Depositary Receipts
    (&#147;EDRs&#148;). The Fund may invest up to 10% of its total
    assets in securities of emerging market issuers. The Fund
    expects that its assets will normally be invested across a broad
    range of industries and market sectors. The Fund may not invest
    25% or more of its total assets in the securities of issuers in
    any single industry. The Fund may invest a portion of its assets
    in stocks of mid-capitalization companies. Eaton Vance generally
    considers mid-capitalization companies to be those companies
    having market capitalizations within the range of
    capitalizations for the S&#38;P MidCap 400 Index (the
    &#147;S&#38;P MidCap 400&#148;). As of September&#160;30, 2006,
    the median market capitalization of companies in the S&#38;P
    MidCap 400 was approximately $2.55&#160;billion.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund intends to write call options on broad-based domestic,
    foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that the Adviser believes collectively
    approximate the characteristics of its common stock portfolio
    (or that portion of its portfolio against which options are
    written) and that present attractive opportunities to earn
    options premiums. The Fund intends initially to write call
    options on the S&#38;P 500 Composite Stock Price
    Index<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    (the &#147;S&#38;P 500&#148;) and at least one broad-based
    foreign stock index, and may also write call options on other
    domestic and foreign stock indices. Over time, the indices on
    which the Fund writes call options may vary as a result of
    changes in the availability and liquidity of various listed
    index options, changes in stock portfolio </TD>
</TR>

</TABLE>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    holdings, the Adviser&#146;s evaluation of equity market
    conditions and other factors. Writing index call options
    involves a tradeoff between the option premiums received and
    reduced participation in potential future stock price
    appreciation. Due to tax considerations, the Fund intends to
    limit the overlap between its stock holdings (and any subset
    thereof) and each index on which it has outstanding options
    positions to less than 70% on an ongoing basis. The Fund&#146;s
    stock holdings will normally include stocks not included in the
    indices on which it writes call options.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund generally intends to sell index call options that are
    exchange-listed and &#147;European style,&#148; meaning that the
    options may be exercised only on the expiration date of the
    option. To implement its options program most effectively, the
    Fund may also sell index options that trade in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    (&#147;OTC&#148;) markets. Index options differ from options on
    individual securities in that index options (i)&#160;typically
    are settled in cash rather than by delivery of securities and
    (ii)&#160;reflect price fluctuations in a group of securities or
    segments of the securities market rather than price fluctuations
    in a single security.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As the seller of index call options, the Fund will receive cash
    (the premiums) from option purchasers. The purchaser of an index
    call option has the right to any appreciation in the value of
    the applicable index over a fixed price (the exercise price) as
    of a specified date in the future (the option valuation date).
    Generally, the Fund intends to sell call options that are
    slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    (i.e., the exercise price generally will be slightly above the
    current level of the applicable index when the option is sold).
    The Fund may also sell index options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    Such options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    provide greater potential for the Fund to realize capital
    appreciation, but generally would pay a lower premium than
    options that are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    In writing index options, the Fund will, in effect, sell the
    potential appreciation in the value of the applicable index
    above the exercise price in exchange for the option premium
    received. If, at expiration, an index call option sold by the
    Fund is exercised, the Fund will pay the purchaser the
    difference between the cash value of the applicable index and
    the exercise price of the option. The premium, the exercise
    price and the market value of the applicable index will
    determine the gain or loss realized by the Fund as the seller of
    the index call option.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s policy that, under normal market conditions, the
    Fund will invest at least 80% of its total assets in a
    combination of (1)&#160;dividend-paying domestic and foreign
    common stocks and (2)&#160;common stocks the value of which is
    subject to covered written index call options is a
    non-fundamental policy that may be changed by the Fund&#146;s
    Board of Trustees (the &#147;Board&#148;) without Common
    Shareholder approval following the provision of
    60&#160;days&#146; prior written notice to Common Shareholders.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In implementing the Fund&#146;s investment strategy, the Adviser
    and
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    intend to employ a variety of techniques and </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    3
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    strategies designed to minimize and defer the federal income
    taxes incurred by Common Shareholders in connection with their
    investment in the Fund as described below.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The S&#38;P 500 is an unmanaged index of 500 stocks maintained
    and published by Standard&#160;&#38; Poor&#146;s that is
    market-capitalization weighted and generally representative of
    the performance of larger stocks traded in the United States.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund is not sponsored, endorsed, sold or promoted by any
    index sponsor. No index sponsor has passed on the legality or
    suitability of, or the accuracy or adequacy of descriptions and
    disclosures relating to the Fund. No index sponsor has made any
    representation or warranty, express or implied, to the Common
    Shareholders of the Fund or any member of the public regarding
    the advisability of investing in securities generally or in the
    Fund particularly, or the ability of any index to track general
    stock market performance. The indices are determined, composed
    and calculated by the respective index sponsors without regard
    to the Fund or its use of the indices for option writing. The
    index sponsors have no obligation to take the needs of the Fund
    or its Common Shareholders into consideration in determining,
    composing or calculating the indices. No index sponsor is
    responsible for or has participated in the determination of the
    timing of, price of, or number of Common Shares of the Fund to
    be issued. No index sponsor has any liability in connection with
    the management, administration, marketing or trading of the Fund.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B>The index sponsors do not guarantee the accuracy
    <FONT style="white-space: nowrap">and/or</FONT>
    uninterrupted calculation of the indices or any data included
    therein. The index sponsors make no warranty, express or
    implied, as to results to be obtained by the Fund, the Common
    Shareholders or any other person or entity from the use of the
    indices in the Fund&#146;s options writing program. In
    publishing the indices, the index sponsors make no express or
    implied warranties, and expressly disclaim all warranties of
    merchantability or fitness for a particular purpose or use with
    respect to the indices or any data included therein. Without
    limiting any of the foregoing, in no event shall an index
    sponsor have any liability for any lost profits or special,
    incidental, punitive, indirect or consequential damages, even if
    notified of the possibility of such damages.</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Investment Selection Strategies</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Eaton Vance will be responsible for the Fund&#146;s overall
    investment program, structuring and managing the Fund&#146;s
    common stock portfolio, including dividend capture trading,
    tax-loss harvesting and other tax-management techniques,
    providing consultation to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and supervising the performance of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    The Fund&#146;s investments will be actively managed, and
    securities may be bought or sold on a daily basis. Rampart will
    be responsible for providing advice on and execution of the
    Fund&#146;s options strategy.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A team of Eaton Vance investment professionals is responsible
    for the overall management of the Fund&#146;s investments,
    including </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    4
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    decisions about asset allocation and securities selection. The
    portfolio managers utilize information provided by, and the
    expertise of, the Adviser&#146;s research staff in making
    investment decisions. Investment decisions are made primarily on
    the basis of fundamental research, which involves consideration
    of the various company-specific and general business, economic
    and market factors that may influence the future performance of
    individual companies and equity investments therein. The Adviser
    will also consider a variety of other factors in constructing
    and maintaining the Fund&#146;s stock portfolio, including, but
    not limited to, stock dividend yields and payment schedules,
    overlap between the Fund&#146;s stock holdings and the indices
    on which it has outstanding options positions, realization of
    tax loss harvesting opportunities and other tax management
    considerations.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Adviser believes that a strategy of owning a portfolio of
    common stocks and selling covered call options (a
    &#147;buy-write strategy&#148;) with respect to a portion
    thereof can provide current income and gains and attractive
    risk-adjusted returns. The Fund will sell only
    &#147;covered&#148; call options. An index call option is
    considered covered if the Fund maintains with its custodian
    assets determined to be liquid (in accordance with procedures
    established by the Board) in an amount at least equal to the
    contract value of the index. An index call option also is
    covered if the Fund holds a call on the same index as the call
    written where the exercise price of the call held is
    (i)&#160;equal to or less than the exercise price of the call
    written, or (ii)&#160;greater than the exercise price of the
    call written, provided the difference is maintained by the Fund
    in segregated assets determined to be liquid (in accordance with
    procedures established by the Board). Compared to selling call
    options on individual stocks, the Adviser believes that selling
    index call options can achieve better tax and transactional
    efficiency because listed options on broad-based securities
    indices generally qualify as &#147;section&#160;1256
    contracts&#148; under the Code subject to specialized tax
    treatment and because the markets for index options are
    generally deeper and more liquid than options on individual
    stocks. Although the Fund generally and initially expects to
    write stock index call options with respect to only a portion of
    its common stock portfolio value, the Fund may in market
    circumstances deemed appropriate by the Adviser write covered
    index call options on up to 100% of the value of its assets.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Eaton Vance further believes that a strategy of owning a
    portfolio of common stocks in conjunction with writing index
    call options with respect to a portion thereof should generally
    provide returns that are superior to owning the same stocks
    without an associated call option writing program under three
    different stock market scenarios: (1)&#160;down-trending equity
    markets; (2)&#160;flat market conditions; and
    (3)&#160;moderately rising equity markets. In the Adviser&#146;s
    opinion, only in more strongly rising equity markets would the
    buy-write strategy generally be expected to underperform the
    stock-only portfolio. For these purposes, the Adviser considers
    more strongly rising equity market conditions to exist </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    whenever the current annual rate of return for United States and
    international common stocks exceeds the long-term historical
    average of stock market returns. The Adviser considers
    moderately rising equity market conditions to exist whenever
    current annual returns on United States and international common
    stocks are positive, but do not exceed the long-term historical
    average of stock market returns.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    To avoid being subject to the &#147;straddle rules&#148; under
    federal income tax law, the Fund intends to limit the overlap
    between its stock holdings (and any subset thereof) and each
    index on which it has outstanding options positions to less than
    70% on an ongoing basis. Under the &#147;straddle rules,&#148;
    &#147;offsetting positions with respect to personal
    property&#148; generally are considered to be straddles. In
    general, investment positions will be offsetting if there is a
    substantial diminution in the risk of loss from holding one
    position by reason of holding one or more other positions. The
    Fund expects that the index call options it writes will not be
    considered straddles because its stock holdings will be
    sufficiently dissimilar from the components of each index on
    which it has open call options positions under applicable
    guidance established by the Internal Revenue Service (the
    &#147;IRS&#148;). Under certain circumstances, however, the Fund
    may enter into options transactions or certain other investments
    that may constitute positions in a straddle.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s index option strategy is designed to produce
    current cash flow from options premiums and to moderate the
    volatility of the Fund&#146;s returns. This index option
    strategy is of a hedging nature, and is not designed to
    speculate on equity market performance. The Adviser believes
    that the Fund&#146;s index option strategy will moderate the
    volatility of the Fund&#146;s returns because the option
    premiums received will help to mitigate the impact of downward
    price movements in the stocks held by the Fund, while the
    Fund&#146;s obligations under index calls written will constrain
    the Fund&#146;s ability to participate in upward price movements
    in portfolio stocks.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund expects normally to sell index call options on a
    portion of its common stock portfolio value. The Adviser does
    not intend to sell index call options representing amounts
    greater than the value of the Fund&#146;s common stock portfolio
    (i.e., take a &#147;naked&#148; position). The Adviser generally
    intends to sell index call options that are exchange-listed and
    &#147;European style,&#148; meaning that the options may only be
    exercised on the expiration date of the option. To implement its
    options program most effectively, the Fund may also sell index
    options that trade in OTC markets. Exchange-traded index options
    are typically settled in cash and provide that the holder of the
    option has the right to receive an amount of cash determined by
    the excess of the exercise-settlement value of the index over
    the exercise price of the option. The exercise-settlement value
    is calculated based on opening sales prices of the component
    index stocks on the option valuation date, which is the last
    business day before the expiration date. </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    6
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Generally, the Adviser intends to sell index call options that
    are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money,&#148;</FONT>
    meaning that option exercise prices generally will be slightly
    above the current level of the index at the time the options are
    written. The Fund may also sell index options that are more
    substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    Such options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    provide greater potential for the Fund to realize capital
    appreciation on its portfolio stocks but generally would pay a
    lower premium than options that are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    The Adviser expects initially to follow a primary options
    strategy of selling index call options with a remaining maturity
    of between approximately one and three months and maintaining
    its short call options positions until approximately their
    option valuation date, at which time replacement call option
    positions with a remaining maturity within this range are
    written.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In implementing the Fund&#146;s investment strategy, the Adviser
    intends to employ a variety of techniques and strategies
    designed to minimize and defer the federal income taxes incurred
    by Common Shareholders in connection with their investment in
    the Fund. These include: (1)&#160;investing in stocks that pay
    dividends that qualify for federal income taxation at rates
    applicable to long-term capital gains and complying with the
    holding period and other requirements for favorable tax
    treatment; (2)&#160;selling index call options that qualify for
    treatment as &#147;section&#160;1256 contracts&#148; under the
    Code on which capital gains and losses are generally treated as
    60% long-term and 40% short-term, regardless of holding period;
    (3)&#160;limiting the overlap between the Fund&#146;s stock
    holdings (and any subset thereof) and each index on which it has
    outstanding options positions to less than 70% on an ongoing
    basis so that the Fund&#146;s stock holdings and index call
    options are not subject to the &#147;straddle rules;&#148;
    (4)&#160;engaging in a systematic program of tax-loss harvesting
    in the Fund&#146;s stock portfolio, periodically selling stock
    positions that have depreciated in value to realize capital
    losses that can be used to offset capital gains realized by the
    Fund; and (5)&#160;managing the sale of appreciated stock
    positions so as to minimize the Fund&#146;s net realized
    short-term capital gains in excess of net realized long-term
    capital losses. When an appreciated security is sold, the Fund
    intends to select for sale the share lots resulting in the most
    favorable tax treatment, generally those with holding periods
    sufficient to qualify for long-term capital gains treatment that
    have the highest cost basis.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As described above, the Fund intends to emphasize investments in
    stocks that pay dividends that qualify for federal income
    taxation at rates applicable to long-term capital gains. Under
    federal income tax law enacted in 2003, the qualified dividend
    income of individuals and other non-corporate taxpayers is taxed
    at long-term capital gain tax rates if certain holding period
    and other requirements are met. Qualified dividends are
    dividends from domestic corporations and dividends from foreign
    corporations that meet certain specified criteria. The Fund
    generally can pass the tax treatment of qualified dividend
    income it receives </TD>
</TR>

</TABLE>
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    <BR>
    7
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    through to Common Shareholders. For dividends the Fund receives
    to qualify for tax-advantaged treatment, the Fund must hold
    stock paying qualified dividends for more than 60&#160;days
    during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date (or
    more than 90&#160;days during the associated
    <FONT style="white-space: nowrap">181-day</FONT>
    period, in the case of certain preferred stocks). In addition,
    the Fund cannot be obligated to make related payments (pursuant
    to a short sale or otherwise) with respect to positions in any
    security that is substantially similar or related property with
    respect to such stock. Similar provisions apply to each Common
    Shareholder&#146;s investment in the Fund. In order for
    qualified dividend income paid by the Fund to a Common
    Shareholder to be taxable at long-term capital gains rates, the
    Common Shareholder must hold his or her Fund shares for more
    than 60&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period surrounding the ex-dividend date. The provisions of the
    Code applicable to qualified dividend income are effective
    through 2010. Thereafter, qualified dividend income will be
    subject to tax at ordinary income rates unless further
    legislative action is taken. The Fund&#146;s investment program
    and the tax treatment of Fund distributions may be affected by
    IRS interpretations of the Code and future changes in tax laws
    and regulations, including changes resulting from the
    &#147;sunset&#148; provisions described above that would have
    the effect of repealing the favorable treatment of qualified
    dividend income and reimposing the higher tax rates applicable
    to ordinary income in 2011 unless further legislative action is
    taken.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund may seek to enhance the level of tax-advantaged
    dividend income it receives by engaging in dividend capture
    trading. In a dividend capture trade, the Fund sells a stock on
    or shortly after the stock&#146;s ex-dividend date and uses the
    sale proceeds to purchase one or more other stocks that are
    expected to pay dividends before the next dividend payment on
    the stock being sold. Through this practice, the Fund may
    receive more dividend payments over a given time period than if
    it held a single stock. In order for dividends received by the
    Fund to qualify for favorable tax treatment, the Fund must
    comply with the holding period and other requirements set forth
    in the preceding paragraph. By complying with applicable holding
    period and other requirements while engaging in dividend capture
    trading, the Fund may be able to enhance the level of
    tax-advantaged dividend income it receives because it will
    receive more dividend payments qualifying for favorable
    treatment during the same time period than if it simply held its
    portfolio stocks. The use of dividend capture trading strategies
    will expose the Fund to increased trading costs and potentially
    higher short-term gain or loss.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Options on broad-based equity indices that trade on a national
    securities exchange registered with the Securities and Exchange
    Commission (the &#147;SEC&#148;) or a domestic board of trade
    designated as a contract market by the Commodity Futures Trading
    Commission generally qualify for treatment as
    &#147;section&#160;1256 contracts&#148; under the Code. Options
    on broad-based equity indices that trade on other exchanges,
    boards of trade or markets designated by the </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    United States Secretary of Treasury also qualify for treatment
    as &#147;section&#160;1256 contracts&#148; under the Code.
    Because only a small number of exchanges, boards and markets
    outside the United States have to date received the necessary
    designation, most foreign-traded stock index options do not
    currently qualify for treatment as &#147;section&#160;1256
    contracts&#148; under the Code. OTC options do not qualify for
    treatment as &#147;section&#160;1256 contracts.&#148; In writing
    options on indices based upon foreign stocks, the Fund generally
    intends to sell options on broad-based foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that are listed for trading in the United
    States or which otherwise qualify as &#147;section&#160;1256
    contracts&#148; under the Code. Options on foreign indices that
    are listed for trading in the United States or which otherwise
    qualify as &#147;section&#160;1256 contracts&#148; under the
    Code may trade in substantially lower volumes and with
    substantially wider bid-ask spreads than other options contracts
    on the same or similar indices that trade on other markets
    outside the United States or in OTC markets. To implement its
    options program most effectively, the Fund may sell index
    options that do not qualify as &#147;section&#160;1256
    contracts&#148; under the Code, including OTC options. Gain or
    loss on index options not qualifying as &#147;section&#160;1256
    contracts&#148; under the Code would be realized upon
    disposition, lapse or settlement of the positions, and would
    generally be treated as short-term gain or loss.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The foregoing policies relating to investments in common stocks
    and options writing are the Fund&#146;s primary investment
    policies. In addition to its primary investment policies, the
    Fund may invest to a limited extent in other types of securities
    and engage in certain other investment practices. In addition to
    writing index call options, the Fund may write call options on
    up to 20% of the value of its total assets on futures contracts
    based upon broad-based securities indices. The Fund&#146;s use
    of such options on index futures would be substantially similar
    to its use of options directly on indices. The Fund may also
    invest up to 20% of the value of its total assets in derivative
    instruments acquired for hedging, risk management and investment
    purposes (to gain exposure to securities, securities markets,
    market indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with its investment objectives and
    policies), provided that the Fund may engage in such
    transactions to hedge up to all of its foreign currency risk,
    and provided further that no more than 10% of the Fund&#146;s
    total assets may be invested in such derivative instruments
    acquired for non-hedging purposes. The loss on derivative
    instruments (other than purchased options) may substantially
    exceed an investment in these instruments. To seek to protect
    against price declines in securities holdings with large
    accumulated gains, the Fund may use various hedging techniques
    (such as the purchase and sale of futures contracts on stocks
    and stock indices and options thereon, equity swaps, covered
    short sales, forward sales of stocks and the purchase and sale
    of forward currency exchange contracts and currency futures). By
    using these techniques rather than selling appreciated
    securities, the Fund can, within certain limitations, reduce its
    exposure to price declines in the securities without </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    9
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    currently realizing substantial capital gains under current
    federal tax law. Derivative instruments may also be used by the
    Fund to enhance returns or as a substitute for the purchase or
    sale of securities. As a general matter, dividends received on
    hedged stock positions are characterized as ordinary income and
    are not eligible for favorable tax treatment. Dividends received
    on securities with respect to which the Fund is obligated to
    make related payments (pursuant to short sales or otherwise)
    will be treated as fully taxable ordinary income (i.e., income
    other than tax-advantaged dividends). In addition, use of
    derivatives may give rise to short-term capital gains and other
    income that would not qualify for favorable tax treatment. See
    &#147;Federal Income Tax Matters&#148; and &#147;Investment
    objectives and polices.&#148;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Listing</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s Common Shares have been approved for listing on
    the New York Stock Exchange under the symbol &#147;EXG,&#148;
    subject to notice of issuance.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Investment Adviser, Administrator and
    <FONT style="white-space: nowrap">Sub-Adviser</FONT></B></TD>
    <TD></TD>
    <TD valign="bottom">
    Eaton Vance, a wholly owned subsidiary of Eaton Vance Corp., is
    the Fund&#146;s investment adviser and administrator. The
    Adviser and its subsidiaries managed approximately
    $124.1&#160;billion on behalf of funds, institutional clients
    and individuals as of September&#160;30, 2006, including
    approximately $74.9&#160;billion in equity assets. Eaton Vance
    has also engaged Rampart as a
    <FONT style="white-space: nowrap">sub-adviser.</FONT>
    Rampart, founded in 1983, specializes in options management and
    trading for institutional, high net worth and investment company
    clients. Rampart managed approximately $6.6&#160;billion in
    assets as of September&#160;30, 2006. Eaton Vance will be
    responsible for the Fund&#146;s overall investment program,
    structuring and managing the Fund&#146;s common stock portfolio,
    including dividend capture trading, tax-loss harvesting and
    other tax-management techniques, providing consultation to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and supervising the performance of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    Rampart will be responsible for providing advice on and
    execution of the Fund&#146;s options strategy. See
    &#147;Management of the Fund.&#148;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Distributions</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Commencing with the Fund&#146;s first distribution, the Fund
    intends to make regular quarterly distributions to Common
    Shareholders sourced from the Fund&#146;s cash available for
    distribution. &#147;Cash available for distribution&#148; will
    consist of the Fund&#146;s dividends and interest income after
    payment of Fund expenses, net option premiums, and net realized
    and unrealized gains on stock investments. The Fund&#146;s
    distribution rate may be adjusted from time to time. The Board
    may modify this distribution policy at any time without
    obtaining the approval of Common Shareholders. The initial
    distribution is expected to be declared approximately
    75&#160;days and paid approximately 90 to 120&#160;days after
    the completion of this offering, depending on market conditions.
    Distributions are not expected to depend on financial leverage.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s annual distributions will likely differ from
    annual net investment income. The investment income of the Fund
    will consist of all dividend and interest income accrued on
    portfolio investments, short-term capital gain (including
    short-term gains </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    10
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    on option positions and gains on the sale of portfolio
    investments held for one year or less) in excess of long-term
    capital loss and income from certain hedging transactions, less
    all expenses of the Fund. Expenses of the Fund will be accrued
    each day. To the extent that the Fund&#146;s net investment
    income for any year exceeds the total quarterly distributions
    paid during the year, the Fund will make a special distribution
    at or near year-end of such excess amount as may be required.
    Over time, all of the Fund&#146;s investment company taxable
    income will be distributed.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    At least annually, the Fund intends to distribute any net
    capital gain (which is the excess of net long-term capital gain
    over net short-term capital loss) or, alternatively, to retain
    all or a portion of the year&#146;s net capital gain and pay
    federal income tax on the retained gain. As provided under
    federal tax law, Common Shareholders of record as of the end of
    the Fund&#146;s taxable year will include their attributable
    share of the retained gain in their income for the year as a
    long-term capital gain, and will be entitled to a tax credit or
    refund for the tax deemed paid on their behalf by the Fund. The
    Fund may treat the cash value of tax credit and refund amounts
    in connection with retained capital gains as a substitute for
    equivalent cash distributions.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If the Fund&#146;s total quarterly distributions in any year
    exceed the amount of its net investment income for the year, any
    such excess would be characterized as a return of capital for
    federal income tax purposes to the extent not designated as a
    capital gain dividend. Distributions in any year may include a
    substantial return of capital component. Under the Investment
    Company Act of 1940, as amended (the &#147;1940 Act&#148;), for
    any distribution that includes amounts from sources other than
    net income, the Fund is required to provide Common Shareholders
    a written statement regarding the components of such
    distribution. Such a statement will be provided at the time of
    any distribution believed to include any such amounts.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    To permit the Fund to maintain more stable distributions,
    distribution rates will be based on projected annual cash
    available for distribution. As a result, the distributions paid
    by the Fund for any particular quarter may be more or less than
    the amount of cash available for distribution from that
    quarterly period. In certain circumstances, the Fund may be
    required to sell a portion of its investment portfolio to fund
    distributions. Distributions will reduce the Common Shares&#146;
    net asset value.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund has applied for an order from the Securities and
    Exchange Commission granting it an exemption from
    Section&#160;19(b) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;19b-1</FONT>
    thereunder to permit the Fund to include realized long-term
    capital gains as a part of its regular distributions to Common
    Shareholders more frequently than would otherwise be permitted
    by the 1940 Act (generally once per taxable year). In the event
    that such an exemptive order is obtained, the Fund will consider
    increasing the frequency of its regular distributions from
    quarterly to monthly. </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    11
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    There is no assurance that the Securities and Exchange
    Commission will grant the Fund&#146;s request for such exemptive
    order.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Common Shareholders may automatically reinvest some or all of
    their distributions in additional Common Shares under the
    Fund&#146;s dividend reinvestment plan. See
    &#147;Distributions&#148; and &#147;Dividend Reinvestment
    Plan.&#148;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Dividend Reinvestment Plan</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund has established a dividend reinvestment plan (the
    &#147;Plan&#148;). Under the Plan, unless a Common Shareholder
    elects to receive distributions in cash, all distributions will
    be automatically reinvested in additional Common Shares, either
    purchased in the open market or newly issued by the Fund if the
    Common Shares are trading at or above their net asset value.
    Common Shareholders who intend to hold their Common Shares
    through a broker or nominee should contact such broker or
    nominee regarding the Plan. See &#147;Dividend Reinvestment
    Plan.&#148;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Closed-end Structure</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Closed-end funds differ from traditional, open-end management
    investment companies (commonly referred to as &#147;mutual
    funds&#148;) in that closed-end funds generally list their
    shares for trading on a securities exchange and do not redeem
    their shares at the option of the shareholder. By comparison,
    mutual funds issue securities that are redeemable at net asset
    value at the option of the shareholder and typically engage in a
    continuous offering of their shares.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Shares of closed-end funds frequently trade at a discount from
    their net asset value. In recognition of this possibility and
    that any such discount may not be in the interest of Common
    Shareholders, the Fund&#146;s Board, in consultation with Eaton
    Vance, from time to time may review possible actions to reduce
    any such discount. The Board might consider open market
    repurchases or tender offers for Common Shares at net asset
    value. There can be no assurance that the Board will decide to
    undertake any of these actions or that, if undertaken, such
    actions would result in the Common Shares trading at a price
    equal to or close to net asset value per Common Share. The Board
    might also consider the conversion of the Fund to an open-end
    mutual fund. The Board believes, however, that the closed-end
    structure is desirable, given the Fund&#146;s investment
    objectives and policies. Investors should assume, therefore,
    that it is highly unlikely that the Board would vote to convert
    the Fund to an open-end investment company.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Special Risk Considerations</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The following describes various principal risks of investing in
    the Fund. A more detailed description of these and other risks
    of investing in the Fund are described under &#147;Investment
    Objectives, Policies and Risks&#160;&#151; Risk
    Considerations&#148; in this Prospectus and under
    &#147;Additional Investment Information and Restrictions&#148;
    in the Fund&#146;s Statement of Additional Information.</TD>
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    <TD></TD>
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    <B><I>No operating history.</I></B>&#160;&#160;The Fund is a
    newly organized, diversified, closed-end investment company with
    no history of operations and is designed for long-term investors
    and not as a trading vehicle.</TD>
</TR>

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    <B><I>Investment and market risk.</I></B>&#160;&#160;An
    investment in Common Shares is subject to investment risk,
    including the possible loss of the entire principal amount
    invested. An investment in Common Shares represents an indirect
    investment in the securities owned by the Fund, which are
    generally traded on a securities exchange or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. The value of these securities, like other market
    investments, may move up or down, sometimes rapidly and
    unpredictably. Because the Fund normally intends to sell stock
    index call options on a portion of its common stock portfolio
    value, the Fund&#146;s appreciation potential from equity market
    performance will be more limited than if the Fund did not engage
    in selling stock index call options. The Common Shares at any
    point in time may be worth less than the original investment,
    even after taking into account any reinvestment of distributions.</TD>
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    <B><I>Issuer risk.</I></B>&#160;&#160;The value of securities
    held by the Fund may decline for a number of reasons that
    directly relate to the issuer, such as management performance,
    financial leverage and reduced demand for the issuer&#146;s
    goods and services.</TD>
</TR>

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</TD>
    <TD></TD>
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    <B><I>Equity risk.</I></B>&#160;&#160;Under normal market
    conditions, the Fund&#146;s investment program will consist
    primarily of owning a diversified portfolio of domestic and
    foreign common stocks. Therefore, a principal risk of investing
    in the Fund is equity risk. Equity risk is the risk that the
    value of securities held by the Fund will fluctuate or fall due
    to general market or economic conditions, perceptions regarding
    the industries in which the issuers of securities held by the
    Fund participate, and the particular circumstances and
    performance of companies whose securities the Fund holds.
    Although common stocks have historically generated higher
    average returns than fixed-income securities over the long term,
    common stocks also have experienced significantly more
    volatility in returns. An adverse event, such as an unfavorable
    earnings report, may depress the value of equity securities of
    an issuer held by the Fund; the price of common stock of an
    issuer may be particularly sensitive to general movements in the
    stock market; or a drop in the stock market may depress the
    price of most or all of the common stocks held by the Fund. In
    addition, common stock of an issuer in the Fund&#146;s portfolio
    may decline in price if the issuer fails to make anticipated
    dividend payments because, among other possible reasons, the
    issuer of the security experiences a decline in its financial
    condition. Common stocks in which the Fund will invest are
    structurally subordinated to preferred stocks, bonds and other
    debt instruments in a company&#146;s capital structure, in terms
    of priority to corporate income, and therefore will be subject
    to greater dividend risk than preferred stocks or debt
    instruments of such issuers. Finally, common stock prices may be
    sensitive to rising interest rates, as the costs of capital rise
    and borrowing costs increase.</TD>
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    <B><I>Risks of investing in mid-cap
    companies.</I></B>&#160;&#160;The Fund may make investments in
    stocks of companies whose market capitalization is considered
    middle sized or &#147;mid-cap.&#148; Mid-cap companies often </TD>
</TR>

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    are newer or less established companies than larger
    capitalization companies. Investments in mid-cap companies carry
    additional risks because earnings of these companies tend to be
    less predictable; they often have limited product lines,
    markets, distribution channels or financial resources; and the
    management of such companies may be dependent upon one or a few
    key people. The market movements of equity securities of mid-cap
    companies may be more abrupt or erratic than the market
    movements of equity securities of larger, more established
    companies or the stock market in general. Historically, mid-cap
    companies have sometimes gone through extended periods when they
    did not perform as well as larger companies. In addition, equity
    securities of mid-cap companies generally are less liquid than
    those of larger companies. This means that the Fund could have
    greater difficulty selling such securities at the time and price
    that the Fund would like.</TD>
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    <B><I>Risk of selling index call
    options.</I></B>&#160;&#160;Under normal market conditions, a
    portion of the Fund&#146;s common stock portfolio value will be
    subject to written index call options. The purchaser of an index
    call option has the right to any appreciation in the value of
    the index over the exercise price of the call option as of the
    valuation date of the option. Because their exercise is settled
    in cash, sellers of index call options such as the Fund cannot
    provide in advance for their potential settlement obligations by
    acquiring and holding the underlying securities. The Fund
    intends to mitigate the risks of its options activities by
    writing options on broad-based domestic, foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that the Adviser believes collectively
    approximate the characteristics of the Fund&#146;s common stock
    portfolio (or that portion of its portfolio against which
    options are written). The Fund will not, however, hold stocks
    that fully replicate the indices on which it writes call
    options. Due to tax considerations, the Fund intends to limit
    the overlap between its stock holdings (and any subset thereof)
    and each index on which it has outstanding options positions to
    less than 70% on an ongoing basis. The Fund&#146;s stock
    holdings will normally include stocks not included in the
    indices on which it writes call options. Consequently, the Fund
    bears the risk that the performance of its stock portfolio will
    vary from the performance of the indices on which it writes call
    options. For example, with respect to the portion of its stock
    portfolio against which S&#38;P 500 index call options have been
    written, the Fund will suffer a loss if the S&#38;P 500
    appreciates above the exercise price of the options written
    while the associated securities held by the Fund fail to
    appreciate as much or decline in value over the life of the
    written option. Index options written by the Fund will be priced
    on a daily basis. Their value will be affected primarily by
    changes in the prices and dividend rates of the underlying
    common stocks in such index, changes in actual or perceived
    volatility of such index and the remaining time to the
    options&#146; expiration. The trading price of index call
    options will also be affected by liquidity considerations and
    the balance of purchase and sale orders.</TD>
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    <BR>
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    A decision as to whether, when and how to use options involves
    the exercise of skill and judgment, and even a well-conceived
    and well-executed options program may be adversely affected by
    market behavior or unexpected events. As the writer of index
    call options, the Fund will forgo, during the option&#146;s
    life, the opportunity to profit from increases in the value of
    the applicable index above the sum of the option premium
    received and the exercise price of the call option, but retains
    the risk of loss, minus the option premium received, should the
    value of the applicable index decline. When a call option is
    exercised, the Fund will be required to deliver an amount of
    cash determined by the excess of the value of the applicable
    index at contract termination over the exercise price of the
    option. Thus, the exercise of index call options sold by the
    Fund may require the Fund to sell portfolio securities to
    generate cash at inopportune times or for unattractive prices.</TD>
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    To the extent that the Fund writes options on indices based upon
    foreign stocks, the Fund generally intends to sell options on
    broad-based foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that are listed for trading in the United
    States or which otherwise qualify as &#147;section&#160;1256
    contracts&#148; under the Code. Options on foreign indices that
    are listed for trading in the United States or which otherwise
    qualify as &#147;section&#160;1256 contracts&#148; under the
    Code may trade in substantially lower volumes and with
    substantially wider bid-ask spreads than other options contracts
    on the same or similar indices that trade on other markets
    outside the United States or in OTC markets. To implement its
    options program most effectively, the Fund may sell index
    options that do not qualify as &#147;section&#160;1256
    contracts&#148; under the Code, including OTC options. Gain or
    loss on index options not qualifying as &#147;section&#160;1256
    contracts&#148; under the Code would be realized upon
    disposition, lapse or settlement of the positions and would be
    treated as short-term gain or loss.</TD>
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    The trading price of options may be adversely affected if the
    market for such options becomes less liquid or smaller. The Fund
    may close out a call option by buying the option instead of
    letting it expire or be exercised. There can be no assurance
    that a liquid market will exist when the Fund seeks to close out
    a call option position by buying the option. Reasons for the
    absence of a liquid secondary market on an exchange include the
    following: (i)&#160;there may be insufficient trading interest
    in certain options; (ii)&#160;restrictions may be imposed by an
    exchange on opening transactions or closing transactions or
    both; (iii)&#160;trading halts, suspensions or other
    restrictions may be imposed with respect to particular classes
    or series of options; (iv)&#160;unusual or unforeseen
    circumstances may interrupt normal operations on an exchange;
    (v)&#160;the facilities of an exchange or the Options Clearing
    Corporation (the &#147;OCC&#148;) may not at all times be
    adequate to handle current trading volume; or (vi)&#160;one or
    more exchanges could, for economic or other reasons, decide or
    be compelled to discontinue the trading of options (or a
    particular class or series of options) at some future date. If
    trading were discontinued, the secondary </TD>
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    market on that exchange (or in that class or series of options)
    would cease to exist. However, outstanding options on that
    exchange that had been issued by the OCC as a result of trades
    on that exchange would continue to be exercisable in accordance
    with their terms.</TD>
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    The hours of trading for options may not conform to the hours
    during which common stocks held by the Fund are traded. To the
    extent that the options markets close before the markets for
    securities, significant price and rate movements can take place
    in the securities markets that would not be reflected
    concurrently in the options markets. Index call options are
    marked to market daily and their value is affected by changes in
    the value and dividend rates of the securities represented in
    the underlying index, changes in interest rates, changes in the
    actual or perceived volatility of the associated index and the
    remaining time to the options&#146; expiration, as well as
    trading conditions in the options market.</TD>
</TR>

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    <TD valign="bottom">
    To implement its options program most effectively, the Fund may
    sell index options that trade in OTC markets. Participants in
    these markets are typically not subject to the same credit
    evaluation and regulatory oversight as members of &#147;exchange
    based&#148; markets. By engaging in index option transactions in
    these markets, the Fund may take credit risk with regard to
    parties with which it trades and also may bear the risk of
    settlement default. These risks may differ materially from those
    involved in exchange-traded transactions, which generally are
    characterized by clearing organization guarantees, daily
    <FONT style="white-space: nowrap">marking-to-market</FONT>
    and settlement, and segregation and minimum capital requirements
    applicable to intermediaries. Transactions entered into directly
    between two counterparties generally do not benefit from these
    protections, which may subject the Fund to the risk that a
    counterparty will not settle a transaction in accordance with
    agreed terms and conditions because of a dispute over the terms
    of the contract or because of a credit or liquidity problem.
    Such &#147;counterparty risk&#148; is increased for contracts
    with longer maturities when events may intervene to prevent
    settlement. The ability of the Fund to transact business with
    any one or any number of counterparties, the lack of any
    independent evaluation of the counterparties or their financial
    capabilities, and the absence of a regulated market to
    facilitate a settlement, may increase the potential for losses
    to the Fund.</TD>
</TR>

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    <TD></TD>
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    <B><I>Tax risk.</I></B>&#160;&#160;Reference is made to
    &#147;Federal Income Tax Matters&#148; for an explanation of the
    federal income tax consequences and attendant risks of investing
    in the Fund. Although the Fund seeks to minimize and defer the
    federal income taxes incurred by Common Shareholders in
    connection with their investment in the Fund, there can be no
    assurance that it will be successful in this regard. The tax
    treatment and characterization of the Fund&#146;s distributions
    may change over time due to changes in the Fund&#146;s mix of
    investment returns and changes in the federal tax laws,
    regulations and administrative and judicial interpretations. The </TD>
</TR>

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    provisions of the Code applicable to qualified dividend income
    are set to expire at the close of 2010. Thereafter, the
    Fund&#146;s distributions to Common Shareholders of qualified
    dividend income will be subject to tax at the higher rates that
    apply to ordinary income unless further legislative action is
    taken. There can be no assurances that after 2010 such qualified
    dividends will be available to the Fund and its Common
    Shareholders. The Fund&#146;s investment program and the tax
    treatment of Fund distributions may be affected by IRS
    interpretations of the Code and future changes in tax laws and
    regulations, including changes resulting from the
    &#147;sunset&#148; provisions described above that would have
    the effect of repealing the favorable treatment of qualified
    dividend income and reimposing the higher tax rates applicable
    to ordinary income beginning in 2011 unless further legislative
    action is taken. Distributions paid on the Common Shares may be
    characterized variously as non-qualified dividends (taxable at
    ordinary income rates), qualified dividends (generally taxable
    at long-term capital gains rates), capital gains dividends
    (taxable at long-term capital gains rates) or return of capital
    (generally not currently taxable). The ultimate tax
    characterization of the Fund&#146;s distributions made in a
    calendar year may not finally be determined until after the end
    of that calendar year. Distributions to a Common Shareholder
    that are return of capital will be tax free to the amount of the
    Common Shareholder&#146;s current tax basis in his or her Common
    Shares, with any distribution amounts exceeding such basis
    treated as capital gain on a deemed sale of Common Shares.
    Common Shareholders are required to reduce their tax basis in
    Common Shares by the amount of tax-free return of capital
    distributions received, thereby increasing the amount of capital
    gain (or decreasing the amount of capital loss) to be recognized
    upon a later disposition of the Common Shares. In order for Fund
    distributions of qualified dividend income to be taxable at
    favorable long-term capital gains rates, a Common Shareholder
    must meet certain prescribed holding period and other
    requirements with respect to his or her Common Shares. If
    positions held by the Fund were treated as &#147;straddles&#148;
    for federal income tax purposes, dividends on such positions
    would not constitute qualified dividend income subject to
    favorable income tax treatment. Gain or loss on positions in a
    straddle are subject to special (and generally disadvantageous)
    rules as described under &#147;Federal Income Tax Matters.&#148;</TD>
</TR>

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    <B><I>Distribution risk.</I></B>&#160;&#160;The quarterly
    distributions Common Shareholders will receive from the Fund
    will be sourced from the Fund&#146;s dividends and interest
    income after payment of Fund expenses, net option premiums, and
    net realized and unrealized gains on stock investments. The
    Fund&#146;s cash available for distribution may vary widely over
    the short- and long-term. Dividends on common stocks are not
    fixed but are declared at the discretion of the issuer&#146;s
    board of directors. The Fund&#146;s dividend income will be
    substantially influenced by the activity level and success of
    its dividend capture trading program. If stock market volatility
    <FONT style="white-space: nowrap">and/or</FONT> stock
    prices decline, the level of premiums from writing </TD>
</TR>

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    index call options and the amounts available for distribution
    from the Fund&#146;s options activity will likely decrease as
    well. Payments to close written call options will reduce amounts
    available for distribution from call option premiums received.
    Net realized and unrealized gains on the Fund&#146;s stock
    investments will be determined primarily by the direction and
    movement of the United States stock market and the particular
    stocks held. There can be no assurance that quarterly
    distributions paid by the Fund to the Common Shareholders will
    be maintained at initial levels or increase over time.</TD>
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    <B><I>Foreign security risk.</I></B>&#160;&#160;The value of
    foreign securities is affected by changes in currency rates,
    foreign tax laws (including withholding tax), government
    policies (in this country or abroad), relations between nations
    and trading, settlement, custodial and other operational risks.
    In addition, the costs of investing abroad (such as foreign
    brokerage costs, custodial expenses and other fees) are
    generally higher than in the United States, and foreign
    securities markets may be less liquid, more volatile and less
    subject to governmental supervision than markets in the United
    States. Foreign investments also could be affected by other
    factors not present in the United States, including
    expropriation of assets, armed conflict, confiscatory taxation,
    lack of uniform accounting and auditing standards, less publicly
    available financial and other information and potential
    difficulties in enforcing contractual obligations or
    repatriating capital invested in foreign countries. As an
    alternative to holding foreign-traded securities, the Fund may
    invest in dollar-denominated securities of foreign companies
    that trade on United States exchanges or in the United States
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market (including depositary receipts, which evidence ownership
    in underlying foreign securities). Since the Fund may invest in
    securities denominated or quoted in currencies other than the
    United States dollar, the Fund may be affected by changes in
    foreign currency exchange rates (and exchange control
    regulations) which affect the value of investments held by the
    Fund and the accrued income and appreciation or depreciation of
    the investments in United States dollars. Changes in foreign
    currency exchange rates relative to the United States dollar
    will affect the United States dollar value of the Fund&#146;s
    assets denominated in that currency and the Fund&#146;s return
    on such assets as well as any temporary uninvested reserves in
    bank deposits in foreign currencies. In addition, the Fund will
    incur costs in connection with conversions between various
    currencies. Foreign securities may not be eligible for the
    reduced rate of taxation applicable to qualified dividend income.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Because foreign companies may not be subject to accounting,
    auditing and financial reporting standards, practices and
    requirements comparable to those applicable to United States
    companies, there may be less or less reliable publicly available
    information about a foreign company than about a domestic
    company. There is generally less government supervision and
    regulation of securities exchanges, broker-dealers and listed
    companies than in the United States. Mail service between the
    United States </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    and foreign countries may be slower or less reliable than within
    the United States, thus increasing the risk of delayed
    settlements of portfolio transactions for, or loss of
    certificates of, portfolio securities. Payment for securities
    before delivery may be required. In addition, with respect to
    certain foreign countries, there is the possibility of
    expropriation or confiscatory taxation, political or social
    instability, or diplomatic developments that could adversely
    affect investments in those countries. Moreover, individual
    foreign economies may differ favorably or unfavorably from the
    United States economy in such respects as growth of gross
    national product, rate of inflation, capital reinvestment,
    resource self-sufficiency and balance of payments position.
    Foreign securities markets, while growing in volume and
    sophistication, are generally not as developed as those in the
    United States, and securities of some foreign issuers
    (particularly those located in developing countries) may be less
    liquid and more volatile than securities of comparable United
    States companies. The risks of foreign investments described
    above apply to an even greater extent to investments in emerging
    markets.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Emerging market security risk.</I></B>&#160;&#160;The Fund
    may invest up to 10% of its total assets in securities of
    issuers located in emerging markets. The risks of foreign
    investments described above apply to an even greater extent to
    investments in emerging markets. The securities markets of
    emerging countries are generally smaller, less developed, less
    liquid, and more volatile than the securities markets of the
    United States and developed foreign markets. Disclosure and
    regulatory standards in many respects are less stringent than in
    the United States and developed foreign markets. There also may
    be a lower level of monitoring and regulation of securities
    markets in emerging market countries and the activities of
    investors in such markets and enforcement of existing
    regulations may be limited. Many emerging countries have
    experienced substantial, and in some periods extremely high,
    rates of inflation for many years. Inflation and rapid
    fluctuations in inflation rates have had and may continue to
    have very negative effects on the economies and securities
    markets of certain emerging countries. Economies in emerging
    markets generally are heavily dependent upon international trade
    and, accordingly, have been and may continue to be affected
    adversely by trade barriers, exchange controls, managed
    adjustments in relative currency values, and other protectionist
    measures imposed or negotiated by the countries with which they
    trade. The economies of these countries also have been and may
    continue to be adversely affected by economic conditions in the
    countries in which they trade. The economies of countries with
    emerging markets may also be predominantly based on only a few
    industries or dependent on revenues from particular commodities.
    In addition, custodial services and other costs relating to
    investment in foreign markets may be more expensive in emerging
    markets than in many developed foreign markets, which could
    reduce the Fund&#146;s income from such securities.</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In many cases, governments of emerging countries continue to
    exercise significant control over their economies, and
    government actions relative to the economy, as well as economic
    developments generally, may affect the Fund&#146;s investments
    in those countries. In addition, there is a heightened
    possibility of expropriation or confiscatory taxation,
    imposition of withholding taxes on dividend and interest
    payments, or other similar developments that could affect
    investments in those countries. There can be no assurance that
    adverse political changes will not cause the Fund to suffer a
    loss of any or all of its investments.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Currency risk.</I></B>&#160;&#160;Since the Fund will
    invest in securities denominated or quoted in currencies other
    than the U.S.&#160;dollar, the Fund will be affected by changes
    in foreign currency exchange rates (and exchange control
    regulations) which affect the value of investments in the Fund
    and the accrued income and appreciation or depreciation of the
    investments in U.S.&#160;dollars. Changes in foreign currency
    exchange rates relative to the U.S.&#160;dollar will affect the
    U.S.&#160;dollar value of the Fund&#146;s assets denominated in
    that currency and the Fund&#146;s return on such assets as well
    as any temporary uninvested reserves in bank deposits in foreign
    currencies. In addition, the Fund will incur costs in connection
    with conversions between various currencies.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund may attempt to protect against adverse changes in the
    value of the U.S.&#160;dollar in relation to a foreign currency
    by entering into a forward contract for the purchase or sale of
    the amount of foreign currency invested or to be invested, or by
    buying or selling a foreign currency option or futures contract
    for such amount. Such strategies may be employed before the Fund
    purchases a foreign security traded in the currency which the
    Fund anticipates acquiring or between the date the foreign
    security is purchased or sold and the date on which payment
    therefor is made or received. Seeking to protect against a
    change in the value of a foreign currency in the foregoing
    manner does not eliminate fluctuations in the prices of
    portfolio securities or prevent losses if the prices of such
    securities decline. Furthermore, such transactions reduce or
    preclude the opportunity for gain if the value of the currency
    should move in the direction opposite to the position taken.
    Adverse movements in hedged currencies may result in poorer
    overall performance for the Fund than if it had not entered into
    such contracts.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Interest rate risk.</I></B>&#160;&#160;The premiums from
    writing index call options and amounts available for
    distribution from the Fund&#146;s options activity may decrease
    in declining interest rate environments. The value of the
    Fund&#146;s common stock investments may also be influenced by
    changes in interest rates. Higher yielding stocks and stocks of
    issuers whose businesses are substantially affected by changes
    in interest rates may be particularly sensitive to interest rate
    risk.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Derivatives risk.</I></B>&#160;&#160;In addition to
    writing index call options, the risks of which are described
    above, the Fund may also invest up to 20% of the value of its
    total assets in other derivative </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    20
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    instruments acquired for hedging, risk management and investment
    purposes (to gain exposure to securities, securities markets,
    market indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with its investment objectives and
    policies), provided that the Fund may engage in such
    transactions to hedge up to all of its foreign currency risk,
    and provided further that no more than 10% of the Fund&#146;s
    total assets may be invested in such derivative instruments
    acquired for non-hedging purposes. Derivative transactions
    including options on securities and securities indices and other
    transactions in which the Fund may engage (such as futures
    contracts and options thereon, swaps and short sales) may
    subject the Fund to increased risk of principal loss due to
    unexpected movements in stock prices, changes in stock
    volatility levels and interest rates, and imperfect correlations
    between the Fund&#146;s securities holdings and indices upon
    which derivative transactions are based. Derivatives can be
    illiquid, may disproportionately increase losses, and may have a
    potentially large impact on the Fund&#146;s performance. The
    loss on derivative instruments (other than purchased options)
    may substantially exceed an investment in these instruments. The
    Fund also will be subject to credit risk with respect to the
    counterparties to any
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    derivatives contracts entered into by the Fund. If a
    counterparty becomes bankrupt or otherwise fails to perform its
    obligations under a derivative contract due to financial
    difficulties, the Fund may experience significant delays in
    obtaining any recovery under the derivative contract in a
    bankruptcy or other reorganization proceeding. The Fund may
    obtain only a limited recovery or no recovery in such
    circumstances. Derivatives may disproportionately increase
    losses and have a potentially large negative impact on the
    Fund&#146;s performance.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Liquidity risk.</I></B>&#160;&#160;The Fund may invest up
    to 15% of its total assets in securities for which there is no
    readily available trading market or which are otherwise
    illiquid. The Fund may not be able readily to dispose of such
    securities at prices that approximate those at which the Fund
    could sell such securities if they were more widely traded and,
    as a result of such illiquidity, the Fund may have to sell other
    investments or engage in borrowing transactions if necessary to
    raise cash to meet its obligations. In addition, the limited
    liquidity could affect the market price of the securities,
    thereby adversely affecting the Fund&#146;s net asset value, and
    at times may make the disposition of securities impracticable.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Inflation risk.</I></B>&#160;&#160;Inflation risk is the
    risk that the purchasing power of assets or income from
    investments will be worth less in the future as inflation
    decreases the value of money. As inflation increases, the real
    value of the Common Shares and distributions thereon can decline.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Portfolio turnover risk.</I></B>&#160;&#160;The Fund will
    buy and sell securities to seek to accomplish its investment
    objectives. Portfolio turnover generally involves expense to the
    Fund, including brokerage commissions and other transaction
    costs on the sale of securities and </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    21
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    reinvestment in other securities. The Fund expects to maintain
    high turnover in index call options, based on the Adviser&#146;s
    intent to sell index call options on a portion of its stock
    portfolio value and the Fund&#146;s initial expectation to roll
    forward its options positions approximately every one to three
    months. For its stock holdings, the Fund&#146;s annual portfolio
    turnover rate is expected to exceed that of the indices on which
    the Fund writes call options due to turnover in connection with
    the Fund&#146;s active stock selection, tax loss harvesting,
    dividend capture and other strategies. On an overall basis, the
    Fund expects that its annual turnover rate will exceed 100%. A
    high turnover rate (100% or more) necessarily involves greater
    trading costs to the Fund.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Market price of Common Shares.</I></B>&#160;&#160;The
    Fund&#146;s share price will fluctuate and, at the time of sale,
    shares may be worth more or less than the original investment or
    the Fund&#146;s then current net asset value. The Fund cannot
    predict whether its shares will trade at a price at, above or
    below its net asset value. Shares of closed-end funds frequently
    trade at a discount to net asset value.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Financial leverage risk.</I></B>&#160;&#160;Although the
    Fund has no current intention to do so, the Fund is authorized
    and reserves the flexibility to utilize leverage through the
    issuance of preferred shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, including the issuance of debt securities. In the
    event that the Fund determines in the future to utilize
    investment leverage, there can be no assurance that such a
    leveraging strategy will be successful during any period in
    which it is employed. Leverage creates risks for Common
    Shareholders, including the likelihood of greater volatility of
    net asset value and market price of the Common Shares and the
    risk that fluctuations in distribution rates on any preferred
    shares or fluctuations in borrowing costs may affect the return
    to Common Shareholders. To the extent the returns derived from
    securities purchased with proceeds received from leverage
    exceeds the cost of leverage, the Fund&#146;s distributions may
    be greater than if leverage had not been used. Conversely, if
    the returns from the securities purchased with such proceeds are
    not sufficient to cover the cost of leverage, the amount
    available for distribution to Common Shareholders will be less
    than if leverage had not been used. In the latter case, Eaton
    Vance, in its best judgment, may nevertheless determine to
    maintain the Fund&#146;s leveraged position if it deems such
    action to be appropriate. The costs of an offering of preferred
    shares
    <FONT style="white-space: nowrap">and/or</FONT> a
    borrowing program would be borne by Common Shareholders and
    consequently would result in a reduction of the net asset value
    of Common Shares. In addition, the fee paid to Eaton Vance will
    be calculated on the basis of the Fund&#146;s average daily
    gross assets, including proceeds from the issuance of preferred
    shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, so the fee will be higher when leverage is utilized,
    which may create an incentive for the Adviser to employ
    financial leverage. In this regard, holders of preferred shares
    do not bear the investment advisory fee. Rather, Common
    Shareholders bear the portion of the investment advisory fee
    attributable to the assets purchased with the proceeds of the
    preferred shares offering.</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    22
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Management risk.</I></B>&#160;&#160;The Fund is subject to
    management risk because it is an actively managed portfolio.
    Eaton Vance, Rampart and the individual portfolio managers
    invest the assets of the Fund as they deem appropriate in
    implementing the Fund&#146;s investment strategy. Accordingly,
    the success of the Fund depends upon the investment skills and
    analytical abilities of Eaton Vance, Rampart and the individual
    portfolio managers to develop and actively implement investment
    strategies that achieve the Fund&#146;s investment objectives.
    There is no assurance that Eaton Vance, Rampart and the
    individual portfolio managers will be successful in developing
    and implementing the Fund&#146;s investment strategy. Subjective
    decisions made by Eaton Vance, Rampart and the individual
    portfolio managers may cause the Fund to incur losses or to miss
    profit opportunities on which it could otherwise have
    capitalized.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Market disruption.</I></B>&#160;&#160;The aftermath of the
    war in Iraq and the continuing occupation of Iraq, instability
    in the Middle East and terrorist attacks in the U.S. and around
    the world have resulted in market volatility and may have
    long-term effects on the U.S. and worldwide financial markets
    and may cause further economic uncertainties in the
    U.S.&#160;and worldwide. The Fund does not know how long the
    securities markets will continue to be affected by these events
    and cannot predict the effects of the occupation or similar
    events in the future on the U.S.&#160;economy and securities
    markets. Given the risks described above, an investment in the
    Common Shares may not be appropriate for all investors. You
    should carefully consider your ability to assume these risks
    before making an investment in the Fund.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><I>Anti-takeover provisions.</I></B>&#160;&#160;The
    Fund&#146;s Agreement and Declaration of Trust includes
    provisions that could limit the ability of other persons or
    entities to acquire control of the Fund or to change the
    composition of its Board. These provisions may deprive Common
    Shareholders of opportunities to sell their Common Shares at a
    premium over the then current market price of the Common Shares.
    See &#147;Risk Factors&#148; and &#147;Description of Capital
    Structure&#160;&#151; Anti-Takeover Provisions in the Agreement
    and Declaration of Trust.&#148;</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF FUND&#160;EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the table below is to help you understand all
    fees and expenses that you, as a Common Shareholder, would bear
    directly or indirectly. See &#147;Management of the Fund.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Shareholder Transaction
    Expenses</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Sales load paid by you (as a
    percentage of offering price)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">4.50%
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Expenses borne by Common
    Shareholders
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">0.20%(1)(2)
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Dividend reinvestment plan fees
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">None(3)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Attributable to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Common Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Annual Expenses</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Management fees
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.20
</TD>
<TD nowrap align="left" valign="bottom">
    %(4)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total annual expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.20
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Other expenses shown in the table are based on estimated
    amounts for the Fund&#146;s first year of operations and assume
    that the Fund issues approximately 12,500,000 Common Shares. If
    the Fund issues fewer Common Shares, these expenses generally
    would increase. See &#147;Management of the Fund&#148; and
    &#147;Dividend Reinvestment Plan.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXAMPLE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following example illustrates the expenses that you would
    pay on a $1,000 investment in Common Shares (including the sales
    load of $45 and estimated offering expenses of this offering of
    $2), assuming (i)&#160;total annual expenses of 1.20% of net
    assets attributable to Common Shares and (ii)&#160;a 5% annual
    return*:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">1&#160;Year</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">10&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    59
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    83
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    110
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    186
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The example should not be considered a representation of
    future expenses. Actual expenses may be higher or lower.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#160;*&#160;&#160;&#160;
</TD>
    <TD align="left">
    The example assumes that the estimated Other expenses set forth
    in the Annual Expenses table are accurate, and that all
    dividends and distributions are reinvested at net asset value.
    Actual expenses may be greater or less than those assumed.
    Moreover, the Fund&#146;s actual rate of return may be greater
    or less than the hypothetical 5% return shown in the example.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="3%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    <I>Eaton Vance or an affiliate has agreed to reimburse all
    organizational costs and pay all offering costs (other than
    sales loads) that exceed $0.04&#160;per Common Share (0.20% of
    the offering price).</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    <I>Eaton Vance has agreed to pay from its own assets a
    structuring fee to each of Wachovia Capital Markets, LLC,
    Citigroup Global Markets Inc., Morgan Stanley &#38; Co.
    Incorporated and UBS Securities LLC and additional compensation
    to A.G. Edwards &#38; Sons, Inc. Eaton Vance may pay certain
    qualifying underwriters a marketing and structuring fee,
    additional compensation, or a sales incentive fee in connection
    with the offering. See &#147;Underwriting.&#148;</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    <I>You will be charged a $5.00 service charge and pay brokerage
    charges if you direct the plan agent to sell your Common Shares
    held in a dividend reinvestment account.</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;
</TD>
    <TD align="left">
    <I>Estimated expenses based on the current fiscal year.</I>
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance Tax-Managed Global Diversified Equity Income Fund
    (the &#147;Fund&#148;) is a newly organized, diversified,
    closed-end management investment company registered under the
    Investment Company Act of 1940, as amended (the &#147;1940
    Act&#148; or the &#147;Investment Company Act&#148;). The Fund
    was organized as a Massachusetts business trust on
    October&#160;30, 2006 pursuant to a Declaration of Trust
    governed by the laws of The Commonwealth of Massachusetts and
    has no operating history. The Fund&#146;s principal office is
    located at The Eaton Vance Building, 255 State Street, Boston,
    Massachusetts 02109, and its telephone number is
    <FONT style="white-space: nowrap">1-800-225-6265.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Prospectus relates to the initial public offering of the
    Fund&#146;s Common Shares of beneficial interest, $0.01&#160;par
    value (the &#147;Common Shares&#148;). See
    &#147;Underwriting.&#148;
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net proceeds of this offering of Common Shares will be
    approximately $&#160;&#160;&#160;&#160;&#160;(or
    $&#160;&#160;&#160;&#160;&#160; assuming exercise of the
    Underwriters&#146; over-allotment option in full), which, after
    payment of the estimated offering expenses, will be invested in
    accordance with the Fund&#146;s investment objectives and
    policies as soon as practicable, but, in no event, assuming
    normal market conditions, later than three months after the
    receipt thereof. Pending such investment, the proceeds may be
    invested in high-quality, short-term debt securities, cash
    <FONT style="white-space: nowrap">and/or</FONT> cash
    equivalents. Eaton Vance or an affiliate has agreed to
    (i)&#160;reimburse all organizational costs of the Fund and
    (ii)&#160;pay all offering costs of the Fund (other than sales
    load) that exceed $0.04&#160;per Common Share.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    OBJECTIVES, POLICIES AND RISKS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Investment
    Objectives</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s primary investment objective is to provide
    current income and gains, with a secondary objective of capital
    appreciation. In pursuing its investment objectives, the Fund
    will evaluate returns on an after-tax basis, seeking to minimize
    and defer shareholder federal income taxes. There can be no
    assurance that the Fund will achieve its investment objectives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions, the Fund&#146;s investment
    program will consist primarily of owning a diversified portfolio
    of domestic and foreign common stocks. The Fund will seek to
    earn high levels of tax-advantaged income and gains by
    (1)&#160;emphasizing investments in stocks that pay dividends
    that qualify for favorable federal income tax treatment and
    (2)&#160;writing (selling) stock index call options with respect
    to a portion of its common stock portfolio value. Call options
    on broad-based stock indices generally qualify for treatment as
    &#147;section&#160;1256 contracts&#148; as defined in the
    Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), on which capital gains and losses are
    generally treated as 60% long-term and 40% short-term,
    regardless of holding period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Primary
    Investment Policies</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>General Composition of the Fund.</I></B>&#160;&#160;Under
    normal market conditions, the Fund will invest at least 80% of
    its total assets in a combination of (1)&#160;dividend-paying
    domestic and foreign common stocks and (2)&#160;common stocks
    the value of which is subject to covered written index call
    options. The Fund will emphasize investments in stocks that pay
    dividends that qualify for federal income taxation at rates
    applicable to long-term capital gains, and will seek to enhance
    the level of tax-advantaged dividend income it receives by
    engaging in dividend capture trading. In a dividend capture
    trade, the Fund sells a stock on or shortly after the
    stock&#146;s ex-dividend date and uses the sale proceeds to
    purchase one or more other stocks that are expected to pay
    dividends before the next dividend payment on the stock being
    sold. Through this practice, the Fund may receive more dividend
    payments over a given time period than if it held a single
    stock. By complying with applicable holding period and other
    requirements while engaging in dividend capture trading, the
    Fund may enhance the level of tax-advantaged dividend income it
    receives.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The use of dividend capture trading strategies will expose the
    Fund to increased trading costs and potentially higher
    short-term gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Typically, the Fund will invest at least 40% of its total assets
    in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies</FONT>
    (unless the Adviser deems market conditions
    <FONT style="white-space: nowrap">and/or</FONT>
    company valuations less favorable to
    <FONT style="white-space: nowrap">non-U.S.&#160;companies,</FONT>
    in which case the Fund will invest at least 30% of its total
    assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies).</FONT>
    The Fund&#146;s investments in non-U.S companies may include
    securities evidenced by American Depositary Receipts
    (&#147;ADRs&#148;), Global Depositary Receipts
    (&#147;GDRs&#148;) and European Depositary Receipts
    (&#147;EDRs&#148;). The Fund may invest up to 10% of its total
    assets in securities of emerging market issuers. The Fund
    expects that its assets will normally be invested across a broad
    range of industries and market sectors. The Fund may not invest
    25% or more of its total assets in the securities of issuers in
    any single industry. The Fund may invest a portion of its assets
    in stocks of mid-capitalization companies. Eaton Vance generally
    considers mid-capitalization companies to be those companies
    having market capitalizations within the range of
    capitalizations for the S&#38;P MidCap 400 Index (the
    &#147;S&#38;P MidCap 400&#148;). As of September&#160;30, 2006,
    the median market capitalization of companies in the S&#38;P
    MidCap 400 was approximately $2.55&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund intends to write call options on broad-based domestic,
    foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that the Adviser believes collectively
    approximate the characteristics of its common stock portfolio
    (or that portion of its portfolio against which options are
    written) and that present attractive opportunities to earn
    options premiums. The Fund intends initially to write call
    options on the S&#38;P 500 Composite Stock Price
    Index<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    (the &#147;S&#38;P 500&#148;) and at least one broad-based
    foreign stock index, and may also write call options on other
    domestic and foreign stock indices. Over time, the indices on
    which the Fund writes call options may vary as a result of
    changes in the availability and liquidity of various listed
    index options, changes in stock portfolio holdings, the
    Adviser&#146;s evaluation of equity market conditions and other
    factors. Writing index call options involves a tradeoff between
    the option premiums received and reduced participation in
    potential future stock price appreciation. Due to tax
    considerations, the Fund intends to limit the overlap between
    its stock holdings (and any subset thereof) and each index on
    which it has outstanding options positions to less than 70% on
    an ongoing basis. The Fund&#146;s stock holdings will normally
    include stocks not included in the indices on which it writes
    call options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund generally intends to sell stock index call options that
    are exchange-listed and &#147;European style,&#148; meaning that
    the options may be exercised only on the expiration date of the
    option. To implement its options program most effectively, the
    Fund may also sell index options that trade in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    (&#147;OTC&#148;) markets. Index options differ from options on
    individual securities in that index options (i)&#160;typically
    are settled in cash rather than by delivery of securities and
    (ii)&#160;reflect price fluctuations in a group of securities or
    segments of the securities market rather than price fluctuations
    in a single security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As the seller of index call options, the Fund will receive cash
    (the premiums) from option purchasers. The purchaser of an index
    call option has the right to any appreciation in the value of
    the applicable index over a fixed price (the exercise price) as
    of a specified date in the future (the option valuation date).
    Generally, the Fund intends to sell call options that are
    slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    (i.e., the exercise price generally will be slightly above the
    current level of the applicable index when the option is sold).
    The Fund may also sell index options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    Such options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    provide greater potential for the Fund to realize capital
    appreciation, but generally would pay a lower premium than
    options that are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    In writing index options, the Fund will, in effect, sell the
    potential appreciation in the value of the applicable index
    above the exercise price in exchange for the option premium
    received. If, at expiration, an index call option sold by the
    Fund is exercised, the Fund will pay the purchaser the
    difference between the cash value of the applicable index and
    the exercise price of the option. The premium, the exercise
    price and the market value of the applicable index will
    determine the gain or loss realized by the Fund as the seller of
    the index call option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund expects to maintain high turnover in index call
    options, based on the Adviser&#146;s intent to sell index call
    options on a portion of its stock portfolio value and the
    Fund&#146;s initial expectation to roll forward its options
    positions approximately every one to three months. For its stock
    holdings, the Fund&#146;s
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    annual portfolio turnover rate is expected to exceed that of the
    indices on which the Fund writes call options due to turnover in
    connection with the Fund&#146;s active stock selection, tax loss
    harvesting, dividend capture and other strategies. On an overall
    basis, the Fund expects that its annual turnover rate will
    exceed 100%. A high turnover rate (100% or more) necessarily
    involves greater trading costs to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s policy that, under normal market conditions, the
    Fund will invest at least 80% of its total assets in a
    combination of (1)&#160;dividend-paying domestic and foreign
    common stocks and (2)&#160;common stocks the value of which is
    subject to covered written index call options is a
    non-fundamental policy that may be changed by the Fund&#146;s
    Board of Trustees (the &#147;Board&#148;) without Common
    Shareholder approval following the provision of
    60&#160;days&#146; prior written notice to Common Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In implementing the Fund&#146;s investment strategy, the Adviser
    and
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    intend to employ a variety of techniques and strategies designed
    to minimize and defer the federal income taxes incurred by
    shareholders in connection with their investment in the Fund as
    described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The S&#38;P 500 is an unmanaged index of 500 stocks maintained
    and published by Standard&#160;&#38; Poor&#146;s that is
    market-capitalization weighted and generally representative of
    the performance of larger stocks traded in the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is not sponsored, endorsed, sold or promoted by any
    index sponsor. No index sponsor has passed on the legality or
    suitability of, or the accuracy or adequacy of descriptions and
    disclosures relating to the Fund. No index sponsor has made any
    representation or warranty, express or implied, to the Common
    Shareholders of the Fund or any member of the public regarding
    the advisability of investing in securities generally or in the
    Fund particularly, or the ability of any index to track general
    stock market performance. The indices are determined, composed
    and calculated by the respective index sponsors without regard
    to the Fund or its use of the indices for option writing. The
    index sponsors have no obligation to take the needs of the Fund
    or its Common Shareholders into consideration in determining,
    composing or calculating the indices. No index sponsor is
    responsible for or has participated in the determination of the
    timing of, price of, or number of Common Shares of the Fund to
    be issued. No index sponsor has any liability in connection with
    the management, administration, marketing or trading of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The index sponsors do not guarantee the accuracy
    <FONT style="white-space: nowrap">and/or</FONT>
    uninterrupted calculation of the indices or any data included
    therein. The index sponsors make no warranty, express or
    implied, as to results to be obtained by the Fund, the Common
    Shareholders or any other person or entity from the use of the
    indices in the Fund&#146;s options writing program. In
    publishing the indices, the index sponsors make no express or
    implied warranties, and expressly disclaim all warranties of
    merchantability or fitness for a particular purpose or use with
    respect to the indices or any data included therein. Without
    limiting any of the foregoing, in no event shall an index
    sponsor have any liability for any lost profits or special,
    incidental, punitive, indirect or consequential damages, even if
    notified of the possibility of such damages.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Investment Strategy.</I></B>&#160;&#160;Eaton Vance will
    be responsible for the Fund&#146;s overall investment program,
    structuring and managing the Fund&#146;s common stock portfolio,
    including dividend capture trading, tax-loss harvesting and
    other tax-management techniques, providing consultation to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and supervising the performance of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    The Fund&#146;s investments will be actively managed, and
    securities may be bought or sold on a daily basis. Rampart will
    be responsible for providing advice on and execution of the
    Fund&#146;s options strategy. See &#147;Management of the
    Fund.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A team of Eaton Vance investment professionals is responsible
    for the overall management of the Fund&#146;s investments,
    including decisions about asset allocation and securities
    selection. The portfolio managers utilize information provided
    by, and the expertise of, the Adviser&#146;s research staff in
    making investment decisions. Investment decisions are made
    primarily on the basis of fundamental research, which involves
    consideration of the various company-specific and general
    business, economic and market factors that may influence the
    future performance of individual companies and equity
    investments therein. The Adviser will also consider a variety of
    other factors in constructing and maintaining the Fund&#146;s
    stock portfolio, including, but not limited to, stock dividend
    yields and payment schedules, overlap between the
</DIV>

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    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund&#146;s stock holdings and the indices on which it has
    outstanding options positions, realization of tax loss
    harvesting opportunities and other tax management considerations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser believes that a strategy of owning a portfolio of
    common stocks and selling covered call options (a
    &#147;buy-write strategy&#148;) with respect to a portion
    thereof can provide current income and gains and attractive
    risk-adjusted returns. Compared to selling call options on
    individual stocks, the Adviser believes that selling index call
    options can achieve better tax and transactional efficiency
    because listed options on broad-based securities indices
    generally qualify as &#147;section&#160;1256 contracts&#148;
    under the Code, subject to specialized tax treatment, and
    because the markets for index options are generally deeper and
    more liquid than options on individual stocks. Although the Fund
    generally and initially expects to write stock index call
    options with respect to only a portion of its common stock
    portfolio value, the Fund may in market circumstances deemed
    appropriate by the Adviser write covered index call options on
    up to 100% of the value of its assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance further believes that a strategy of owning a
    portfolio of common stocks in conjunction with writing index
    call options with respect to a portion thereof should generally
    provide returns that are superior to owning the same stocks
    without an associated call option writing program under three
    different stock market scenarios: (1)&#160;down-trending equity
    markets; (2)&#160;flat market conditions; and
    (3)&#160;moderately rising equity markets. In the Adviser&#146;s
    opinion, only in more strongly rising equity markets would the
    buy-write strategy generally be expected to underperform the
    stock-only portfolio. For these purposes, the Adviser considers
    more strongly rising equity market conditions to exist whenever
    the current annual rate of return for United States and
    international common stocks exceeds the long-term historical
    average of stock market returns. The Adviser considers
    moderately rising equity market conditions to exist whenever
    current annual returns on United States and international common
    stocks are positive, but do not exceed the long-term historical
    average of stock market returns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To avoid being subject to the &#147;straddle rules&#148; under
    federal income tax law, the Fund intends to limit the overlap
    between its stock holdings (and any subset thereof) and each
    index on which it has outstanding options positions to less than
    70% on an ongoing basis. Under the &#147;straddle rules,&#148;
    &#147;offsetting positions with respect to personal
    property&#148; generally are considered to be straddles. In
    general, investment positions will be offsetting if there is a
    substantial diminution in the risk of loss from holding one
    position by reason of holding one or more other positions. The
    Fund expects that the index call options it writes will not be
    considered straddles because its stock holdings will be
    sufficiently dissimilar from the components of each index on
    which it has open call options positions under applicable
    guidance established by the IRS. Under certain circumstances,
    however, the Fund may enter into options transactions or certain
    other investments that may constitute positions in a straddle.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s index option strategy is designed to produce
    current cash flow from option premiums and to moderate the
    volatility of the Fund&#146;s returns. This index option
    strategy is of a hedging nature, and is not designed to
    speculate on equity market performance. The Adviser believes
    that the Fund&#146;s index option strategy will moderate the
    volatility of the Fund&#146;s returns because the option
    premiums received will help to mitigate the impact of downward
    price movements in the stocks held by the Fund, while the
    Fund&#146;s obligations under index calls written will constrain
    the Fund&#146;s ability to participate in upward price movements
    in portfolio stocks. The Adviser initially expects to follow a
    primary options strategy of selling index call options with a
    remaining maturity of between approximately one and three months
    and maintaining its short call options positions until
    approximately their expiration date, at which time replacement
    call option positions with a remaining maturity within this
    range are written.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund expects normally to sell index call options on a
    portion of its common stock portfolio value. The Adviser does
    not intend to sell index call options representing amounts
    greater than the value of the Fund&#146;s common stock portfolio
    (i.e., take a &#147;naked&#148; position). The Adviser generally
    intends to sell index call options that are exchange-listed and
    &#147;European style,&#148; meaning that the options may only be
    exercised on the expiration date of the option. Exchange-traded
    index options are typically settled in cash and provide that the
    holder of the option has the right to receive an amount of cash
    determined by the excess of the exercise-settlement value of the
    index over the exercise price of the option. The
    exercise-settlement
</DIV>

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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    value is calculated based on opening sales prices of the
    component index stocks on the option valuation date, which is
    the last business day before the expiration date. Generally, the
    Adviser intends to sell index call options that are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money,&#148;</FONT>
    meaning that option exercise prices generally will be slightly
    above the current level of the index at the time the options are
    written. The Fund may also sell index options that are more
    substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    Such options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    provide greater potential for the Fund to realize capital
    appreciation on its portfolio stocks but generally would pay a
    lower premium than options that are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    The Adviser expects initially to follow a primary options
    strategy of selling index call options with a remaining maturity
    of between approximately one and three months and maintaining
    its short call options positions until approximately their
    option valuation date, at which time replacement call option
    positions with a remaining maturity within this range are
    written.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing policies relating to investments in common stocks
    and options writing are the Fund&#146;s primary investment
    policies. In addition to its primary investment policies, the
    Fund may invest to a limited extent in other types of securities
    and engage in certain other investment practices. In addition to
    writing index call options, the Fund may write call options on
    up to 20% of the value of its total assets on futures contracts
    based upon broad-based securities indices. The Fund&#146;s use
    of such options on index futures would be substantially similar
    to its use of options directly on indices. The Fund may also
    invest up to 20% of the value of its total assets in derivative
    instruments acquired for hedging, risk management and investment
    purposes (to gain exposure to securities, securities markets,
    market indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with its investment objectives and
    policies), provided that the Fund may engage in such
    transactions to hedge up to all of its foreign currency risk,
    and provided further that no more than 10% of the Fund&#146;s
    total assets may be invested in such derivative instruments
    acquired for non-hedging purposes. The loss on derivative
    instruments (other than purchased options) may substantially
    exceed an investment in these instruments. To seek to protect
    against price declines in securities holdings with large
    accumulated gains, the Fund may use various hedging techniques
    (such as the purchase and sale of futures contracts on stocks
    and stock indices and options thereon, equity swaps, covered
    short sales, forward sales of stocks and the purchase and sale
    of forward currency exchange contracts and currency futures). By
    using these techniques rather than selling appreciated
    securities, the Fund can, within certain limitations, reduce its
    exposure to price declines in the securities without realizing
    substantial capital gains under current tax law. Derivative
    instruments may also be used by the Fund to enhance returns or
    as a substitute for the purchase or sale of securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Tax-managed investing.</I></B>&#160;&#160;Taxes are a
    major influence on the net after-tax returns that investors
    receive on their taxable investments. There are five potential
    sources of returns for a Common Shareholder:
    (1)&#160;appreciation or depreciation in the value of the Common
    Shares; (2)&#160;distributions of qualified dividend income;
    (3)&#160;distributions of other investment income and net
    short-term capital gains; (4)&#160;distributions of long-term
    capital gains (and long-term capital gains retained by the
    Fund); and (5)&#160;distributions of return of capital. These
    different sources of investment returns are subject to widely
    varying federal income tax treatment. Distributions of other
    investment income (i.e., non-qualified dividend income) and net
    realized short-term gains are taxed currently as ordinary
    income, at rates as high as 35%. Distributions of qualified
    dividend income and net realized long-term gains (whether
    distributed or retained by the Fund) are taxed currently at
    rates up to 15% for individuals and other non-corporate
    taxpayers (provided in the case of qualified dividend income
    that certain holding period and other requirements are met).
    Generally, return from unrealized appreciation and depreciation
    in the value of Common Shares and distributions characterized as
    return of capital are not taxable until the Common Shareholder
    sells his or her Common Shares. Upon sale, a capital gain or
    loss equal to the difference between the amount realized on the
    sale and the Common Shareholder&#146;s adjusted tax basis is
    realized. Capital gain is considered long-term and is taxed at
    rates up to 15% for individuals and other non-corporate
    taxpayers if the Common Shareholder has held his or her shares
    more than one year. Otherwise, capital gain is considered
    short-term and is taxed at rates up to 35%. The after-tax
    returns achieved by a Common Shareholder will be substantially
    influenced by the mix of different types of returns subject to
    varying federal income tax treatment.
</DIV>

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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In implementing the Fund&#146;s investment strategy, the Adviser
    intends to employ a variety of techniques and strategies
    designed to minimize and defer the federal income taxes incurred
    by Common Shareholders in connection with their investment in
    the Fund. These include: (1)&#160;investing in stocks that pay
    dividends that qualify for federal income taxation at rates
    applicable to long-term capital gains and complying with the
    holding period and other requirements for favorable tax
    treatment; (2)&#160;selling index call options that qualify for
    treatment as &#147;section&#160;1256 contracts&#148; under the
    Code, on which capital gains and losses are generally treated as
    60% long-term and 40% short-term, regardless of holding period;
    (3)&#160;limiting the overlap between the Fund&#146;s stock
    holdings (and any subset thereof) and each index on which it has
    outstanding options positions to less than 70% on an ongoing
    basis so that the Fund&#146;s stock holdings and index call
    options are not subject to the &#147;straddle rules;&#148;
    (4)&#160;engaging in a systematic program of tax-loss harvesting
    in the Fund&#146;s stock portfolio, periodically selling stock
    positions that have depreciated in value to realize capital
    losses that can be used to offset capital gains realized by the
    Fund; and (5)&#160;managing the sale of appreciated stock
    positions so as to minimize the Fund&#146;s net realized
    short-term capital gains in excess of net realized long-term
    capital losses. When an appreciated security is sold, the Fund
    intends to select for sale the share lots resulting in the most
    favorable tax treatment, generally those with holding periods
    sufficient to qualify for long-term capital gains treatment that
    have the highest cost basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund intends to emphasize investments in stocks that pay
    dividends that qualify for federal income taxation at rates
    applicable to long-term capital gains. Under federal income tax
    law enacted in 2003, the qualified dividend income of
    individuals and other non-corporate taxpayers is taxed at
    long-term capital gain tax rates if certain holding period and
    other requirements are met. Qualified dividends are dividends
    from domestic corporations and dividends from foreign
    corporations that meet certain specified criteria. The Fund
    generally can pass the tax treatment of qualified dividend
    income it receives through to Common Shareholders. For dividends
    the Fund receives to qualify for tax-advantaged treatment, the
    Fund must hold stock paying qualified dividends for more than
    60&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date (or
    more than 90&#160;days during the associated
    <FONT style="white-space: nowrap">181-day</FONT>
    period, in the case of certain preferred stocks). In addition,
    the Fund cannot be obligated to make related payments (pursuant
    to a short sale or otherwise) with respect to positions in any
    security that is substantially similar or related property with
    respect to such stock. Similar provisions apply to each Common
    Shareholder&#146;s investment in the Fund. In order for
    qualified dividend income paid by the Fund to a Common
    Shareholder to be taxable at long-term capital gains rates, the
    Common Shareholder must hold his or her Fund shares for more
    than 60&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period surrounding the ex-dividend date. The provisions of the
    Code applicable to qualified dividend income are effective
    through 2010. Thereafter, qualified dividend income will be
    subject to tax at ordinary income rates unless further
    legislative action is taken. The Fund&#146;s investment program
    and the tax treatment of Fund distributions may be affected by
    IRS interpretations of the Code and future changes in tax laws
    and regulations, including changes resulting from the
    &#147;sunset&#148; provisions described above that would have
    the effect of repealing the favorable treatment of qualified
    dividend income and reimposing the higher tax rates applicable
    to ordinary income in 2011 unless further legislative action is
    taken.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will seek to enhance the level of tax-advantaged
    dividend income it receives by engaging in dividend capture
    trading. In a dividend capture trade, the Fund sells a stock on
    or shortly after the stock&#146;s ex-dividend date and uses the
    sale proceeds to purchase one or more other stocks that are
    expected to pay dividends before the next dividend payment on
    the stock being sold. Through this practice, the Fund may
    receive more dividend payments over a given time period than if
    it held a single stock. In order for dividends received by the
    Fund to qualify for favorable tax treatment, the Fund must
    comply with the holding period and other requirements set forth
    in the preceding paragraph. By complying with applicable holding
    period and other requirements while engaging in dividend capture
    trading, the Fund may be able to enhance the level of
    tax-advantaged dividend income it receives because it will
    receive more dividend payments qualifying for favorable
    treatment during the same time period than if it simply held its
    portfolio stocks. The use of dividend capture trading strategies
    will expose the Fund to increased trading costs and potentially
    higher short-term gain or loss.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Options on broad-based equity indices that trade on a national
    securities exchange registered with the Securities and Exchange
    Commission (the &#147;SEC&#148;) or a domestic board of trade
    designated as a contract market by the Commodity Futures Trading
    Commission generally will qualify for treatment as
    &#147;section&#160;1256 contracts.&#148; Options on broad-based
    equity indices that trade on other exchanges, boards of trade or
    markets designated by the United States Secretary of Treasury
    also qualify for treatment as &#147;section&#160;1256
    contracts.&#148; Because only a small number of exchanges,
    boards and markets outside the United States have to date
    received the necessary designation, most foreign-traded stock
    index options do not currently qualify for treatment as
    &#147;section&#160;1256 contracts.&#148; In writing options on
    indices based upon foreign stocks, the Fund generally intends to
    sell options on broad-based foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that are listed for trading in the United
    States or which otherwise qualify as &#147;section&#160;1256
    contracts.&#148; Options on foreign indices that are listed for
    trading in the United States or which otherwise qualify as
    &#147;section&#160;1256 contracts&#148; under the Code may trade
    in substantially lower volumes and with substantially wider
    bid-ask spreads than other options contracts on the same or
    similar indices that trade on other markets outside the United
    States. To implement its options program most effectively, the
    Fund may sell index options that do not qualify as
    &#147;section&#160;1256 contracts.&#148; Gain or loss on index
    options not qualifying as &#147;section&#160;1256
    contracts&#148; under the Code would be realized upon
    disposition, lapse or settlement of the positions, and would be
    treated as short-term gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To seek to protect against price declines in securities holdings
    with large accumulated gains, the Fund may use various hedging
    techniques (such as the sale of futures contracts on stocks and
    stock indices and options thereon, equity swaps, covered short
    sales, and forward sales of stocks). By using these techniques
    rather than selling appreciated securities, the Fund can, within
    certain limitations, reduce its exposure to price declines in
    the securities without currently realizing substantial capital
    gains under current federal tax law. Derivative instruments may
    also be used by the Fund to enhance returns or as a substitute
    for the purchase or sale of securities. As a general matter,
    dividends received on hedged stock positions are characterized
    as ordinary income and are not eligible for favorable tax
    treatment. Dividends received on securities with respect to
    which the Fund is obligated to make related payments (pursuant
    to short sales or otherwise) will be treated as fully taxable
    ordinary income (i.e., income other than tax-advantaged
    qualified dividend income). In addition, use of derivatives may
    give rise to short-term capital gains and other income that
    would not qualify for favorable tax treatment. As indicated
    above, in addition to writing index call options, the Fund may
    also invest up to 20% of the value of its total assets in
    derivative instruments acquired for hedging, risk management and
    investment purposes (to gain exposure to securities, securities
    markets, market indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with its investment objectives and
    policies), provided that the Fund may engage in such
    transactions to hedge up to all of its foreign currency risk,
    and provided further that no more than 10% of the Fund&#146;s
    total assets may be invested in such derivative instruments
    acquired for non-hedging purposes. The loss on derivative
    instruments (other than purchased options) may substantially
    exceed an investment in these instruments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Common Stocks.</I></B>&#160;&#160;Under normal market
    conditions, the Fund&#146;s investment program will consist
    primarily of owning a diversified portfolio of common stocks.
    Common stock represents an equity ownership interest in the
    issuing corporation. Holders of common stock generally have
    voting rights in the issuer and are entitled to receive common
    stock dividends when, as and if declared by the
    corporation&#146;s board of directors. Common stock normally
    occupies the most subordinated position in an issuer&#146;s
    capital structure. Returns on common stock investments consist
    of any dividends received plus the amount of appreciation or
    depreciation in the value of the stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although common stocks have historically generated higher
    average returns than fixed-income securities over the long term
    and particularly during periods of high or rising concerns about
    inflation, common stocks also have experienced significantly
    more volatility in returns and may not maintain their real value
    during inflationary periods. An adverse event, such as an
    unfavorable earnings report, may depress the value of a
    particular common stock held by the Fund. Also, the prices of
    common stocks are sensitive to general movements in the stock
    market and a drop in the stock market may depress the price of
    common stocks to which the Fund has exposure. Common stock
    prices fluctuate for many reasons, including changes in
    investors&#146; perceptions of the financial condition of an
    issuer or the general condition
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of the relevant stock market, or when political or economic
    events affecting the issuer occur. In addition, common stock
    prices may be sensitive to rising interest rates as the costs of
    capital rise and borrowing costs increase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Foreign Securities.</I></B>&#160;&#160;Typically, the Fund
    will invest at least 40% of its total assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies</FONT>
    (unless the Adviser deems market conditions
    <FONT style="white-space: nowrap">and/or</FONT>
    company valuations less favorable to
    <FONT style="white-space: nowrap">non-U.S.&#160;companies,</FONT>
    in which case the Fund will invest at least 30% of its total
    assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies).</FONT>
    The value of foreign securities is affected by changes in
    currency rates, foreign tax laws (including withholding tax),
    government policies (in this country or abroad), relations
    between nations and trading, settlement, custodial and other
    operational risks. In addition, the costs of investing abroad
    are generally higher than in the United States, and foreign
    securities markets may be less liquid, more volatile and less
    subject to governmental supervision than markets in the United
    States. Foreign investments also could be affected by other
    factors not present in the United States, including
    expropriation, armed conflict, confiscatory taxation, lack of
    uniform accounting and auditing standards, less publicly
    available financial and other information and potential
    difficulties in enforcing contractual obligations. As an
    alternative to holding foreign-traded securities, the Fund may
    invest in dollar-denominated securities of foreign companies
    that trade on U.S.&#160;exchanges or in the
    <FONT style="white-space: nowrap">U.S.&#160;over-the-counter</FONT>
    market (including depositary receipts, which evidence ownership
    in underlying foreign securities). Dividends received with
    respect to stock of a foreign corporation may qualify for the
    reduced rates of federal income taxation applicable to qualified
    dividend income only if such corporation satisfies the
    requirements to be a &#147;qualified foreign corporation.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because foreign companies may not be subject to accounting,
    auditing and financial reporting standards, practices and
    requirements comparable to those applicable to
    U.S.&#160;companies, there may be less or less reliable publicly
    available information about a foreign company than about a
    domestic company. There is generally less government supervision
    and regulation of securities exchanges, broker-dealers and
    listed companies than in the United States. Mail service between
    the United States and foreign countries may be slower or less
    reliable than within the United States, thus increasing the risk
    of delayed settlements of portfolio transactions or loss of
    certificates for portfolio securities. Payment for securities
    before delivery may be required. In addition, with respect to
    certain foreign countries, there is the possibility of
    expropriation or confiscatory taxation, political or social
    instability, or diplomatic developments, which could affect
    investments in those countries. Moreover, individual foreign
    economies may differ favorably or unfavorably from the
    U.S.&#160;economy in such respects as growth of gross national
    product, rate of inflation, capital reinvestment, resource
    self-sufficiency and balance of payments position. Foreign
    securities markets, while growing in volume and sophistication,
    are generally not as developed as those in the United States,
    and securities of some foreign issuers (particularly those
    located in developing countries) may be less liquid and more
    volatile than securities of comparable U.S.&#160;companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest in ADRs, EDRs and GDRs, which are
    certificates evidencing ownership of shares of foreign issuers
    and are alternatives to purchasing directly the underlying
    foreign securities in their national markets and currencies.
    However, they continue to be subject to many of the risks
    associated with investing directly in foreign securities. These
    risks include foreign exchange risk as well as the political and
    economic risks of the underlying issuer&#146;s country. ADRs,
    EDRs and GDRs may be sponsored or unsponsored. Unsponsored
    receipts are established without the participation of the
    issuer. Unsponsored receipts may involve higher expenses, they
    may not pass through voting or other shareholder rights, and may
    be less liquid than sponsored receipts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Emerging Markets.</I></B>&#160;&#160;The Fund may invest
    up to 10% of its total assets in securities of issuers located
    in emerging markets. The risks of foreign investments described
    above apply to an even greater extent to investments in emerging
    markets. The securities markets of emerging market countries are
    generally smaller, less developed, less liquid and more volatile
    than the securities markets of the United States and developed
    foreign markets. Disclosure and regulatory standards in many
    respects are less stringent than in the United States and
    developed foreign markets. There also may be a lower level of
    monitoring and regulation of securities markets in emerging
    market countries, and enforcement of existing regulations may be
    limited. Many emerging market countries have experienced
    substantial, and in some periods extremely high, rates of
    inflation for many years. Inflation and rapid fluctuations in
    inflation rates have had and may
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    continue to have very negative effects on the economies and
    securities markets of certain emerging market countries.
    Economies in emerging markets generally are heavily dependent
    upon international trade and, accordingly, have been and may
    continue to be affected adversely by trade barriers, exchange
    controls, managed adjustments in relative currency values, and
    other protectionist measures imposed or negotiated by the
    countries with which they trade. The economies of these
    countries also have been and may continue to be adversely
    affected by economic conditions in the countries in which they
    trade. The economies of countries with emerging markets may also
    be predominantly based on only a few industries or dependent on
    revenues from particular commodities. In addition, custodial
    services and other costs relating to investment in foreign
    markets may be more expensive in emerging markets than in many
    developed foreign markets, which could reduce the Fund&#146;s
    income from such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Index Options Generally.</I></B>&#160;&#160;The Fund will
    pursue its objectives in part by writing (selling) stock index
    call options with respect to a portion of its common stock
    portfolio value. The Fund generally intends to sell index
    options that are exchange-listed and &#147;European style,&#148;
    meaning that the options may be exercised only on the expiration
    date of the option. Index options differ from options on
    individual securities in that index options (i)&#160;typically
    are settled in cash rather than by delivery of securities
    (meaning the exercise of an index option does not involve the
    actual purchase or sale of securities) and (ii)&#160;reflect
    price fluctuations in a group of securities or segments of the
    securities market rather than price fluctuations in a single
    security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    United States listed options contracts are originated and
    standardized by the Options Clearing Corporation (the
    &#147;OCC&#148;). Currently, United States listed index options
    are available on approximately 144 indexes, with new listings
    added periodically. In the United States, the Fund generally
    intends to sell index call options that are issued, guaranteed
    and cleared by the OCC. The Fund may also sell index call
    options in the United States and outside the United States that
    are not issued, guaranteed or cleared by the OCC, including OTC
    options. The Adviser believes that there exists sufficient
    liquidity in the index options markets to fulfill the
    Fund&#146;s requirements to implement its strategy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To implement its options program most effectively, the Fund may
    sell index options that trade in OTC markets. Participants in
    these markets are typically not subject to the same credit
    evaluation and regulatory oversight as members of &#147;exchange
    based&#148; markets. By engaging in index option transactions in
    these markets, the Fund may take credit risk with regard to
    parties with which it trades and also may bear the risk of
    settlement default. These risks may differ materially from those
    involved in exchange-traded transactions, which generally are
    characterized by clearing organization guarantees, daily
    <FONT style="white-space: nowrap">marking-to-market</FONT>
    and settlement, and segregation and minimum capital requirements
    applicable to intermediaries. Transactions entered into directly
    between two counterparties generally do not benefit from these
    protections, which may subject the Fund to the risk that a
    counterparty will not settle a transaction in accordance with
    agreed terms and conditions because of a dispute over the terms
    of the contract or because of a credit or liquidity problem.
    Such &#147;counterparty risk&#148; is increased for contracts
    with longer maturities when events may intervene to prevent
    settlement. The ability of the Fund to transact business with
    any one or any number of counterparties, the lack of any
    independent evaluation of the counterparties or their financial
    capabilities, and the absence of a regulated market to
    facilitate a settlement, may increase the potential for losses
    to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Selling Index Call Options.</I></B>&#160;&#160;The
    Fund&#146;s index option strategy is designed to produce current
    cash flow from options premiums and to moderate the volatility
    of the Fund&#146;s returns. This index option strategy is of a
    hedging nature, and is not designed to speculate on equity
    market performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As the seller of index call options, the Fund will receive cash
    (the premium) from the purchasers thereof. The purchaser of an
    index option has the right to any appreciation in the value of
    the applicable index over a fixed price (the exercise price) as
    of a specified date in the future (the option valuation date).
    Generally, the Fund intends to sell index call options that are
    slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    (i.e., the exercise price generally will be slightly above the
    current level of the applicable index when the option is sold).
    The Fund may also sell index options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    Such options that are more substantially
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    provide greater potential for the Fund to realize capital
    appreciation on its
</DIV>

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    33
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    portfolio stocks but generally would pay a lower premium than
    options that are slightly
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    When it writes index call options, the Fund will, in effect,
    sell the potential appreciation in the value of the applicable
    index above the exercise price in exchange for the option
    premium received. If, at expiration, an index call option sold
    by the Fund is exercised, the Fund will pay the purchaser the
    difference between the cash value of the applicable index and
    the exercise price of the option. The premium, the exercise
    price and the market value of the applicable index will
    determine the gain or loss realized by the Fund as the seller of
    the index call option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to expiration, the Fund may close an option position by
    making an offsetting market purchase of identical option
    contracts (same type, underlying index, exercise price and
    expiration). The cost of closing transactions and payments in
    settlement of exercised options will reduce the net option
    premiums available for distribution to Common Shareholders by
    the Fund. The reduction in net option premiums due to a rise in
    stock prices should generally be offset, at least in part, by
    appreciation in the value of common stocks held and by the
    opportunity to realize higher premium income from selling new
    index options at higher exercise prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain extraordinary market circumstances, to limit the risk
    of loss on the Fund&#146;s index option strategy, the Fund may
    enter into &#147;spread&#148; transactions by purchasing index
    call options with higher exercise prices than those of index
    call options written. The Fund will only engage in such
    transactions when Eaton Vance and Rampart believe that certain
    extraordinary events temporarily have depressed equity prices
    and substantial short-term appreciation of such prices is
    expected. By engaging in spread transactions in such
    circumstances the Fund will reduce the limitation imposed on its
    ability to participate in such recovering equity markets that
    exist if the Fund only writes index call options. The premiums
    paid to purchase such call options are expected to be lower than
    the premiums earned from the call options written at lower
    exercise prices. However, the payment of these premiums will
    reduce amounts available for distribution from the Fund&#146;s
    option activity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will sell only &#147;covered&#148; call options. An
    index call option is considered covered if the Fund maintains
    with its custodian assets determined to be liquid (in accordance
    with procedures established by the Board) in an amount at least
    equal to the contract value of the index. An index call option
    also is covered if the Fund holds a call on the same index as
    the call written where the exercise price of the call held is
    (i)&#160;equal to or less than the exercise price of the call
    written, or (ii)&#160;greater than the exercise price of the
    call written, provided the difference is maintained by the Fund
    in segregated assets determined to be liquid (in accordance with
    procedures established by the Board).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an option written by the Fund expires unexercised, the Fund
    realizes on the expiration date a capital gain equal to the
    premium received by the Fund at the time the option was written.
    If an option written by the Fund is exercised, the Fund realizes
    on the expiration date a capital gain if the cash payment made
    by the Fund upon exercise is less than the premium received from
    writing the option and a capital loss if the cash payment made
    is more than the premium received. If a written option is
    repurchased, the Fund realizes upon the closing purchase
    transaction a capital gain if the cost of repurchasing the
    option is less than the premium received from writing the option
    and a capital loss if the cost of repurchasing the option is
    more than the premium received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For written index options that qualify as
    &#147;section&#160;1256 contracts,&#148; the Fund&#146;s gains
    and losses thereon generally will be treated as 60% long-term
    and 40% short-term capital gain or loss, regardless of holding
    period. In addition, the Fund generally will be required to
    &#147;mark to market&#148; (<I>i.e.</I>, treat as sold for fair
    market value) each outstanding index option position at the
    close of each taxable year (and on October&#160;31 of each year
    for excise tax purposes) and to adjust the amount of gain or
    loss subsequently realized to reflect the marking to market.
    Gain or loss on index options not qualifying as
    &#147;section&#160;1256 contracts&#148; under the Code would be
    realized upon disposition, lapse or exercise of the positions
    and would be treated as short-term gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal factors affecting the market value of an option
    contract include supply and demand in the options market,
    interest rates, the current market price of the underlying index
    in relation to the exercise price of the option, the actual or
    perceived volatility associated with the underlying index, and
    the
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    time remaining until the expiration date. The premium received
    for an option written by the Fund is recorded as an asset of the
    Fund and its obligation under the option contract as an
    initially equivalent liability. The Fund then adjusts over time
    the liability as the market value of the option changes. The
    value of each written option will be marked to market daily and
    valued at the closing price on the exchange on which it is
    traded or, if not traded on an exchange or no closing price is
    available, at the mean between the last bid and asked prices or
    otherwise at fair value as determined by the Board of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transaction costs of buying and selling options consist
    primarily of commissions (which are imposed in opening, closing
    and exercise transactions), but may also include margin and
    interest costs in particular transactions. The impact of
    transaction costs on the profitability of a transaction may
    often be greater for options transactions than for transactions
    in the underlying securities because these costs are often
    greater in relation to option premiums than in relation to the
    prices of underlying securities. Transaction costs may be
    especially significant in option strategies calling for multiple
    purchases and sales of options over short periods of time or
    concurrently. Transaction costs associated with the Fund&#146;s
    options strategy will vary depending on market circumstances and
    other factors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are three items needed to identify a particular index
    option contract: (1)&#160;the expiration month, (2)&#160;the
    exercise (or strike) price and (3)&#160;the type (i.e., call or
    put). For example, a January 2005 1200 strike S&#38;P 500 call
    option provides the option holder the right to receive $100
    multiplied by the positive difference between the January option
    exercise-settlement value of the S&#38;P 500 (determine on
    January&#160;20, 2005 based on opening sales prices of the
    component index stocks on that date) and 1200. A call option
    whose exercise price is above the current price of the
    underlying index is called
    <FONT style="white-space: nowrap">&#147;out-of-the-money&#148;</FONT>
    and a call option whose exercise price is below the current
    price of the underlying index is called
    <FONT style="white-space: nowrap">&#147;in-the-money.&#148;</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a conceptual example of the returns that may be
    achieved from a buy-write investment strategy that consists of
    holding a portfolio of stocks whose performance matches the
    S&#38;P 500 and selling S&#38;P 500 call options on the full
    value of the stock position. This example is not meant to
    represent the performance of actual option contracts or the
    Fund. In particular, it should be noted that the example is
    based upon writing call options on a single index while holding
    a portfolio of securities precisely matching the index. In
    implementing its options strategy, the Fund may write options on
    a number of different representative indices, will not hold
    stocks precisely matching these indices, and generally intends
    to write options on only a portion of the value of its portfolio
    of common stocks. In addition, the example does not account for
    the cost of options transactions, which would lower returns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assume that a holder of a portfolio of common stocks writes
    (sells) January 2005 1200 strike S&#38;P 500 call options on
    December&#160;17, 2004 when the S&#38;P 500 is at 1198.63. When
    written, the options are 1.37 points (0.11%) &#147;out of the
    money.&#148; The options writer receives $14.41 (1.20%) per
    option written. Assume that the portfolio of stocks held by the
    options writer matches the performance of the S&#38;P 500 over
    the period until the January exercise-settlement value of the
    S&#38;P 500 is determined on January&#160;20, 2005.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the example, the return over the period until option
    expiration earned by the holder of a portfolio of stocks whose
    performance matches the S&#38;P 500 and who writes S&#38;P 500
    index call options on the full value of the portfolio position
    and maintains the options position until expiration will be as
    follows: (1)&#160;if the S&#38;P 500 declines 1.20%, the option
    will expire worthless and the holder will have a net return of
    zero (option premium offsets loss in stock portfolio);
    (2)&#160;if the S&#38;P 500 is flat, the option will again
    expire worthless and the holder will have a net return of 1.20%
    (option premium plus no gain or loss on portfolio); (3)&#160;if
    the S&#38;P 500 rises 0.11%, the option will again expire with
    no value and the holder will have a net return of 1.31% (option
    premium plus 0.11% portfolio return); and (4)&#160;if the index
    rises more than 0.11%, the exercise of the option would limit
    portfolio gain to 0.11% and total net return to 1.31%. If the
    index value at exercise exceeds the exercise price, returns over
    the period from the position are capped at 1.31%. On an
    annualized basis in this example, before accounting for the
    costs of the options transactions, option premiums increase
    returns by approximately 12.9% in down, flat and moderately up
    markets; annualized returns in this example for the buy-write
    strategy, before accounting for the costs of the options
    transactions, are capped at approximately 14.1% in a strong up
    market.
</DIV>

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    35
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As demonstrated in the example, writing index call options can
    lower the variability of potential return outcomes and can
    enhance returns in three of four market performance scenarios
    (down, flat or moderately up). Only when the level of the index
    at option expiration exceeds the sum of the premium received and
    the option exercise price would the buy-write strategy be
    expected to provide lower returns than the stock portfolio-only
    alternative. The amount of downside protection afforded by the
    buy-write strategy in declining market scenarios is limited,
    however, to the amount of option premium received. If an index
    declines by an amount greater than the option premium, a
    buy-write strategy consisting of owning all of the stocks in the
    index and writing index options on the value thereof would
    generate an investment loss. The Fund&#146;s returns from
    implementing a buy-write strategy using index options will also
    be substantially affected by the performance of the Fund&#146;s
    stock portfolio versus the indices on which it writes call
    options and by the percentage of portfolio value on which
    options are written. The returns on the Fund&#146;s portfolio
    are unlikely to be the same as the returns on the indices on
    which it writes options.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Investment Practices</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to its primary investment strategies as described
    above, the Fund may engage in the following investment practices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Temporary Investments.</I></B>&#160;&#160;During unusual
    market circumstances, the Fund may temporarily invest a
    substantial portion of its assets in cash or cash equivalents.
    Cash equivalents are highly liquid, short-term securities such
    as commercial paper, time deposits, certificates of deposit,
    short-term notes and short-term United States government
    obligations. In moving to a substantial temporary investments
    position and in transitioning from such a position back into
    conformity with the Fund&#146;s normal investment policies, the
    Fund may incur transaction costs that would not be incurred if
    the Fund had remained fully invested in accordance with such
    normal policies. The transition to and from a substantial
    temporary investments position may also result in the Fund
    having to sell common stocks
    <FONT style="white-space: nowrap">and/or</FONT> close
    out options positions and then later purchase common stocks and
    open new options positions in circumstances that might not
    otherwise be optimal. The Fund&#146;s investment in such
    temporary investments under unusual market circumstances may not
    be in furtherance of the Fund&#146;s investment objectives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>When-Issued Securities and Forward
    Commitments.</I></B>&#160;&#160;Securities may be purchased on a
    &#147;forward commitment&#148; or &#147;when-issued&#148; basis
    (meaning securities are purchased or sold with payment and
    delivery taking place in the future) in order to secure what is
    considered to be an advantageous price and yield at the time of
    entering into the transaction. However, the return on a
    comparable security when the transaction is consummated may vary
    from the return on the security at the time that the forward
    commitment or when-issued transaction was made. From the time of
    entering into the transaction until delivery and payment is made
    at a later date, the transacted securities are subject to market
    fluctuations. In forward commitment or when-issued transactions,
    if the seller or buyer, as the case may be, fails to consummate
    the transaction, the counterparty may miss the opportunity of
    obtaining a price or yield considered to be advantageous.
    Forward commitment or when-issued transactions may occur a month
    or more before delivery is due. However, no payment or delivery
    is made until payment is received or delivery is made from the
    other party to the transaction. The Fund does not intend to
    enter into forward commitment or when-issued transactions for
    the purpose of investment leverage.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Illiquid Securities.</I></B>&#160;&#160;The Fund may
    invest up to 15% of its total assets in securities for which
    there is no readily available trading market or that are
    otherwise illiquid. Illiquid securities include securities
    legally restricted as to resale, such as commercial paper issued
    pursuant to Section&#160;4(2) of the Securities Act of 1933, as
    amended, and securities eligible for resale pursuant to
    Rule&#160;144A thereunder. Section&#160;4(2) and Rule&#160;144A
    securities may, however, be treated as liquid by the Adviser
    pursuant to procedures adopted by the Board, which require
    consideration of factors such as trading activity, availability
    of market quotations and number of dealers willing to purchase
    the security. If the Fund invests in Rule&#160;144A securities,
    the level of portfolio illiquidity may be increased to the
    extent that eligible buyers become uninterested in purchasing
    such securities.
</DIV>

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    36
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It may be difficult to sell illiquid securities at a price
    representing their fair value until such time as such securities
    may be sold publicly. Where registration is required, a
    considerable period may elapse between a decision by the Fund to
    sell the securities and the time when it would be permitted to
    sell. Thus, the Fund may not be able to obtain as favorable a
    price as that prevailing at the time of the decision to sell.
    The Fund may also acquire securities through private placements
    under which it may agree to contractual restrictions on the
    resale of such securities. Such restrictions might prevent their
    sale at a time when such sale would otherwise be desirable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Foreign Currency Transactions.</I></B>&#160;&#160;The
    value of foreign assets as measured in U.S.&#160;dollars may be
    affected favorably or unfavorably by changes in foreign currency
    rates and exchange control regulations. Currency exchange rates
    can also be affected unpredictably by intervention by
    U.S.&#160;or foreign governments or central banks, or the
    failure to intervene, or by currency controls or political
    developments in the United States or abroad. The Fund may (but
    is not required to) engage in transactions to hedge against
    changes in foreign currencies, and will use such hedging
    techniques when the Adviser deems appropriate. Foreign currency
    exchange transactions may be conducted on a spot (i.e., cash)
    basis at the rate currently prevailing in the foreign currency
    exchange market, or through entering into derivative currency
    transactions. Currency futures contracts are exchange-traded
    instruments similar in structure to futures contracts on stocks
    and stock indices, but change in value to reflect the movements
    of a currency or basket of currencies rather than a stock or
    stock index. Settlement is made in a designated currency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward foreign currency exchange contracts are individually
    negotiated and privately traded contracts between currency
    traders and their customers. Such contracts may be used by the
    Fund when a security denominated in a foreign currency is
    purchased or sold, or when the receipt in a foreign currency of
    dividend or interest payments on such a security is anticipated.
    A forward contract can &#147;lock in&#148; the U.S.&#160;dollar
    price of the security or the U.S.&#160;dollar equivalent of such
    dividend or interest payment, as the case may be. Additionally,
    when the Adviser believes that the currency of a particular
    foreign country may suffer a substantial decline against the
    U.S.&#160;dollar, it may enter into a forward contract to sell,
    for a fixed amount of dollars, the amount of foreign currency
    approximating the value of some or all of the securities held
    that are denominated in such foreign currency. The precise
    matching of the forward contract amounts and the value of the
    securities involved will not generally be possible. In addition,
    it may not be possible to hedge against long-term currency
    changes. Cross-hedging may be performed by using forward
    contracts in one currency (or basket of currencies) to hedge
    against fluctuations in the value of securities denominated in a
    different currency if the Adviser determines that there is a
    pattern of correlation between the two currencies (or the basket
    of currencies and the underlying currency). Use of a different
    foreign currency magnifies exposure to foreign currency exchange
    rate fluctuations. Forward contracts may also be used to shift
    exposure to foreign currency exchange rate changes from one
    currency to another. Short-term hedging provides a means of
    fixing the dollar value of only a portion of portfolio assets.
    Income or gains earned on any of the Fund&#146;s foreign
    currency transactions generally will be treated as fully taxable
    income (i.e. income other than tax-advantaged dividends).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Currency transactions are dependent upon the creditworthiness of
    counterparties and subject to the risk of political and economic
    factors applicable to the countries issuing the underlying
    currencies. Furthermore, unlike trading in most other types of
    instruments, there is no systematic reporting of last sale
    information with respect to the foreign currencies underlying
    derivative currency transactions. As a result, available
    information may not be complete. In an
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    trading environment, there are generally no daily price
    fluctuation limits. There may be no liquid secondary market to
    close out positions entered into until their exercise,
    expiration or maturity. There is also the risk of default by, or
    the bankruptcy of, the financial institution serving as
    counterparty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Other Derivative Instruments.</I></B>&#160;&#160;In
    addition to the intended strategy of selling index call options,
    the Fund may also invest up to 20% of the value of its total
    assets in other derivative instruments acquired for hedging,
    risk management and investment purposes (to gain exposure to
    securities, securities markets, market indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with its investment objectives and
    policies), provided that the Fund may engage in such
    transactions to hedge up to all of its foreign currency risk,
    and provided further that no more than 10% of the Fund&#146;s
    total assets may be invested in such derivative instruments
    acquired
</DIV>

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    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    for non-hedging purposes. These strategies may be executed
    through the use of derivative contracts in the United States or
    abroad. In the course of pursuing these investment strategies,
    the Fund may purchase and sell derivative contracts based on
    equity and fixed-income indices and other instruments, purchase
    and sell futures contracts and options thereon, and enter into
    various transactions such as swaps, caps, floors or collars. In
    addition, derivatives may also include new techniques,
    instruments or strategies that are not currently available.
    Derivative instruments may be used by the Fund to enhance
    returns or as a substitute for the purchase or sale of
    securities. The loss on derivative instruments (other than
    purchased options) may substantially exceed an investment in
    these instruments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Swaps.</I></B>&#160;&#160;Swap contracts may be purchased
    or sold to hedge against fluctuations in securities prices,
    interest rates or market conditions, to mitigate non-payment or
    default risk or to gain exposure to particular securities,
    baskets of securities, indices or currencies. In a standard
    &#147;swap&#148; transaction, two parties agree to exchange the
    returns (or differentials in rates of return) on different
    currencies, securities, baskets of currencies or securities,
    indices or other instruments, which returns are calculated with
    respect to a &#147;notional amount,&#148; i.e., the designated
    referenced amount of exposure to the underlying instruments. The
    Fund will enter into swaps only on a net basis, i.e<I>.</I>, the
    two payment streams are netted out, with the Fund receiving or
    paying, as the case may be, only the net amount of the two
    payments. If the other party to a swap defaults, the Fund&#146;s
    risk of loss consists of the net amount of payments that the
    Fund is contractually entitled to receive. The net amount of the
    excess, if any, of the Fund&#146;s obligations over its
    entitlements will be maintained in a segregated account by the
    Fund&#146;s custodian. The Fund will not enter into any swap
    unless the claims-paying ability of the other party thereto is
    considered to be investment grade by the Adviser. If there is a
    default by the other party to such a transaction, the Fund will
    have contractual remedies pursuant to the agreements related to
    the transaction. Swaps are traded in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market. The use of swaps is a highly specialized activity, which
    involves investment techniques and risks different from those
    associated with ordinary portfolio securities transactions. If
    the Adviser is incorrect in its forecasts of market values,
    interest rates and other applicable factors, the total return
    performance of the Fund would be unfavorably affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Total Return Swaps.</I></B>&#160;&#160;Total return swaps
    are contracts in which one party agrees to make payments of the
    total return from the designated underlying asset(s), which may
    include securities, baskets of securities, or securities indices
    during the specified period, in return for payments equal to a
    fixed or floating rate of interest or the total return from
    other designated underlying asset(s).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Interest Rate Swaps.</I></B>&#160;&#160;Interest rate
    swaps involve the exchange by the Fund with another party of
    their respective commitments to pay or receive interest
    (<I>e.g.</I>, an exchange of fixed rate payments for floating
    rate payments).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Futures and Options on Futures.</I></B>&#160;&#160;The
    Fund may purchase and sell various kinds of financial futures
    contracts and options thereon to seek to hedge against changes
    in stock prices or interest rates, for other risk management
    purposes or to gain exposure to certain securities, indices and
    currencies. Futures contracts may be based on various securities
    indices and securities. Such transactions involve a risk of loss
    or depreciation due to adverse changes in securities prices,
    which may exceed the Fund&#146;s initial investment in these
    contracts. The Fund will only purchase or sell futures contracts
    or related options in compliance with the rules of the Commodity
    Futures Trading Commission. These transactions involve
    transaction costs. Sales of futures contracts and related
    options generally result in realization of short-term or
    long-term capital gain depending on the period for which the
    investment is held. To the extent that any futures contract or
    options on futures contract held by the Fund is a
    &#147;section&#160;1256 contract&#148; under the Code, the
    contract will be
    <FONT style="white-space: nowrap">marked-to-market</FONT>
    annually and any gain or loss will be treated as 60% long-term
    and 40% short-term, regardless of the holding period for such
    contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Short Sales.</I></B>&#160;&#160;The Fund may sell a
    security short if it owns at least an equal amount of the
    security sold short or another security convertible or
    exchangeable for an equal amount of the security sold short
    without payment of further compensation (a short sale
    <FONT style="white-space: nowrap">against-the-box).</FONT>
    In a short sale
    <FONT style="white-space: nowrap">against-the-box,</FONT>
    the short seller is exposed to the risk of being forced to
    deliver stock that it holds to close the position if the
</DIV>

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    borrowed stock is called in by the lender, which would cause
    gain or loss to be recognized on the delivered stock. The Fund
    expects normally to close its short sales
    <FONT style="white-space: nowrap">against-the-box</FONT>
    by delivering newly acquired stock.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Short sales
    <FONT style="white-space: nowrap">against-the-box</FONT>
    can be a tax-efficient alternative to the sale of an appreciated
    securities position. The ability to use short sales
    <FONT style="white-space: nowrap">against-the-box</FONT>
    as a tax-efficient management technique with respect to holdings
    of appreciated securities is limited to circumstances in which
    the hedging transaction is closed out not later than thirty days
    after the end of the Fund&#146;s taxable year in which the
    transaction was initiated, and the underlying appreciated
    securities position is held unhedged for at least the next sixty
    days after the hedging transaction is closed. Not meeting these
    requirements would trigger the recognition of gain on the
    underlying appreciated securities position under the federal tax
    laws applicable to constructive sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Securities Lending.</I></B>&#160;&#160;The Fund may seek
    to earn income by lending portfolio securities to broker-dealers
    or other institutional borrowers. As with other extensions of
    credit, there are risks of delay in recovery or even loss of
    rights in the securities loaned if the borrower of the
    securities fails financially. Loans will be made only to
    organizations whose credit quality or claims paying ability is
    considered by the Adviser to be at least investment grade and
    when the expected return, net of administrative expenses and any
    finders&#146; fees, justifies the attendant risk. Securities
    loans currently are required to be secured continuously by
    collateral in cash, cash equivalents (such as money market
    instruments) or other liquid securities held by the custodian
    and maintained in an amount at least equal to the market value
    of the securities loaned. The financial condition of the
    borrower will be monitored by the Adviser on an ongoing basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Borrowings.</I></B>&#160;&#160;The Fund may borrow money
    to the extent permitted under the 1940 Act as interpreted,
    modified or otherwise permitted by the regulatory authority
    having jurisdiction. Although it does not currently intend to do
    so, the Fund may in the future from time to time borrow money to
    add leverage to the portfolio. The Fund may also borrow money
    for temporary administrative purposes or to meet temporary cash
    needs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Reverse Repurchase Agreements.</I></B>&#160;&#160;The Fund
    may enter into reverse repurchase agreements. Under a reverse
    repurchase agreement, the Fund temporarily transfers possession
    of a portfolio instrument to another party, such as a bank or
    broker-dealer, in return for cash. At the same time, the Fund
    agrees to repurchase the instrument at an agreed upon time
    (normally within seven days) and price, which reflects an
    interest payment. The Fund may enter into such agreements when
    it is able to invest the cash acquired at a rate higher than the
    cost of the agreement, which would increase earned income.
    Income realized on reverse repurchase agreements is taxable as
    ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the Fund enters into a reverse repurchase agreement, any
    fluctuations in the market value of either the securities
    transferred to another party or the securities in which the
    proceeds may be invested would affect the market value of the
    Fund&#146;s assets. As a result, such transactions may increase
    fluctuations in the market value of the Fund&#146;s assets.
    There is a risk that large fluctuations in the market value of
    the Fund&#146;s assets could affect net asset value and the
    market price of Common Shares. Because reverse repurchase
    agreements may be considered to be the practical equivalent of
    borrowing funds, they constitute a form of leverage and may be
    subject to leverage risks. Such agreements will be treated as
    subject to investment restrictions as mentioned above under
    &#147;Borrowings.&#148; If the Fund reinvests the proceeds of a
    reverse repurchase agreement at a rate lower than the cost of
    the agreement, entering into the agreement will lower the
    Fund&#146;s cash available for distribution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Portfolio Turnover.</I></B>&#160;&#160;The Fund will buy
    and sell securities to seek to accomplish its investment
    objectives. Portfolio turnover generally involves expense to the
    Fund, including brokerage commissions and other transaction
    costs on the sale of securities and reinvestment in other
    securities. The Fund expects to maintain high turnover in index
    call options, based on the Adviser&#146;s intent to sell index
    call options on a portion of its stock portfolio value and the
    Fund&#146;s initial expectation to roll forward its options
    positions approximately every one to three months. For its stock
    holdings, the Fund&#146;s annual portfolio turnover rate is
    expected to exceed that of the indices on which the Fund writes
    call options due to turnover in connection with the Fund&#146;s
    active stock selection, tax loss harvesting, dividend capture
    and other strategies.
</DIV>

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    On an overall basis, the Fund expects that its annual turnover
    rate will exceed 100%. A high turnover rate (100% or more)
    necessarily involves greater trading costs to the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Risk
    Considerations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>No Operating History.</I></B>&#160;&#160;The Fund is a
    newly organized, diversified, closed-end investment company with
    no history of operations and is designed for long-term investors
    and not as a trading vehicle.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Investment and Market Risk.</I></B>&#160;&#160;An
    investment in Common Shares is subject to investment risk,
    including the possible loss of the entire principal amount
    invested. An investment in Common Shares represents an indirect
    investment in the securities owned by the Fund, which are
    generally traded on a securities exchange or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. The value of these securities, like other market
    investments, may move up or down, sometimes rapidly and
    unpredictably. Because the Fund normally intends to sell stock
    index call options on a portion of its common stock portfolio
    value, the Fund&#146;s appreciation potential from equity market
    performance will be more limited than if the Fund did not engage
    in selling stock index call options. The Common Shares at any
    point in time may be worth less than the original investment,
    even after taking into account any reinvestment of distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Issuer Risk.</I></B>&#160;&#160;The value of securities
    held by the Fund may decline for a number of reasons that
    directly relate to the issuer, such as management performance,
    financial leverage and reduced demand for the issuer&#146;s
    goods and services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Equity Risk.</I></B>&#160;&#160;Under normal market
    conditions, the Fund&#146;s investment program will consist
    primarily of owning a diversified portfolio of domestic and
    foreign common stocks. Therefore, a principal risk of investing
    in the Fund is equity risk. Equity risk is the risk that the
    value of securities held by the Fund will fall due to general
    market or economic conditions, perceptions regarding the
    industries in which the issuers of securities held by the Fund
    participate, and the particular circumstances and performance of
    companies whose securities the Fund holds. Although common
    stocks have historically generated higher average returns than
    fixed-income securities over the long term, common stocks also
    have experienced significantly more volatility in returns. An
    adverse event, such as an unfavorable earnings report, may
    depress the value of equity securities of an issuer held by the
    Fund; the price of common stock of an issuer may be particularly
    sensitive to general movements in the stock market; or a drop in
    the stock market may depress the price of most or all of the
    common stocks held by the Fund. In addition, common stock of an
    issuer in the Fund&#146;s portfolio may decline in price if the
    issuer fails to make anticipated dividend payments because,
    among other possible reasons, the issuer of the security
    experiences a decline in its financial condition. Common stocks
    in which the Fund will invest are structurally subordinated to
    preferred stocks, bonds and other debt instruments in a
    company&#146;s capital structure, in terms of priority to
    corporate income, and therefore will be subject to greater
    dividend risk than preferred stocks or debt instruments of such
    issuers. Finally, common stock prices may be sensitive to rising
    interest rates, as the costs of capital rise and borrowing costs
    increase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Risks of Investing in Mid-Cap
    Companies.</I></B>&#160;&#160;The Fund may make investments in
    stocks of companies whose market capitalization is considered
    middle sized or &#147;mid-cap.&#148; Mid-cap companies often are
    newer or less established companies than larger companies.
    Investments in mid-cap companies carry additional risks because
    earnings of these companies tend to be less predictable; they
    often have limited product lines, markets, distribution channels
    or financial resources; and the management of such companies may
    be dependent upon one or a few key people. The market movements
    of equity securities of mid-cap companies may be more abrupt or
    erratic than the market movements of equity securities of
    larger, more established companies or the stock market in
    general. Historically, mid-cap companies have sometimes gone
    through extended periods when they did not perform as well as
    larger companies. In addition, equity securities of mid-cap
    companies generally are less liquid than those of larger
    companies. This means that the Fund could have greater
    difficulty selling such securities at the time and price that
    the Fund would like.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Risks of Selling Index Call
    Options.</I></B>&#160;&#160;Under normal market conditions, a
    portion of the Fund&#146;s common stock portfolio value will be
    subject to written index call options. The purchaser of an index
    call option has the right to any appreciation in the value of
    the index over the exercise price of the call option
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    as of the valuation date of the option. Because their exercise
    is settled in cash, sellers of index call options such as the
    Fund cannot provide in advance for their potential settlement
    obligations by acquiring and holding the underlying securities.
    The Fund intends to mitigate the risks of its written index call
    positions by writing options on broad-based domestic, foreign
    country and/or regional stock indices that the Adviser believes
    collectively approximate the characteristics of its common stock
    portfolio (or that portion of its portfolio against which
    options are written). However, the Fund does not intend to
    acquire and hold a portfolio of exactly the same stocks as the
    indices on which it writes call options. Due to tax
    considerations, the Fund intends to limit the overlap between
    its stock holdings (and any subset thereof) and each index on
    which it has outstanding options positions to less than 70% on
    an ongoing basis. The Fund&#146;s stock holdings will normally
    include stocks not included in the indices on which it writes
    call options. Consequently, the Fund bears the risk that the
    performance of the Fund&#146;s stock portfolio will vary from
    the performance of the indices on which it writes call options.
    For example, with respect to the portion of its stock portfolio
    against which S&#38;P 500 index call options have been written,
    the Fund will suffer a loss if the S&#38;P 500 appreciates above
    the exercise price of the options written while the associated
    securities held by the Fund fail to appreciate as much or
    decline in value over the life of the written option. Index
    options written by the Fund will be priced on a daily basis.
    Their value will be affected primarily by changes in the price
    and dividend rates of the underlying common stocks in such
    index, changes in actual or perceived volatility of such index
    and the remaining time to the options&#146; expiration. The
    trading price of index call options will also be affected by
    liquidity considerations and the balance of purchase and sale
    orders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A decision as to whether, when and how to use options involves
    the exercise of skill and judgment, and even a well-conceived
    and well-executed options program may be adversely affected by
    market behavior or unexpected events. As the writer of index
    call options, the Fund will forgo, during the option&#146;s
    life, the opportunity to profit from increases in the value of
    the applicable index above the sum of the option premium
    received and the exercise price of the call option, but retains
    the risk of loss, minus the option premium received, should the
    value of the applicable index decline. When a call option is
    exercised, the Fund will be required to deliver an amount of
    cash determined by the excess of the value of the applicable
    index at contract termination over the exercise price of the
    option. Thus, the exercise of index call options sold by the
    Fund may require the Fund to sell portfolio securities to
    generate cash at inopportune times or for unattractive prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that the Fund writes options on indices based upon
    foreign stocks, the Fund generally intends to sell options on
    broad-based foreign country
    <FONT style="white-space: nowrap">and/or</FONT>
    regional stock indices that are listed for trading in the United
    States or which otherwise qualify as &#147;section&#160;1256
    contracts.&#148; Options on foreign indices that are listed for
    trading in the United States or which otherwise qualify as
    &#147;section&#160;1256 contracts&#148; under the Code may trade
    in substantially lower volumes and with substantially wider
    bid-ask spreads than other options contracts on the same or
    similar indices that trade on other markets outside the United
    States or in OTC markets. To implement its options program most
    effectively, the Fund may sell index options that do not qualify
    as &#147;section&#160;1256 contracts,&#148; including OTC
    markets. Gain or loss on index options not qualifying as
    &#147;section&#160;1256 contracts&#148; under the Code would be
    realized upon disposition, lapse or settlement of the positions
    and would be treated as short-term gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading price of options may be adversely affected if the
    market for such options becomes less liquid or smaller. The Fund
    may close out a call option by buying the option instead of
    letting it expire or be exercised. There can be no assurance
    that a liquid market will exist when the Fund seeks to close out
    a call option position by buying the option. Reasons for the
    absence of a liquid secondary market on an exchange include the
    following: (i)&#160;there may be insufficient trading interest
    in certain options; (ii)&#160;restrictions may be imposed by an
    exchange on opening transactions or closing transactions or
    both; (iii)&#160;trading halts, suspensions or other
    restrictions may be imposed with respect to particular classes
    or series of options; (iv)&#160;unusual or unforeseen
    circumstances may interrupt normal operations on an exchange;
    (v)&#160;the facilities of an exchange or the Options Clearing
    Corporation (the &#147;OCC&#148;) may not at all times be
    adequate to handle current trading volume; or (vi)&#160;one or
    more exchanges could, for economic or other reasons, decide or
    be compelled to discontinue the trading of options (or a
    particular class or series of options) at some future date. If
    trading were discontinued, the secondary market on that exchange
    (or in that class or
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    series of options) would cease to exist. However, outstanding
    options on that exchange that had been issued by the OCC as a
    result of trades on that exchange would continue to be
    exercisable in accordance with their terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The hours of trading for options may not conform to the hours
    during which common stocks held by the Fund are traded. To the
    extent that the options markets close before the markets for
    securities, significant price and rate movements can take place
    in the securities markets that would not be reflected
    concurrently in the options markets. Index call options are
    marked to market daily and their value is affected by changes in
    the value and dividend rates of the securities represented in
    the underlying index, changes in interest rates, changes in the
    actual or perceived volatility of the associated index and the
    remaining time to the options&#146; expiration, as well as
    trading conditions in the options market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To implement its options program most effectively, the Fund may
    sell index options that trade in OTC markets. Participants in
    these markets are typically not subject to the same credit
    evaluation and regulatory oversight as members of &#147;exchange
    based&#148; markets. By engaging in index option transactions in
    these markets, the Fund may take credit risk with regard to
    parties with which it trades and also may bear the risk of
    settlement default. These risks may differ materially from those
    involved in exchange-traded transactions, which generally are
    characterized by clearing organization guarantees, daily
    <FONT style="white-space: nowrap">marking-to-market</FONT>
    and settlement, and segregation and minimum capital requirements
    applicable to intermediaries. Transactions entered into directly
    between two counterparties generally do not benefit from these
    protections, which may subject the Fund to the risk that a
    counterparty will not settle a transaction in accordance with
    agreed terms and conditions because of a dispute over the terms
    of the contract or because of a credit or liquidity problem.
    Such &#147;counterparty risk&#148; is increased for contracts
    with longer maturities when events may intervene to prevent
    settlement. The ability of the Fund to transact business with
    any one or any number of counterparties, the lack of any
    independent evaluation of the counterparties or their financial
    capabilities, and the absence of a regulated market to
    facilitate a settlement, may increase the potential for losses
    to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Tax Risk.</I></B>&#160;&#160;Reference is made to
    &#147;Federal Income Tax Matters&#148; for an explanation of the
    federal income tax consequences and attendant risks of investing
    in the Fund. Although the Fund seeks to minimize and defer the
    federal income taxes incurred by Common Shareholders in
    connection with their investment in the Fund, there can be no
    assurance that it will be successful in this regard. The tax
    treatment and characterization of the Fund&#146;s distributions
    may change over time due to changes in the Fund&#146;s mix of
    investment returns and changes in the federal tax laws,
    regulations and administrative and judicial interpretations. The
    provisions of the Code applicable to qualified dividend income
    are set to expire at the close of 2010. Thereafter, the
    Fund&#146;s distributions to Common Shareholders of qualified
    dividend income will be subject to tax at the higher rates that
    apply to ordinary income unless further legislative action is
    taken. There can be no assurances that after 2010 such qualified
    dividends will be available to the Fund and its Common
    Shareholders. The Fund&#146;s investment program and the tax
    treatment of Fund distributions may be affected by IRS
    interpretations of the Code and future changes in tax laws and
    regulations, including changes resulting from the
    &#147;sunset&#148; provisions described above that would have
    the effect of repealing the favorable treatment of qualified
    dividend income and reimposing the higher tax rates applicable
    to ordinary income beginning in 2011 unless further legislative
    action is taken. Distributions paid on the Common Shares may be
    characterized variously as non-qualified dividends (taxable at
    ordinary income rates), qualified dividends (generally taxable
    at long-term capital gains rates), capital gains dividends
    (taxable at long-term capital gains rates) or return of capital
    (generally not currently taxable). The ultimate tax
    characterization of the Fund&#146;s distributions made in a
    calendar year may not finally be determined until after the end
    of that calendar year. Distributions to a Common Shareholder
    that are return of capital will be tax free to the amount of the
    Common Shareholder&#146;s current tax basis in his or her Common
    Shares, with any distribution amounts exceeding such basis
    treated as capital gain on a deemed sale of Common Shares.
    Common Shareholders are required to reduce their tax basis in
    Common Shares by the amount of tax-free return of capital
    distributions received, thereby increasing the amount of capital
    gain (or decreasing the amount of capital loss) to be recognized
    upon a later disposition of the Common Shares. In order for Fund
    distributions of qualified dividend income to be taxable at
    favorable
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    long-term capital gains rates, a Common Shareholder must meet
    certain prescribed holding period and other requirements with
    respect to his or her Common Shares. If positions held by the
    Fund were treated as &#147;straddles&#148; for federal income
    tax purposes, dividends on such positions would not constitute
    qualified dividend income subject to favorable income tax
    treatment. Gain or loss on positions in a straddle are subject
    to special (and generally disadvantageous) rules as described
    under &#147;Federal Income Tax Matters.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Distribution Risk.</I></B>&#160;&#160;The quarterly
    distributions Common Shareholders will receive from the Fund
    will be sourced from the Fund&#146;s dividends and interest
    income after payment of Fund expenses, net option premiums, and
    net realized and unrealized gains on stock investments. The
    Fund&#146;s cash available for distribution may vary widely over
    the short- and long-term. Dividends on common stocks are not
    fixed but are declared at the discretion of the issuer&#146;s
    board of directors. The Fund&#146;s dividend income will be
    substantially influenced by the activity level and success of
    its dividend capture trading program. If stock market volatility
    <FONT style="white-space: nowrap">and/or</FONT> stock
    prices decline, the level of premiums from writing index call
    options and the amounts available for distribution from the
    Fund&#146;s options activity will likely decrease as well.
    Payments to close written call options will reduce amounts
    available for distribution from call option premiums received.
    Net realized and unrealized gains on the Fund&#146;s stock
    investments will be determined primarily by the direction and
    movement of the United States stock market and the particular
    stocks held. There can be no assurance that quarterly
    distributions paid by the Fund to the Common Shareholders will
    be maintained at initial levels or increase over time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Foreign Security Risk.</I></B>&#160;&#160;The value of
    foreign securities is affected by changes in currency rates,
    foreign tax laws (including withholding tax), government
    policies (in this country or abroad), relations between nations
    and trading, settlement, custodial and other operational risks.
    In addition, the costs of investing abroad (such as foreign
    brokerage costs, custodial expenses and other fees) are
    generally higher than in the United States, and foreign
    securities markets may be less liquid, more volatile and less
    subject to governmental supervision than markets in the United
    States. Foreign investments also could be affected by other
    factors not present in the United States, including
    expropriation of assets, armed conflict, confiscatory taxation,
    lack of uniform accounting and auditing standards, less publicly
    available financial and other information and potential
    difficulties in enforcing contractual obligations or
    repatriating capital invested in foreign countries. As an
    alternative to holding foreign-traded securities, the Fund may
    invest in dollar-denominated securities of foreign companies
    that trade on United States exchanges or in the United States
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market (including depositary receipts, which evidence ownership
    in underlying foreign securities). Since the Fund may invest in
    securities denominated or quoted in currencies other than the
    United States dollar, the Fund will be affected by changes in
    foreign currency exchange rates (and exchange control
    regulations) which affect the value of investments held by the
    Fund and the accrued income and appreciation or depreciation of
    the investments in United States dollars. Changes in foreign
    currency exchange rates relative to the United States dollar
    will affect the United States dollar value of the Fund&#146;s
    assets denominated in that currency and the Fund&#146;s return
    on such assets as well as any temporary uninvested reserves in
    bank deposits in foreign currencies. In addition, the Fund will
    incur costs in connection with conversions between various
    currencies. Foreign securities may not be eligible for the
    reduced rate of taxation applicable to qualified dividend income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because foreign companies may not be subject to accounting,
    auditing and financial reporting standards, practices and
    requirements comparable to those applicable to United States
    companies, there may be less publicly available information
    about a foreign company than about a domestic company. There is
    generally less government supervision and regulation of
    securities exchanges, broker-dealers and listed companies than
    in the United States. Mail service between the United States and
    foreign countries may be slower or less reliable than within the
    United States, thus increasing the risk of delayed settlements
    of portfolio transactions for, or loss of certificates of,
    portfolio securities. Payment for securities before delivery may
    be required. In addition, with respect to certain foreign
    countries, there is the possibility of expropriation or
    confiscatory taxation, political or social instability, or
    diplomatic developments that could adversely affect investments
    in those countries. Moreover, individual foreign economies may
    differ favorably or unfavorably from the United States economy
    in such respects as growth of gross national product, rate of
    inflation, capital reinvestment, resource self-sufficiency and
    balance of payments position.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Foreign securities markets, while growing in volume and
    sophistication, are generally not as developed as those in the
    United States, and securities of some foreign issuers
    (particularly those located in developing countries) may be less
    liquid and more volatile than securities of comparable United
    States companies. The risks of foreign investments described
    above apply to an even greater extent to investments in emerging
    markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Emerging Market Security Risk.</I></B>&#160;&#160;The Fund
    may invest up to 10% of its total assets in securities of
    issuers located in emerging markets. The risks of foreign
    investments described above apply to an even greater extent to
    investments in emerging markets. The securities markets of
    emerging countries are generally smaller, less developed, less
    liquid, and more volatile than the securities markets of the
    United States and developed foreign markets. Disclosure and
    regulatory standards in many respects are less stringent than in
    the United States and developed foreign markets. There also may
    be a lower level of monitoring and regulation of securities
    markets in emerging market countries and the activities of
    investors in such markets and enforcement of existing
    regulations may be limited. Many emerging countries have
    experienced substantial, and in some periods extremely high,
    rates of inflation for many years. Inflation and rapid
    fluctuations in inflation rates have had and may continue to
    have very negative effects on the economies and securities
    markets of certain emerging countries. Economies in emerging
    markets generally are heavily dependent upon international trade
    and, accordingly, have been and may continue to be affected
    adversely by trade barriers, exchange controls, managed
    adjustments in relative currency values, and other protectionist
    measures imposed or negotiated by the countries with which they
    trade. The economies of these countries also have been and may
    continue to be adversely affected by economic conditions in the
    countries in which they trade. The economies of countries with
    emerging markets may also be predominantly based on only a few
    industries or dependent on revenues from particular commodities.
    In addition, custodial services and other costs relating to
    investment in foreign markets may be more expensive in emerging
    markets than in many developed foreign markets, which could
    reduce the Fund&#146;s income from such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In many cases, governments of emerging countries continue to
    exercise significant control over their economies, and
    government actions relative to the economy, as well as economic
    developments generally, may affect the Fund&#146;s investments
    in those countries. In addition, there is a heightened
    possibility of expropriation or confiscatory taxation,
    imposition of withholding taxes on dividend and interest
    payments, or other similar developments that could affect
    investments in those countries. There can be no assurance that
    adverse political changes will not cause the Fund to suffer a
    loss of any or all of its investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Currency Risk.</I></B>&#160;&#160;Since the Fund will
    invest in securities denominated or quoted in currencies other
    than the U.S.&#160;dollar, the Fund will be affected by changes
    in foreign currency exchange rates (and exchange control
    regulations) which affect the value of investments in the Fund
    and the accrued income and appreciation or depreciation of the
    investments in U.S.&#160;dollars. Changes in foreign currency
    exchange rates relative to the U.S.&#160;dollar will affect the
    U.S.&#160;dollar value of the Fund&#146;s assets denominated in
    that currency and the Fund&#146;s return on such assets as well
    as any temporary uninvested reserves in bank deposits in foreign
    currencies. In addition, the Fund will incur costs in connection
    with conversions between various currencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may attempt to protect against adverse changes in the
    value of the U.S.&#160;dollar in relation to a foreign currency
    by entering into a forward contract for the purchase or sale of
    the amount of foreign currency invested or to be invested, or by
    buying or selling a foreign currency option or futures contract
    for such amount. Such strategies may be employed before the Fund
    purchases a foreign security traded in the currency which the
    Fund anticipates acquiring or between the date the foreign
    security is purchased or sold and the date on which payment
    therefor is made or received. Seeking to protect against a
    change in the value of a foreign currency in the foregoing
    manner does not eliminate fluctuations in the prices of
    portfolio securities or prevent losses if the prices of such
    securities decline. Furthermore, such transactions reduce or
    preclude the opportunity for gain if the value of the currency
    should move in the direction opposite to the position taken.
    Adverse movements in hedged currencies may result in poorer
    overall performance for the Fund than if it had not entered into
    such contracts.
</DIV>

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    44
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Interest Rate Risk.</I></B>&#160;&#160;The premiums from
    writing index call options and amounts available for
    distribution from the Fund&#146;s options activity may decrease
    in declining interest rate environments. The value of the
    Fund&#146;s common stock investments may also be influenced by
    changes in interest rates. Higher yielding stocks and stocks of
    issuers whose businesses are substantially affected by changes
    in interest rates may be particularly sensitive to interest rate
    risk.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Derivatives Risk.</I></B>&#160;&#160;In addition to
    writing index call options, the risks of which are described
    above, the Fund may also invest up to 20% of the value of its
    total assets in other derivative instruments acquired for
    hedging, risk management and investment purposes (to gain
    exposure to securities, securities markets, market indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with its investment objectives and
    policies), provided that the Fund may engage in such
    transactions to hedge up to all of its foreign currency risk,
    and provided further that no more than 10% of the Fund&#146;s
    total assets may be invested in such derivative instruments
    acquired for non-hedging purposes. The loss on derivative
    instruments (other than purchased options) may substantially
    exceed an investment in these instruments. Derivative
    transactions including options on securities and securities
    indices and other transactions in which the Fund may engage
    (such as futures contracts and options thereon, swaps and short
    sales) may subject the Fund to increased risk of principal loss
    due to unexpected movements in stock prices, changes in stock
    volatility levels and interest rates, and imperfect correlations
    between the Fund&#146;s securities holdings and indices upon
    which derivative transactions are based. Derivatives can be
    illiquid, may disproportionately increase losses, and may have a
    potentially large impact on the Fund&#146;s performance. The
    Fund also will be subject to credit risk with respect to the
    counterparties to any
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    derivatives contracts entered into by the Fund. If a
    counterparty becomes bankrupt or otherwise fails to perform its
    obligations under a derivative contract due to financial
    difficulties, the Fund may experience significant delays in
    obtaining any recovery under the derivative contract in a
    bankruptcy or other reorganization proceeding. The Fund may
    obtain only a limited recovery or no recovery in such
    circumstances. Derivatives may disproportionately increase
    losses and have a potentially large negative impact on the
    Funds&#146; performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Liquidity Risk.</I></B>&#160;&#160;The Fund may invest up
    to 15% of its total assets in securities for which there is no
    readily available trading market or which are otherwise
    illiquid. The Fund may not be able readily to dispose of such
    securities at prices that approximate those at which the Fund
    could sell such securities if they were more widely traded and,
    as a result of such illiquidity, the Fund may have to sell other
    investments or engage in borrowing transactions if necessary to
    raise cash to meet its obligations. In addition, the limited
    liquidity could affect the market price of the securities,
    thereby adversely affecting the Fund&#146;s net asset value, and
    at times may make the disposition of securities impracticable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Inflation Risk.</I></B>&#160;&#160;Inflation risk is the
    risk that the purchasing power of assets or income from
    investment will be worth less in the future as inflation
    decreases the value of money. As inflation increases, the real
    value of the Common Shares and distributions thereon can decline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Portfolio turnover risk.</I></B>&#160;&#160;The Fund will
    buy and sell securities to seek to accomplish its investment
    objectives. Portfolio turnover generally involves expense to the
    Fund, including brokerage commissions and other transaction
    costs on the sale of securities and reinvestment in other
    securities. The Fund expects to maintain high turnover in index
    call options, based on the Adviser&#146;s intent to sell index
    call options on a portion of its stock portfolio value and the
    Fund&#146;s initial expectation to roll forward its options
    positions approximately every one to three months. For its stock
    holdings, the Fund&#146;s annual portfolio turnover rate is
    expected to exceed that of the indices on which the Fund writes
    call options due to turnover in connection with the Fund&#146;s
    active stock selection, tax loss harvesting, dividend capture
    and other strategies. On an overall basis, the Fund expects that
    its annual turnover rate will exceed 100%. A high turnover rate
    (100% or more) necessarily involves greater trading costs to the
    Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Market Price of Common Shares.</I></B>&#160;&#160;The
    Fund&#146;s share price will fluctuate and, at the time of sale,
    shares may be worth more or less than the original investment or
    the Fund&#146;s then current net asset value. The Fund cannot
    predict whether its shares will trade at a price at, above or
    below its net asset value. Shares of closed-end funds frequently
    trade at a discount to net asset value.
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Financial Leverage Risk.</I></B>&#160;&#160;Although the
    Fund has no current intention to do so, the Fund is authorized
    and reserves the flexibility to utilize leverage through the
    issuance of preferred shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, including the issuance of debt securities. In the
    event that the Fund determines in the future to utilize
    investment leverage, there can be no assurance that such a
    leveraging strategy will be successful during any period in
    which it is employed. Leverage creates risks for Common
    Shareholders, including the likelihood of greater volatility of
    net asset value and market price of the Common Shares and the
    risk that fluctuations in distribution rates on any preferred
    shares or fluctuations in borrowing costs may affect the return
    to Common Shareholders. To the extent the returns derived from
    securities purchased with proceeds received from leverage
    exceeds the cost of leverage, the Fund&#146;s distributions may
    be greater than if leverage had not been used. Conversely, if
    the returns from the securities purchased with such proceeds are
    not sufficient to cover the cost of leverage, the amount
    available for distribution to Common Shareholders will be less
    than if leverage had not been used. In the latter case, Eaton
    Vance, in its best judgment, may nevertheless determine to
    maintain the Fund&#146;s leveraged position if it deems such
    action to be appropriate. The costs of an offering of preferred
    shares
    <FONT style="white-space: nowrap">and/or</FONT> a
    borrowing program would be borne by Common Shareholders and
    consequently would result in a reduction of the net asset value
    of Common Shares. In addition, the fee paid to Eaton Vance will
    be calculated on the basis of the Fund&#146;s average daily
    gross assets, including proceeds from the issuance of preferred
    shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, so the fee will be higher when leverage is utilized,
    which may create an incentive for the Adviser to employ
    financial leverage. In this regard, holders of preferred shares
    do not bear the investment advisory fee. Rather, Common
    Shareholders bear the portion of the investment advisory fee
    attributable to the assets purchased with the proceeds of the
    preferred shares offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Management Risk.</I></B>&#160;&#160;The Fund is subject to
    management risk because it is an actively managed portfolio.
    Eaton Vance, Rampart and the individual portfolio managers
    invest the assets of the Fund as they deem appropriate in
    implementing the Fund&#146;s investment strategy. Accordingly,
    the success of the Fund depends upon the investment skills and
    analytical abilities of Eaton Vance, Rampart and the individual
    portfolio managers to develop and actively implement investment
    strategies that achieve the Fund&#146;s investment objectives.
    There is no assurance that Eaton Vance, Rampart and the
    individual portfolio managers will be successful in developing
    and implementing the Fund&#146;s investment strategy. Subjective
    decisions made by Eaton Vance, Rampart and the individual
    portfolio managers may cause the Fund to incur losses or to miss
    profit opportunities on which it could otherwise have
    capitalized.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Market Disruption.</I></B>&#160;&#160;The aftermath of the
    war in Iraq and the continuing occupation of Iraq, instability
    in the Middle East and terrorist attacks in the U.S. and around
    the world have resulted in market volatility and may have
    long-term effects on the U.S. and worldwide financial markets
    and may cause further economic uncertainties in the U.S. and
    worldwide. The Fund does not know how long the securities
    markets will continue to be affected by these events and cannot
    predict the effects of the occupation or similar events in the
    future on the U.S.&#160;economy and securities markets. Given
    the risks described above, an investment in the Common Shares
    may not be appropriate for all investors. You should carefully
    consider your ability to assume these risks before making an
    investment in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Anti-Takeover Provisions.</I></B>&#160;&#160;The
    Fund&#146;s Agreement and Declaration of Trust includes
    provisions that could limit the ability of other persons or
    entities to acquire control of the Fund or to change the
    composition of its Board. These provisions may deprive Common
    Shareholders of opportunities to sell their Common Shares at a
    premium over the then current market price of the Common Shares.
    See &#147;Description of Capital Structure&#160;&#151;
    Anti-Takeover Provisions in the Agreement and Declaration of
    Trust.&#148;
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>
<A name='106'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Board
    of Trustees</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The management of the Fund, including general supervision of the
    duties performed by the Adviser under the Advisory Agreement (as
    defined below) and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    under the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement (as defined below), is the responsibility of the
    Fund&#146;s Board under the laws of The Commonwealth of
    Massachusetts and the 1940 Act.
</DIV>

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    <BR>
    46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Adviser</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance acts as the Fund&#146;s investment adviser under an
    Investment Advisory Agreement (the &#147;Advisory
    Agreement&#148;). The Adviser&#146;s principal office is located
    at The Eaton Vance Building, 255 State Street, Boston,
    Massachusetts 02109. Eaton Vance, its affiliates and predecessor
    companies have been managing assets of individuals and
    institutions since 1924 and of investment funds since 1931.
    Eaton Vance (or its affiliates) currently serves as the
    investment adviser to investment funds and various individual
    and institutional clients with combined assets under management
    of approximately $124.1&#160;billion as of September&#160;30,
    2006, including approximately $74.9&#160;billion in equity
    assets. Eaton Vance is a direct, wholly-owned subsidiary of
    Eaton Vance Corp., a publicly-held holding company, which
    through its subsidiaries and affiliates engages primarily in
    investment management, administration and marketing activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the general supervision of the Fund&#146;s Board, Eaton
    Vance will be responsible for the Fund&#146;s overall investment
    program, structuring and managing the Fund&#146;s common stock
    portfolio, including dividend capture trading, tax-loss
    harvesting and other tax-management techniques, providing
    consultation to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and supervising the performance of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    As described below under the caption &#147;The
    <FONT style="white-space: nowrap">Sub-Adviser,&#148;</FONT>
    Rampart will be responsible for providing advice on and
    execution of the Fund&#146;s options strategy. The Adviser will
    furnish to the Fund investment advice and office facilities,
    equipment and personnel for servicing the investments of the
    Fund. The Adviser will compensate all Trustees and officers of
    the Fund who are members of the Adviser&#146;s organization and
    who render investment services to the Fund, and will also
    compensate all other Adviser personnel who provide research and
    investment services to the Fund. In return for these services,
    facilities and payments, the Fund has agreed to pay the Adviser
    as compensation under the Advisory Agreement an annual fee in
    the amount of 1.00% of the average daily gross assets of the
    Fund. For purposes of the Advisory Agreement and the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, gross assets of the Fund means total assets of the
    Fund, including any form of investment leverage that the Fund
    may in the future determine to utilize, minus all accrued
    expenses incurred in the normal course of operations, but not
    excluding any liabilities or obligations attributable to any
    future investment leverage obtained through
    (i)&#160;indebtedness of any type (including, without
    limitation, borrowing through a credit facility/commercial paper
    program or the issuance debt securities), (ii)&#160;the issuance
    of preferred shares or other similar preference securities,
    (iii)&#160;the reinvestment of collateral received for
    securities loaned in accordance with the Fund&#146;s investment
    objectives and policies
    <FONT style="white-space: nowrap">and/or</FONT>
    (iv)&#160;any other means. During any future periods in which
    the Fund is using leverage, the fees paid to Eaton Vance for
    investment advisory services will be higher than if the Fund did
    not use leverage because the fees paid will be calculated on the
    basis of the Fund&#146;s gross assets, including proceeds from
    any borrowings and from the issuance of preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Walter A. Row and Michael A. Allison are the Fund&#146;s
    portfolio managers and together are responsible for managing the
    Fund&#146;s overall investment program, structuring and managing
    the Fund&#146;s common stock portfolio, providing consultation
    to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and supervising the performance of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    Mr.&#160;Row and Mr.&#160;Allison are the portfolio managers
    responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of Eaton Vance&#146;s responsibilities with respect
    to the Fund&#146;s investment portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Row is Vice President and Director of Equity Research
    at Eaton Vance. He is a member of Eaton Vance&#146;s Equity
    Strategy Committee and co-manager of six other Eaton Vance
    registered closed-end funds. He has been a member of
    Eaton&#146;s Vance&#146;s equity investment team since 1996, and
    has 26&#160;years of investment experience.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Allison is a Vice President of Eaton Vance and
    co-manager of another Eaton Vance registered closed-end fund and
    a privately offered equity fund sponsored by Eaton Vance. He has
    been a member of Eaton Vance&#146;s equity investment team since
    2000, and has 19&#160;years of investment experience.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    <FONT style="white-space: nowrap">Sub-Adviser</FONT></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance has engaged Rampart to serve as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Fund to provide advice on and execution of the
    Fund&#146;s options strategy. Rampart&#146;s principal office is
    located at One International Place, Boston, Massachusetts 02110.
    Founded in 1983, Rampart provides customized options program
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    47
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    management utilizing listed equity and index options to a
    spectrum of institutional, high net worth and investment company
    clients. Rampart managed approximately $6.6&#160;billion in
    assets as of September&#160;30, 2006.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ronald M. Egalka is the portfolio manager at Rampart responsible
    for the development and implementation of the options strategy
    utilized in managing the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Egalka is President and CEO of Rampart. He is also
    President of Rampart Securities, Inc., an affiliate of Rampart
    and a NASD member broker/dealer. Mr.&#160;Egalka oversees the
    development and implementation of options investment strategies
    employed by Rampart clients. Mr.&#160;Egalka is co-manager of
    six other Eaton Vance registered closed-end funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement (the
    <FONT style="white-space: nowrap">&#147;Sub-Advisory</FONT>
    Agreement&#148;) between Eaton Vance and Rampart, Eaton Vance
    (and not the Fund) will pay Rampart a fee at an annual rate
    equal to 0.05% of the value of the Fund&#146;s average daily
    gross assets that is subject to written call options. Pursuant
    to the terms of the Advisory Agreement, Eaton Vance, upon
    approval by the Board, may terminate the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and Eaton Vance may assume full responsibility for the
    services provided by Rampart without the need for approval by
    shareholders of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund, the Adviser and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    have adopted codes of ethics relating to personal securities
    transactions (the &#147;Codes of Ethics&#148;). The Codes of
    Ethics permit Adviser and
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    personnel to invest in securities (including securities that may
    be purchased or held by the Fund) for their own accounts,
    subject to certain pre-clearance, reporting and other
    restrictions and procedures contained in such Codes of Ethics.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s shareholder reports will contain information
    regarding the basis for the Trustees&#146; approval of the
    Fund&#146;s Advisory and
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Information Regarding Portfolio Managers</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Statement of Additional Information provides additional
    information about the portfolio managers&#146; compensation,
    other accounts managed by the portfolio managers, and the
    portfolio managers&#146; ownership of securities in the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Administrator</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance serves as administrator of the Fund. Under an
    Administration Agreement with the Fund (the &#147;Administration
    Agreement&#148;), Eaton Vance is responsible for managing the
    business affairs of the Fund, subject to the supervision of the
    Fund&#146;s Board. Eaton Vance will furnish to the Fund all
    office facilities, equipment and personnel for administering the
    affairs of the Fund. Eaton Vance&#146;s administrative services
    include recordkeeping, preparation and filing of documents
    required to comply with federal and state securities laws,
    supervising the activities of the Fund&#146;s custodian and
    transfer agent, providing assistance in connection with the
    Board and shareholders&#146; meetings, providing service in
    connection with any repurchase offers and other administrative
    services necessary to conduct the Fund&#146;s business. Eaton
    Vance currently receives no compensation for providing
    administrative services to the Fund. In addition to the
    management fee, the Fund pays all costs and expenses of its
    operation, including compensation of its Trustees (other than
    those affiliated with the Adviser), custodial expenses, dividend
    disbursing expenses, legal fees, expenses of independent
    auditors, expenses of preparing Fund documents and reports to
    governmental agencies, and taxes and filing or other fees, if
    any.
</DIV>
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DISTRIBUTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Commencing with the Fund&#146;s first distribution, the Fund
    intends to make regular quarterly distributions to Common
    Shareholders sourced from the Fund&#146;s cash available for
    distribution. &#147;Cash available for distribution&#148; will
    consist of the Fund&#146;s dividends and interest income after
    payment of Fund expenses, net option premiums and net realized
    and unrealized gains on stock investments. The Fund&#146;s
    distribution rate
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    48
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    may be adjusted from time to time. The Board may modify this
    distribution policy at any time without obtaining the approval
    of Common Shareholders. The initial distribution is expected to
    be declared approximately 75&#160;days and paid approximately 90
    to 120&#160;days after the completion of this offering,
    depending on market conditions. Distributions are not expected
    to depend on financial leverage
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s annual distributions will likely differ from
    annual net investment income. The investment income of the Fund
    will consist of all dividend and interest income accrued on
    portfolio investments, short-term capital gain (including
    short-term gains on option positions and gains on the sale of
    portfolio investments held for one year or less) in excess of
    long-term capital loss and income from certain hedging
    transactions, less all expenses of the Fund. Expenses of the
    Fund will be accrued each day. To the extent that that
    Fund&#146;s net investment income for any year exceeds the total
    quarterly distributions paid during the year, the Fund will make
    a special distribution at or near year-end of such excess amount
    as may be required. Over time, all of the Fund&#146;s investment
    company taxable income will be distributed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At least annually, the Fund intends to distribute any net
    capital gain (which is the excess of net long-term capital gain
    over net short-term capital loss) or, alternatively, to retain
    all or a portion of the year&#146;s net capital gain and pay
    federal income tax on the retained gain. As provided under
    federal tax law, Common Shareholders of record as of the end of
    the Fund&#146;s taxable year will include their attributable
    share of the retained gain in their income for the year as a
    long-term capital gain, and will be entitled to a tax credit or
    refund for the tax paid on their behalf by the Fund. The Fund
    may treat the cash value of tax credit and refund amounts in
    connection with retained capital gains as a substitute for
    equivalent cash distributions. The Adviser does not believe that
    retaining net capital gains and paying tax thereon would have a
    material adverse effect on the Fund or the Common Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, for any calendar year, as discussed above, the total
    distributions made exceed the Fund&#146;s net investment taxable
    income and net capital gains, the excess generally will be
    treated as a tax-free return of capital to each Common
    Shareholder (up to the amount of the Common Shareholder&#146;s
    basis in his or her Common Shares) and thereafter as gain from
    the sale of Common Shares. The amount treated as a tax-free
    return of capital will reduce the Common Shareholder&#146;s
    adjusted basis in his or her Common Shares, thereby increasing
    his or her potential gain or reducing his or her potential loss
    on the subsequent sale of his or her Common Shares.
    Distributions in any year may include a substantial return of
    capital component. Under the 1940 Act, for any distribution that
    includes amounts from sources other than net income, the Fund is
    required to provide Common Shareholders a written statement
    regarding the components of such distribution. Such a statement
    will be provided at the time of any distribution believed to
    include any such amounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To permit the Fund to maintain more stable distributions,
    distribution rates will be based on projected annual cash
    available for distribution. As a result, the distributions paid
    by the Fund for any particular quarter may be more or less than
    the amount of cash available for distribution for that quarterly
    period. In certain circumstances, the Fund may be required to
    sell a portion of its investment portfolio to fund
    distributions. Distributions will reduce the Common Shares&#146;
    net asset value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common Shareholders may automatically reinvest some or all of
    their distributions in additional Common Shares under the
    Fund&#146;s dividend reinvestment plan. See &#147;Dividend
    Reinvestment Plan.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has applied for an order from the Securities and
    Exchange Commission granting it an exemption from
    Section&#160;19(b) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;19b-1</FONT>
    thereunder to permit the Fund to include realized long-term
    capital gains as a part of its regular distributions to Common
    Shareholders more frequently than would otherwise be permitted
    by the 1940 Act (generally once per taxable year). In the event
    that such an exemptive order is obtained, the Fund will consider
    increasing the frequency of its regular distributions to Common
    Shareholders from quarterly to monthly. The Fund does not intend
    to designate more than the permitted number of capital gain
    distributions until it receives such an exemptive order.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FEDERAL
    INCOME TAX MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion of federal income tax matters is based
    on the advice of Kirkpatrick&#160;&#38; Lockhart Preston Gates
    Ellis LLP, counsel to the Fund. The Fund intends to elect to be
    treated and to qualify each year as a regulated investment
    company (a &#147;RIC&#148;) under the Code. Accordingly, the
    Fund intends to satisfy certain requirements relating to sources
    of its income and diversification of its assets and to
    distribute substantially all of its net income and net
    short-term capital gains (after reduction by net long term
    capital losses and any available capital loss carryforwards) in
    accordance with the timing requirements imposed by the Code, so
    as to maintain its regulated investment company status and to
    avoid paying federal income or excise tax thereon. To the extent
    it qualifies for treatment as a regulated investment company and
    satisfies the above-mentioned distribution requirements, the
    Fund will not be subject to federal income tax on income paid to
    its shareholders in the form of dividends or capital gains
    distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At least annually, the Fund intends to distribute any net
    capital gain (which is the excess of net long-term capital gain
    over net short-term capital loss) or, alternatively, to retain
    all or a portion of the year&#146;s net capital gain and pay
    federal income tax on the retained gain. As provided under
    federal tax law, Common Shareholders of record as of the end of
    the Fund&#146;s taxable year will include their attributable
    share of the retained gain in their income for the year as
    long-term capital gain (regardless of holding period in the
    Common Shares), and will be entitled to a tax credit or refund
    for the tax paid on their behalf by the Fund. Common
    Shareholders of record for the retained capital gain will also
    be entitled to increase their tax basis in their Common Shares
    by 65&#160;percent of the allocated gain. Distributions of the
    Fund&#146;s net capital gain (&#147;capital gain
    distributions&#148;), if any, are taxable to Common Shareholders
    as long-term capital gain, regardless of their holding period in
    the Common Shares. Distributions of the Fund&#146;s net realized
    short-term gains will be taxable as ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, for any calendar year, the Fund&#146;s total distributions
    exceed the Fund&#146;s current and accumulated earnings and
    profits, the excess will be treated as a tax-free return of
    capital to each Common Shareholder (up to the amount of the
    Common Shareholder&#146;s basis in his or her Common Shares) and
    thereafter as gain from the sale of Common Shares (assuming the
    Common Shares are held as a capital asset). The amount treated
    as a tax-free return of capital will reduce the Common
    Shareholder&#146;s adjusted basis in his or her Common Shares,
    thereby increasing his or her potential gain or reducing his or
    her potential loss on the subsequent sale or other disposition
    of his or her Common Shares. See below for a summary of the
    maximum tax rates applicable to long-term capital gain
    (including capital gain distributions). A corporation that owns
    Fund shares generally will not be entitled to the dividends
    received deduction (&#147;DRD&#148;) with respect to all (or any
    prescribed percentage) of the distributions it receives from the
    Fund. Fund distributions that are attributable to qualified
    dividend income received by the Fund from certain domestic
    corporations may be designated by the Fund as being eligible for
    the DRD.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund does not qualify as a RIC for any taxable year, the
    Fund&#146;s taxable income will be subject to corporate income
    taxes, and all distributions from earnings and profits,
    including distributions of net capital gain (if any), will be
    taxable to the shareholder as ordinary income. Such
    distributions generally would be eligible (i)&#160;to be treated
    as qualified dividend income in the case of individual and other
    non-corporate shareholders and (ii)&#160;for the DRD in the case
    of corporate shareholders. In addition, in order to requalify
    for taxation as a RIC, the Fund may be required to recognize
    unrealized gains, pay substantial taxes and interest, and make
    certain distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of the Fund&#146;s investment practices are subject to
    special and complex federal income tax provisions that may,
    among other things, (i)&#160;convert dividends that would
    otherwise constitute qualified dividend income into ordinary
    income, (ii)&#160;treat dividends that would otherwise be
    eligible for the corporate DRD as ineligible for such treatment,
    (iii)&#160;disallow, suspend or otherwise limit the allowance of
    certain losses or deductions, (iv)&#160;convert long-term
    capital gain into short-term capital gain or ordinary income,
    (v)&#160;convert an ordinary loss or deduction into a capital
    loss (the deductibility of which is more limited),
    (vi)&#160;cause the Fund to recognize income or gain without a
    corresponding receipt of cash, (vii)&#160;adversely affect the
    time as to when a purchase or sale of stock or securities is
    deemed to occur,
</DIV>

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    <BR>
    50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;adversely alter the characterization of certain
    complex financial transactions, and (ix)&#160;produce income
    that will not qualify as good income for purposes of the income
    requirement that applies to RICs. While it may not always be
    successful in doing so, the Fund will seek to avoid or minimize
    the adverse tax consequences of its investment practices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the Fund&#146;s index call options that qualify as
    &#147;section&#160;1256 contracts,&#148; Code Section&#160;1256
    generally will require any gain or loss arising from the lapse,
    closing out or exercise of such positions to be treated as 60%
    long-term and 40% short-term capital gain or loss. In addition,
    the Fund generally will be required to &#147;mark to
    market&#148; (<I>i.e</I>., treat as sold for fair market value)
    each outstanding index option position at the close of each
    taxable year (and on October&#160;31 of each year for excise tax
    purposes). If a &#147;section&#160;1256 contract&#148; held by
    the Fund at the end of a taxable year is sold in the following
    year, the amount of any gain or loss realized on such sale will
    be adjusted to reflect the gain or loss previously taken into
    account under the &#147;mark to market&#148; rules. In addition
    to most index call options, &#147;section&#160;1256
    contracts&#148; under the Code include certain other options
    contracts, certain regulated futures contracts, and certain
    other financial contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s index call options that do not qualify as
    &#147;section&#160;1256 contracts&#148; under the Code generally
    will be treated as equity options governed by Code
    Section&#160;1234. Pursuant to Code Section&#160;1234, if a
    written option expires unexercised, the premium received is
    short-term capital gain to the Fund. If the Fund enters into a
    closing transaction, the difference between the premium received
    for writing the option, and the amount paid to close out its
    position is generally short-term capital gain or loss. If a call
    option written by the Fund that is not a &#147;section&#160;1256
    contract&#148; is cash settled, any resulting gain or loss will
    be short-term.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Code contains special rules that apply to
    &#147;straddles,&#148; defined generally as the holding of
    &#147;offsetting positions with respect to personal
    property.&#148; For example, the straddle rules normally apply
    when a taxpayer holds stock and an offsetting option with
    respect to such stock or substantially identical stock or
    securities. In general, investment positions will be offsetting
    if there is a substantial diminution in the risk of loss from
    holding one position by reason of holding one or more other
    positions. The Fund expects that the index call options it
    writes will not be considered straddles for this purpose because
    the Fund&#146;s portfolio of common stocks will be sufficiently
    dissimilar from the components of each index on which it has
    outstanding options positions under applicable guidance
    established by the IRS. Under certain circumstances, however,
    the Fund may enter into options transactions or certain other
    investments that may constitute positions in a straddle. If two
    or more positions constitute a straddle, recognition of a
    realized loss from one position must generally be deferred to
    the extent of unrecognized gain in an offsetting position. In
    addition, long-term capital gain may be recharacterized as
    short-term capital gain, or short-term capital loss as long-term
    capital loss. Interest and other carrying charges allocable to
    personal property that is part of a straddle are not currently
    deductible but must instead be capitalized. Similarly,
    &#147;wash sale&#148; rules apply to prevent the recognition of
    loss by the Fund from the disposition of stock or securities at
    a loss in a case in which identical or substantially identical
    stock or securities (or an option to acquire such property) is
    or has been acquired within a prescribed period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Code allows a taxpayer to elect to offset gains and losses
    from positions that are part of a &#147;mixed straddle.&#148; A
    &#147;mixed straddle&#148; is any straddle in which one or more
    but not all positions are &#147;section&#160;1256
    contracts.&#148; The Fund may be eligible to elect to establish
    one or more mixed straddle accounts for certain of its mixed
    straddle trading positions. The mixed straddle account rules
    require a daily &#147;marking to market&#148; of all open
    positions in the account and a daily netting of gains and losses
    from all positions in the account. At the end of a taxable year,
    the annual net gains or losses from the mixed straddle account
    are recognized for tax purposes. The net capital gain or loss is
    treated as 60% long-term and 40% short-term capital gain or loss
    if attributable to the &#147;section&#160;1256 contract&#148;
    positions, or all short-term capital gain or loss if
    attributable to the non-section&#160;1256 contract positions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may recognize gain (but not loss) from a constructive
    sale of certain &#147;appreciated financial positions&#148; if
    the Fund enters into a short sale, offsetting notional principal
    contract, or forward contract transaction with respect to the
    appreciated position or substantially identical property.
    Appreciated financial positions subject to this constructive
    sale treatment include interests (including options and forward
</DIV>

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    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contracts and short sales) in stock and certain other
    instruments. Constructive sale treatment does not apply if the
    transaction is closed out not later than thirty days after the
    end of the taxable year in which the transaction was initiated,
    and the underlying appreciated securities position is held
    unhedged for at least the next sixty days after the hedging
    transaction is closed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss from a short sale of property is generally
    considered as capital gain or loss to the extent the property
    used to close the short sale constitutes a capital asset in the
    Fund&#146;s hands. Except with respect to certain situations
    where the property used to close a short sale has a long-term
    holding period on the date the short sale is entered into, gains
    on short sales generally are short-term capital gains. A loss on
    a short sale will be treated as a long-term capital loss if, on
    the date of the short sale, &#147;substantially identical
    property&#148; has been held by the Fund for more than one year.
    In addition, entering into a short sale may result in suspension
    of the holding period of &#147;substantially identical
    property&#148; held by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss on a short sale will generally not be realized
    until such time as the short sale is closed. However, as
    described above in the discussion of constructive sales, if the
    Fund holds a short sale position with respect to securities that
    has appreciated in value, and it then acquires property that is
    the same as or substantially identical to the property sold
    short, the Fund generally will recognize gain on the date it
    acquires such property as if the short sale were closed on such
    date with such property. Similarly, if the Fund holds an
    appreciated financial position with respect to securities and
    then enters into a short sale with respect to the same or
    substantially identical property, the Fund generally will
    recognize gain as if the appreciated financial position were
    sold at its fair market value on the date it enters into the
    short sale. The subsequent holding period for any appreciated
    financial position that is subject to these constructive sale
    rules will be determined as if such position were acquired on
    the date of the constructive sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the &#147;Jobs and Growth Tax Relief Reconciliation Act of
    2003&#148; (the &#147;2003 Tax Act&#148;), certain dividend
    distributions paid by the Fund (whether paid in cash or
    reinvested in additional Common Shares) to individual taxpayers
    are taxed at rates applicable to net long-term capital gains
    (15%, or 5% for individuals in the 10% or 15% tax brackets).
    This tax treatment applies only if certain holding period and
    other requirements are satisfied by the Common Shareholder, as
    discussed below, and the dividends are attributable to qualified
    dividend income received by the Fund itself. For this purpose,
    &#147;qualified dividend income&#148; means dividends received
    by the Fund from United States corporations and &#147;qualified
    foreign corporations,&#148; provided that the Fund satisfies
    certain holding period and other requirements in respect of the
    stock of such corporations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to certain exceptions, a &#147;qualified foreign
    corporation&#148; is any foreign corporation that is either
    (i)&#160;incorporated in a possession of the United States (the
    &#147;possessions test&#148;), or (ii)&#160;eligible for
    benefits of a comprehensive income tax treaty with the United
    States that the Secretary of the Treasury determines is
    satisfactory for these purposes and which includes an exchange
    of information program (the &#147;treaty test&#148;). The
    Secretary of the Treasury has currently identified tax treaties
    between the United States and 55 other countries that satisfy
    the treaty test. Subject to the same exceptions, a foreign
    corporation that does not satisfy either the possessions test or
    the treaty test will still be considered a &#147;qualified
    foreign corporation&#148; with respect to any dividend paid by
    such corporation if the stock with respect to which such
    dividend is paid is readily tradable on an established
    securities market in the United States. The Treasury Department
    has issued a notice stating that common or ordinary stock, or an
    ADR in respect of such stock, is considered &#147;readily
    tradable&#148; if it is listed on a national securities exchange
    that is registered under section&#160;6 of the Securities
    Exchange Act of 1934, as amended, or on the National Association
    of Securities Dealers Automated Quotations system. Foreign
    corporations that are passive foreign investment companies will
    not be &#147;qualified foreign corporations.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for qualified dividends paid by the Fund to a Common
    Shareholder to be taxable at long-term capital gains rates, the
    Common Shareholder must hold his or her Common Shares for more
    than 60&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period surrounding the ex-dividend date. For dividends the Fund
    receives to qualify for tax-advantaged treatment, the Fund must
    hold stock paying qualified dividend income for more than
    60&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date (or
    more than 90&#160;days during the associated
    <FONT style="white-space: nowrap">181-day</FONT>
    period, in the case of certain preferred stocks). In addition,
    neither a
</DIV>

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    <BR>
    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common Shareholder nor the Fund can be obligated to make related
    payments (pursuant to a short sale or otherwise) with respect to
    positions in any security that is substantially similar or
    related property with respect to his or her Common Shares or
    such stock, respectively. Gains on option positions treated as
    short-term and other short-term gains, interest income and
    non-qualified dividends are not eligible for the lower tax rate.
    The special rules relating to the taxation of ordinary income
    dividends paid by the Fund that are attributable to the
    Fund&#146;s qualified income only apply to taxable years
    beginning before January&#160;1, 2011. Thereafter, all of the
    Fund&#146;s distributions that are characterized as dividends,
    other than capital gain distributions, will be fully taxable at
    ordinary income tax rates unless further Congressional action is
    taken. There can be no assurance as to what portion of the
    Fund&#146;s dividend distributions will qualify for favorable
    treatment under the 2003 Tax Act. The Fund&#146;s investment
    program and the tax treatment of Fund distributions may be
    affected by IRS interpretations of the Code and future changes
    in tax laws and regulations, including changes resulting from
    the &#147;sunset&#148; provisions described above that would
    have the effect of repealing the favorable treatment of
    qualified dividend income and reimposing the higher tax rates
    applicable to ordinary income in 2011 unless further legislative
    action is taken.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will inform Common Shareholders of the source and tax
    status of all distributions promptly after the close of each
    calendar year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Selling Common Shareholders will generally recognize gain or
    loss in an amount equal to the difference between the amount
    realized on the sale and the Common Shareholder&#146;s adjusted
    tax basis in the Common Shares sold. If the Common Shares are
    held as a capital asset, the gain or loss will be a capital gain
    or loss. The maximum tax rate applicable to net capital gains
    recognized by individuals and other non-corporate taxpayers is
    (i)&#160;the same as the maximum ordinary income tax rate for
    gains recognized on the sale of capital assets held for one year
    or less (in 2007, 35%), or (ii)&#160;15% for gains recognized on
    the sale of capital assets held for more than one year (as well
    as any capital gain distributions) (5% for individuals in the
    10% or 15% tax brackets). Any loss on a disposition of Common
    Shares held for six months or less will be treated as a
    long-term capital loss to the extent of any capital gain
    distributions received with respect to those Common Shares. For
    purposes of determining whether Common Shares have been held for
    six months or less, the holding period is suspended for any
    periods during which the Common Shareholder&#146;s risk of loss
    is diminished as a result of holding one or more other positions
    in substantially similar or related property, or through certain
    options or short sales. Any loss realized on a sale or exchange
    of Common Shares will be disallowed to the extent those Common
    Shares are replaced by other Common Shares within a period of
    61&#160;days beginning 30&#160;days before and ending
    30&#160;days after the date of disposition of the Common Shares
    (whether through the reinvestment of distributions or
    otherwise). In that event, the basis of the replacement Common
    Shares will be adjusted to reflect the disallowed loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investor should be aware that, if Common Shares are purchased
    shortly before the record date for any taxable distribution
    (including a capital gain distribution), the purchase price
    likely will reflect the value of the distribution and the
    investor then would receive a taxable distribution that is
    likely to reduce the trading value of such Common Shares, in
    effect resulting in a taxable return of some of the purchase
    price. Taxable distributions to certain individuals and certain
    other non-corporate Common Shareholders, including those who
    have not provided their correct taxpayer identification number
    and other required certifications, may be subject to
    &#147;backup&#148; federal income tax withholding at the fourth
    lowest rate of tax applicable to a single individual (in 2007,
    28%).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investor should also be aware that the benefits of the
    reduced tax rate applicable to long-term capital gains and
    qualified dividend income may be impacted by the application of
    the alternative minimum tax to individual shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing briefly summarizes some of the important federal
    income tax consequences to Common Shareholders of investing in
    Common Shares, reflects the federal tax law as of the date of
    this Prospectus, and does not address special tax rules
    applicable to certain types of investors, such as corporate and
    foreign investors. A more complete discussion of the tax rules
    applicable to the Fund and the Common Shareholders can be found
    in the Statement of Additional Information that is incorporated
    by reference
</DIV>

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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    into this Prospectus. Unless otherwise noted, this discussion
    assumes that an investor is a United States person and holds
    Common Shares as a capital asset. This discussion is based upon
    current provisions of the Code, the regulations promulgated
    thereunder, and judicial and administrative ruling authorities,
    all of which are subject to change or differing interpretations
    by the courts or the IRS retroactively or prospectively.
    Investors should consult their tax advisors regarding other
    federal, state or local tax considerations that may be
    applicable in their particular circumstances, as well as any
    proposed tax law changes. The Fund has not received a formal
    opinion of tax counsel. However, the Adviser previously received
    an opinion from tax counsel with respect to certain tax matters
    presented by the Fund in connection with the offering of a
    similar closed-end fund managed by the Adviser and has been
    informed by such counsel that there have not been intervening
    changes in the law relating to these matters.
</DIV>
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDEND
    REINVESTMENT PLAN</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Fund&#146;s dividend reinvestment plan (the
    &#147;Plan&#148;), unless a Common Shareholder elects to receive
    distributions in cash, all distributions (including capital gain
    dividends) will be automatically reinvested in Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    American Stock Transfer&#160;&#38; Trust Company (the &#147;Plan
    Agent&#148;) serves as agent for the Common Shareholders in
    administering the Plan. Common Shareholders who elect not to
    participate in the Plan will receive all Fund distributions in
    cash paid by check mailed directly to the Common Shareholder of
    record (or, if the Common Shares are held in street or other
    nominee name, then to the nominee) by American Stock
    Transfer&#160;&#38; Trust Company, as disbursing agent.
    Participation in the Plan is completely voluntary and may be
    terminated or resumed at any time without penalty by written
    notice if received by the Plan Agent prior to any distribution
    record date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common Shares will be acquired by the Plan Agent or an
    independent broker-dealer for the participants&#146; accounts,
    depending upon the circumstances described below, either
    (i)&#160;through receipt of additional previously authorized but
    unissued Common Shares from the Fund (&#147;newly issued Common
    Shares&#148;) or (ii)&#160;by purchase of outstanding Common
    Shares on the open market (&#147;open-market purchases&#148;) on
    the New York Stock Exchange or elsewhere. If, on the payment
    date for the distribution, the net asset value per Common Share
    is equal to or less than the market price per Common Share plus
    estimated brokerage commissions (such condition being referred
    to herein as &#147;market premium&#148;), the Plan Agent will
    invest the distribution amount in newly issued Common Shares on
    behalf of the participants. The number of newly issued Common
    Shares to be credited to each participant&#146;s account will be
    determined by dividing the dollar amount of the distribution by
    the net asset value per Common Share on the date the Common
    Shares are issued, provided that the maximum discount from the
    then current market price per Common Share on the date of
    issuance may not exceed 5%. If on the distribution payment date
    the net asset value per Common Share is greater than the market
    value plus estimated brokerage commissions (such condition being
    referred to herein as &#147;market discount&#148;), the Plan
    Agent will invest the distribution amount in Common Shares
    acquired on behalf of the participants in open-market purchases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of a market discount on the distribution payment
    date, the Plan Agent will have up to 30&#160;days after the
    distribution payment date to invest the distribution amount in
    Common Shares acquired in open-market purchases. If, before the
    Plan Agent has completed its open-market purchases, the market
    price of a Common Share exceeds the net asset value per Common
    Share, the average per Common Share purchase price paid by the
    Plan Agent could exceed the net asset value of the Fund&#146;s
    Common Shares, resulting in the acquisition of fewer Common
    Shares than if the distribution had been paid in newly issued
    Common Shares on the distribution payment date. Therefore, the
    Plan provides that if the Plan Agent is unable to invest the
    full distribution amount in open-market purchases during the
    purchase period or if the market discount shifts to a market
    premium during the purchase period, the Plan Agent will cease
    making open-market purchases and will invest the uninvested
    portion of the distribution amount in newly issued Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Plan Agent maintains all Common Shareholders&#146; accounts
    in the Plan and furnishes written confirmation of all
    transactions in the accounts, including information needed by
    Common Shareholders
</DIV>

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    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    for tax records. Common Shares in the account of each Plan
    participant will be held by the Plan Agent on behalf of the Plan
    participant, and each Common Shareholder&#146;s proxy will
    include those Common Shares purchased or received pursuant to
    the Plan. The Plan Agent will forward all proxy solicitation
    materials to participants and vote proxies for Common Shares
    held pursuant to the Plan in accordance with the instructions of
    the participants. In the case of Common Shareholders such as
    banks, brokers or nominees that hold Common Shares for others
    who are the beneficial owners, the Plan Agent will administer
    the Plan on the basis of the number of Common Shares certified
    from time to time by the record Common Shareholder&#146;s name
    and held for the account of beneficial owners who participate in
    the Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There will be no brokerage charges with respect to Common Shares
    issued directly by the Fund as a result of distributions payable
    either in Common Shares or in cash. However, each Plan
    participant will pay a pro rata share of brokerage commissions
    incurred with respect to the Plan Agent&#146;s open-market
    purchases in connection with the reinvestment of distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common Shareholders participating in the Plan may receive
    benefits not available to Common Shareholders not participating
    in the Plan. If the market price (plus commissions) of the
    Fund&#146;s Common Shares is above their net asset value,
    participants in the Plan will receive Common Shares of the Fund
    purchased at a discount to market price and having a current
    value that exceeds the cash distributions they would have
    otherwise received on their Common Shares. If the market price
    (plus commissions) of the Fund&#146;s Common Shares is below
    their net asset value, Plan participants will receive Common
    Shares with a net asset value that exceeds the cash
    distributions they would have otherwise received on their Common
    Shares. There may, however, be insufficient Common Shares
    available in the market at prices below net asset value to
    satisfy the Plan&#146;s requirements, in which case the Plan
    Agent will acquire newly issued Common Shares. Also, since the
    Fund does not redeem its Common Shares, the price on resale of
    Common Shares may be more or less than their net asset value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Experience under the Plan may indicate that changes are
    desirable. Accordingly, upon 30&#160;days&#146; notice to Plan
    participants, the Fund reserves the right to amend or terminate
    the Plan. A Plan participant will be charged a $5.00 service
    charge and pay brokerage charges whenever he or she directs the
    Plan Agent to sell Common Shares held in a distribution
    reinvestment account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All correspondence concerning the Plan should be directed to the
    Plan Agent at American Stock Transfer&#160;&#38; Trust Company,
    59 Maiden Lane, Plaza Level, New York, NY 10038. Please call
    <FONT style="white-space: nowrap">1-800-937-5449</FONT>
    between the hours of 9:00&#160;a.m. and 5:00&#160;p.m. Eastern
    Time if you have questions regarding the Plan.
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CAPITAL STRUCTURE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is an unincorporated business trust established under
    the laws of The Commonwealth of Massachusetts by an Agreement
    and Declaration of Trust dated and filed with the Secretary of
    The Commonwealth on October&#160;30, 2006 (the &#147;Declaration
    of Trust&#148;). The Declaration of Trust provides that the
    Board may authorize separate classes of shares of beneficial
    interest. The Board has authorized an unlimited number of Common
    Shares. The Fund intends to hold annual meetings of Common
    Shareholders in compliance with the requirements of the New York
    Stock Exchange.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Declaration of Trust permits the Fund to issue an unlimited
    number of full and fractional common shares of beneficial
    interest, $0.01&#160;par value per share. Each Common Share
    represents an equal proportionate interest in the assets of the
    Fund with each other Common Share in the Fund. Holders of Common
    Shares will be entitled to the payment of distributions when, as
    and if declared by the Board. The 1940 Act or the terms of any
    future borrowings or issuance of preferred shares may limit the
    payment of distributions to the holders of Common Shares. Each
    whole Common Share shall be entitled to one vote as to matters
    on which it is entitled to vote pursuant to the terms of the
    Declaration of Trust on file with the Securities and Exchange
    Commission. Upon liquidation of the Fund, after paying or
    adequately providing for the payment of all liabilities of the
    Fund and the liquidation preference with respect to any
    outstanding
</DIV>

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    <BR>
    55
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preferred shares, and upon receipt of such releases, indemnities
    and refunding agreements as they deem necessary for their
    protection, the Board may distribute the remaining assets of the
    Fund among the holders of the Common Shares. The Declaration of
    Trust provides that Common Shareholders are not liable for any
    liabilities of the Fund, and requires inclusion of a clause to
    that effect in agreements entered into by the Fund and, in
    coordination with the Fund&#146;s By-laws, indemnifies
    shareholders against any such liability. Although shareholders
    of an unincorporated business trust established under
    Massachusetts law may, in certain limited circumstances, be held
    personally liable for the obligations of the business trust as
    though they were general partners, the provisions of the
    Fund&#146;s Declaration of Trust and By-laws described in the
    foregoing sentence make the likelihood of such personal
    liability remote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has no current intention to issue preferred shares or
    to borrow money. However, if at some future time there are any
    borrowings or preferred shares outstanding, the Fund may not be
    permitted to declare any cash distribution on its Common Shares,
    unless at the time of such declaration, (i)&#160;all accrued
    distributions on preferred shares or accrued interest on
    borrowings have been paid and (ii)&#160;the value of the
    Fund&#146;s total assets (determined after deducting the amount
    of such distribution), less all liabilities and indebtedness of
    the Fund not represented by senior securities, is at least 300%
    of the aggregate amount of such securities representing
    indebtedness and at least 200% of the aggregate amount of
    securities representing indebtedness plus the aggregate
    liquidation value of the outstanding preferred shares. In
    addition to the requirements of the 1940 Act, the Fund may be
    required to comply with other asset coverage requirements as a
    condition of the Fund obtaining a rating of preferred shares
    from a nationally recognized statistical rating agency (a
    &#147;Rating Agency&#148;). These requirements may include an
    asset coverage test more stringent than under the 1940 Act. This
    limitation on the Fund&#146;s ability to make distributions on
    its Common Shares could in certain circumstances impair the
    ability of the Fund to maintain its qualification for taxation
    as a regulated investment company for federal income tax
    purposes. If the Fund were in the future to issue preferred
    shares or borrow money, it would intend, however, to the extent
    possible to purchase or redeem preferred shares or reduce
    borrowings from time to time to maintain compliance with such
    asset coverage requirements and may pay special distributions to
    the holders of the preferred shares in certain circumstances in
    connection with any potential impairment of the Fund&#146;s
    status as a regulated investment company. Depending on the
    timing of any such redemption or repayment, the Fund may be
    required to pay a premium in addition to the liquidation
    preference of the preferred shares to the holders thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has no present intention of offering additional Common
    Shares, except as described herein. Other offerings of its
    Common Shares, if made, will require approval of the Board. Any
    additional offering will not be sold at a price per Common Share
    below the then current net asset value (exclusive of
    underwriting discounts and commissions) except in connection
    with an offering to existing Common Shareholders or with the
    consent of a majority of the Fund&#146;s outstanding Common
    Shares. The Common Shares have no preemptive rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund generally will not issue Common Share certificates.
    However, upon written request to the Fund&#146;s transfer agent,
    a share certificate will be issued for any or all of the full
    Common Shares credited to an investor&#146;s account. Common
    Share certificates that have been issued to an investor may be
    returned at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Repurchase
    of Common Shares and Other Methods to Address Potential
    Discount</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because shares of closed-end management investment companies
    frequently trade at a discount to their net asset values, the
    Board has determined that from time to time it may be in the
    interest of Common Shareholders for the Fund to take corrective
    actions to reduce trading discounts in the Common Shares. The
    Board, in consultation with Eaton Vance, will review at least
    annually the possibility of open market repurchases
    <FONT style="white-space: nowrap">and/or</FONT>
    tender offers for the Common Shares and will consider such
    factors as the market price of the Common Shares, the net asset
    value of the Common Shares, the liquidity of the assets of the
    Fund, the effect on the Fund&#146;s expenses, whether such
    transactions would impair the Fund&#146;s status as a regulated
    investment company or result in a failure to comply with
    applicable asset coverage requirements, general economic
    conditions and such other events or conditions that may have a
    material
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    56
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    effect on the Fund&#146;s ability to consummate such
    transactions. There are no assurances that the Board will, in
    fact, decide to undertake either of these actions or, if
    undertaken, that such actions will result in the Common Shares
    trading at a price equal to or approximating their net asset
    value. The Board, in consultation with Eaton Vance, may from
    time to time review other possible actions to reduce trading
    discounts in the Common Shares.
</DIV>

<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Preferred
    Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has no current intention of issuing any shares other
    than the Common Shares. However, the Declaration of Trust
    authorizes the issuance of an unlimited number of shares of
    beneficial interest with preference rights (the &#147;preferred
    shares&#148;) in one or more series, with rights as determined
    by the Board, by action of the Board without the approval of the
    Common Shareholders.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the requirements of the 1940 Act, the Fund must,
    immediately after the issuance of any preferred shares, have an
    &#147;asset coverage&#148; of at least 200%. Asset coverage
    means the ratio which the value of the total assets of the Fund,
    less all liabilities and indebtedness not represented by senior
    securities (as defined in the 1940 Act), bears to the aggregate
    amount of senior securities representing indebtedness of the
    Fund, if any, plus the aggregate liquidation preference of the
    preferred shares. If the Fund seeks a rating for preferred
    shares, asset coverage requirements in addition to those set
    forth in the 1940 Act may be imposed. The liquidation value of
    any preferred shares would be expected to equal their aggregate
    original purchase price plus redemption premium, if any,
    together with any accrued and unpaid distributions thereon (on a
    cumulative basis), whether or not earned or declared. The terms
    of any preferred shares, including their distribution rate,
    voting rights, liquidation preference and redemption provisions,
    will be determined by the Board (subject to applicable law and
    the Fund&#146;s Declaration of Trust) if and when it authorizes
    preferred shares. The Fund may issue preferred shares that
    provide for the periodic redetermination of the distribution
    rate at relatively short intervals through an auction or
    remarketing procedure, although the terms of such preferred
    shares may also enable the Fund to lengthen such intervals. At
    times, the distribution rate as redetermined on any preferred
    shares could exceed the Fund&#146;s return after expenses on the
    investment of proceeds from the preferred shares and the
    Fund&#146;s leveraged capital structure would result in a lower
    rate of return to Common Shareholders than if the Fund were not
    so structured.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of any voluntary or involuntary liquidation,
    dissolution or winding up of the Fund, the terms of any
    preferred shares may entitle the holders of preferred shares to
    receive a preferential liquidating distribution (expected to
    equal the original purchase price per share plus redemption
    premium, if any, together with accrued and unpaid dividends,
    whether or not earned or declared and on a cumulative basis)
    before any distribution of assets is made to Common
    Shareholders. After payment of the full amount of the
    liquidating distribution to which they are entitled, the
    preferred shareholders would not be entitled to any further
    participation in any distribution of assets by the Fund. Holders
    of preferred shares, voting as a class, would be entitled to
    elect two of the Fund&#146;s Trustees, if any preferred shares
    are issued. Under the 1940 Act, if at any time dividends on the
    preferred shares are unpaid in an amount equal to two full
    years&#146; dividends thereon, the holders of all outstanding
    preferred shares, voting as a class, will be entitled to elect a
    majority of the Board until all dividends in default have been
    paid or declared and set apart for payment. In addition, if
    required by a Rating Agency rating the preferred shares or if
    the Board determines it to be in the best interests of the
    Common Shareholders, issuance of the preferred shares may result
    in more restrictive provisions than required under the 1940 Act.
    In this regard, holders of preferred shares may, for example, be
    entitled to elect a majority of the Fund&#146;s Board if only
    one dividend on the preferred shares is in arrears.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of any future issuance of preferred shares, the
    Fund likely would seek a credit rating for such preferred shares
    from a Rating Agency. In such event, as long as preferred shares
    are outstanding, the composition of its portfolio will reflect
    guidelines established by such Rating Agency. Based on previous
    guidelines established by Rating Agencies for the securities of
    other issuers, the Fund anticipates that the guidelines with
    respect to any preferred shares would establish a set of tests
    for portfolio composition and asset coverage that supplement
    (and in some cases are more restrictive than) the applicable
    requirements
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    57
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    under the 1940 Act. Although no assurance can be given as to the
    nature or extent of the guidelines that may be imposed in
    connection with obtaining a rating of any preferred shares, the
    Fund anticipates that such guidelines would include asset
    coverage requirements that are more restrictive than those under
    the 1940 Act, restrictions on certain portfolio investments and
    investment practices and certain mandatory redemption
    requirements relating to any preferred shares. No assurance can
    be given that the guidelines actually imposed with respect to
    any preferred shares by a Rating Agency would be more or less
    restrictive than those described in this Prospectus.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Credit
    Facility/Commercial Paper Program</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has no current intention to borrow money for the
    purpose of obtaining investment leverage. If, in the future, the
    Fund determines to engage in investment leverage using
    borrowings, the Fund may enter into definitive agreements with
    respect to a credit facility/commercial paper program or other
    borrowing program (&#147;Program&#148;), pursuant to which the
    Fund would expect to be entitled to borrow up to a specified
    amount. Any such borrowings would constitute financial leverage.
    Borrowings under such a Program would not be expected to be
    convertible into any other securities of the Fund. Outstanding
    amounts would be expected to be prepayable by the Fund prior to
    final maturity without significant penalty, and no sinking fund
    or mandatory retirement provisions would be expected to apply.
    Outstanding amounts would be payable at maturity or such earlier
    times as required by the agreement. The Fund may be required to
    prepay outstanding amounts under the Program or incur a penalty
    rate of interest in the event of the occurrence of certain
    events of default. The Fund would be expected to indemnify the
    lenders under the Program against liabilities they may incur in
    connection with the Program.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund expects that any such Program would
    contain covenants that, among other things, likely would limit
    the Fund&#146;s ability to pay distributions in certain
    circumstances, incur additional debt, change its fundamental
    investment policies and engage in certain transactions,
    including mergers and consolidations, and may require asset
    coverage ratios in addition to those required by the 1940 Act.
    The Fund may be required to pledge its assets and to maintain a
    portion of its assets in cash or high-grade securities as a
    reserve against interest or principal payments and expenses. The
    Fund expects that any Program would have customary covenant,
    negative covenant and default provisions. There can be no
    assurance that the Fund will enter into an agreement for a
    Program on terms and conditions representative of the foregoing,
    or that additional material terms will not apply. In addition,
    if entered into, any such Program may in the future be replaced
    or refinanced by one or more credit facilities having
    substantially different terms or by the issuance of preferred
    shares or debt securities.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Effects
    of Possible Future Leverage</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As discussed above, the Fund has no current intention to issue
    preferred shares or to borrow money for the purpose of obtaining
    investment leverage. In the event that the Fund determines in
    the future to utilize investment leverage, there can be no
    assurance that such a leveraging strategy would be successful
    during any period in which it is employed. Leverage creates
    risks for Common Shareholders, including the likelihood of
    greater volatility of net asset value and market price of the
    Common Shares and the risk that fluctuations in distribution
    rates on any preferred shares or fluctuations in borrowing costs
    may affect the return to Common Shareholders. To the extent that
    amounts available for distribution derived from securities
    purchased with the proceeds of leverage exceed the cost of such
    leverage, the Fund&#146;s distributions would be greater than if
    leverage had not been used. Conversely, if the amounts available
    for distribution derived from securities purchased with leverage
    proceeds are not sufficient to cover the cost of leverage,
    distributions to Common Shareholders would be less than if
    leverage had not been used. In the latter case, Eaton Vance, in
    its best judgment, may nevertheless determine to maintain the
    Fund&#146;s leveraged position if it deems such action to be
    appropriate. The costs of an offering of preferred shares
    <FONT style="white-space: nowrap">and/or</FONT> a
    borrowing program would be borne by Common Shareholders and
    consequently would result in a reduction of the net asset value
    of Common Shares. See &#147;Risk Factors&#160;&#151; Financial
    Leverage Risk.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the fee paid to Eaton Vance will be calculated on
    the basis of the Fund&#146;s average daily gross assets,
    including proceeds from the issuance of preferred shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, so the fees would be higher if leverage is utilized.
    In this regard, holders of preferred shares would not bear the
    investment
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    advisory fee. Rather, Common Shareholders would bear the portion
    of the investment advisory fee attributable to the assets
    purchased with the proceeds of the preferred shares offering.
    See &#147;Risk Factors&#160;&#151; Financial Leverage Risk.&#148;
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Provisions in the Agreement and Declaration of
    Trust</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Declaration of Trust includes provisions that could have the
    effect of limiting the ability of other entities or persons to
    acquire control of the Fund or to change the composition of its
    Board and could have the effect of depriving Common Shareholders
    of an opportunity to sell their Common Shares at a premium over
    prevailing market prices by discouraging a third party from
    seeking to obtain control of the Fund. These provisions may have
    the effect of discouraging attempts to acquire control of the
    Fund, which attempts could have the effect of increasing the
    expenses of the Fund and interfering with the normal operation
    of the Fund. The Board is divided into three classes, with the
    term of one class expiring at each annual meeting of
    shareholders. At each annual meeting, one class of Trustees is
    elected to a three-year term. This provision could delay for up
    to two years the replacement of a majority of the Board. A
    Trustee may be removed from office only for cause by a written
    instrument signed by the remaining Trustees or by a vote of the
    holders of at least two-thirds of the class of shares of the
    Fund that elected such Trustee and are entitled to vote on the
    matter.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Declaration of Trust requires the favorable
    vote of the holders of at least 75% of the outstanding shares of
    each class of the Fund, voting as a class, then entitled to vote
    to approve, adopt or authorize certain transactions with
    5%-or-greater holders of a class of shares and their associates,
    unless the Board shall by resolution have approved a memorandum
    of understanding with such holders, in which case normal voting
    requirements would be in effect. For purposes of these
    provisions, a 5%-or-greater holder of a class of shares (a
    &#147;Principal Shareholder&#148;) refers to any person who,
    whether directly or indirectly and whether alone or together
    with its affiliates and associates, beneficially owns 5% or more
    of the outstanding shares of any class of beneficial interest of
    the Fund. The transactions subject to these special approval
    requirements are: (i)&#160;the merger or consolidation of the
    Fund or any subsidiary of the Fund with or into any Principal
    Shareholder; (ii)&#160;the issuance of any securities of the
    Fund to any Principal Shareholder for cash; (iii)&#160;the sale,
    lease or exchange of all or any substantial part of the assets
    of the Fund to any Principal Shareholder (except assets having
    an aggregate fair market value of less than $1,000,000,
    aggregating for the purpose of such computation all assets sold,
    leased or exchanged in any series of similar transactions within
    a twelve-month period); or (iv)&#160;the sale, lease or exchange
    to the Fund or any subsidiary thereof, in exchange for
    securities of the Fund, of any assets of any Principal
    Shareholder (except assets having an aggregate fair market value
    of less than $1,000,000, aggregating for the purposes of such
    computation all assets sold, leased or exchanged in any series
    of similar transactions within a twelve-month period).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board has determined that provisions with respect to the
    Board and the 75% voting requirements described above, which
    voting requirements are greater than the minimum requirements
    under Massachusetts law or the 1940 Act, are in the best
    interest of Common Shareholders generally. Reference should be
    made to the Declaration of Trust on file with the Securities and
    Exchange Commission for the full text of these provisions.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    to Open-End Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may be converted to an open-end management investment
    company at any time if approved by the lesser of
    (i)&#160;two-thirds or more of the Fund&#146;s then outstanding
    Common Shares and preferred shares (if any), each voting
    separately as a class, or (ii)&#160;more than 50% of the then
    outstanding Common Shares and preferred shares (if any), voting
    separately as a class if such conversion is recommended by at
    least 75% of the Trustees then in office. If approved in the
    foregoing manner, conversion of the Fund could not occur until
    90&#160;days after the shareholders&#146; meeting at which such
    conversion was approved and would also require at least
    30&#160;days&#146; prior notice to all shareholders. Conversion
    of the Fund to an open-end management investment company also
    would require the redemption of any outstanding preferred shares
    and could require the repayment of borrowings, which would
    eliminate any future leveraged capital structure of the Fund
    with respect to the Common Shares. In
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    59
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the event of conversion, the Common Shares would cease to be
    listed on the New York Stock Exchange or other national
    securities exchange or market system. The Board believes that
    the closed-end structure is desirable, given the Fund&#146;s
    investment objectives and policies. Investors should assume,
    therefore, that it is unlikely that the Board would vote to
    convert the Fund to an open-end management investment company.
    Shareholders of an open-end management investment company may
    require the company to redeem their shares at any time (except
    in certain circumstances as authorized by or under the 1940 Act)
    at their net asset value, less such redemption charge, if any,
    as might be in effect at the time of a redemption. If the Fund
    were to convert to an open-end investment company, the Fund
    expects it would pay all such redemption requests in cash, but
    would likely reserve the right to pay redemption requests in a
    combination of cash or securities. If such partial payment in
    securities were made, investors may incur brokerage costs in
    converting such securities to cash. If the Fund were converted
    to an open-end fund, it is likely that new Common Shares would
    be sold at net asset value plus a sales load.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    60
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Wachovia Capital Markets, LLC, Citigroup Global Markets Inc.,
    Morgan Stanley&#160;&#38; Co. Incorporated, UBS Securities LLC,
    and A.G. Edwards&#160;&#38; Sons, Inc. are acting as the
    representatives of the underwriters (&#147;Underwriters&#148;)
    named below. Subject to the terms and conditions stated in the
    underwriting agreement, dated the date of this prospectus, each
    Underwriter named below has agreed to purchase, and the Fund has
    agreed to sell to that Underwriter, the number of Common Shares
    set forth opposite the Underwriter&#146;s name.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Underwriters</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Common Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Wachovia Capital Markets, LLC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Citigroup Global Markets Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Morgan Stanley&#160;&#38; Co.
    Incorporated
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">UBS Securities LLC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">A.G. Edwards&#160;&#38; Sons, Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Robert W. Baird &#38; Co.
    Incorporated
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Banc of America Securities LLC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">BB&#38;T Capital Markets, a
    division of Scott &#38; Stringfellow, Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Crowell, Weedon &#38; Co.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ferris, Baker Watts, Incorporated
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">H&#38;R Block Financial Advisors,
    Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">J.J.B. Hilliard, W.L. Lyons, Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Janney Montgomery Scott LLC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Oppenheimer &#38; Co. Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Raymond James &#38; Associates,
    Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">RBC Capital Markets Corporation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ryan Beck &#38; Co., Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Southwest Securities, Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Stifel, Nicolaus &#38; Company,
    Incorporated
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">SunTrust Capital Markets, Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Wedbush Morgan Securities Inc.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Wells Fargo Securities, LLC
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriting agreement provides that the obligations of the
    Underwriters to purchase the Common Shares included in this
    offering are subject to approval of legal matters by counsel and
    to other conditions. The Underwriters are obligated to purchase
    all the Common Shares (other than those covered by the
    over-allotment option described below) shown in the table above
    if any of the Common Shares are purchased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters propose to offer some of the Common Shares
    directly to the public at the public offering price set forth on
    the cover page of this prospectus and some of the Common Shares
    to dealers at the public offering price less a concession not to
    exceed $&#160;&#160;&#160;&#160;&#160;&#160;per share. The sales
    load the Fund will pay of $0.90&#160;per share is equal to 4.5%
    of the initial public offering price. The Underwriters may
    allow, and dealers may reallow, a concession not to exceed
    $&#160;&#160;&#160;&#160;&#160; per share on sales to other
    dealers. If all of the Common Shares are not sold at the initial
    public offering price, the representatives may change the public
    offering price and other selling terms. Investors must pay for
    any Common Shares purchased on or before
    February&#160;&#160;&#160;, 2007. The representatives have
    advised the Fund that the Underwriters do not intend to confirm
    any sales to any accounts over which they exercise discretionary
    authority.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    61
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Additional Compensation.</B>&#160;&#160;The Adviser (and not
    the Fund) has agreed to pay to Wachovia Capital Markets, LLC,
    from its own assets, a structuring fee for advice relating to
    the structure, design and organization of the Fund as well as
    services related to the sale and distribution of the Fund&#146;s
    Common Shares in the amount of $&#160;&#160;&#160;&#160;&#160;.
    The structuring fee paid to Wachovia Capital Markets, LLC will
    not exceed&#160;&#160;&#160;&#160;&#160;% of the total public
    offering price of the Common Shares sold in this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser (and not the Fund) has agreed to pay to Citigroup
    Global Markets Inc., from its own assets, a structuring fee for
    advice relating to the structure, design and organization of the
    Fund as well as services related to the sale and distribution of
    the Fund&#146;s Common Shares in the amount of
    $&#160;&#160;&#160;&#160;&#160;. The structuring fee paid to
    Citigroup Global Markets Inc. will not
    exceed&#160;&#160;&#160;&#160;&#160;% of the total public
    offering price of the Common Shares sold in this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley &#38; Co. Incorporated will be paid a marketing
    and structuring fee by the Adviser (and not the Fund) equal to
    1.25% of the total public offering price of the Common Shares
    sold by Morgan Stanley &#38; Co. Incorporated, and which will
    total $&#160;&#160;&#160;&#160;&#160;. The marketing and
    structuring fee paid to Morgan Stanley &#38; Co. Incorporated
    will not exceed&#160;&#160;&#160;&#160;&#160;% of the total
    public offering price of the Common Shares sold in this
    offering. In contrast to the underwriting discounts and
    commissions (earned under the underwriting agreement by the
    underwriting syndicate as a group), this marketing and
    structuring fee will be earned by and paid to Morgan Stanley
    &#38; Co. Incorporated by the Adviser for advice to the Adviser
    on the design and structuring of, and marketing assistance with
    respect to, the Fund and the distribution of its Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser (and not the Fund) has agreed to pay to UBS
    Securities LLC from its own assets, a structuring fee for
    certain financial advisory services in assisting the Adviser in
    structuring and organizing the Fund in the amount of
    $&#160;&#160;&#160;&#160;&#160;. The structuring fee paid to UBS
    Securities LLC will not exceed&#160;&#160;&#160;&#160;&#160;% of
    the total public offering price of the Common Shares sold in
    this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser (and not the Fund) has agreed to pay from its own
    assets additional compensation to A.G.&#160;Edwards &#38; Sons,
    Inc., quarterly in arrears, at the annual rate of up to 0.15% of
    the Fund&#146;s average daily gross assets attributable to the
    Common Shares sold by A.G.&#160;Edwards &#38; Sons, Inc. in this
    offering, such fees to be payable during the continuance of the
    Advisory Agreement between the Adviser and the Fund and subject
    to the limitations below. A.G.&#160;Edwards &#38; Sons, Inc. has
    agreed to provide, at the request of the Adviser, certain after
    market shareholder support services, including services designed
    to maintain the visibility of the Fund on an ongoing basis and
    to provide relevant information, studies or reports regarding
    the Fund and the closed-end investment company industry and
    asset management industry. The total amount of these additional
    compensation payments to A.G.&#160;Edwards &#38; Sons, Inc. will
    not exceed&#160;&#160;% of the total public offering price of
    the Common Shares sold in this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser (and not the Fund) may also pay certain qualifying
    Underwriters a marketing and structuring fee, a sales incentive
    fee, or additional compensation in connection with the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total amount of the underwriter compensation payments
    described above will not exceed 4.5% of the total public
    offering price of the shares offered hereby. The sum total of
    all compensation to the Underwriters in connection with this
    public offering of Common Shares, including sales load and all
    forms of additional compensation or structuring or sales
    incentive fee payments to the Underwriters and other expenses,
    will be limited to not more than 9.0% of the total public
    offering price of the Common Shares sold in this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has granted to the Underwriters an option, exercisable
    for 45&#160;days from the date of this prospectus, to purchase
    up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional Common Shares at the public offering price less the
    sales load. The Underwriters may exercise the option solely for
    the purpose of covering over-allotments, if any, in connection
    with this offering. To the extent such option is exercised, each
    Underwriter must purchase a number of additional Common Shares
    approximately proportionate to that Underwriter&#146;s initial
    purchase commitment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has agreed that, for a period of 180&#160;days from the
    date of this Prospectus, it will not, without the prior written
    consent of Wachovia Capital Markets, LLC, on behalf of the
    Underwriters, dispose
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    62
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of or hedge any Common Shares or any securities convertible into
    or exchangeable for Common Shares. Wachovia Capital Markets,
    LLC, in its sole discretion, may release any of the securities
    subject to these agreements at any time without notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters have undertaken to sell Common Shares to a
    minimum of 2,000 beneficial owners in lots of 100 or more shares
    to meet the New York Stock Exchange distribution requirements
    for trading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Common Shares have been approved for listing on
    the New York Stock Exchange under the symbol &#147;EXG,&#148;
    subject to notice of issuance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the sales load that the Fund will pay
    to the Underwriters in connection with this offering. These
    amounts are shown assuming both no exercise and full exercise of
    the Underwriters&#146; option to purchase additional Common
    Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Paid By Fund</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">No Exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Full Exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Per Share
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund, the Adviser and the Subadviser have agreed to
    indemnify the Underwriters against certain liabilities,
    including liabilities under the Securities Act of 1933, or to
    contribute to payments the Underwriters may be required to make
    because of any of those liabilities. Certain Underwriters may
    make a market in the Common Shares after trading in the Common
    Shares has commenced on the NYSE. No Underwriter, however, is
    obligated to conduct market-making activities and any such
    activities may be discontinued at any time without notice, at
    the sole discretion of the Underwriter. No assurance can be
    given as to the liquidity of, or the trading market for, the
    Common Shares as a result of any market-making activities
    undertaken by any Underwriter. This prospectus is to be used by
    any Underwriter in connection with the offering and, during the
    period in which a prospectus must be delivered, with offers and
    sales of the Common Shares in market-making transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market at negotiated prices related to prevailing market prices
    at the time of the sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the offering, Wachovia Capital Markets, LLC,
    on behalf of itself and the other Underwriters, may purchase and
    sell Common Shares in the open market. These transactions may
    include short sales, syndicate covering transactions and
    stabilizing transactions. Short sales involve syndicate sales of
    Common Shares in excess of the number of Common Shares to be
    purchased by the Underwriters in the offering, which creates a
    syndicate short position. &#147;Covered&#148; short sales are
    sales of Common Shares made in an amount up to the number of
    Common Shares represented by the Underwriters&#146;
    over-allotment option. In determining the source of Common
    Shares to close out the covered syndicate short position, the
    Underwriters will consider, among other things, the price of
    Common Shares available for purchase in the open market as
    compared to the price at which they may purchase Common Shares
    through the over-allotment option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Transactions to close out the covered syndicate short position
    involve either purchases of Common Shares in the open market
    after the distribution has been completed or the exercise of the
    over-allotment option. The Underwriters may also make
    &#147;naked&#148; short sales of Common Shares in excess of the
    over-allotment option. The Underwriters must close out any naked
    short position by purchasing Common Shares in the open market. A
    naked short position is more likely to be created if the
    Underwriters are concerned that there may be downward pressure
    on the price of Common Shares in the open market after pricing
    that could adversely affect investors who purchase in the
    offering. Stabilizing transactions consist of bids for or
    purchases of Common Shares in the open market while the offering
    is in progress.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters may impose a penalty bid. Penalty bids allow
    the underwriting syndicate to reclaim selling concessions
    allowed to an Underwriter or a dealer for distributing Common
    Shares in this offering if the syndicate repurchases Common
    Shares to cover syndicate short positions or to stabilize the
    purchase price of the Common Shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    63
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any of these activities may have the effect of preventing or
    retarding a decline in the market price of Common Shares. They
    may also cause the price of Common Shares to be higher than the
    price that would otherwise exist in the open market in the
    absence of these transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters may conduct these transactions on the New York
    Stock Exchange or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, or otherwise. If the Underwriters commence any of these
    transactions, they may discontinue them at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A prospectus in electronic format may be made available on the
    websites maintained by one or more of the Underwriters. Other
    than the prospectus in electronic format, the information on any
    such Underwriter&#146;s website is not part of this prospectus.
    The representatives may agree to allocate a number of Common
    Shares to Underwriters for sale to their online brokerage
    account holders. The representatives will allocate Common Shares
    to Underwriters that may make Internet distributions on the same
    basis as other allocations. In addition, Common Shares may be
    sold by the Underwriters to securities dealers who resell Common
    Shares to online brokerage account holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund anticipates that, from time to time, certain
    Underwriters may act as brokers or dealers in connection with
    the execution of the Fund&#146;s portfolio transactions after
    they have ceased to be Underwriters and, subject to certain
    restrictions, may act as brokers while they are Underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain Underwriters may, from time to time, engage in
    transactions with or perform services for the Adviser, the
    Subadviser and their affiliates in the ordinary course of
    business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the initial public offering of Common Shares, the
    Adviser purchased Common Shares from the Fund in an amount
    satisfying the net worth requirements of Section&#160;14(a) of
    the 1940 Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal business address of Wachovia Capital Markets, LLC
    is 375 Park Avenue, New York, New York 10152. The principal
    business office of Citigroup Global Markets Inc. is
    388&#160;Greenwich Street, New York, New York 10013. The
    principal business office of Morgan Stanley&#160;&#38; Co.
    Incorporated is 1585 Broadway, New York, New York 10036. The
    principal business office of UBS Securities LLC is 299 Park
    Avenue, New York, New York 10171. The principal business office
    of A.G. Edwards&#160;&#38; Sons, Inc. is One North Jefferson
    Avenue, St.&#160;Louis, Missouri 63103.
</DIV>
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CUSTODIAN
    AND TRANSFER AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors Bank&#160;&#38; Trust Company (&#147;IBT&#148;), 200
    Clarendon Street, Boston, Massachusetts 02116 is the custodian
    of the Fund and will maintain custody of the securities and cash
    of the Fund. IBT maintains the Fund&#146;s general ledger and
    computes net asset value per share daily. IBT also attends to
    details in connection with the sale, exchange, substitution,
    transfer and other dealings with the Fund&#146;s investments and
    receives and disburses all funds. IBT also assists in
    preparation of shareholder reports and the electronic filing of
    such reports with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    American Stock Transfer&#160;&#38; Trust Company, 59 Maiden
    Lane, Plaza Level, New York, New York 10038 is the transfer
    agent and dividend disbursing agent of the Fund.
</DIV>
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    OPINIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters in connection with the Common Shares will
    be passed upon for the Fund by Kirkpatrick&#160;&#38; Lockhart
    Preston Gates Ellis LLP, Boston, Massachusetts, and for the
    Underwriters by Simpson Thacher&#160;&#38; Bartlett LLP, New
    York, New York. Simpson Thacher&#160;&#38; Bartlett LLP may rely
    as to certain matters of Massachusetts law on the opinion of
    Kirkpatrick&#160;&#38; Lockhart Preston Gates Ellis LLP, Boston,
    Massachusetts.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    64
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORTS
    TO SHAREHOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will send to Common Shareholders unaudited semi-annual
    and audited annual reports, including a list of investments held.
</DIV>
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deloitte&#160;&#38; Touche LLP, Boston, Massachusetts are the
    independent registered public accounting firm for the Fund and
    will audit the Fund&#146;s financial statements.
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Prospectus and the Statement of Additional Information do
    not contain all of the information set forth in the Registration
    Statement that the Fund has filed with the SEC. The complete
    Registration Statement may be obtained from the SEC upon payment
    of the fee prescribed by its rules and regulations. The
    Statement of Additional Information can be obtained without
    charge by calling
    <FONT style="white-space: nowrap">1-800-225-6265.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Statements contained in this Prospectus as to the contents of
    any contract or other documents referred to are not necessarily
    complete, and, in each instance, reference is made to the copy
    of such contract or other document filed as an exhibit to the
    Registration Statement of which this Prospectus forms a part,
    each such statement being qualified in all respects by such
    reference.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    65
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Additional investment information
    and restrictions
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Trustees and officers
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Investment advisory and other
    services
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">11
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Determination of net asset value
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">16
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Portfolio trading
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Taxes
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">19
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other information
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Independent registered public
    accounting firm
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">26
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Report of independent registered
    public accounting firm
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">27
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Financial statements
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">28
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Notes to financial statements
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">29
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Appendix&#160;A: Proxy voting
    policies and procedures
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    66
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUND&#146;S PRIVACY POLICY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Eaton Vance organization is committed to ensuring your
    financial privacy. Each of the financial institutions identified
    below has in effect the following policy (&#147;Privacy
    Policy&#148;) with respect to nonpublic personal information
    about its customers:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Only such information received from you, through application
    forms or otherwise, and information about your Eaton Vance fund
    transactions will be collected. This may include information
    such as name, address, social security number, tax status,
    account balances and transactions.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    None of such information about you (or former customers) will be
    disclosed to anyone, except as permitted by law (which includes
    disclosure to employees necessary to service your account). In
    the normal course of servicing a customer&#146;s account, Eaton
    Vance may share information with unaffiliated third parties that
    perform various required services such as transfer agents,
    custodians and broker/dealers.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Policies and procedures (including physical, electronic and
    procedural safeguards) are in place that are designed to protect
    the confidentiality of such information.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We reserve the right to change our Privacy Policy at any time
    upon proper notification to you. Customers may want to review
    our Privacy Policy periodically for changes by accessing the
    link on our homepage: www.eatonvance.com.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our pledge of privacy applies to the following entities within
    the Eaton Vance organization: the Eaton Vance Family of Funds,
    Eaton Vance Management, Eaton Vance Investment Counsel, Boston
    Management and Research, and Eaton Vance Distributors, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, our Privacy Policy only applies to those Eaton
    Vance customers who are individuals and who have a direct
    relationship with us. If a customer&#146;s account (i.e., fund
    shares) is held in the name of a third-party financial
    adviser/broker-dealer, it is likely that only such
    adviser&#146;s privacy policies apply to the customer. This
    notice supersedes all previously issued privacy disclosures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For more information about Eaton Vance&#146;s Privacy Policy,
    please call
    <FONT style="white-space: nowrap">1-800-262-1122.</FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    67
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b63412nab6341200.gif" alt="(EATON VANCE LOGO)" >
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Eaton Vance
    Tax-Managed</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Global
    Diversified Equity Income Fund</FONT></B>
</DIV>

<DIV style="margin-top: 57pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 34%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=172 -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #00337F">PRELIMINARY PROSPECTUS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #00337F">February&#160;&#160;&#160;,
    2007</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 34%; border-bottom: 1pt solid #00337F"></CENTER><!-- callerid=999 iwidth=504 length=172 -->

<DIV style="margin-top: 45pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt; color: #00337F">Wachovia
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt; color: #00337F">Citigroup</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt; color: #00337F">Morgan
    Stanley</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt; color: #00337F">UBS Investment
    Bank</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt; color: #00337F">A.G.
    Edwards</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Robert W. Baird
    &#38; Co.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Banc of America
    Securities LLC</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">BB&#38;T
    Capital Markets</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Crowell, Weedon
    &#38; Co.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Ferris, Baker
    Watts</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt; color: #00337F">&#160;&#160;&#160;Incorporated</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">H&#38;R Block
    Financial Advisors, Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">J.J.B.
    Hilliard, W.L. Lyons, Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Janney
    Montgomery Scott LLC</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Oppenheimer
    &#38; Co.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Raymond
    James</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">RBC Capital
    Markets</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Ryan Beck &#38;
    Co.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Southwest
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Stifel
    Nicolaus</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">SunTrust
    Robinson Humphrey</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Wedbush Morgan
    Securities Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt; color: #00337F">Wells Fargo
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CE&#150;TMGDEIFRH</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #E8112D">THE
INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT
COMPLETE AND MAY BE CHANGED. THESE SECURITIES MAY NOT BE SOLD
UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL
INFORMATION, WHICH IS NOT A PROSPECTUS, IS NOT AN OFFER TO SELL
THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE
SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT
PERMITTED.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; color: #E8112D">SUBJECT
    TO COMPLETION January&#160;22, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF ADDITIONAL INFORMATION<BR>
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME
    FUND</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Eaton Vance Building</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>255 State Street</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Boston, Massachusetts 02109</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(800)&#160;225-6265</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="98%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'><FONT style="font-size: 10pt">Additional
    investment information and restrictions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'><FONT style="font-size: 10pt">Trustees and
    officers</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'><FONT style="font-size: 10pt">Investment advisory
    and other services</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">11
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'><FONT style="font-size: 10pt">Determination of
    net asset value</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">16
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'><FONT style="font-size: 10pt">Portfolio
    trading</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'><FONT style="font-size: 10pt">Taxes</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">19
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'><FONT style="font-size: 10pt">Other
    information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'><FONT style="font-size: 10pt">Independent
    registered public accounting firm</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">26
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'><FONT style="font-size: 10pt">Report of
    independent registered public accounting firm</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">27
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'><FONT style="font-size: 10pt">Financial
    statements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">28
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'><FONT style="font-size: 10pt">Notes to financial
    statements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">29
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'><FONT style="font-size: 10pt">Appendix A: Proxy
    voting policies and procedures</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS STATEMENT OF ADDITIONAL INFORMATION (&#147;SAI&#148;) IS
    NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO
    PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE
    PROSPECTUS OF EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY
    INCOME FUND (THE &#147;FUND&#148;)
    DATED&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007 (THE &#147;PROSPECTUS&#148;), AS SUPPLEMENTED FROM TIME TO
    TIME, WHICH IS INCORPORATED HEREIN BY REFERENCE. THIS SAI SHOULD
    BE READ IN CONJUNCTION WITH SUCH PROSPECTUS, A COPY OF WHICH MAY
    BE OBTAINED WITHOUT CHARGE BY CONTACTING YOUR FINANCIAL
    INTERMEDIARY OR CALLING THE FUND&#160;AT
    <FONT style="white-space: nowrap">1-800-225-6265.</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capitalized terms used in this SAI and not otherwise defined
    have the meanings given them in the Fund&#146;s Prospectus.
</DIV>
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INVESTMENT INFORMATION AND RESTRICTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Primary investment strategies are described in the Prospectus.
    The following is a description of the various investment
    policies that may be engaged in, whether as a primary or
    secondary strategy, and a summary of certain attendant risks.
    Eaton Vance and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    may not buy any of the following instruments or use any of the
    following techniques unless they believe that doing so will help
    to achieve the Fund&#146;s investment objectives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Equity Investments.</I></B>&#160;&#160;As described in the
    Prospectus, the Fund invests primarily in common stocks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Preferred Stocks.</I></B>&#160;&#160;The Fund may invest
    in preferred stocks of both domestic and foreign issuers. Under
    normal market conditions, the Fund expects, with respect to that
    portion of its total assets invested in preferred stocks, to
    invest only in preferred stocks of investment grade quality as
    determined by S&#38;P, Fitch or Moody&#146;s or, if unrated,
    determined to be of comparable quality by Eaton Vance. The
    foregoing credit quality policies apply only at the time a
    security is purchased, and the Fund is not required to dispose
    of a security in the event of a downgrade of an assessment of
    credit quality or the withdrawal of a rating. Preferred stocks
    involve credit risk, which is the risk that a preferred stock
    will decline in price, or fail to pay dividends when expected,
    because the issuer experiences a decline in its financial
    status. In addition to credit risk, investment in preferred
    stocks involves certain other risks as more fully described in
    the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Derivative Instruments.</I></B>&#160;&#160;In addition to
    the intended strategy of selling index call options, the Fund
    may invest up to 20% of its total assets in other derivative
    instruments (which are instruments that derive their value from
    another instrument, security or index) acquired for hedging,
    risk management and investment purposes (to gain exposure to
    securities, securities markets, markets indices
    <FONT style="white-space: nowrap">and/or</FONT>
    currencies consistent with the Fund&#146;s investment objectives
    and policies), provided that no more than 10% of the Fund&#146;s
    total assets (other than writing call options on futures
    contracts on securities indices as described in the prospectus)
    may be invested in such derivative instruments acquired for
    non-hedging purposes. These strategies may be executed through
    the use of derivative contracts in the United States or abroad.
    In the course of pursuing these investment strategies, the Fund
    may purchase and sell derivative contracts based on
    exchange-listed and equity and fixed-income indices and other
    instruments; purchase and sell futures contracts and options
    thereon; and enter into various transactions such as swaps,
    caps, floors or collars. In addition, derivatives may include
    new techniques, instruments or strategies that are permitted as
    regulatory changes occur. Derivative instruments may be used by
    the Fund to enhance returns or as a substitute for the purchase
    or sale of securities. Transactions in derivative instruments
    involve a risk of loss or depreciation due to unanticipated
    adverse changes in securities prices, interest rates, indices or
    the other financial instruments&#146; prices; the inability to
    close out a position; default by the counterparty; imperfect
    correlation between a position and the desired hedge; tax
    constraints on closing out positions; and portfolio management
    constraints on securities subject to such transactions. The loss
    on derivative instruments (other than purchased options) may
    substantially exceed an investment in these instruments. In
    addition, the entire premium paid for purchased options may be
    lost before they can be profitably exercised. Transaction costs
    are incurred in opening and closing positions. Derivative
    instruments may sometimes increase or leverage exposure to a
    particular market risk, thereby increasing price volatility.
    <FONT style="white-space: nowrap">Over-the-counter</FONT>
    (&#147;OTC&#148;) derivative instruments, equity swaps and
    forward sales of stocks involve an enhanced risk that the issuer
    or counterparty will fail to perform its contractual
    obligations. Some derivative instruments are not readily
    marketable or may become illiquid under adverse market
    conditions. In addition, during periods of market volatility, a
    commodity exchange may suspend or limit trading in an
    exchange-traded derivative instrument, which may make the
    contract temporarily illiquid and difficult to price. Commodity
    exchanges may also establish daily limits on the amount that the
    price of a futures contract or futures option can vary from the
    previous day&#146;s settlement price. Once the daily limit is
    reached, no trades may be made that day at a price beyond the
    limit. This may prevent the closing out of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    positions to limit losses. The staff of the SEC takes the
    position that certain purchased OTC options, and assets used as
    cover for certain written OTC options, are illiquid. The ability
    to terminate OTC derivative instruments may depend on the
    cooperation of the counterparties to such contracts. For thinly
    traded derivative instruments, the only source of price
    quotations may be the selling dealer or counterparty. In
    addition, certain provisions of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;) limit the use of
    derivative instruments. The Fund has claimed an exclusion from
    the definition of a Commodity Pool Operator (&#147;CPO&#148;)
    under the Commodity Exchange Act and therefore is not subject to
    registration or regulation as a CPO. There can be no assurance
    that the use of derivative instruments will be advantageous.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Foreign exchange traded futures contracts and options thereon
    may be used only if the Adviser determines that trading on such
    foreign exchange does not entail risks, including credit and
    liquidity risks, that are materially greater than the risks
    associated with trading on CFTC-regulated exchanges.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Short
    Sales</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may sell a security short if it owns at least an equal
    amount of the security sold short or another security
    convertible or exchangeable for an equal amount of the security
    sold short without payment of further compensation (a short sale
    <FONT style="white-space: nowrap">against-the-box).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Purchasing securities to close out the short position can itself
    cause the price of the securities to rise further, thereby
    exacerbating the loss. Short-selling exposes the Fund to
    unlimited risk with respect to that security due to the lack of
    an upper limit on the price to which an instrument can rise.
    Although the Fund reserves the right to utilize short sales, the
    Adviser is under no obligation to utilize short sales at all.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Securities
    Lending</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described in the Prospectus, the Fund may seek to earn income
    by lending portfolio securities to broker-dealers and other
    institutional investors. Cash collateral received by the Fund in
    respect of loaned securities is invested in Eaton Vance Cash
    Collateral Fund, LLC (&#147;Cash Collateral Fund&#148;), a
    privately offered investment company holding high quality,
    U.S.&#160;dollar denominated money market instruments. As
    compensation for its services as manager, Eaton Vance is paid a
    fee at a rate of 0.08% annually of the average daily net assets
    of Cash Collateral Fund. Eaton Vance pays all of Cash Collateral
    Fund&#146;s custody, audit and other ordinary operating
    expenses, excluding extraordinary, non-recurring items such as
    expenses incurred in connection with litigation, proceedings,
    claims and reorganization expenses. Payments to Eaton Vance for
    managing Cash Collateral Fund are in addition to the investment
    advisory fee paid by the Fund to Eaton Vance.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Cash
    Equivalents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest in cash equivalents to invest daily cash
    balances or for temporary defensive purposes. Cash equivalents
    are highly liquid, short-term securities such as commercial
    paper, time deposits, certificates of deposit, short-term notes
    and short-term U.S.&#160;Government obligations and may include
    Cash Management Portfolio, an affiliated money market fund which
    invests in such short-term securities.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange-Traded
    Funds</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest in shares of exchange-traded funds
    (collectively, &#147;ETFs&#148;), which are designed to provide
    investment results corresponding to an index. These indexes may
    be either broad-based, sector or international and may include
    Standard&#160;&#38; Poor&#146;s Depositary Receipts
    (&#147;SPDRs&#148;), DIAMONDS, Nasdaq-100 Index Tracking Stock
    (also referred to as &#147;Nasdaq-100 Shares&#148;), iShares
    exchange-traded funds (&#147;iShares&#148;), such as iShares
    Russell&#160;2000 Growth Index Fund and HOLDRS (Holding Company
    Depositary Receipts). ETFs usually are units of beneficial
    interest in an investment trust or represent undivided ownership
    interests in a portfolio of securities, in each case with
    respect to a portfolio of all or substantially all of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    component securities of, and in substantially the same weighting
    as, the relevant benchmark index. The benchmark indices of
    SPDRs, DIAMONDS and Nasdaq-100 Shares are the
    Standard&#160;&#38; Poor&#146;s&#160;500 Stock Index, the Dow
    Jones Industrial Average and the Nasdaq-100 Index, respectively.
    The benchmark index for iShares varies, generally corresponding
    to the name of the particular iShares fund. ETFs are designed to
    provide investment results that generally correspond to the
    price and yield performance of the component securities (or
    commodities) of the benchmark index. ETFs are listed on an
    exchange and trade in the secondary market on a per-share basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investments in ETFs are generally subject to limits in the 1940
    Act on investments in other investment companies. The values of
    ETFs are subject to change as the values of their respective
    component securities (or commodities) fluctuate according to
    market volatility. Investments in ETFs that are designed to
    correspond to an equity index involve certain inherent risks
    generally associated with investments in a broadly based
    portfolio of common stocks, including the risk that the general
    level of stock prices may decline, thereby adversely affecting
    the value of ETFs invested in by the Fund. Moreover, the
    Fund&#146;s investments in ETFs may not exactly match the
    performance of a direct investment in the respective indices to
    which they are intended to correspond due to the temporary
    unavailability of certain index securities in the secondary
    market or other extraordinary circumstances, such as
    discrepancies with respect to the weighting of securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Typically, ETF programs bear their own operational expenses,
    which are deducted from the dividends paid to investors. To the
    extent that the Fund invests in ETFs, the Fund must bear these
    expenses in addition to the expenses of its own operation.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pooled
    Investment Vehicles</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund reserves the right to invest up to 10% of its total
    assets, calculated at the time of purchase, in the securities of
    pooled investment vehicles including other investment companies
    unaffiliated with the Adviser. The Fund will indirectly bear its
    proportionate share of any management fees paid by pooled
    investment vehicles in which it invests in addition to the
    advisory fee paid by the Fund. Please refer to &#147;Cash
    Equivalents&#148; for additional information about investment in
    other investment companies. The 10% limitation does not apply to
    the Fund&#146;s investment in money market funds and certain
    other pooled investment vehicles. If the Fund invests in Cash
    Management Portfolio, an affiliated money market fund, the
    management fee paid on such investment will be credited against
    the Fund&#146;s management fee.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Restrictions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following investment restrictions of the Fund are designated
    as fundamental policies and as such cannot be changed without
    the approval of the holders of a majority of the Fund&#146;s
    outstanding voting securities, which as used in this SAI means
    the lesser of (a)&#160;67% of the shares of the Fund present or
    represented by proxy at a meeting if the holders of more than
    50% of the outstanding shares are present or represented at the
    meeting or (b)&#160;more than 50% of outstanding shares of the
    Fund. As a matter of fundamental policy, the Fund may not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Borrow money, except as permitted by the Investment
    Company Act of 1940, as amended (the &#147;1940 Act&#148;). The
    1940 Act currently requires that any indebtedness incurred by a
    closed-end investment company have an asset coverage of at least
    300%;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Issue senior securities, as defined in the 1940 Act,
    other than (i)&#160;preferred shares which immediately after
    issuance will have asset coverage of at least 200%,
    (ii)&#160;indebtedness which immediately after issuance will
    have asset coverage of at least 300%, or (iii)&#160;the
    borrowings permitted by investment restriction (1)&#160;above.
    The 1940 Act currently defines &#147;senior security&#148; as
    any bond, debenture, note or similar obligation or instrument
    constituting a security and evidencing indebtedness and any
    stock of a class having priority over any other class as to
    distribution of assets or payment of dividends. Debt and equity
    securities issued by a closed-end investment company meeting
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the foregoing asset coverage provisions are excluded from the
    general 1940 Act prohibition on the issuance of senior
    securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Purchase securities on margin (but the Fund may obtain
    such short-term credits as may be necessary for the clearance of
    purchases and sales of securities). The purchase of investment
    assets with the proceeds of a permitted borrowing or securities
    offering will not be deemed to be the purchase of securities on
    margin;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Underwrite securities issued by other persons, except
    insofar as it may technically be deemed to be an underwriter
    under the Securities Act of 1933, as amended, in selling or
    disposing of a portfolio investment;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;Make loans to other persons, except by (a)&#160;the
    acquisition of loans, loan interests, debt securities and other
    obligations in which the Fund is authorized to invest in
    accordance with its investment objectives and policies,
    (b)&#160;entering into repurchase agreements and
    (c)&#160;lending its portfolio securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;Purchase or sell real estate, although it may purchase
    and sell securities which are secured by interests in real
    estate and securities of issuers which invest or deal in real
    estate. The Fund reserves the freedom of action to hold and to
    sell real estate acquired as a result of the ownership of
    securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;Purchase or sell physical commodities or contracts for
    the purchase or sale of physical commodities. Physical
    commodities do not include futures contracts with respect to
    securities, securities indices, currency or other financial
    instruments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;With respect to 75% of its total assets, invest more
    than 5% of its total assets in the securities of a single issuer
    or purchase more than 10% of the outstanding voting securities
    of a single issuer, except obligations issued or guaranteed by
    the U.S.&#160;government, its agencies or instrumentalities and
    except securities of other investment companies;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;Invest 25% or more of its total assets in any single
    industry or group of industries (other than securities issued or
    guaranteed by the U.S.&#160;government or its agencies or
    instrumentalities).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In regard to 5(c), the value of the securities loaned by the
    Fund may not exceed
    33<FONT style="vertical-align: top; font-size: 70&#37;">1</FONT>/<FONT style="font-size: 70&#37;">3</FONT>%
    of its total assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may borrow money as a temporary measure for
    extraordinary or emergency purposes, including the payment of
    dividends and the settlement of securities transactions which
    otherwise might require untimely dispositions of Fund
    securities. The 1940 Act currently requires that the Fund have
    300% asset coverage with respect to all borrowings other than
    temporary borrowings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of construing restriction (9), securities of the
    U.S.&#160;Government, its agencies, or instrumentalities are not
    considered to represent industries. Municipal obligations backed
    by the credit of a governmental entity are also not considered
    to represent industries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has adopted the following nonfundamental investment
    policy which may be changed by the Board without approval of the
    Fund&#146;s shareholders. As a matter of nonfundamental policy,
    the Fund may not make short sales of securities or maintain a
    short position, unless at all times when a short position is
    open the Fund either owns an equal amount of such securities or
    owns securities convertible into or exchangeable, without
    payment of any further consideration, for securities of the same
    issue as, and equal in amount to, the securities sold short.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the Board&#146;s approval, the Fund may invest more than
    10% of its total assets in one or more other management
    investment companies (or may invest in affiliated investment
    companies) to the extent permitted by the 1940 Act and rules
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whenever an investment policy or investment restriction set
    forth in the Prospectus or this SAI states a maximum percentage
    of assets that may be invested in any security or other asset or
    describes a policy
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    regarding quality standards, such percentage limitation or
    standard shall be determined immediately after and as a result
    of the Fund&#146;s acquisition of such security or asset.
    Accordingly, any later increase or decrease resulting from a
    change in values, assets or other circumstances or any
    subsequent rating change made by a rating service (or as
    determined by the Adviser if the security is not rated by a
    rating agency) will not compel the Fund to dispose of such
    security or other asset. Notwithstanding the foregoing, the Fund
    must always be in compliance with the borrowing policies set
    forth above.
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TRUSTEES
    AND OFFICERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustees of the Fund are responsible for the overall
    management and supervision of the affairs of the Fund. The
    Trustees and officers of the Fund are listed below. Except as
    indicated, each individual has held the office shown or other
    offices in the same company for the last five years. The
    &#147;noninterested Trustees&#148; consist of those Trustees who
    are not &#147;interested persons&#148; of the Fund, as that term
    is defined under the 1940 Act. The business address of each
    Trustee and officer is The Eaton Vance Building, 255 State
    Street, Boston, Massachusetts 02109. As used in this SAI,
    &#147;EVC&#148; refers to Eaton Vance Corp., &#147;EV&#148;
    refers to Eaton Vance, Inc., &#147;BMR&#148; refers to Boston
    Management and Research, and &#147;EVD&#148; refers to Eaton
    Vance Distributors Inc. EVC and EV are the corporate parent and
    trustee, respectively, of Eaton Vance and BMR. Eaton Vance has
    engaged Rampart Investment Management Company, Inc.
    (&#147;Rampart&#148; or the
    <FONT style="white-space: nowrap">&#147;Sub-Adviser&#148;)</FONT>
    to serve as
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Fund to provide advice on and execution of the
    construction of the Fund&#146;s equity portfolio and options
    strategy, pursuant to an investment
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement (the
    <FONT style="white-space: nowrap">&#147;Sub-Advisory</FONT>
    Agreement&#148;) between the Adviser and Rampart. Each officer
    affiliated with Eaton Vance may hold a position with other Eaton
    Vance affiliates that is comparable to his or her position with
    Eaton Vance listed below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Service</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <B><FONT style="font-size: 7pt">Interested Trustee</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">James B. Hawkes<BR>
    11/9/41
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(2) and Vice President
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Chairman and Chief Executive
    Officer of BMR, Eaton Vance, EVC and EV; Director of EV; Vice
    President and Director of EVD. Trustee
    <FONT style="white-space: nowrap">and/or</FONT>
    officer of 170 registered investment companies in the Eaton
    Vance Fund Complex. Mr.&#160;Hawkes is an interested person
    because of his positions with BMR, Eaton Vance, EVC and EV,
    which are affiliates of the Fund.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Director of EVC
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <B><FONT style="font-size: 7pt">Noninterested Trustees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Benjamin C. Esty<BR>
    1/2/63
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(2)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Roy and Elizabeth Simmons Professor
    of Business Administration, Harvard University Graduate School
    of Business Administration (since 2003). Formerly Associate
    Professor, Harvard University Graduate School of Business
    Administration (2000-2003)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">None
    </FONT>
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Service</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Samuel L. Hayes,&#160;III<BR>
    2/23/35
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Chairman of the Board and Trustee(2)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Jacob H. Schiff Professor of
    Investment Banking Emeritus, Harvard University Graduate School
    of Business Administration. Director of Yakima Products, Inc.
    (manufacturer of automotive accessories) (since 2001) and
    Director of Telect, Inc. (telecommunication services company).
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Director of Tiffany&#160;&#38; Co.
    (specialty retailer)
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">William H. Park<BR>
    9/19/47
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(3)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Vice Chairman, Commercial
    Industrial Finance Corp. (specialty finance company) (since
    2005). Formerly, President and Chief Executive Officer, Prizm
    Capital Management, LLC (investment management firm)
    (2002-2005). Formerly, Executive Vice President and Chief
    Financial Officer, United Asset Management Corporation (a
    holding company owning institutional investment management firms
    (1982-2001).
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">None
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Ronald A. Pearlman 7/10/40
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(3)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Professor of Law, Georgetown
    University Law Center.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">None
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Norton H. Reamer 9/21/35
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(4)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President, Chief Executive Officer
    and a Director of Asset Management Finance Corp. (a specialty
    finance company serving the investment management industry)
    (since October 2003). President, Unicorn Corporation (an
    investment and financial services company) (since September
    2000). Formerly, Chairman and Chief Operating Officer, Hellman,
    Jordan Management Co., Inc. (an investment management company)
    (2000-2003). Formerly, Advisory Director of Berkshire Capital
    Corporation (investment banking firm) (2002-2003).
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">None
    </FONT>
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Service</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Lynn A. Stout <BR>
    9/14/57
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(4)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Professor of Law, University of
    California at Los Angeles School of Law.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">None
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Ralph F. Verni <BR>
    1/26/43
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Trustee(4)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Since 12/8/06<BR>
    Three Years
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Consultant and private investor.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">None
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Includes both master and feeder funds in master-feeder structure.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Class&#160;I Trustees whose term expires in 2007.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Class&#160;II Trustees whose term expires in 2008.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    Class&#160;III Trustees whose term expires in 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Principal
    Officers Who Are Not Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupations<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Name and Date of Birth</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Service</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Duncan W. Richardson<BR>
    10/26/57
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President and Chief Executive
    Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Executive Vice President and Chief
    Equity Investment Officer of EVC, Eaton Vance and BMR. Officer
    of 71 registered investment companies managed by Eaton Vance or
    BMR.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Michael A. Allison<BR>
    10/26/64
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President of BMR and Eaton
    Vance. Officer of 2 registered investment companies managed by
    Eaton Vance or BMR.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Thomas E. Faust Jr.<BR>
    5/31/58
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">President of Eaton Vance, BMR, EVC
    and EV, and Director of EVC; Chief Investment Officer of Eaton
    Vance, BMR and EVC. Officer of 71 registered investment
    companies and 5 private investment companies managed by Eaton
    Vance or BMR.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Walter A. Row,&#160;III<BR>
    7/20/57
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Director of Equity Research and a
    Vice President of Eaton Vance and BMR. Officer of 33 registered
    investment companies managed by Eaton Vance or BMR.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Barbara E. Campbell<BR>
    6/19/57
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Treasurer and Principal Financial
    and <BR>
    Accounting Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President of BMR and Eaton
    Vance. Officer of 170 registered investment companies managed by
    Eaton Vance or BMR.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Paul M. O&#146;Neil<BR>
    7/11/53
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Chief Compliance Officer
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President of Eaton Vance and
    BMR. Officer of 170 registered investment companies managed by
    Eaton Vance or BMR.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Alan R. Dynner<BR>
    11/9/41
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Secretary
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 7pt">Since 10/30/06
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 7pt">Vice President, Secretary and Chief
    Legal Counsel of BMR, Eaton Vance, EVD, EV and EVC. Officer of
    170 registered investment companies managed by Eaton Vance or
    BMR.
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Trustees of the Fund has several standing
    Committees, including the Governance Committee, the Audit
    Committee, and the Special Committee. Each such Committee is
    comprised of only noninterested Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ms.&#160;Stout (Chair) and Messrs.&#160;Esty, Hayes, Park,
    Pearlman, Reamer, and Verni are members of the Governance
    Committee of the Board of Trustees of the Fund. The purpose of
    the Governance Committee is to consider, evaluate and make
    recommendations to the Board of Trustees with respect to the
    structure, membership and operation of the Board of Trustees and
    the Committees thereof, including the nomination and selection
    of noninterested Trustees and a Chairperson of the Board of
    Trustees and compensation of such persons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Governance Committee will, when a vacancy exists or is
    anticipated, consider any nominee for noninterested Trustee
    recommended by a shareholder if such recommendation is submitted
    in writing to the Governance Committee, contains sufficient
    background information concerning the candidate including
    evidence the candidate is willing to serve as a noninterested
    Trustee if selected for the position and is received in a
    sufficiently timely manner.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Messrs.&#160;Reamer (Chair), Hayes, Park, Verni and
    Ms.&#160;Stout are members of the Audit Committee of the Board
    of Trustees of the Fund. The Board of Trustees has designated
    Messrs.&#160;Hayes, Park and Reamer, each a noninterested
    Trustee, as audit committee financial experts. The Audit
    Committee&#146;s purposes are to (i)&#160;oversee the
    Fund&#146;s accounting and financial reporting processes, its
    internal control over financial reporting, and, as appropriate,
    the internal control over financial reporting of certain service
    providers; (ii)&#160;oversee or, as appropriate, assist Board
    oversight of the quality and integrity of the Fund&#146;s
    financial statements and the independent audit thereof;
    (iii)&#160;oversee, or, as appropriate, assist Board oversight
    of, the Fund&#146;s compliance with legal and regulatory
    requirements that relate to the Fund&#146;s accounting and
    financial reporting, internal control over financial reporting
    and independent audits; (iv)&#160;approve prior to appointment
    the engagement and, when appropriate, replacement of the
    independent registered public accounting firm, and, if
    applicable, nominate the independent registered public
    accounting firm to be proposed for shareholder ratification in
    any proxy statement of the Fund; (v)&#160;evaluate the
    qualifications, independence and performance of the independent
    registered public accounting firm and the audit partner in
    charge of leading the audit; and (vi)&#160;prepare, as
    necessary, audit committee reports consistent with the
    requirements of Rule&#160;306 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    for inclusion in the proxy statement of the Fund.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Messrs.&#160;Hayes (Chair), Esty, Park, Pearlman and Reamer are
    currently members of the Special Committee of the Board of
    Trustees of the Fund. The purposes of the Special Committee are
    to consider, evaluate and make recommendations to the Board of
    Trustees concerning the following matters: (i)&#160;contractual
    arrangements with each service provider to the Fund, including
    advisory,
    <FONT style="white-space: nowrap">sub-advisory,</FONT>
    transfer agency, custodial and fund accounting, distribution
    services and administrative services; (ii)&#160;any and all
    other matters in which any of the Fund service providers
    (including Eaton Vance or any affiliated entity thereof) has an
    actual or potential conflict of interest with the interests of
    the Fund, or investors therein; and (iii)&#160;any other matter
    appropriate for review by the non-interested Trustees, unless
    the matter is within the responsibilities of the Audit Committee
    or the Governance Committee of the Fund.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of this SAI, the Governance Committee has met
    once, the Audit Committee has met once and the Special Committee
    has not met.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s shareholder reports will contain information
    regarding the basis for the Trustees&#146; approval of the
    Advisory Agreement and the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Share
    Ownership</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the dollar range of equity securities
    beneficially owned by each Trustee in the Fund and all Eaton
    Vance Funds overseen by the Trustee as of December&#160;31,
    2006. None of the Trustees own shares of the Fund since the Fund
    has not commenced operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="16%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Securities Owned in All Registered<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Funds Overseen by Trustee in the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name of Trustee</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Owned in the Fund</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Eaton Vance Fund
    Complex</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Interested Trustee</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">James B. Hawkes
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Non-interested
    Trustees</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Benjamin C. Esty
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Samuel L. Hayes,&#160;III
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">William H. Park
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Ronald A. Pearlman
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Norton H. Reamer
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Lynn A. Stout
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Ralph F. Verni
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 10pt">None
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;</TD>
    <TD align="left">
    Includes shares which may be deemed to be beneficially owned
    through the Trustee Deferred Compensation Plan.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2006, no non-interested Trustee or any
    of their immediate family members owned beneficially or of
    record any class of securities of EVC, EVD, Rampart or any
    person controlling, controlled by or under common control with
    EVC, EVD or Rampart.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the calendar years ended December&#160;31, 2005 and
    December&#160;31, 2006, no non-interested Trustee (or their
    immediate family members) had:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Any direct or indirect interest in Eaton Vance, EVC,
    EVD, Rampart or any person controlling, controlled by or under
    common control with EVC, EVD or Rampart;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Any direct or indirect material interest in any
    transaction or series of similar transactions with (i)&#160;the
    Fund; (ii)&#160;another fund managed by EVC or Rampart,
    distributed by EVD or a person controlling, controlled by or
    under common control with EVC, EVD or Rampart; (iii)&#160;EVC,
    EVD or Rampart; (iv)&#160;a person controlling, controlled by or
    under common control with EVC, EVD or Rampart; or (v)&#160;an
    officer of any of the above;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Any direct or indirect relationship with (i)&#160;the
    Fund; (ii)&#160;another fund managed by EVC or Rampart,
    distributed by EVD or a person controlling, controlled by or
    under common control with EVC, EVD or Rampart; (iii)&#160;EVC,
    EVD or Rampart; (iv)&#160;a person controlling, controlled by or
    under common control with EVC, EVD or Rampart; or (v)&#160;an
    officer of any of the above.]
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the calendar years ended December&#160;31, 2005 and
    December&#160;31, 2006 no officer of EVC, EVD, Rampart or any
    person controlling, controlled by or under common control with
    EVC, EVD or Rampart served on the Board of Directors of a
    company where a noninterested Trustee of the Fund or any of
    their immediate family members served as an officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Trustees of the Fund who are not affiliated with the Adviser may
    elect to defer receipt of all or a percentage of their annual
    fees in accordance with the terms of a Trustees Deferred
    Compensation Plan (the &#147;Trustees&#146; Plan&#148;). Under
    the Trustees&#146; Plan, an eligible Trustee may elect to have
    his deferred fees invested by the Fund in the shares of one or
    more funds in the Eaton Vance Family of Funds, and the amount
    paid to the Trustees under the Trustees&#146; Plan will be
    determined based upon the performance of such investments.
    Deferral of Trustees&#146; fees in accordance with the
    Trustees&#146; Plan will have a negligible effect on the
    Fund&#146;s assets, liabilities, and net income per share, and
    will not obligate the Fund to retain the services of any Trustee
    or obligate the Fund to pay any particular level of compensation
    to the Trustee. The Fund does not have a retirement plan for its
    Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fees and expenses of the Trustees of the Fund are paid by
    the Fund. (A Trustee of the Fund who is a member of the Eaton
    Vance organization receives no compensation from the Fund.) For
    the Fund&#146;s fiscal year ending October&#160;31, 2007, it is
    anticipated that the Trustees of the Fund will earn the
    following compensation in their capacities as Trustees of the
    Fund. For the year ended December&#160;31, 2006, the Trustees
    earned the following compensation in their capacities as
    Trustees of the funds in the Eaton Vance fund&#160;complex(1).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>Benjamin C.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>Samuel L.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>William H.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>Ronald A.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>Norton H.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>Lynn A.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B>Ralph F.<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Source of Compensation of</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Esty</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Hayes,&#160;III</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Park</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pearlman</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Reamer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stout</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Verni</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fund*
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fund&#160;Complex(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <I>*&#160;&#160;</I>
</TD>
    <TD align="left">
    <I>Estimated</I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <I>(1)&#160;</I>
</TD>
    <TD align="left">    <I>As of January&#160;1, 2007, the Eaton Vance fund complex
    consisted of 170 registered investment companies or series
    thereof.</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <I>(2)&#160;</I>
</TD>
    <TD align="left">    <I>Includes $&#160;&#160;&#160;&#160;&#160;of deferred
    compensation.</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <I>(3)&#160;</I>
</TD>
    <TD align="left">    <I>Includes $&#160;&#160;&#160;&#160;&#160;of deferred
    compensation.</I>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <I>(4)&#160;</I>
</TD>
    <TD align="left">    <I>Includes $&#160;&#160;&#160;&#160;&#160;of deferred
    compensation.</I>
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Proxy Voting Policy.</I></B>&#160;&#160;The Fund is
    subject to the Eaton Vance Funds Proxy Voting Policy and
    Procedures, pursuant to which the Trustees have delegated proxy
    voting responsibility to the Adviser and adopted the
    Adviser&#146;s proxy voting policies and procedures (the
    &#147;Policies&#148;) which are attached as Appendix&#160;A to
    this SAI. The Trustees will review the Fund&#146;s proxy voting
    records from time to time and will annually consider approving
    the Policies for the upcoming year. An independent proxy voting
    service has been retained to assist in the voting of the Fund
    proxies through the provision of vote analysis, implementation
    and recordkeeping and disclosure services. In the event that a
    conflict of interest arises between the Fund&#146;s shareholders
    and the Adviser or any of its affiliates or any affiliate of the
    Fund, the Adviser will generally refrain from voting the proxies
    related to the companies giving rise to such conflict until it
    consults with the Board of the Fund, except as contemplated
    under the Fund&#160;Policy. The Board&#146;s Special Committee
    will instruct the Adviser on the appropriate course of action.
    The Fund&#146;s and the Adviser&#146;s Proxy Voting Policies and
    Procedures are attached as Appendix&#160;A to this SAI.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Information on how the Fund voted proxies relating to portfolio
    securities during the 12&#160;month period ended June&#160;30,
    2006 will be available (1)&#160;without charge, upon request, by
    calling
    <FONT style="white-space: nowrap">1-800-262-1122,</FONT>
    and (2)&#160;on the SEC&#146;s website at http://www.sec.gov.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    ADVISORY AND OTHER SERVICES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>The Investment Adviser.</I></B>&#160;&#160;Eaton Vance,
    its affiliates and its predecessor companies have been managing
    assets of individuals and institutions since 1924 and of
    investment companies since 1931. They maintain a large staff of
    experienced fixed-income, senior loan and equity investment
    professionals to service the needs of their clients. The
    fixed-income group focuses on all kinds of taxable
    investment-grade and high-yield securities, tax-exempt
    investment-grade and high-yield securities, and
    U.S.&#160;Government securities. The senior loan group focuses
    on senior floating rate loans, unsecured loans and other
    floating rate debt securities such as notes, bonds and asset
    backed securities. The equity group covers stocks ranging from
    blue chip to emerging growth companies. Eaton Vance and its
    affiliates act as adviser to a family of mutual funds, and
    individual and various institutional accounts, including
    corporations, hospitals, retirement plans, universities,
    foundations and trusts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will be responsible for all of its costs and expenses
    not expressly stated to be payable by Eaton Vance under the
    Advisory Agreement or Administration Agreement. Such costs and
    expenses to be borne by the Fund include, without limitation:
    custody and transfer agency fees and expenses, including those
    incurred for determining net asset value and keeping accounting
    books and records; expenses of pricing and valuation services;
    the cost of share certificates; membership dues in investment
    company organizations; expenses of acquiring, holding and
    disposing of securities and other investments; fees and expenses
    of registering under the securities laws; stock exchange listing
    fees and governmental fees; rating agency fees and preferred
    share remarketing expenses; expenses of reports to shareholders,
    proxy statements and other expenses of shareholders&#146;
    meetings; insurance premiums; printing and mailing expenses;
    interest, taxes and corporate fees; legal and accounting
    expenses; compensation and expenses of Trustees not affiliated
    with Eaton Vance; expenses of conducting repurchase offers for
    the purpose of repurchasing Fund shares; and investment advisory
    and administration fees. The Fund will also bear expenses
    incurred in connection with any litigation in which the Fund is
    a party and any legal obligation to indemnify its officers and
    Trustees with respect thereto, to the extent not covered by
    insurance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisory Agreement with the Adviser continues in effect for
    an initial period of two years until January&#160;16, 2009, and
    from year to year thereafter so long as such continuance is
    approved at least annually (i)&#160;by the vote of a majority of
    the noninterested Trustees of the Fund or of the Adviser, such
    vote being cast in person at a meeting specifically called for
    the purpose of voting on such approval and (ii)&#160;by the
    Board of Trustees of the Fund or by vote of a majority of the
    outstanding shares of the Fund. The Fund&#146;s Administration
    Agreement continues in effect from year to year so long as such
    continuance is approved at least annually by the vote of a
    majority of the Fund&#146;s Trustees. Each agreement may be
    terminated at any time without penalty on sixty
    (60)&#160;days&#146; written notice by the Trustees of the Fund
    or Eaton Vance, as applicable, or by vote of the majority of the
    outstanding shares of the Fund. Each
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    agreement will terminate automatically in the event of its
    assignment. Each agreement provides that, in the absence of
    willful misfeasance, bad faith, gross negligence or reckless
    disregard of its obligations or duties to the Fund under such
    agreements on the part of Eaton Vance, Eaton Vance shall not be
    liable to the Fund for any loss incurred, to the extent not
    covered by insurance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisory Agreement provides that Eaton Vance may engage one
    or more investment
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    to assist with some or all aspects of the management of the
    Fund&#146;s investments subject to such approvals as are
    required under the 1940 Act. Pursuant to these provisions, Eaton
    Vance has engaged Rampart, as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to provide assistance with the development, implementation and
    execution of the Fund&#146;s options strategy. The Advisory
    Agreement provides that Eaton Vance may terminate any
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement entered into and directly assume any functions
    performed by the
    <FONT style="white-space: nowrap">sub-adviser,</FONT>
    upon approval of the Board of Trustees, without the need for
    approval of the shareholders of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to an investment advisory agreement between the Adviser
    and the Fund, the Fund has agreed to pay an investment advisory
    fee, payable on a monthly basis, at an annual rate of 1.00% of
    the average daily gross mean total assets of the Fund, including
    any form of investment leverage that the Fund may in the future
    determine to utilize, minus all expenses incurred in the normal
    course of operations, but not excluding any liabilities or
    obligations attributable to any future investment leverage
    obtained through (i)&#160;indebtedness of any type (including
    without limitation, borrowing through a credit
    facility/commercial paper program or the issuance of debt
    securities), (ii)&#160;the issuance of preferred shares or other
    similar preference securities, (iii)&#160;the reinvestment of
    collateral received for securities loaned in accordance with the
    Fund&#146;s investment objectives and policies
    <FONT style="white-space: nowrap">and/or</FONT>
    (iv)&#160;any other means.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance is a business trust organized under Massachusetts
    law. EV serves as trustee of Eaton Vance. Eaton Vance and EV are
    wholly-owned subsidiaries of EVC, a Maryland corporation and
    publicly-held holding company. EVC through its subsidiaries and
    affiliates engages primarily in investment management,
    administration and marketing activities. The Directors of EVC
    are James B. Hawkes, Thomas E. Faust Jr., Ann E. Berman, John
    G.L. Cabot, Leo I. Higdon,&#160;Jr., Vincent M. O&#146;Reilly,
    Dorothy E. Puhy and Winthrop H. Smith,&#160;Jr. All shares of
    the outstanding Voting Common Stock of EVC are deposited in a
    Voting Trust, the Voting Trustees of which are
    Messrs.&#160;Hawkes, Faust, Jeffrey P. Beale, Cynthia J.
    Clemson, Alan R. Dynner, Michael R. Mach, Robert B. Macintosh,
    Thomas M. Metzold, Scott H. Page, Duncan W. Richardson, G. West
    Saltonstall, Judith A. Saryan, William M. Steul, Payson F.
    Swaffield, Michael W. Weilheimer, and Wharton P. Whitaker (all
    of whom are officers of Eaton Vance). The Voting Trustees have
    unrestricted voting rights for the election of Directors of EVC.
    All of the outstanding voting trust receipts issued under said
    Voting Trust are owned by certain of the officers of BMR and
    Eaton Vance who are also officers, or officers and Directors of
    EVC and EV. As indicated under &#147;Trustees and
    Officers,&#148; all of the officers of the Fund (as well as
    Mr.&#160;Hawkes who is also a Trustee) hold positions in the
    Eaton Vance organization.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EVC and its affiliates and their officers and employees from
    time to time have transactions with various banks, including the
    custodian of the Fund, IBT. It is Eaton Vance&#146;s opinion
    that the terms and conditions of such transactions were not and
    will not be influenced by existing or potential custodial or
    other relationships between the Fund and such banks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>The
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT></I></B>&#160;&#160;Rampart
    acts as the Fund&#146;s investment
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    and provides advice and assistance in pursuing the Fund&#146;s
    options strategy pursuant to a
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between the Adviser and Rampart (the
    <FONT style="white-space: nowrap">&#147;Sub-Advisory</FONT>
    Agreement&#148;). Rampart, a Massachusetts corporation, was
    founded in 1983 by its current owners Ronald M. Egalka and David
    R. Fraley. The
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    provides customized investment management services within a core
    competency in options to a spectrum of institutional clients.
    Since its inception, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    has continuously expanded its computer modeling and analytical
    capabilities and created tools to capitalize on opportunities in
    the capital markets. Rampart&#146;s principal office is located
    at One International Place, Boston, MA 02110. As of
    September&#160;30, 2006 Rampart had approximately
    $6.6&#160;billion of assets under management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of its
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, Rampart provides advice and assistance with the
    development, implementation and execution of the Fund&#146;s
    options strategy, all subject to the supervision
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and direction of the Fund&#146;s Board of Trustees and the
    Adviser. For services rendered by Rampart under the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, Eaton Vance pays Rampart a fee, payable monthly, in
    an annual amount equal to 0.05% of the value of the Fund&#146;s
    average daily gross assets that is subject to written call
    options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement with Rampart continues until January&#160;16,
    2009&#160; and from year to year thereafter if approved annually
    (i)&#160;by the Fund&#146;s Board of Trustees or by the holders
    of a majority of its outstanding voting securities and
    (ii)&#160;by a majority of the Trustees who are not
    &#147;interested persons&#148; (as defined in the 1940 Act) of
    any party to the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, by vote cast in person at a meeting called for the
    purpose of voting on such approval. The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement terminates automatically on its assignment and may be
    terminated without penalty on 60&#160;days written notice at the
    option of either the Adviser, by the Fund&#146;s Board of
    Trustees or by a vote of a majority (as defined in the 1940 Act)
    of the Fund&#146;s outstanding shares or by Rampart upon
    3&#160;months notice. As discussed above, Eaton Vance may
    terminate the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement with Rampart and directly assume responsibility for
    the services provided by Rampart upon approval by the Board of
    Trustees without the need for approval of the shareholders of
    the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement with Rampart provides that in the absence of willful
    misfeasance, bad faith, gross negligence or reckless disregard
    for its obligations and duties thereunder, Rampart is not liable
    for any error or judgment or mistake of law or for any loss
    suffered by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Portfolio Managers.</I></B>&#160;&#160;The portfolio
    managers of the Fund are Walter A. Row and Michael A. Allison of
    Eaton Vance and Ronald M. Egalka of Rampart. Each portfolio
    manager manages other investment companies
    <FONT style="white-space: nowrap">and/or</FONT>
    investment accounts in addition to the Fund. The following
    tables show, as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2006, the number of accounts each portfolio manager managed in
    each of the listed categories and the total assets in the
    accounts managed within each category. The table also shows the
    number of accounts with respect to which the advisory fee is
    based on the performance of the account, if any, and the total
    assets in those accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Paying a<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Paying a<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Assets of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Performance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Performance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Accounts</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Accounts*</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Fee</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Fee*</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Michael A. Allison</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Registered Investment Companies**
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other Pooled Investment Vehicles
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other Accounts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Ronald M. Egalka</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Registered Investment Companies**
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other Pooled Investment Vehicles
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other Accounts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Walter A.
    Row,&#160;III</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Registered Investment Companies**
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other Pooled Investment Vehicles
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other Accounts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    *&#160;&#160;
</TD>
    <TD align="left">
    In millions of dollars.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    **&#160;&#160;</TD>
    <TD align="left">
    For registered investment companies, assets represent net assets
    of all open-end investment companies and gross assets of all
    closed-end investment companies.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the dollar range of shares
    beneficially owned in all Eaton Vance Funds as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;. The portfolio
    managers do not beneficially own shares of the Fund since the
    Fund has not commenced operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="18%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="25%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Equity Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Owned in all Registered<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Equity Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Funds in the Eaton Vance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Portfolio Manager</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Owned in the Fund</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Family of Funds</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Michael A. Allison
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ronald M. Egalka
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Walter A. Row, III
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is possible that conflicts of interest may arise in
    connection with the portfolio managers&#146; management of the
    Fund&#146;s investments on the one hand and the investments of
    other accounts for which the Fund manager is responsible for on
    the other. For example, a portfolio manager may have conflicts
    of interest in allocating management time, resources and
    investment opportunities among the Fund and other accounts he
    advises. In addition due to differences in the investment
    strategies or restrictions between the Fund and the other
    accounts, a portfolio manager may take action with respect to
    another account that differs from the action taken with respect
    to the Fund. In some cases, another account managed by a
    portfolio manager may compensate the investment adviser based on
    the performance of the securities held by that account. The
    existence of such a performance based fee may create additional
    conflicts of interest for the portfolio manager in the
    allocation of management time, resources and investment
    opportunities. Whenever conflicts of interest arise, the
    portfolio manager will endeavor to exercise his discretion in a
    manner that he believes is equitable to all interested persons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Eaton Vance&#146;s Compensation Structure and Method to
    Determine Compensation.</I></B>&#160;&#160;Compensation of the
    Adviser&#146;s portfolio managers and other investment
    professionals has three primary components: (1)&#160;a base
    salary, (2)&#160;an annual cash bonus, and (3)&#160;annual
    stock-based compensation consisting of options to purchase
    shares of EVC&#146;s nonvoting common stock
    <FONT style="white-space: nowrap">and/or</FONT>
    restricted shares of EVC&#146;s nonvoting common stock. The
    Adviser&#146;s investment professionals also receive certain
    retirement, insurance and other benefits that are broadly
    available to all the Adviser&#146;s employees. Compensation of
    the Adviser&#146;s investment professionals is reviewed
    primarily on an annual basis. Cash bonuses, stock-based
    compensation awards, and adjustments in base salary are
    typically paid or put into effect at or shortly after the
    October&#160;31st&#160;fiscal year-end of EVC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser compensates its portfolio managers based primarily
    on the scale and complexity of their portfolio responsibilities
    and the total return performance of managed funds and accounts
    versus appropriate peer groups or benchmarks. Performance is
    normally based on periods ending on the September&#160;30th
    preceding fiscal year-end. Fund performance is evaluated
    primarily versus peer groups of funds as determined by Lipper
    Inc. <FONT style="white-space: nowrap">and/or</FONT>
    Morningstar, Inc. In evaluating the performance of a fund and
    its manager, emphasis is normally placed on three-year
    performance, with consideration of performance over longer and
    shorter periods. For funds that are tax-managed or otherwise
    have an objective of after-tax returns, performance is measured
    net of taxes. For other funds, performance is evaluated on a
    pre-tax basis. In addition to rankings within peer groups of
    funds on the basis of absolute performance, consideration may
    also be given to risk-adjusted performance. For funds with an
    investment objective other than total return (such as current
    income), consideration will also be given to the fund&#146;s
    success in achieving its objective. For managers responsible for
    multiple funds and accounts, investment performance is evaluated
    on an aggregate basis, based on averages or weighted averages
    among managed funds and accounts. Funds and accounts that have
    performance-based advisory fees are not accorded
    disproportionate weightings in measuring aggregate portfolio
    manager performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The compensation of portfolio managers with other job
    responsibilities (such as heading an investment group or
    providing analytical support to other portfolios) will include
    consideration of the scope of such responsibilities and the
    managers&#146; performance in meeting them.
</DIV>

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    <BR>
    14
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser seeks to compensate portfolio managers commensurate
    with their responsibilities and performance, and competitive
    with other firms within the investment management industry. The
    Adviser participates in investment-industry compensation surveys
    and utilizes survey data as a factor in determining salary,
    bonus and stock-based compensation levels for portfolio managers
    and other investment professionals. Salaries, bonuses and
    stock-based compensation are also influenced by the operating
    performance of the Adviser and its parent company. The overall
    annual cash bonus pool is based on a substantially fixed
    percentage of pre-bonus operating income. While the salaries of
    the Adviser&#146;s portfolio managers are comparatively fixed,
    cash bonuses and stock-based compensation may fluctuate
    significantly from year to year, based on changes in manager
    performance and other factors as described herein. For a high
    performing portfolio manager, cash bonuses and stock-based
    compensation may represent a substantial portion of total
    compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Rampart&#146;s Compensation Structure and Method to
    Determine Compensation.</I></B>&#160;&#160;The identified
    Rampart portfolio manager is a founding shareholder. The
    compensation of the identified portfolio manager has two primary
    components: (1)&#160;a base salary, and (2)&#160;an annual cash
    bonus. There are also certain retirement, insurance and other
    benefits that are broadly available to all Rampart employees.
    Compensation of Rampart investment professionals is reviewed
    primarily on an annual basis. Cash bonuses and adjustments in
    base salary are typically paid or put into effect at or shortly
    after the June&#160;30 fiscal year-end of Rampart.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Method to Determine
    Compensation.</I></B>&#160;&#160;Rampart compensates its
    founding shareholders/identified portfolio managers based
    primarily on the scale and complexity of their responsibilities.
    The performance of portfolio managers is evaluated primarily
    based on success in achieving portfolio objectives for managed
    funds and accounts. Rampart seeks to compensate all portfolio
    managers commensurate with their responsibilities and
    performance, and competitive with other firms within the
    investment management industry. This is reflected in the
    founding shareholders/identified portfolio managers&#146;
    salaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Salaries and profit participations are also influenced by the
    operating performance of Rampart. While the salaries of
    Rampart&#146;s founding shareholders/identified portfolio
    managers are comparatively fixed, profit participations may
    fluctuate substantially from year to year, based on changes in
    financial performance.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Codes of
    Ethics</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser, Rampart and the Fund have adopted Codes of Ethics
    governing personal securities transactions. Under the Codes of
    Ethics, Eaton Vance and Rampart employees may purchase and sell
    securities (including securities held or eligible for purchase
    by the Fund) subject to certain pre-clearance and reporting
    requirements and other procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Codes of Ethics can be reviewed and copied at the Securities
    and Exchange Commission&#146;s public reference room in
    Washington, DC (call 1-202-942-8090 for information on the
    operation of the public reference room); on the EDGAR Database
    on the SEC&#146;s Internet site (http://www.sec.gov); or, upon
    payment of copying fees, by writing, to the SEC&#146;s public
    reference section, Washington, DC
    <FONT style="white-space: nowrap">20549-0102,</FONT>
    or by electronic mail at publicinfo@sec.gov.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Advisory Services</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the general supervision of the Fund&#146;s Board of
    Trustees, Eaton Vance will carry out the investment and
    reinvestment of the assets of the Fund, will furnish
    continuously an investment program with respect to the Fund,
    will determine which securities should be purchased, sold or
    exchanged, and will implement such determinations and will
    supervise the overall activities of the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    Eaton Vance will furnish to the Fund investment advice and
    provide related office facilities and personnel for servicing
    the investments of the Fund. Eaton Vance will compensate all
    Trustees and officers of the Fund who are members of the Eaton
    Vance organization and who render investment services to the
    Fund, and will also compensate all other Eaton Vance personnel
    who provide research and investment services to the Fund.
</DIV>

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    <BR>
    15
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Administrative
    Services</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Administration Agreement, Eaton Vance is responsible
    for managing the business affairs of the Fund, subject to the
    supervision of the Fund&#146;s Board of Trustees. Eaton Vance
    will furnish to the Fund all office facilities, equipment and
    personnel for administering the affairs of the Fund. Eaton Vance
    will compensate all Trustees and officers of the Fund who are
    members of the Eaton Vance organization and who render executive
    and administrative services to the Fund, and will also
    compensate all other Eaton Vance personnel who perform
    management and administrative services for the Fund. Eaton
    Vance&#146;s administrative services include recordkeeping,
    preparation and filing of documents required to comply with
    federal and state securities laws, supervising the activities of
    the Fund&#146;s custodian and transfer agent, providing
    assistance in connection with the Trustees&#146; and
    shareholders&#146; meetings, providing services in connection
    with repurchase offers, if any, and other administrative
    services necessary to conduct the Fund&#146;s business.
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DETERMINATION
    OF NET ASSET VALUE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net asset value per share of the Fund is determined no less
    frequently than daily, on each day that the New York Stock
    Exchange (the &#147;Exchange&#148;) is open for trading, as of
    the close of regular trading on the Exchange (normally
    4:00&#160;p.m. New York time). The Fund&#146;s net asset value
    per share is determined by IBT, in the manner authorized by the
    Trustees of the Fund. Net asset value is computed by dividing
    the value of the Fund&#146;s total assets, less its liabilities,
    by the number of shares outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustees of the Fund have established the following
    procedures for fair valuation of the Fund&#146;s assets under
    normal market conditions. Marketable securities listed on
    foreign or United States securities exchanges generally are
    valued at closing sale prices or, if there were no sales, at the
    mean between the closing bid and asked prices therefor on the
    exchange where such securities are principally traded (unless an
    active
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market in an exchange listed security better reflects current
    market value). Marketable securities listed in the NASDAQ
    National Market System are valued at the NASDAQ official closing
    price. Unlisted or listed securities for which closing sale
    prices are not available are valued at the mean between the
    latest bid and asked prices. An exchange-traded option is valued
    on the valuation day as the &#147;Primary Market&#148; quote
    reported by the Option Pricing Authority (&#147;OPRA&#148;).
    OPRA gathers options quotations from the six major United States
    Options exchanges and reports the last sale price from any
    exchange on which the option is listed. If no such sales are
    reported, such portion will be valued at the mean of the closing
    bid and asked prices on the valuation day on the exchange on
    which the options are primarily traded. When the Fund writes a
    call option it records the premium as an asset and equivalent
    liability and thereafter adjusts the liability to the market
    value of the option determined in accordance with the preceding
    sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser and the valuation committee may implement new
    pricing methodologies or expand
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    valuation of debt securities whose market prices are not readily
    available in the future, which may result in a change in the
    Fund&#146;s net asset value per share. The Fund&#146;s net asset
    value per share will also be affected by fair value pricing
    decisions and by changes in the market for such debt securities.
    In determining the fair value of a debt security, the Adviser
    will consider relevant factors, data, and information,
    including: (i)&#160;the characteristics of and fundamental
    analytical data relating to the debt security, including the
    cost, size, current interest rate, period until next interest
    rate reset, maturity and base lending rate of the debt security,
    the terms and conditions of the debt security and any related
    agreements, and the position of the debt security in the
    borrower&#146;s debt structure; (ii)&#160;the nature, adequacy
    and value of the collateral, including the Fund&#146;s rights,
    remedies and interests with respect to the collateral;
    (iii)&#160;the creditworthiness of the borrower, based on an
    evaluation of its financial condition, financial statements and
    information about the borrower&#146;s business, cash flows,
    capital structure and future prospects; (iv)&#160;information
    relating to the market for the debt security, including price
    quotations for and trading in the debt security and interests in
    similar debt securities and the market environment and investor
    attitudes towards the debt security and interests in similar
    debt securities; (v)&#160;the experience, reputation, stability
    and financial condition of the agent and any intermediate
    participants in the debt
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    security; and (vi)&#160;general economic and market conditions
    affecting the fair value of the debt security. The fair value of
    each debt security is reviewed and approved by the
    Adviser&#146;s valuation committee and the Fund&#146;s Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt securities for which the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market is the primary market are normally valued on the basis of
    prices furnished by one or more pricing services at the mean
    between the latest available bid and asked prices. OTC options
    are valued at prices obtained from a broker (typically the
    counterparty to the options) on the valuation day. Financial
    futures contracts listed on commodity exchanges and
    exchange-traded options are valued at closing settlement prices.
    Short-term obligations having remaining maturities of less than
    60&#160;days are valued at amortized cost, which approximates
    value, unless the Trustees determine that under particular
    circumstances such method does not result in fair value. As
    authorized by the Trustees, debt securities (other than
    short-term obligations) may be valued on the basis of valuations
    furnished by a pricing service which determines valuations based
    upon market transactions for normal, institutional-size trading
    units of such securities. Securities for which there is no such
    quotation or valuation and all other assets are valued at fair
    value as determined in good faith by or at the direction of the
    Fund&#146;s Trustees considering relevant factors, data and
    information, including the market value of freely tradable
    securities of the same class in the principal market on which
    such securities are normally traded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All other securities are valued at fair value as determined in
    good faith by or at the direction of the Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The daily valuation of foreign equity securities held by the
    Fund generally is determined as of the close of trading on the
    principal exchange on which such securities trade. Events
    occurring after the close of trading on foreign exchanges may
    result in adjustments to the valuation of foreign securities to
    more accurately reflect their fair value as of the close of
    regular trading on the Exchange. The Fund may rely on an
    independent pricing service in making any such adjustment.
    Foreign securities held by the Fund will be valued in
    U.S.&#160;dollars; such values will be computed by the custodian
    based on foreign currency exchange rate quotations supplied by
    an independent quotation service.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TRADING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Decisions concerning the execution of portfolio security
    transactions, including the selection of the market and the
    executing firm, are made by Eaton Vance, the Fund&#146;s Adviser
    or Rampart as the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    As used below, &#147;Adviser&#148; refers to Eaton Vance and
    Rampart, as applicable. The Adviser is also responsible for the
    execution of transactions for all other accounts managed by it.
    The Adviser places the portfolio security transactions of the
    Fund and of all other accounts managed by it for execution with
    many firms. The Adviser uses its best efforts to obtain
    execution of portfolio security transactions at prices which are
    advantageous to the Fund and at reasonably competitive spreads
    or (when a disclosed commission is being charged) at reasonably
    competitive commission rates. In seeking such execution, the
    Adviser will use its best judgment in evaluating the terms of a
    transaction, and will give consideration to various relevant
    factors, including without limitation the full range and quality
    of the executing firm&#146;s services, the value of the
    brokerage and research services provided, the responsiveness of
    the firm to the Adviser, the size and type of the transaction,
    the nature and character of the market for the security, the
    confidentiality, speed and certainty of effective execution
    required for the transaction, the general execution and
    operational capabilities of the executing firm, the reputation,
    reliability, experience and financial condition of the firm, the
    value and quality of the services rendered by the firm in this
    and other transactions, and the reasonableness of the spread or
    commission, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Transactions on stock exchanges and other agency transactions
    involve the payment of negotiated brokerage commissions. Such
    commissions vary among different broker-dealer firms, and a
    particular broker-dealer may charge different commissions
    according to such factors as the difficulty and size of the
    transaction and the volume of business done with such
    broker-dealer. Transactions in foreign securities often involve
    the payment of brokerage commissions, which may be higher than
    those in the United States. There is generally no stated
    commission in the case of securities traded in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets, but the price paid or received usually includes an
    undisclosed dealer markup or markdown. In an
</DIV>

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    <BR>
    17
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    underwritten offering the price paid often includes a disclosed
    fixed commission or discount retained by the underwriter or
    dealer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although spreads or commissions paid on portfolio security
    transactions will, in the judgment of the Adviser, be reasonable
    in relation to the value of the services provided, commissions
    exceeding those which another firm might charge may be paid to
    broker-dealers who were selected to execute transactions on
    behalf of the Adviser&#146;s clients in part for providing
    brokerage and research services to the Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As authorized in Section&#160;28(e) of the Securities Exchange
    Act of 1934, as amended, a broker or dealer who executes a
    portfolio transaction on behalf of the Fund may receive a
    commission which is in excess of the amount of commission
    another broker or dealer would have charged for effecting that
    transaction if the Adviser determines in good faith that such
    compensation was reasonable in relation to the value of the
    brokerage and research services provided. This determination may
    be made on the basis of that particular transaction or on the
    basis of overall responsibilities which the Adviser and its
    affiliates have for accounts over which they exercise investment
    discretion. In making any such determination, the Adviser will
    not attempt to place a specific dollar value on the brokerage
    and research services provided or to determine what portion of
    the commission should be related to such services. Brokerage and
    research services may include advice as to the value of
    securities, the advisability of investing in, purchasing, or
    selling securities, and the availability of securities or
    purchasers or sellers of securities; furnishing analyses and
    reports concerning issuers, industries, securities, economic
    factors and trends, portfolio strategy and the performance of
    accounts; effecting securities transactions and performing
    functions incidental thereto (such as clearance and settlement);
    and the &#147;Research Services&#148; referred to in the next
    paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is a common practice of the investment advisory industry and
    of the advisers of investment companies, institutions and other
    investors to receive research, analytical, statistical and
    quotation services, data, information and other services,
    products and materials which assist such advisers in the
    performance of their investment responsibilities (&#147;Research
    Services&#148;) from broker-dealer firms which execute portfolio
    transactions for the clients of such advisers and from
    affiliates of executing broker-dealers. Advisers also commonly
    receive Research Services from research providers that are not
    affiliated with an executing broker-dealer, but which have
    entered into payment arrangements involving an executing
    broker-dealer (&#147;Third Party Research Services&#148;). Under
    a typical Third Party Research Services payment arrangement, the
    research provider agrees to provide services to an Adviser in
    exchange for specified payments to the research provider by a
    broker-dealer that executes portfolio transactions for clients
    of the Adviser. The Adviser and the executing broker-dealer
    enter into a related agreement specifying the amount of
    brokerage business the Adviser will direct to the executing
    broker-dealer to offset payments made by the executing
    broker-dealer for Third Party Research Services received by the
    Adviser. For example, the Adviser may agree to direct brokerage
    business generating $45,000 in commissions on portfolio
    transactions to a broker-dealer firm as consideration for the
    executing broker-dealer making payments of $30,000 to a provider
    of Third Party Research Services. The ratio of the commissions
    to be paid to an executing broker-dealer as consideration for
    Third Party Research Services over the cost borne by the
    executing broker-dealer in connection with providing such
    services to the Adviser is referred to herein as the &#147;Third
    Party Research Services Payment Ratio.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consistent with the foregoing practices, the Adviser receives
    Research Services from many broker-dealer firms with which the
    Adviser places the Fund&#146;s transactions and from third
    parties with which these broker-dealers have arrangements. The
    Fund and the Adviser may also receive Research Services from
    underwriters and dealers in fixed-price offerings, which
    Research Services are reviewed and evaluated by the Adviser in
    connection with its investment responsibilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Research Services received by the Advisers may include such
    matters as general economic, political, business and market
    information, industry and company reviews, evaluations of
    securities and portfolio strategies and transactions, proxy
    voting data and analysis services, technical analysis of various
    aspects of the securities market, recommendations as to the
    purchase and sale of securities and other portfolio
    transactions, financial, industry and trade publications, news
    and information services, pricing and quotation equipment and
    services, and research oriented computer hardware, software,
    databases and
</DIV>

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    <BR>
    18
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    services. Any particular Research Service obtained through a
    broker-dealer may be used by the Adviser in connection with
    client accounts other than those accounts which pay commissions
    to such broker-dealer. Any such Research Service may be broadly
    useful and of value to the Adviser in rendering investment
    advisory services to all or a significant portion of its
    clients, or may be relevant and useful for the management of
    only one client&#146;s account or of a few clients&#146;
    accounts, or may be useful for the management of merely a
    segment of certain clients&#146; accounts, regardless of whether
    any such account or accounts paid commissions to the
    broker-dealer through which such Research Service was obtained.
    The advisory fee paid by the Fund is not reduced because the
    Adviser receives such Research Services. The Adviser evaluates
    the nature and quality of the various Research Services obtained
    through broker-dealer firms and attempts to allocate sufficient
    portfolio security transactions to such firms to ensure the
    continued receipt of Research Services which the Adviser
    believes are useful or of value to it in rendering investment
    advisory services to its clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the Adviser executes Fund securities
    transactions with a broker-dealer and the associated commission
    is consideration for Third Party Research Services (as described
    above), the Adviser has agreed to reduce the advisory fee
    payable by the Fund by an amount equal to the commission payment
    associated with the transaction divided by the applicable Third
    Party Research Services Payment Ratio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some executing broker-dealers develop and make available
    directly to their brokerage customers proprietary Research
    Services (&#147;Proprietary Research Services&#148;). As a
    general matter, broker-dealers bundle the cost of Proprietary
    Research Services with trade execution services rather than
    charging separately for each. In such circumstances, the
    independent cost or other value of the Proprietary Research
    Services cannot be determined. The advisory fee paid by the Fund
    will not be reduced in connection with the receipt of
    Proprietary Research Services by the Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investment companies sponsored by the Adviser or its
    affiliates may allocate brokerage commissions to acquire
    information relating to the performance, fees and expenses of
    such companies and other mutual funds, which information is used
    by the Directors or Trustees of such companies to fulfill their
    responsibility to oversee the quality of the services provided
    by various entities, including the Adviser. Such companies may
    also pay cash for such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securities considered as investments for the Fund may also be
    appropriate for other investment accounts managed by the Adviser
    or its affiliates. Whenever decisions are made to buy or sell
    securities by the Fund and one or more of such other accounts
    simultaneously, the Adviser will allocate the security
    transactions (including &#147;hot&#148; issues) in a manner
    which it believes to be equitable under the circumstances. As a
    result of such allocations, there may be instances where the
    Fund will not participate in a transaction that is allocated
    among other accounts. If an aggregated order cannot be filled
    completely, allocations will generally be made on a pro rata
    basis. An order may not be allocated on a pro rata basis where,
    for example: (i)&#160;consideration is given to portfolio
    managers who have been instrumental in developing or negotiating
    a particular investment; (ii)&#160;consideration is given to an
    account with specialized investment policies that coincide with
    the particulars of a specific investment; (iii)&#160;pro rata
    allocation would result in &#147;odd-lot&#148; or <I>de minimis
    </I>amounts being allocated to a portfolio or other client; or
    (iv)&#160;where the Adviser reasonably determines that departure
    from a pro rata allocation is advisable. While these aggregation
    and allocation policies could have a detrimental effect on the
    price or amount of the securities available to the Fund from
    time to time, it is the opinion of the Trustees of the Fund that
    the benefits from the Adviser&#146;s organization outweigh any
    disadvantage that may arise from exposure to simultaneous
    transactions.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion of federal income tax matters is based
    on the advice of Kirkpatrick&#160;&#38; Lockhart Preston Gates
    Ellis LLP, counsel to the Fund. The Fund intends to elect to be
    treated and to qualify each year as a regulated investment
    company (&#147;RIC&#148;) under the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Qualification as a RIC requires, among other things, that the
    Fund: (i)&#160;derive in each taxable year at least 90% of its
    gross income from: (a)&#160;dividends, interest, payments with
    respect to certain securities
</DIV>

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    <BR>
    19
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    loans, and gains from the sale or other disposition of stock,
    securities or foreign currencies, or other income (including but
    not limited to gain from options, futures and forward contracts)
    derived with respect to its business of investing in such stock,
    securities or foreign currencies; and (b)&#160;net income
    derived from interests in certain publicly traded partnerships
    that are treated as partnerships for United States federal
    income tax purposes and that derive less than 90% of their gross
    income from the items described in (a)&#160;above (each a
    &#147;Qualified Publicly Traded Partnership&#148;); and
    (ii)&#160;diversify its holdings so that, at the end of each
    quarter of each taxable year: (a)&#160;at least 50% of the value
    of the Fund&#146;s total assets is represented by (I)&#160;cash
    and cash items, United States government securities, the
    securities of other regulated investment companies and
    (II)&#160;other securities, with such other securities limited,
    in respect to any one issuer, to an amount not greater than 5%
    of the value of the Fund&#146;s total assets and not more than
    10% of the outstanding voting securities of such issuer and
    (b)&#160;not more than 25% of the value of the Fund&#146;s total
    assets is invested in the securities (other than United States
    government securities and the securities of other regulated
    investment companies) of (I)&#160;any one issuer, (II)&#160;any
    two or more issuers that the Fund controls and that are
    determined to be engaged in the same or similar trades or
    businesses or related trades or businesses or (III)&#160;any one
    or more Qualified Publicly Traded Partnerships.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a RIC, the Fund generally will not be subject to United
    States federal income tax on its investment company taxable
    income (as that term is defined in the Code, but without regard
    to the deductions for dividend paid) and net capital gain (the
    excess of net long-term capital gain over net short-term capital
    loss), if any, that it distributes in each taxable year to its
    shareholders, provided that it distributes at least 90% of its
    investment company taxable income for such taxable year. The
    Fund intends to distribute to its shareholders, at least
    annually, substantially all of its investment company taxable
    income and net capital gain. In order to avoid incurring a
    nondeductible 4% federal excise tax obligation, the Code
    requires that the Fund distribute (or be deemed to have
    distributed) by December&#160;31 of each calendar year an amount
    at least equal to the sum of (i)&#160;98% of its ordinary income
    for such year, (ii)&#160;98% of its capital gain net income
    (which is the excess of its realized net long-term capital gain
    over its realized net short-term capital loss), generally
    computed on the basis of the one-year period ending on
    October&#160;31 of such year, after reduction by any available
    capital loss carryforwards and (iii)&#160;100% of any ordinary
    income and capital gain net income from the prior year (as
    previously computed) that were not paid out during such year and
    on which the Fund paid no United States federal income tax.
    Under current law, provided that the Fund qualifies as a RIC for
    United States federal income tax purposes, the Fund should not
    be liable for any income, corporate excise or franchise tax in
    The Commonwealth of Massachusetts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund does not qualify as a RIC or fails to satisfy the
    90% distribution requirement for any taxable year, the
    Fund&#146;s taxable income will be subject to corporate income
    taxes, and all distributions from earnings and profits,
    including distributions of net capital gain (if any), will be
    taxable to the shareholder as ordinary income. Such
    distributions generally would be eligible (i)&#160;to be treated
    as qualified dividend income in the case of individual and other
    noncorporate shareholders and (ii)&#160;for the dividends
    received deduction (&#147;DRD&#148;) in the case of corporate
    shareholders. In addition, in order to requalify for taxation as
    a RIC, the Fund may be required to recognize unrealized gains,
    pay substantial taxes and interest, and make certain
    distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For United States federal income tax purposes, distributions
    paid out of the Fund&#146;s current or accumulated earnings and
    profits will, except in the case of distributions of qualified
    dividend income and capital gain dividends described below, be
    taxable as ordinary dividend income. Under the &#147;Jobs and
    Growth Tax Relief Reconciliation Act of 2003&#148; (the
    &#147;Tax Act&#148;), certain income distributions paid by the
    Fund (whether paid in cash or reinvested in additional Fund
    shares) to individual taxpayers are taxed at rates applicable to
    net long-term capital gains (15%, or 5% for individuals in the
    10% or 15% tax brackets). This tax treatment applies only if
    certain holding period requirements and other requirements are
    satisfied by the shareholder and the dividends are attributable
    to qualified dividend income received by the Fund itself. For
    this purpose, &#147;qualified dividend income&#148; means
    dividends received by the Fund from United States corporations
    and &#147;qualified foreign corporations,&#148; provided that
    the Fund satisfies certain holding period and other requirements
    in respect of the stock of such corporations. These special
    rules relating to the taxation of ordinary income dividends paid
    by RICs generally apply to taxable years beginning before
</DIV>

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    <BR>
    20
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    January&#160;1, 2011. Thereafter, the Fund&#146;s dividends,
    other than capital gain dividends, will be fully taxable at
    ordinary income tax rates unless further Congressional action is
    taken. There can be no assurance as to what portion of the
    Fund&#146;s dividend distributions will qualify for favorable
    treatment under the Tax Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders receiving any distribution from the Fund in the
    form of additional shares pursuant to the dividend reinvestment
    plan will be treated as receiving a taxable distribution in an
    amount equal to the fair market value of the shares received,
    determined as of the reinvestment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends of investment company taxable income designated by the
    Fund and received by corporate shareholders of the Fund will
    qualify for the DRD to the extent of the amount of qualifying
    dividends received by the Fund from domestic corporations for
    the taxable year. A dividend received by the Fund will not be
    treated as a qualifying dividend (i)&#160;to the extent the
    stock on which the dividend is paid is considered to be
    &#147;debt-financed&#148; (generally, acquired with borrowed
    funds), (ii)&#160;if the Fund fails to meet certain holding
    period requirements for the stock on which the dividend is paid
    or (iii)&#160;to the extent that the Fund is under an obligation
    (pursuant to a short sale or otherwise) to make related payments
    with respect to positions in substantially similar or related
    property. Moreover, the DRD may be disallowed or reduced if the
    corporate shareholder fails to satisfy the foregoing
    requirements with respect to its shares of the Fund or by
    application of the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Distributions of net capital gain, if any, designated as capital
    gains dividends are taxable to a shareholder as long-term
    capital gains, regardless of how long the shareholder has held
    Fund shares. A distribution of an amount in excess of the
    Fund&#146;s current and accumulated earnings and profits will be
    treated by a shareholder as a return of capital which is applied
    against and reduces the shareholder&#146;s basis in his or her
    shares. To the extent that the amount of any such distribution
    exceeds the shareholder&#146;s basis in his or her shares, the
    excess will be treated by the shareholder as gain from a sale or
    exchange of the shares. Distributions of gains from the sale of
    investments that the Fund owned for one year or less will be
    taxable as ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may elect to retain its net capital gain or a portion
    thereof for investment and be taxed at corporate rates on the
    amount retained. In such case, it may designate the retained
    amount as undistributed capital gains in a notice to its
    shareholders who will be treated as if each received a
    distribution of his pro rata share of such gain, with the result
    that each shareholder will (i)&#160;be required to report his
    pro rata share of such gain on his tax return as long-term
    capital gain, (ii)&#160;receive a refundable tax credit for his
    pro rata share of tax paid by the Fund on the gain and
    (iii)&#160;increase the tax basis for his shares by an amount
    equal to the deemed distribution less the tax credit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Selling shareholders will generally recognize gain or loss in an
    amount equal to the difference between the shareholder&#146;s
    adjusted tax basis in the shares sold and the sale proceeds. If
    the shares are held as a capital asset, the gain or loss will be
    a capital gain or loss. The maximum tax rate applicable to net
    capital gains recognized by individuals and other non-corporate
    taxpayers is (i)&#160;the same as the maximum ordinary income
    tax rate for gains recognized on the sale of capital assets held
    for one year or less, or (ii)&#160;15% for gains recognized on
    the sale of capital assets held for more than one year (as well
    as certain capital gain distributions) (5% for individuals in
    the 10% or 15% tax brackets) but only for taxable years
    beginning on or before December&#160;31, 2010. Thereafter, the
    maximum rate will increase to 20%, unless Congress enacts
    legislation providing otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any loss realized upon the sale or exchange of Fund shares with
    a holding period of six months or less will be treated as a
    long-term capital loss to the extent of any capital gain
    distributions received (or amounts designated as undistributed
    capital gains) with respect to such shares. In addition, all or
    a portion of a loss realized on a sale or other disposition of
    Fund shares may be disallowed under &#147;wash sale&#148; rules
    to the extent the shareholder acquires other shares of the same
    Fund (whether through the reinvestment of distributions or
    otherwise) within a period of 61&#160;days beginning
    30&#160;days before and ending 30&#160;days after the date of
    disposition of the common shares. Any disallowed loss will
    result in an adjustment to the shareholder&#146;s tax basis in
    some or all of the other shares acquired.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales charges paid upon a purchase of shares cannot be taken
    into account for purposes of determining gain or loss on a sale
    of the shares before the 91st&#160;day after their purchase to
    the extent a sales charge is reduced or eliminated in a
    subsequent acquisition of shares of the Fund (or of another
    fund) pursuant to the reinvestment or exchange privilege. Any
    disregarded amounts will result in an adjustment to the
    shareholder&#146;s tax basis in some or all of any other shares
    acquired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends and distributions on the Fund&#146;s shares are
    generally subject to federal income tax as described herein to
    the extent they do not exceed the Fund&#146;s realized income
    and gains, even though such dividends and distributions may
    economically represent a return of a particular
    shareholder&#146;s investment. Such distributions are likely to
    occur in respect of shares purchased at a time when the
    Fund&#146;s net asset value reflects gains that are either
    unrealized, or realized but not distributed. Such realized gains
    may be required to be distributed even when the Fund&#146;s net
    asset value also reflects unrealized losses. Certain
    distributions declared in October, November or December to
    Shareholders of record of such month and paid in the following
    January will be taxed to shareholders as if received on
    December&#160;31 of the year in which they were declared. In
    addition, certain other distributions made after the close of a
    taxable year of the Fund may be &#147;spilled back&#148; and
    treated as paid by the Fund (except for purposes of the
    non-deductible 4% federal excise tax) during such taxable year.
    In such case, shareholders will be treated as having received
    such dividends in the taxable year in which the distributions
    were actually made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will inform shareholders of the source and tax status
    of all distributions promptly after the close of each calendar
    year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The benefits of the reduced tax rates applicable to long-term
    capital gains and qualified dividend income may be impacted by
    the application of the alternative minimum tax to individual
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the Fund&#146;s index call options that qualify as
    &#147;section&#160;1256 contracts,&#148; Code Section&#160;1256
    generally will require any gain or loss arising from the lapse,
    closing out or exercise of such positions to be treated as 60%
    long-term and 40% short-term capital gain or loss. In addition,
    the Fund generally will be required to
    &#147;mark-to-market&#148; (<I>i.e.</I>, treat as sold for fair
    market value) each outstanding index option position which it
    holds at the close of each taxable year (and on October&#160;31
    of each year for excise tax purposes). If a
    &#147;section&#160;1256 contract&#148; held by the Fund at the
    end of a taxable year is sold in the following year, the amount
    of any gain or loss realized on such sale will be adjusted to
    reflect the gain or loss previously taken into account under the
    &#147;mark-to-market&#148; rules. In addition to most index call
    options, &#147;section&#160;1256 contracts&#148; include certain
    other options contracts, certain regulated futures contracts,
    and certain other financial contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s index call options that do not qualify as
    &#147;section&#160;1256 contracts&#148; generally will be
    treated as equity options governed by Code Section&#160;1234.
    Pursuant to Code Section&#160;1234, if a written option expires
    unexercised, the premium received is short-term capital gain to
    the Fund. If the Fund enters into a closing transaction, the
    difference between the amount paid to close out its position and
    the premium received for writing the option is generally
    short-term capital gain or loss. If a call option written by the
    Fund that is not a &#147;section&#160;1256 contract&#148; is
    cash settled, any resulting gain or loss will be short-term
    capital gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Code contains special rules that apply to
    &#147;straddles,&#148; defined generally as the holding of
    &#147;offsetting positions with respect to personal
    property.&#148; For example, the straddle rules normally apply
    when a taxpayer holds stock and an offsetting option with
    respect to such stock or substantially identical stock or
    securities. In general, investment positions will be offsetting
    if there is a substantial diminution in the risk of loss from
    holding one position by reason of holding one or more other
    positions. The Fund expects that the index call options it
    writes will not be considered straddles for this purpose because
    the Fund&#146;s portfolio of common stocks will be sufficiently
    dissimilar from the components of the indices on which it has
    outstanding options positions under applicable guidance
    established by the Internal Revenue Service (the
    &#147;Service&#148;). Under certain circumstances, however, the
    Fund may enter into options transactions or certain other
    investments that may constitute positions in a straddle. If two
    or more positions constitute a straddle, recognition of a
    realized loss from one position must generally be deferred to
    the extent of unrecognized gain in an offsetting position. In
    addition, long-term capital gain may be recharacterized as
</DIV>

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    <BR>
    22
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    short-term capital gain, or short-term capital loss as long-term
    capital loss. Interest and other carrying charges allocable to
    personal property that is part of a straddle are not currently
    deductible but must instead be capitalized. Similarly,
    &#147;wash sale&#148; rules apply to prevent the recognition of
    loss by the Fund from the disposition of stock or securities at
    a loss in a case in which identical or substantially identical
    stock or securities (or an option to acquire such property) is
    or has been acquired within a prescribed period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Code allows a taxpayer to elect to offset gains and losses
    from positions that are part of a &#147;mixed straddle.&#148; A
    &#147;mixed straddle&#148; is any straddle in which one or more
    but not all positions are &#147;section&#160;1256
    contracts.&#148; The Fund may be eligible to elect to establish
    one or more mixed straddle accounts for certain of its mixed
    straddle trading positions. The mixed straddle account rules
    require a daily &#147;marking to market&#148; of all open
    positions in the account and a daily netting of gains and losses
    from all positions in the account. At the end of a taxable year,
    the annual net gains or losses from the mixed straddle account
    are recognized for tax purposes. The net capital gain or loss is
    treated as 60% long-term and 40% short-term capital gain or loss
    if attributable to the &#147;section&#160;1256 contract&#148;
    positions, or all short-term capital gain or loss if
    attributable to the non-&#147;section&#160;1256 contract&#148;
    positions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may recognize gain (but not loss) from a constructive
    sale of certain &#147;appreciated financial positions&#148; if
    the Fund enters into a short sale, offsetting notional principal
    contract, or forward contract transaction with respect to the
    appreciated position or substantially identical property.
    Appreciated financial positions subject to this constructive
    sale treatment include interests (including options and forward
    contracts and short sales) in stock and certain other
    instruments. Constructive sale treatment does not apply if the
    transaction is closed out not later than thirty days after the
    end of the taxable year in which the transaction was initiated,
    and the underlying appreciated securities position is held
    unhedged for at least the next sixty days after the hedging
    transaction is closed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss from a short sale of property is generally
    considered as capital gain or loss to the extent the property
    used to close the short sale constitutes a capital asset in the
    Fund&#146;s hands. Except with respect to certain situations
    where the property used to close a short sale has a long-term
    holding period on the date the short sale is entered into, gains
    on short sales generally are short-term capital gains. A loss on
    a short sale will be treated as a long-term capital loss if, on
    the date of the short sale, &#147;substantially identical
    property&#148; has been held by the Fund for more than one year.
    In addition, entering into a short sale may result in suspension
    of the holding period of &#147;substantially identical
    property&#148; held by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss on a short sale will generally not be realized
    until such time as the short sale is closed. However, as
    described above in the discussion of constructive sales, if the
    Fund holds a short sale position with respect to securities that
    have appreciated in value, and it then acquires property that is
    the same as or substantially identical to the property sold
    short, the Fund generally will recognize gain on the date it
    acquires such property as if the short sale were closed on such
    date with such property. Similarly, if the Fund holds an
    appreciated financial position with respect to securities and
    then enters into a short sale with respect to the same or
    substantially identical property, the Fund generally will
    recognize gain as if the appreciated financial position were
    sold at its fair market value on the date it enters into the
    short sale. The subsequent holding period for any appreciated
    financial position that is subject to these constructive sale
    rules will be determined as if such position were acquired on
    the date of the constructive sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s transactions in futures contracts and options
    will be subject to special provisions of the Code that, among
    other things, may affect the character of gains and losses
    realized by the Fund (<I>i.e.</I>, may affect whether gains or
    losses are ordinary or capital, or short-term or long-term), may
    accelerate recognition of income to the Fund and may defer Fund
    losses. These rules could, therefore, affect the character,
    amount and timing of distributions to shareholders. These
    provisions also (a)&#160;will require the Fund to
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    certain types of the positions in its portfolio (<I>i.e.</I>,
    treat them as if they were closed out), and (b)&#160;may cause
    the Fund to recognize income without receiving cash with which
    to make distributions in amounts necessary to satisfy the 90%
    distribution requirement for qualifying to be taxed as a RIC and
    the 98% distribution requirement for avoiding excise taxes. The
    Fund will monitor its transactions, will make the appropriate
    tax elections and will make the appropriate entries in its books
    and
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    records when it acquires any futures contract, option or hedged
    investment in order to mitigate the effect of these rules and
    prevent disqualification of the Fund from being taxed as a
    regulated investment company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Further, certain of the Fund&#146;s investment practices are
    subject to special and complex federal income tax provisions
    that may, among other things, (i)&#160;convert dividends that
    would otherwise constitute qualified dividend income into
    short-term capital gain or ordinary income taxed at the higher
    rate applicable to ordinary income, (ii)&#160;treat dividends
    that would otherwise be eligible for the corporate DRD as
    ineligible for such treatment, (iii)&#160;disallow, suspend or
    otherwise limit the allowance of certain losses or deductions,
    (iv)&#160;convert long-term capital gain into short-term capital
    gain or ordinary income, (v)&#160;convert an ordinary loss or
    deduction into a capital loss (the deductibility of which is
    more limited), (vi)&#160;cause the Fund to recognize income or
    gain without a corresponding receipt of cash,
    (vii)&#160;adversely affect the time as to when a purchase or
    sale of stock or securities is deemed to occur,
    (viii)&#160;adversely alter the characterization of certain
    complex financial transactions, and (ix)&#160;produce income
    that will not qualify as good income for purposes of the 90%
    annual gross income requirement described above. While it may
    not always be successful in doing so, the Fund will seek to
    avoid or minimize any adverse tax consequences of its investment
    practices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends and interest received, and gains realized, by the Fund
    on foreign securities may be subject to income, withholding or
    other taxes imposed by foreign countries and United States
    possessions (collectively &#147;foreign taxes&#148;) that would
    reduce the return on its securities. Tax conventions between
    certain countries and the United States, however, may reduce or
    eliminate foreign taxes, and many foreign countries do not
    impose taxes on capital gains in respect of investments by
    foreign investors. Shareholders will generally not be entitled
    to claim a credit or deduction with respect to foreign taxes
    paid by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest in the stock of &#147;passive foreign
    investment companies&#148; (&#147;PFICs&#148;). A PFIC is any
    foreign corporation (with certain exceptions) that, in general,
    meets either of the following tests: (1)&#160;at least 75% of
    its gross income is passive or (2)&#160;an average of at least
    50% of its assets produce, or are held for the production of,
    passive income. Under certain circumstances, the Fund will be
    subject to United States federal income tax on a portion of any
    &#147;excess distribution&#148; received on the stock of a PFIC
    or of any gain from disposition of that stock (collectively
    &#147;PFIC income&#148;), plus interest thereon, even if the
    Fund distributes the PFIC income as a taxable dividend to its
    shareholders. The balance of the PFIC income will be included in
    the Fund&#146;s investment company taxable income and,
    accordingly, will not be taxable to it to the extent it
    distributes that income to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund invests in a PFIC and elects to treat the PFIC as a
    &#147;qualified electing fund&#148; (&#147;QEF&#148;), then in
    lieu of the foregoing tax and interest obligation, the Fund will
    be required to include in income each year its pro rata share of
    the QEF&#146;s annual ordinary earnings and net capital
    gain&#160;&#151; which it may have to distribute to satisfy the
    distribution requirement and avoid imposition of the excise
    tax&#160;&#151; even if the QEF does not distribute those
    earnings and gain to the Fund. In most instances it will be very
    difficult, if not impossible, to make this election because of
    certain of its requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may elect to &#147;mark-to-market&#148; its stock in
    any PFIC.
    <FONT style="white-space: nowrap">&#147;Marking-to-market,&#148;</FONT>
    in this context, means including in ordinary income each taxable
    year the excess, if any, of the fair market value of a
    PFIC&#146;s stock over the Fund&#146;s adjusted basis therein as
    of the end of that year. Pursuant to the election, the Fund also
    would be allowed to deduct (as an ordinary, not capital, loss)
    the excess, if any, of its adjusted basis in PFIC stock over the
    fair market value thereof as of the taxable year-end, but only
    to the extent of any net
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    gains (reduced by any prior deductions) with respect to that
    stock included by the Fund for prior taxable years under the
    election. The Fund&#146;s adjusted basis in each PFIC&#146;s
    stock with respect to which it has made this election will be
    adjusted to reflect the amounts of income included and
    deductions taken thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Section&#160;988 of the Code, gains or losses attributable
    to fluctuations in exchange rates between the time the Fund
    accrues income or receivables or expenses or other liabilities
    denominated in a foreign currency and the time the Fund actually
    collects such income or receivables or pays such liabilities are
    generally treated as ordinary income or loss. Similarly, gains
    or losses on foreign currency forward contracts
</DIV>

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    <BR>
    24
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and the disposition of debt securities denominated in a foreign
    currency, to the extent attributable to fluctuations in exchange
    rate between the acquisition and disposition dates, are also
    treated as ordinary income or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Amounts paid by the Fund to individuals and certain other
    shareholders who have not provided the Fund with their correct
    taxpayer identification number (&#147;TIN&#148;) and certain
    certifications required by the Service as well as shareholders
    with respect to whom the Fund has received certain information
    from the Service or a broker may be subject to
    &#147;backup&#148; withholding of federal income tax arising
    from the Fund&#146;s taxable dividends and other distributions
    as well as the gross proceeds of sales of shares, at a rate of
    28% for amounts paid during 2007. An individual&#146;s TIN is
    generally his or her social security number. Backup withholding
    is not an additional tax. Any amounts withheld under the backup
    withholding rules from payments made to a shareholder may be
    refunded or credited against such shareholder&#146;s United
    States federal income tax liability, if any, provided that the
    required information is furnished to the Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing briefly summarizes some of the important federal
    income tax consequences to common shareholders of investing in
    common shares, reflects the United States federal tax law as of
    the date of this Statement of Additional Information, and does
    not address special tax rules applicable to certain types of
    investors, such as corporate and foreign investors. Unless
    otherwise noted, this discussion assumes that an investor is a
    United States person and holds Common Shares as a capital asset.
    This discussion is based upon present provisions of the Code,
    the regulations promulgated thereunder, and judicial and
    administrative ruling authorities, all of which are subject to
    change or differing interpretations by the courts or the Service
    retroactively or prospectively. Investors should consult their
    tax advisors regarding other federal, state or local tax
    considerations that may be applicable to their particular
    circumstances, as well as any proposed tax law changes.
</DIV>
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is an organization of the type commonly known as a
    &#147;Massachusetts business trust.&#148; Under Massachusetts
    law, shareholders of such a trust may, in certain circumstances,
    be held personally liable as partners for the obligations of the
    trust. The Declaration of Trust contains an express disclaimer
    of shareholder liability in connection with Fund property or the
    acts, obligations or affairs of the Fund. The Declaration of
    Trust, together with the Fund&#146;s By-laws, also provides for
    indemnification out of Fund property of any shareholder held
    personally liable for the claims and liabilities to which a
    shareholder may become subject by sole reason of being or having
    been a shareholder. Thus, the risk of a shareholder incurring
    financial loss on account of shareholder liability is limited to
    circumstances in which the Fund itself is unable to meet its
    obligations. The Fund has been advised by its counsel that the
    risk of any shareholder incurring any liability for the
    obligations of the Fund is remote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Declaration of Trust provides that the Trustees will not be
    liable for errors of judgment or mistakes of fact or law; but
    nothing in the Declaration of Trust protects a Trustee against
    any liability to the Fund or its shareholders to which he or she
    would otherwise be subject by reason of willful misfeasance, bad
    faith, gross negligence, or reckless disregard of the duties
    involved in the conduct of his or her office. Voting rights are
    not cumulative, which means that the holders of more than 50% of
    the shares voting for the election of Trustees can elect 100% of
    the Trustees and, in such event, the holders of the remaining
    less than 50% of the shares voting on the matter will not be
    able to elect any Trustees. The Declaration of Trust provides
    that no person shall serve as a Trustee if shareholders holding
    two-thirds of the outstanding shares have removed him from that
    office either by a written declaration filed with the
    Fund&#146;s custodian or by votes cast at a meeting called for
    that purpose. The Declaration of Trust further provides that the
    Trustees of the Fund shall promptly call a meeting of the
    shareholders for the purpose of voting upon a question of
    removal of any such Trustee or Trustees when requested in
    writing to do so by the record holders of not less than 10% of
    the outstanding shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Prospectus and this SAI do not contain all of
    the information set forth in the Registration Statement that the
    Fund has filed with the SEC. The complete Registration Statement
    may be obtained from the SEC upon payment of the fee prescribed
    by its Rules and Regulations.
</DIV>

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    <BR>
    25
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deloitte&#160;&#38; Touche LLP, Boston, Massachusetts, is the
    independent registered public accounting firm for the Fund,
    providing audit services, tax return preparation, and assistance
    and consultation with respect to the preparation of filings with
    the SEC.
</DIV>

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    <BR>
    26
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Trustees and Shareholders of Eaton Vance Tax-Managed
    Global Diversified Equity Income Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying statement of assets and
    liabilities of Eaton Vance Tax-Managed Global Diversified Equity
    Income Fund (the &#147;Fund&#148;) as of January&#160;11, 2007
    and the related statement of operations for the period from
    October&#160;30, 2006 (date of organization) through
    January&#160;11, 2007. These financial statements are the
    responsibility of the Fund&#146;s management. Our responsibility
    is to express an opinion on these financial statements based on
    our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audit in accordance with standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. The Fund is not required to have,
    nor were we engaged to perform, an audit of its internal control
    over financial reporting. Our audit included consideration of
    internal control over financial reporting as a basis for
    designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Fund&#146;s internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit also includes examining, on a test basis, evidence
    supporting the amounts and disclosures in the financial
    statements, assessing the accounting principles used and
    significant estimates made by management, as well as evaluating
    the overall financial statement presentation. We believe that
    our audit provides a reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the financial statements referred to above
    present fairly, in all material respects, the financial position
    of the Fund as of January&#160;11, 2007, and the results of its
    operations for the period from October&#160;30, 2006 (date of
    organization) through January&#160;11, 2007 in conformity with
    accounting principles generally accepted in the United States of
    America.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;DELOITTE&#160;&#38;
    TOUCHE LLP</DIV>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, Massachusetts
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    January&#160;12, 2007
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Eaton
    Vance Tax-Managed Global Diversified Equity Income Fund<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='109'><B><FONT style="font-size: 10pt; font-family: 'Times New Roman', Times">STATEMENT
    OF ASSETS AND LIABILITIES<BR>
    </FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    </A><B><FONT style="font-size: 10pt; font-family: 'Times New Roman', Times">AS
    OF JANUARY&#160;11, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">ASSETS</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Cash
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Offering costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Receivable from Adviser
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    615,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">LIABILITIES</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Accrued offering costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Accrued organizational costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total liabilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    515,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Net assets applicable to 5,000
    common shares of beneficial interest issued and outstanding
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Net asset value and offering
    price per share</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF OPERATIONS <BR>
    Period from October&#160;30, 2006 (date of organization) through
    January&#160;11, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">INVESTMENT INCOME</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">EXPENSES</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Organization costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Expense reimbursement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Net expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Net investment income</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See notes to financial statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes&#160;to
    financial statements</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NOTE&#160;1:&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Eaton Vance Tax-Managed Global Diversified Equity Income
    Fund (the &#147;Fund&#148;) was organized as a Massachusetts
    business trust on October&#160;30, 2006, and has been inactive
    since that date except for matters relating to its organization
    and registration as a diversified, closed-end management
    investment company under the Investment Company Act of 1940, as
    amended, and the Securities Act of 1933, as amended, and the
    sale of 5,000 common shares to Eaton Vance Management, the
    Fund&#146;s investment adviser (the &#147;Adviser&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance Management, or an affiliate, has agreed to reimburse
    all organizational costs, estimated at approximately $15,000.
    Eaton Vance Management, or an affiliate, directly provided
    certain organizational services to the Fund at no expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance Management, or an affiliate, has agreed to pay all
    offering costs (other than sales loads) that exceed
    $0.04&#160;per common share. The total estimated fund offering
    costs are $652,518, of which the Fund would pay $500,000 and
    Eaton Vance Management would pay $152,518 based on such estimate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is a newly organized, diversified, closed-end
    management investment company. The Fund&#146;s primary
    investment objective is to provide current income and gains,
    with a secondary objective of capital appreciation. Under normal
    market conditions, the Fund will invest at least 80% of its
    total assets in a combination of (1)&#160;dividend-paying
    domestic and foreign common stocks and (2)&#160;common stocks
    the value of which is subject to covered written index call
    options. Typically, the Fund will invest at least 40% of its
    total assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies</FONT>
    (unless the Adviser deems market conditions
    <FONT style="white-space: nowrap">and/or</FONT>
    company valuations less favorable to
    <FONT style="white-space: nowrap">non-U.S.&#160;companies,</FONT>
    in which case the Fund will invest at least 30% of its total
    assets in securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;companies).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will seek to generate current earnings in part by
    employing an option strategy of writing (selling) index call
    options on a portion of the value of the Fund&#146;s total
    assets under normal market conditions. Writing index call
    options is a specialized investment practice that involves
    certain related risks and tax consequences. Upon the writing of
    a call option, an amount equal to the premium received by the
    Fund is included in the Statement of Assets and Liabilities as a
    liability. The amount of the liability is subsequently
    <FONT style="white-space: nowrap">marked-to-market</FONT>
    to reflect the current value of the option written in accordance
    with the Fund&#146;s policies on investment valuation. Premiums
    received from writing options which expire are treated as
    realized gains. Premiums received from writing options which are
    exercised or are closed are added to or offset against the
    proceeds or amount paid on the transaction to determine the
    realized gain or loss. When a call option is exercised, the Fund
    will be required to deliver an amount of cash determined by the
    excess of the value of the applicable index at contract
    termination over the exercise price of the option. Thus, the
    exercise of index call options sold by the Fund may require the
    Fund to sell portfolio securities to generate cash at
    inopportune times or for unattractive prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although, the Fund has no current intention to do so, the Fund
    is authorized and reserves the flexibility to use leverage
    through the issuance of preferred shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, including the issuance of debt securities. The costs
    of issuing preferred shares
    <FONT style="white-space: nowrap">and/or</FONT> a
    borrowing program would be borne by Common Shareholders and
    consequently would result in a reduction of net asset value of
    Common Shares. In addition, the fee paid to Eaton Vance will be
    calculated on the basis of the Fund&#146;s average daily gross
    assets, including proceeds from the issuance of preferred shares
    <FONT style="white-space: nowrap">and/or</FONT>
    borrowings, so the fees will be higher when leverage is utilized.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NOTE&#160;2:&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ACCOUNTING
    POLICIES</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s financial statements are prepared in accordance
    with accounting principles generally accepted in the United
    States of America which require management to make estimates.
    Actual results may differ from those estimates.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes&#160;to
    financial statements&#160;&#151; (Continued)</FONT></B>
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s share of offering costs will be recorded within
    paid in capital as a reduction of the proceeds from the sale of
    common shares upon the commencement of Fund operations. The
    offering costs reflected above assume the sale of 12,500,000
    common shares or $238,750,000 after taking account of the
    Fund&#146;s sales load.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NOTE&#160;3:&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    MANAGEMENT AGREEMENT</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to an investment advisory agreement between the Adviser
    and the Fund, the Fund has agreed to pay an investment advisory
    fee, payable on a monthly basis, at an annual rate of 1.00% of
    the average daily gross assets of the Fund. Gross assets of the
    Fund shall be calculated by deducting accrued liabilities of the
    Fund not including the amount of any preferred shares
    outstanding or the principal amount of any indebtedness for
    money borrowed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to a
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between the Adviser and Rampart Investment Management
    Company, Inc. (&#147;Rampart&#148;), the Adviser has agreed to
    pay a
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fee to Rampart, in an annual amount equal to 0.05% of the value
    of the Fund&#146;s average daily gross assets that is subject to
    written call options.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NOTE&#160;4:&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FEDERAL
    INCOME TAXES</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund intends to comply with the requirements of the Internal
    Revenue Code applicable to regulated investment companies and to
    distribute all of its taxable income, including any net realized
    gain on investments. If the Fund&#146;s total quarterly
    distributions in any year exceed the amount of its net
    investment income for the year, any such excess would be
    characterized as a return of capital for federal income tax
    purposes to the extent not designated as a capital gain
    dividend. Distributions in any year may include a substantial
    return of capital component. Under the Investment Company Act of
    1940, as amended, for any distribution that includes amounts
    from sources other than net income, the Fund is required to
    notify Common Shareholders regarding the components of such
    distribution. Such notification will be provided at the time of
    any payment believed to include any such amounts.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->
<A name='111'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EATON
    VANCE FUNDS<BR>
    PROXY VOTING POLICY AND PROCEDURES</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">I.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">OVERVIEW</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards of Trustees (the &#147;Boards&#148;) of the Eaton
    Vance Funds (the &#147;Funds&#148;) recognize that it is their
    fiduciary responsibility to actively monitor the Funds&#146;
    operations. The Boards have always placed paramount importance
    on their oversight of the implementation of the Funds&#146;
    investment strategies and the overall management of the
    Funds&#146; investments. A critical aspect of the investment
    management of the Funds continues to be the effective assessment
    and voting of proxies relating to the Funds&#146; portfolio
    securities. While the Boards will continue to delegate the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    responsibilities relating to the management of the proxy-voting
    process to the relevant investment adviser or
    <FONT style="white-space: nowrap">sub-adviser,</FONT>
    if applicable, of the Fund (or its underlying portfolio in the
    case of a master-feeder arrangement), the Boards have determined
    that it is in the interests of the Funds&#146; shareholders to
    adopt these written proxy voting policy and procedures (the
    &#147;Policy&#148;). For purposes of this Policy the term
    &#147;Fund&#148; shall include a Fund&#146;s underlying
    portfolio in the case of a master-feeder arrangement and the
    term &#147;Adviser&#148; shall mean the adviser to a Fund or its
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    if a
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    relationship exists.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">II.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DELEGATION
    OF PROXY VOTING RESPONSIBILITIES</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to investment advisory agreements between each Fund and
    its Adviser, the Adviser has long been responsible for reviewing
    proxy statements relating to Fund investments and, if the
    Adviser deems it appropriate to do so, to vote proxies on behalf
    of the Funds. The Boards hereby formally delegate this
    responsibility to the Adviser, except as otherwise described in
    this Policy. In so doing, the Boards hereby adopt on behalf of
    each Fund the proxy voting policies and procedures of the
    Adviser(s) to each Fund as the proxy voting policies and
    procedures of the Fund. The Boards recognize that the Advisers
    may from time to time amend their policies and procedures. The
    Advisers will report material changes to the Boards in the
    manner set forth in Section&#160;IV below. In addition, the
    Boards will annually review and approve the Advisers&#146; proxy
    voting policies and procedures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">III.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DELEGATION
    OF PROXY VOTING DISCLOSURE RESPONSIBILITIES</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Securities and Exchange Commission (the
    &#147;Commission&#148;) recently enacted certain new reporting
    requirements for registered investment companies. The
    Commission&#146;s new regulations require that funds (other than
    those which invest exclusively in non-voting securities) make
    certain disclosures regarding their proxy voting activities. The
    most significant disclosure requirement for the Funds is the
    duty pursuant to
    <FONT style="white-space: nowrap">Rule&#160;30b1-4</FONT>
    promulgated under the Investment Company Act of 1940, as amended
    (the &#147;1940 Act&#148;), to file
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    no later than August&#160;31st of each year beginning in 2004.
    Under
    <FONT style="white-space: nowrap">Form&#160;N-PX,</FONT>
    each Fund will be required to disclose, among other things,
    information concerning proxies relating to the Fund&#146;s
    portfolio investments, whether or not the Fund (or its Adviser)
    voted the proxies relating to securities held by the Fund and
    how it voted in the matter and whether it voted for or against
    management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards hereby delegate to each Adviser the responsibility
    for recording, compiling and transmitting in a timely manner all
    data required to be filed on
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    to Eaton Vance Management, which acts as administrator to each
    of the Funds (the &#147;Administrator&#148;), for each Fund that
    such Adviser manages. The Boards hereby delegate the
    responsibility to file
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    on behalf of each Fund to the Administrator.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">IV.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CONFLICTS
    OF INTEREST</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards expect each Adviser, as a fiduciary to the Fund(s) it
    manages, to put the interests of each Fund and its shareholders
    above those of the Adviser. In the event that in connection with
    its proxy voting responsibilities a material conflict of
    interest arises between a Fund&#146;s shareholders and the
    Fund&#146;s Adviser
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or the Administrator (or any of their affiliates) or any
    affiliated person of the Fund and the Proxy Administrator
    intends to vote the proxy in a manner inconsistent with the
    guidelines approved by the Board, the Adviser, to the extent it
    is aware or reasonably should have been aware of the material
    conflict, will refrain from voting any proxies related to
    companies giving rise to such material conflict until it
    notifies and consults with the appropriate Board(s), or a
    committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    of such Board, concerning the material conflict.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the Adviser notifies the relevant Board(s), committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    of the Board, of the material conflict, the Board(s), committee
    or
    <FONT style="white-space: nowrap">sub-committee,</FONT>
    shall convene a meeting to review and consider all relevant
    materials related to the proxies involved. In considering such
    proxies, the Adviser shall make available all materials
    requested by the Board, committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    and make reasonably available appropriate personnel to discuss
    the matter upon request. The Board, committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    will instruct the Adviser on the appropriate course of action.
    If the Board, committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    is unable to meet and the failure to vote a proxy would have a
    material adverse impact on the Fund(s) involved, each Adviser
    will have the right to vote such proxy, provided that it
    discloses the existence of the material conflict to the Board,
    committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    at its next meeting. Any determination regarding the voting of
    proxies of each Fund that is made by the committee or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    shall be deemed to be a good faith determination regarding the
    voting of proxies by the full Board.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">V.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">REPORTS</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Administrator shall make copies of each
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    filed on behalf of the Funds available for the Boards&#146;
    review upon the Boards&#146; request. The Administrator (with
    input from the Adviser for the relevant Fund(s)) shall also
    provide any reports reasonably requested by the Boards regarding
    the proxy voting records of the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Adviser shall annually report any material changes to such
    Adviser&#146;s proxy voting policies and procedures to the
    relevant Board(s) and the relevant Board(s) will annually review
    and approve the Adviser&#146;s proxy voting policies and
    procedures. Each Adviser shall report any changes to such
    Adviser&#146;s proxy voting policies and procedures to the
    Administrator prior to implementing such changes in order to
    enable the Administrator to effectively coordinate the
    Funds&#146; disclosure relating to such policies and procedures.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EATON
    VANCE MANAGEMENT<BR>
    BOSTON MANAGEMENT AND RESEARCH<BR>
    PROXY VOTING POLICIES AND PROCEDURES</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">I.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INTRODUCTION</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance Management, Boston Management and Research and Eaton
    Vance Investment Counsel (each an &#147;Adviser&#148; and
    collectively the &#147;Advisers&#148;) have each adopted and
    implemented policies and procedures that each Adviser believes
    are reasonably designed to ensure that proxies are voted in the
    best interest of clients, in accordance with its fiduciary
    duties and
    <FONT style="white-space: nowrap">Rule&#160;206(4)-6</FONT>
    under the Investment Advisers Act of 1940, as amended. The
    Advisers&#146; authority to vote the proxies of their clients is
    established by their advisory contracts or similar
    documentation, such as the Eaton Vance Funds Proxy Voting Policy
    and Procedures. These proxy policies and procedures reflect the
    U.S.&#160;Securities and Exchange Commission (&#147;SEC&#148;)
    requirements governing advisers and the long-standing fiduciary
    standards and responsibilities for ERISA accounts set out in the
    Department of Labor
    <FONT style="white-space: nowrap">Bulletin&#160;94-2&#160;C.F.R.</FONT>
    2509.94-2 (July&#160;29, 1994).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">II.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">OVERVIEW</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Adviser manages its clients&#146; assets with the
    overriding goal of seeking to provide the greatest possible
    return to such clients consistent with governing laws and the
    investment policies of each client. In pursuing that goal, each
    Adviser seeks to exercise its clients&#146; rights as
    shareholders of voting securities to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-2
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    support sound corporate governance of the companies issuing
    those securities with the principle aim of maintaining or
    enhancing the companies&#146; economic value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exercise of shareholder rights is generally done by casting
    votes by proxy at shareholder meetings on matters submitted to
    shareholders for approval (for example, the election of
    directors or the approval of a company&#146;s stock option plans
    for directors, officers or employees). Each Adviser is adopting
    the formal written Guidelines described in detail below and will
    utilize such Guidelines in voting proxies on behalf of its
    clients. These Guidelines are designed to promote accountability
    of a company&#146;s management and board of directors to its
    shareholders and to align the interests of management with those
    of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Adviser will vote any proxies received by a client for
    which it has sole investment discretion through a third-party
    proxy voting service (&#147;Agent&#148;) in accordance with
    customized policies, as approved by the Boards of Trustees of
    the Eaton Vance Funds and, with respect to proxies referred back
    to the Adviser by the Agent pursuant to the Guidelines, in a
    manner that is reasonably designed to eliminate any potential
    conflicts of interest, as described more fully below. The Agent
    is currently Institutional Shareholder Services Inc. Proxies
    will be voted in accordance with client-specific guidelines and
    an Eaton Vance Fund&#146;s
    <FONT style="white-space: nowrap">sub-adviser&#146;s</FONT>
    proxy voting policies and procedures, if applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No set of Guidelines can anticipate all situations that may
    arise. In special cases, the Proxy Administrator (the person
    specifically charged with the responsibility to oversee the
    Agent and coordinate the voting of proxies referred back to the
    Adviser by the Agent) may seek insight from the Proxy Group
    established by the Advisers. The Proxy Group will assist in the
    review of the Agent&#146;s recommendation when a proxy voting
    issue is referred to the Proxy Group through the Proxy
    Administrator. The members of the Proxy Group, which may include
    employees of the Advisers&#146; affiliates, may change at the
    Advisers&#146; discretion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">III.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ROLES AND
    RESPONSIBILITIES</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">A.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Proxy
    Administrator</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Proxy Administrator will assist in the coordination of the
    voting of each client&#146;s proxy in accordance with the
    Guidelines below and the Funds&#146; Proxy Voting Policy and
    Procedures. The Proxy Administrator is authorized to direct the
    Agent to vote a proxy in accordance with the Guidelines.
    Responsibilities assigned herein to the Proxy Administrator, or
    activities in support thereof, may be performed by such members
    of the Proxy Group or employees of the Advisers&#146; affiliates
    as are deemed appropriate by the Proxy Group.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">B.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Agent</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An independent proxy voting service (the &#147;Agent&#148;), as
    approved by the Board of each Fund, shall be engaged to assist
    in the voting of proxies. The Agent is currently Institutional
    Shareholder Services Inc. The Agent is responsible for
    coordinating with the clients&#146; custodians and the Advisers
    to ensure that all proxy materials received by the custodians
    relating to the portfolio securities are processed in a timely
    fashion. The Agent is required to vote
    <FONT style="white-space: nowrap">and/or</FONT> refer
    all proxies in accordance with the Guidelines below. The Agent
    shall retain a record of all proxy votes handled by the Agent.
    Such record must reflect all of the information required to be
    disclosed in a Fund&#146;s
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    pursuant to
    <FONT style="white-space: nowrap">Rule&#160;30b1-4</FONT>
    under the Investment Company Act of 1940, as amended. In
    addition, the Agent is responsible for maintaining copies of all
    proxy statements received by issuers and to promptly provide
    such materials to an Adviser upon request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the oversight of the Advisers, the Agent shall
    establish and maintain adequate internal controls and policies
    in connection with the provision of proxy voting services to the
    Advisers, including methods to reasonably ensure that its
    analysis and recommendations are not influenced by a conflict of
    interest, and shall disclose such controls and policies to the
    Advisers when and as provided for herein. Unless otherwise
    specified, references herein to recommendations of the Agent
    shall refer to those in which no conflict of interest has been
    identified.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-3
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">C.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Proxy
    Group</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser shall establish a Proxy Group which shall assist in
    the review of the Agent&#146;s recommendations when a proxy
    voting issue has been referred to the Proxy Administrator by the
    Agent. The members of the Proxy Group, which may include
    employees of the Advisers&#146; affiliates, may be amended from
    time to time at the Advisers&#146; discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each proposal referred to the Proxy Group, the Proxy Group
    will review the (i)&#160;Guidelines, (ii)&#160;recommendations
    of the Agent, and (iii)&#160;any other resources that any member
    of the Proxy Group deems appropriate to aid in a determination
    of the recommendation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Proxy Group recommends a vote in accordance with the
    Guidelines, or the recommendation of the Agent, where
    applicable, it shall instruct the Proxy Administrator to so
    advise the Agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Proxy Group recommends a vote contrary to the Guidelines,
    or the recommendation of the Agent, where applicable, or if the
    proxy statement relates to a conflicted company of the Agent, as
    determined by the Advisers, it shall follow the procedures for
    such voting outlined below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Proxy Administrator shall use best efforts to convene the
    Proxy Group with respect to all matters requiring its
    consideration. In the event the Proxy Group cannot meet in a
    timely manner in connection with a voting deadline, the Proxy
    Administrator shall follow the procedures for such voting
    outlined below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">IV.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    VOTING GUIDELINES (&#147;Guidelines&#148;)</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">A.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">General
    Policies</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It shall generally be the policy of the Advisers to take no
    action on a proxy for which no client holds a position or
    otherwise maintains an economic interest in the relevant
    security at the time the vote is to be cast.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In all cases except those highlighted below, it shall generally
    be the policy of the Advisers to vote in accordance with the
    recommendation by the Agent, Institutional Shareholder Services
    Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When a fund client participates in the lending of its securities
    and the securities are on loan at the record date, proxies
    related to such securities generally will not be forwarded to
    the relevant Adviser by the fund&#146;s custodian and therefore
    will not be voted. In the event that the Adviser determines that
    the matters involved would have a material effect on the
    applicable fund&#146;s investment in the loaned securities, the
    fund will exercise its best efforts to terminate the loan in
    time to be able to cast such vote or exercise such consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interpretation and application of these Guidelines is not
    intended to supersede any law, regulation, binding agreement or
    other legal requirement to which an issuer may be or become
    subject. The Guidelines relate to the types of proposals that
    are most frequently presented in proxy statements to
    shareholders. Absent unusual circumstances, each Adviser will
    utilize these Guidelines when voting proxies on behalf of its
    clients. The Guidelines may be revised at any time, provided
    such revisions are reported to the Boards of Trustees of the
    Eaton Vance Funds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">B.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Proposals&#160;Regarding
    Mergers and Corporate Restructurings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Agent shall be directed to refer proxy proposals accompanied
    by its written analysis and voting recommendation to the Proxy
    Administrator for all proposals relating to Mergers and
    Corporate Restructurings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">C.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Proposals&#160;Regarding
    Mutual Fund&#160;Proxies&#160;&#151; Disposition of
    Assets/Termination/Liquidation and Mergers</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Agent shall be directed to refer proxy proposals accompanied
    by its written analysis and voting recommendation to the Proxy
    Administrator for all proposals relating to the Disposition of
    Assets/ Termination/Liquidation and Mergers contained in mutual
    fund proxies.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-4
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">D.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Corporate
    Structure Matters/Anti-Takeover Defenses</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a general matter, the Advisers will normally vote against
    anti-takeover measures and other proposals designed to limit the
    ability of shareholders to act on possible transactions (except
    in the case of closed-end management investment companies).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">E.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Social
    and Environmental Issues</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisers generally support management on social and
    environmental proposals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">F.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Voting
    Procedures</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon receipt of a referral from the Agent or upon advice from an
    Eaton Vance investment professional, the Proxy Administrator may
    solicit additional research from the Agent, as well as from any
    other source or service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>1.&#160;WITHIN-GUIDELINES VOTES:</I></B> Votes in
    Accordance with the Guidelines and/or, where applicable, Agent
    Recommendation
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event the Proxy Administrator recommends a vote within
    the Guidelines and/or, where applicable, in accordance with the
    Agent&#146;s recommendation, the Proxy Administrator will
    instruct the Agent to vote in this manner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>2.&#160;NON-VOTES: </I></B>Votes in Which No Action is
    Taken
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Proxy Administrator may recommend that a client refrain from
    voting under the following circumstances: (i)&#160;if the
    economic effect on shareholders&#146; interests or the value of
    the portfolio holding is indeterminable or insignificant, e.g.,
    proxies in connection with securities no longer held in the
    portfolio of a client or proxies being considered on behalf of a
    client that is no longer in existence; or (ii)&#160;if the cost
    of voting a proxy outweighs the benefits, e.g., certain
    international proxies, particularly in cases in which share
    blocking practices may impose trading restrictions on the
    relevant portfolio security. In such instances, the Proxy
    Administrator may instruct the Agent not to vote such proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reasonable efforts shall be made to secure and vote all other
    proxies for the clients, but, particularly in markets in which
    shareholders&#146; rights are limited, Non-Votes may also occur
    in connection with a client&#146;s related inability to timely
    access ballots or other proxy information in connection with its
    portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Non-Votes may also result in certain cases in which the
    Agent&#146;s recommendation has been deemed to be conflicted, as
    provided for herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="white-space: nowrap">3.&#160;OUT-OF-GUIDELINES</FONT>
    VOTES: </I></B>Votes&#160;Contrary to the Guidelines, or Agent
    Recommendation, where applicable, Where No Recommendation is
    Provided by Agent, or Where Agent&#146;s Recommendation is
    Conflicted
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Proxy Administrator recommends that a client vote
    contrary to the Guidelines, or the recommendation of the Agent,
    where applicable, if the Agent has made no recommendation on a
    matter requiring
    <FONT style="white-space: nowrap">case-by-case</FONT>
    consideration and the Guidelines are silent, or the Agent&#146;s
    recommendation on a matter requiring
    <FONT style="white-space: nowrap">case-by-case</FONT>
    consideration is deemed to be conflicted, the Proxy
    Administrator will forward the Agent&#146;s analysis and
    recommendation and any research obtained from the Agent or any
    other source to the Proxy Group. The Proxy Group may consult
    with the Agent as it deems necessary. The Proxy Administrator
    will instruct the Agent to vote the proxy as recommended by the
    Proxy Group. The Adviser will provide a report to the Boards of
    Trustees of the Eaton Vance Funds reflecting any votes cast
    contrary to the Guidelines or Agent Recommendation, as
    applicable, and shall do so no less than annually.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Proxy Administrator will maintain a record of all proxy
    questions that have been referred by the Agent, all applicable
    recommendations, analysis and research received and any
    resolution of the matter.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-5
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">V.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">RECORDKEEPING</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisers will maintain records relating to the proxies they
    vote on behalf of their clients in accordance with
    <FONT style="white-space: nowrap">Section&#160;204-2</FONT>
    of the Investment Advisers Act of 1940, as amended. Those
    records will include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A copy of the Advisers&#146; proxy voting policies and
    procedures;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Proxy statements received regarding client securities. Such
    proxy statements received from issuers are either in the
    SEC&#146;s EDGAR database or are kept by the Agent and are
    available upon request;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A record of each vote cast;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A copy of any document created by the Advisers that was material
    to making a decision on how to vote a proxy for a client or that
    memorializes the basis for such a decision;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Each written client request for proxy voting records and the
    Advisers&#146; written response to any client request (whether
    written or oral) for such records.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All records described above will be maintained in an easily
    accessible place for five years and will be maintained in the
    offices of the Advisers or their Agent for two years after they
    are created.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">VI.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ASSESSMENT
    OF AGENT AND IDENTIFICATION AND RESOLUTION OF CONFLICTS WITH
    CLIENTS</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">A.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Assessment
    of Agent</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisers shall establish that the Agent (i)&#160;is
    independent from the Advisers, (ii)&#160;has resources that
    indicate it can competently provide analysis of proxy issues,
    and (iii)&#160;can make recommendations in an impartial manner
    and in the best interests of the clients and, where applicable,
    their beneficial owners. The Advisers shall utilize, and the
    Agent shall comply with, such methods for establishing the
    foregoing as the Advisers may deem reasonably appropriate and
    shall do so not less than annually as well as prior to engaging
    the services of any new proxy voting service. The Agent shall
    also notify the Advisers in writing within fifteen
    (15)&#160;calendar days of any material change to information
    previously provided to an Adviser in connection with
    establishing the Agent&#146;s independence, competence or
    impartiality.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">B.&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Conflicts
    of Interest</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As fiduciaries to their clients, each Adviser puts the interests
    of its clients ahead of its own. In order to ensure that
    relevant personnel of the Advisers are able to identify
    potential material conflicts of interest, each Adviser will take
    the following steps:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly, the Eaton Vance Legal and Compliance Department will
    seek information from the department heads of each department of
    the Advisers and of Eaton Vance Distributors, Inc.
    (&#147;EVD&#148;) (an affiliate of the Advisers and principal
    underwriter of certain Eaton Vance Funds). Each department head
    will be asked to provide a list of significant clients or
    prospective clients of the Advisers or EVD.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A representative of the Legal and Compliance Department will
    compile a list of the companies identified (the &#147;Conflicted
    Companies&#148;) and provide that list to the Proxy
    Administrator.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Proxy Administrator will compare the list of Conflicted
    Companies with the names of companies for which he or she has
    been referred a proxy statement (the &#147;Proxy
    Companies&#148;). If a Conflicted Company is also a Proxy
    Company, the Proxy Administrator will report that fact to the
    Proxy Group.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the Proxy Administrator expects to instruct the Agent to vote
    the proxy of the Conflicted Company strictly according to the
    Guidelines contained in these Proxy Voting Policies and
    Procedures (the &#147;Policies&#148;) or the recommendation of
    the Agent, as applicable, he or she will
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-6
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    (i)&#160;inform the Proxy Group of that fact, (ii)&#160;instruct
    the Agent to vote the proxies and (iii)&#160;record the
    existence of the material conflict and the resolution of the
    matter.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the Proxy Administrator intends to instruct the Agent to vote
    in a manner inconsistent with the Guidelines contained herein
    or, the recommendation of the Agent, as applicable, the Proxy
    Group, in consultation with Eaton Vance senior management, will
    then determine if a material conflict of interest exists between
    the relevant Adviser and its clients. If the Proxy Group, in
    consultation with Eaton Vance senior management, determines that
    a material conflict exists, prior to instructing the Agent to
    vote any proxies relating to these Conflicted Companies the
    Adviser will seek instruction on how the proxy should be voted
    from:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The client, in the case of an individual or corporate client;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    In the case of a Fund its board of directors, or any committee
    or
    <FONT style="white-space: nowrap">sub-committee</FONT>
    identified by the board;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The adviser, in situations where the Adviser acts as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to such adviser.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Adviser will provide all reasonable assistance to each party
    to enable such party to make an informed decision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the client, Fund board or adviser, as the case may be, fails
    to instruct the Adviser on how to vote the proxy, the Adviser
    will generally instruct the Agent, through the Proxy
    Administrator, to abstain from voting in order to avoid the
    appearance of impropriety. If however, the failure of the
    Adviser to vote its clients&#146; proxies would have a material
    adverse economic impact on the Advisers&#146; clients&#146;
    securities holdings in the Conflicted Company, the Adviser may
    instruct the Agent, through the Proxy Administrator, to vote
    such proxies in order to protect its clients&#146; interests. In
    either case, the Proxy Administrator will record the existence
    of the material conflict and the resolution of the matter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisers shall also identify and address conflicts that may
    arise from time to time concerning the Agent. Upon the
    Advisers&#146; request, which shall be not less than annually,
    and within fifteen (15)&#160;calendar days of any material
    change to such information previously provided to an Adviser,
    the Agent shall provide the Advisers with such information as
    the Advisers deem reasonable and appropriate for use in
    determining material relationships of the Agent that may pose a
    conflict of interest with respect to the Agent&#146;s proxy
    analysis or recommendations. Such information shall include, but
    is not limited to, a monthly report from the Agent detailing the
    Agent&#146;s Corporate Securities Division clients and related
    revenue data. The Advisers shall review such information on a
    monthly basis. The Proxy Administrator shall instruct the Agent
    to refer any proxies for which a material conflict of the Agent
    is deemed to be present to the Proxy Administrator. Any such
    proxy referred by the Agent shall be referred to the Proxy Group
    for consideration accompanied by the Agent&#146;s written
    analysis and voting recommendation. The Proxy Administrator will
    instruct the Agent to vote the proxy as recommended by the Proxy
    Group.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-7
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Eaton Vance Tax-Managed Global Diversified Equity Income
    Fund</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Statement of Additional Information</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investment Adviser and Administrator</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eaton Vance Management
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    255 State Street
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02109
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">Sub-Adviser</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rampart Investment Management Company, Inc.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One International Place
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02110
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Custodian</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors Bank&#160;&#38; Trust Company
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    200 Clarendon Street
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02116
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Transfer Agent</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    American Stock Transfer&#160;&#38; Trust Company
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    59 Maiden Lane, Plaza Level
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, NY 10038
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Independent Registered Public Accounting Firm</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deloitte&#160;&#38; Touche LLP
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    200 Berkeley Street
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02116
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART C
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OTHER INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FINANCIAL STATEMENTS:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in Part&nbsp;A:<BR>
Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in Part&nbsp;B:<br>
Report of Independent Registered Public Accounting Firm<br>
Statement of Assets and Liabilities<br>
Notes to Financial Statement</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EXHIBITS:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreement and Declaration of Trust dated October&nbsp;30, 2006 is incorporated herein by reference to the Registrant&#146;s initial
Registration Statement on Form N-2 (File Nos. 333-138318 and 811-21973) as to the Registrant&#146;s common shares of beneficial interest
(&#147;Common Shares&#148;) filed with the Securities and Exchange Commission on
October&nbsp;31, 2006 (Accession No.&nbsp;0000898432-06-000889) (&#147;Initial Common
Shares Registration Statement&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;By-Laws dated October&nbsp;30, 2006 are incorporated herein by reference to the Registrant&#146;s Initial Common Shares Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Amendment to By-Laws dated December&nbsp;11, 2006 filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Specimen Certificate for Common Shares of Beneficial Interest filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Dividend Reinvestment Plan to be filed by amendment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;Investment Advisory Agreement dated January&nbsp;16, 2007, filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2)&nbsp;Sub-Advisory Agreement with Rampart Investment Management Company, Inc. dated January&nbsp;16, 2007, filed herewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;Form of Underwriting Agreement to be filed by amendment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2)&nbsp;Form of Master Agreement Among Underwriters filed herewith.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Securities and Exchange Commission has granted the Registrant an exemptive order that permits the Registrant to enter into deferred
compensation arrangements with its independent Trustees. See in the
matter of Capital Exchange Fund, Inc., Release No.&nbsp;IC- 20671 (November&nbsp;1, 1994).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;Master Custodian Agreement with Investors Bank &#038; Trust Company dated January&nbsp;16, 2007 filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2)&nbsp;Extension Agreement dated August&nbsp;31, 2005 to Master Custodian Agreement with Investors Bank &#038; Trust Company filed as Exhibit
(j)(2) to the Pre-Effective Amendment No.&nbsp;2 of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (File Nos. 333-123961, 811-21745) filed with the Commission on September&nbsp;26, 2005 (Accession No.&nbsp;0000950135-05-005528) and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(3)&nbsp;Delegation Agreement dated December&nbsp;11, 2000, with Investors Bank &#038; Trust Company filed as Exhibit (j)(e) to the Eaton Vance Prime Rate Reserves N-2, Amendment No.&nbsp;5 (File Nos. 333-32267,
811-05808) filed April&nbsp;3, 2001 (Accession No.&nbsp;0000940394-01-500126) and incorporated herein by reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" align="left">(k)</td>
<TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;Transfer Agency and Services Agreement with American Stock Transfer &#038; Trust Company to be filed by amendment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2)&nbsp;Administration Agreement dated January&nbsp;16, 2007 filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(3)&nbsp;Organizational and Expense Reimbursement Agreement to be filed by amendment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(4)&nbsp;Form of Structuring Fee Agreement with Wachovia Capital Markets, LLC filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(5)&nbsp;Form of Structuring Fee Agreement with Citigroup Global Markets Inc. filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(6)&nbsp;Form of Structuring Fee Agreement with UBS Securities LLC filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(7)&nbsp;Form of Structuring Fee Agreement with Morgan Stanley &#038; Co. Incorporated to be filed by amendment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(8)&nbsp;Form of Additional Compensation Agreement with qualifying underwriters filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion and Consent of Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP as to Registrant&#146;s Common Shares to be filed by amendment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Independent Registered Public Accounting Firm filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter Agreement with Eaton Vance Management filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;Code of Ethics adopted by Eaton Vance Corp., Eaton Vance Management Boston Management and Research, Eaton Vance Distributors, Inc. and the Eaton Vance Funds effective September</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1, 2000, as revised February&nbsp;1, 2005 filed as Exhibit (r)(1) to the Registration Statement on Form N-2 of Eaton Vance Global
Enhanced Equity Income Fund (File Nos. 33-122540, 811-21711) filed February&nbsp;4, 2005 (Accession No.&nbsp;0000898432-05- 000098) and
incorporated herein by reference.</TD>
</TR>
</table>
</div>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;Code of Ethics for Rampart Investment Management Company, Inc. effective September&nbsp;1, 2004, as modified February&nbsp;1, 2005, filed
as Exhibit (r)(2) to Pre-Effective Amendment No.&nbsp;2 of Eaton Vance Tax- Managed Global Buy-Write Opportunities Fund (File Nos.
333-123961, 811-21745) filed September&nbsp;26, 2005 (Accession No.&nbsp;0000950135-05- 005528) and incorporated herein by reference.</TD>
</TR>
</table>
</div>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney dated December&nbsp;11, 2006 filed herewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 26. &nbsp; MARKETING ARRANGEMENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Form of Underwriting Agreement to be filed by amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 27. &nbsp; OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approximate expenses in connection with the offering are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration and Filing Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">National Association of Securities Dealers, Inc. Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New York Stock Exchange Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Costs of Printing and Engraving</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 29. &nbsp; NUMBER OF HOLDERS OF SECURITIES
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is the number of record holders as of January&nbsp;18, 2007, of
each class of securities of the Registrant:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title of Class</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number of Record Holders</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares of Beneficial interest, par value
$0.01 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 30. &nbsp; INDEMNIFICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s By-Laws filed in the Registrant&#146;s Initial Common Shares
Registration Statement contain, and the Form of Underwriting Agreement to be filed
by amendment is expected to contain, provisions limiting the liability, and providing for
indemnification, of the Trustees and officers under certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant&#146;s Trustees and officers are insured under a standard investment
company errors and omissions insurance policy covering loss incurred by reason
of negligent errors and omissions committed in their official capacities as
such. Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended (the &#147;Securities Act&#148;), may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the provisions
described in this Item&nbsp;30, or otherwise, the Registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 31. &nbsp; BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to: (i)&nbsp;the information set forth under the caption
Investment advisory and other services&#148; in the Statement of Additional
Information; (ii)&nbsp;the Eaton Vance Corp. 10-K filed under the Securities Exchange
Act of 1934 (File No.&nbsp;001-8100); and (iii)&nbsp;the Form&nbsp;ADV of Eaton Vance
Management (File No.&nbsp;801-15930) filed with the Commission, all of which are
incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 32. &nbsp; LOCATION OF ACCOUNTS AND RECORDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All applicable accounts, books and documents required to be maintained by
the Registrant by Section 31(a) of the Investment Company Act of 1940 and the
Rules promulgated thereunder are in the possession and custody of the
Registrant&#146;s custodian, Investors Bank &#038; Trust Company, 200 Clarendon Street,
16th Floor, Boston, MA 02116, and its transfer agent, American Stock Transfer &#038;
Trust Company, 59 Maiden Lane, Plaza Level, New York, New York 10038, with the
exception of certain corporate documents and portfolio trading documents
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which are in the possession and custody of Eaton Vance Management, The Eaton
Vance Building, 255 State Street, Boston, MA 02109. Registrant is informed that
all applicable accounts, books and documents required to be maintained by
registered investment advisers are in the custody and possession of Eaton Vance
Management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 33. &nbsp; MANAGEMENT SERVICES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 34. &nbsp; UNDERTAKINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;The Registrant undertakes to suspend offering of Common Shares until the
prospectus is amended if (1)&nbsp;subsequent to the effective date of this
Registration Statement, the net asset value declines more than 10&nbsp;percent from
its net asset value as of the effective date of this Registration Statement or
(2)&nbsp;the net asset value increases to an amount greater than its net proceeds as
stated in the prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;The Registrant undertakes that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;for the purpose of determining any liability under the Securities
Act, the information omitted from the form of prospectus filed as part of this
Registration Statement in reliance upon Rule&nbsp;430A and contained in the form of
prospectus filed by the Registrant pursuant to 497(h) under the Securities Act
shall be deemed to be part of the Registration Statement as of the time it was
declared effective; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;for the purpose of determining any liability under the Securities
Act, each post- effective amendment that contains a form of prospectus shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;The Registrant undertakes to send by first class mail or other means
designed to ensure equally prompt delivery, within two business days of receipt of an oral or written request, its Statement of Additional Information.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOTICE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Agreement and Declaration of Trust of Eaton Vance Tax-Managed
Global Diversified Equity Income Fund is on file with the Secretary of State of
The Commonwealth of Massachusetts and notice is hereby given that this
instrument is executed on behalf of the Registrant by an officer of the
Registrant as an officer and not individually and that the obligations of or
arising out of this instrument are not binding upon any of the Trustees,
officers or shareholders individually, but are binding only upon the assets and
property of the Registrant.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended the Registrant has duly caused
this Pre-Effective Amendment No.&nbsp;1 to the Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized in the City of Boston
and the Commonwealth of Massachusetts, on the 18th day of January&nbsp;2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">EATON VANCE TAX-MANAGED GLOBAL<BR>
DIVERSIFIED EQUITY INCOME FUND<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Duncan W. Richardson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Duncan W. Richardson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended this
Pre-Effective Amendment No.&nbsp;1 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td>&nbsp;</td>
</tr>
<TR valign="bottom">
    <TD align="center" nowrap valign="top">/s/ Duncan W. Richardson
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Duncan W. Richardson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
President and Chief
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Barbara E. Campbell*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Barbara E. Campbell</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Treasurer (and
Principal Financial
and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">James B. Hawkes*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James B. Hawkes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Benjamin C. Esty*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Benjamin C. Esty</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Samuel L. Hayes, III*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Samuel L. Hayes, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">William H. Park*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William H. Park</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Ronald A. Pearlman*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ronald A. Pearlman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Norton H. Reamer*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Norton H. Reamer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Lynn A. Stout*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Lynn A. Stout</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Ralph F. Verni*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ralph F. Verni</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 18, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<TABLE width="50%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">*/s/ Thomas E. Faust Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Thomas E. Faust Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(As Attorney-in-Fact)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</div>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INDEX TO EXHIBITS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">(b)(2)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment to By-Laws dated December&nbsp;11, 2006</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(d)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Specimen Certificate for Common Shares of Beneficial Interest</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(g)(1)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Advisory Agreement dated January&nbsp;16, 2007</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(g)(2)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sub-Advisory Agreement with Rampart Investment Management Company, Inc. dated January&nbsp;16, 2007</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(h)(2)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Master Agreement Among Underwriters</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(j)(1)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Master Custodian Agreement with Investors Bank &#038; Trust Company dated January&nbsp;16, 2007</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(k)(2)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administration Agreement dated January&nbsp;16, 2007</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(k)(4)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Structuring Fee Agreement with Wachovia Capital Markets, LLC</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(k)(5)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Structuring Fee Agreement with Citigroup Global Markets Inc.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(k)(6)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Structuring Fee Agreement with UBS Securities LLC</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(k)(8)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Additional Compensation Agreement with qualifying underwriters</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(n)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Independent Registered Public Accounting Firm</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(p)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Letter Agreement with Eaton Vance Management</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(s)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney dated December&nbsp;11, 2006</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)(2)
<SEQUENCE>2
<FILENAME>b63412naexv99wxbyx2y.txt
<DESCRIPTION>EX-99.(B)(2) AMENDMENT TO BY-LAWS DATED DECEMBER 11, 2006
<TEXT>
<PAGE>

                                                                  EXHIBIT (b)(2)

                                  AMENDMENT TO
                                     BY-LAWS
                                       OF
          EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND

                                December 11, 2006

Pursuant to ARTICLE XIII of the BY-LAWS of Eaton Vance Tax-Managed Global
Diversified Equity Income Fund (the "Trust"), upon vote by a majority of the
Trustees of the Trust, Section 4 and Section 7 of Article III are hereby amended
and restated in their entirety as follows:

SECTION 4. President. Subject to such supervisory powers, if any, as may be
given by the Trustees to the Chairman of the Trustees, the President shall be
the chief executive officer of the Trust and subject to the control of the
Trustees, he shall have general supervision, direction and control of the
business of the Trust and of its employees and shall exercise such general
powers of management as are usually vested in the office of President of a
corporation. In the event that the Chairman does not preside at a meeting of
shareholders or delegate such power and authority to another Trustee or officer
of the Fund, the President or his designee shall preside at such meeting. He
shall have the power to employ attorneys and counsel for the Trust and to employ
such subordinate officers, agents, clerks and employees as he may find necessary
to transact the business of the Trust. He shall also have the power to grant,
issue, execute or sign such powers of attorney, proxies, contracts, agreements
or other documents as may be deemed advisable or necessary in furtherance of the
interests of the Trust. The President shall have such other powers and duties
as, from time to time, may be conferred upon or assigned to him by the Trustees.

SECTION 7. Other Officers. Other officers elected by the Trustees shall perform
such duties as the Trustees may from time to time designate, including executing
or signing such powers of attorney, proxies, contracts, agreements or other
documents as may be deemed advisable or necessary in furtherance of the
interests of the Trust.

                               *******************
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>3
<FILENAME>b63412naexv99wxdy.txt
<DESCRIPTION>EX-99.(D) FORM OF SPECIMEN CERTIFICATE FOR COMMON SHARESOF BENIFICIAL INTEREST
<TEXT>
<PAGE>

                                                                     EXHIBIT (d)

SPECIMEN CERTIFICATE ONLY

CERTIFICATE                                                            NUMBER OF
   NUMBER                                                                SHARES

___________                                                            _________

          EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND
         Organized Under the Laws of The Commonwealth of Massachusetts
                                  Common Shares
                            $.01 Par Value Per Share

                                                            Cusip No. __________

     This certifies that _____________________________________ is the owner of
________________ fully paid and non-assessable shares of Common Shares, $.01 par
value per share, of Eaton Vance Tax-Managed Global Diversified Equity Income
Fund (the "Fund") transferable only on the books of the Fund by the holder
thereof in person or by duly authorized Attorney upon surrender of this
Certificate properly endorsed. This Certificate is not valid unless
countersigned by the transfer agent and registrar.

     A statement in full, of all the designations, preferences, qualifications,
limitations, restrictions and special or relative rights of the shares of each
class authorized to be issued, will be furnished by the Fund to any shareholders
upon request and without charge.

     IN WITNESS WHEREOF, the Fund has caused this Certificate to be signed by
its duly authorized officers and its Seal to be hereunto affixed this __________
day of ____________________ A.D. 2007.

AMERICAN STOCK TRANSFER & TRUST         EATON VANCE TAX-MANAGED GLOBAL
COMPANY As Transfer Agent and           DIVERSIFIED EQUITY INCOME FUND
Registrar


By:                                     By:
    ---------------------------------       ----------------------------------
    Authorized Signature                    President


                                        Attest:
                                                ------------------------------
                                                Secretary

<PAGE>


     FOR VALUE RECEIVED, ____________________________________ hereby sells,
assigns and transfers unto _____________________________ Shares represented by
this Certificate, and do hereby irrevocably constitute and appoint
____________________________________ Attorney to transfer the said Shares on the
books of the within named Fund with full power of substitution in the premises.

Dated ______________________________, ________________

In presence of


_____________________________________   ________________________________________

          Shares of Common Shares evidenced by this Certificate may be sold,
          transferred, or otherwise disposed of only pursuant to the provisions
          of the Fund's Agreement and Declaration of Trust, as amended, a copy
          of which may be at the office of the Secretary of The Commonwealth of
          Massachusetts.

          The Fund will furnish to any shareholder, upon request and without
          charge, a full statement of the designations, preferences, limitations
          and relative rights of the shares of each class of series of capital
          stock of the Fund authorized to be issued, so far as they have been
          determined, and the authority of the Board of Trustees to determine
          the relative rights and preferences of subsequent classes or series.
          Any such request should be addressed to the Secretary of the Fund.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(G)(1)
<SEQUENCE>4
<FILENAME>b63412naexv99wxgyx1y.txt
<DESCRIPTION>EX-99.(G)(1) INVESTMENT ADVISORY AGREEMENT DATED JANUARY 16, 2007
<TEXT>
<PAGE>

                                                                  EXHIBIT (g)(1)

          EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND
                          INVESTMENT ADVISORY AGREEMENT

     AGREEMENT made this 16th day of January, 2007, between Eaton Vance
Tax-Managed Global Diversified Equity Income Fund, a Massachusetts business
trust (the "Trust"), and Eaton Vance Management, a Massachusetts business trust
(the "Adviser").

     1. Duties of the Adviser. The Trust hereby employs the Adviser to act as
investment adviser for and to manage the investment and reinvestment of the
assets of the Trust and to administer its affairs, subject to the supervision of
the Trustees of the Trust, for the period and on the terms set forth in this
Agreement.

     The Adviser hereby accepts such employment, and undertakes to afford to the
Trust the advice and assistance of the Adviser's organization in the choice of
investments and in the purchase and sale of securities for the Trust and to
furnish for the use of the Trust office space and all necessary office
facilities, equipment and personnel for servicing the investments of the Trust
and to pay the salaries and fees of all officers and Trustees of the Trust who
are members of the Adviser's organization and all personnel of the Adviser
performing services relating to research and investment activities. The Adviser
shall for all purposes herein be deemed to be an independent contractor and
shall, except as otherwise expressly provided or authorized, have no authority
to act for or represent the Trust in any way or otherwise be deemed an agent of
the Trust.

     The Adviser shall provide the Trust with such investment management and
supervision as the Trust may from time to time consider necessary for the proper
supervision of the Trust. As investment adviser to the Trust, the Adviser shall
furnish continuously an investment program and shall determine from time to time
what securities and other investments shall be acquired, disposed of or
exchanged and what portion of the Trust's assets shall be held uninvested,
subject always to the applicable restrictions of the Declaration of Trust,
By-Laws and registration statement of the Trust. Should the Trustees of the
Trust at any time, however, make any specific determination as to investment
policy for the Trust and notify the Adviser thereof in writing, the Adviser
shall be bound by such determination for the period, if any, specified in such
notice or until similarly notified that such determination has been revoked. The
Adviser shall take, on behalf of the Trust, all actions that it deems necessary
or desirable to implement the investment policies of the Trust. The Adviser
shall place all orders for the purchase or sale of portfolio securities for the
account of the Trust either directly with the issuer or with brokers or dealers
selected by the Adviser, and, to that end, the Adviser is authorized, as the
agent of the Trust, to give instructions to the custodian of the Trust as to
deliveries of securities and payments of cash for the account of the Trust. In
connection with the selection of such brokers or dealers and the placing of such
orders, the Adviser shall adhere to procedures adopted by the Board of Trustees
of the Trust.

     The Adviser shall not be responsible for providing certain special
administrative services to the Trust under this Agreement. Eaton Vance
Management, in its capacity as Administrator of the Trust, shall be responsible
for providing such services to the Trust under the Trust's separate
Administration Agreement.

<PAGE>

     2. Compensation of the Adviser. For the services, payments and facilities
to be furnished hereunder by the Adviser, the Adviser shall be entitled to
receive from the Trust compensation in an amount equal to 1.00% annually of the
average daily gross assets of the Trust. (For purposes of this calculation,
"gross assets" of the Trust shall mean total assets of the Trust, including any
form of investment leverage, minus all accrued expenses incurred in the normal
course of operations, but not excluding any liabilities or obligations
attributable to investment leverage obtained through (i) indebtedness of any
type (including, without limitation, borrowing through a credit facility or the
issuance debt securities), (ii) the issuance of preferred stock or other similar
preference securities, (iii) the reinvestment of collateral received for
securities loaned in accordance with the Trust's investment objectives and
policies, and/or (iv) any other means.)

     Such compensation shall be paid monthly in arrears on the last business day
of each month. The Trust's net assets shall be computed in accordance with the
Declaration of Trust of the Trust and any applicable votes and determinations of
the Trustees of the Trust.

     In case of initiation or termination of the Agreement during any month, the
fee for that month shall be reduced proportionately on the basis of the number
of calendar days during which the Agreement is in effect and the fee shall be
computed upon the basis of the average gross assets for the business days the
Agreement is so in effect for that month.

     The Adviser may, from time to time, waive all or a part of the above
compensation.

     3. Allocation of Charges and Expenses. It is understood that the Trust will
pay all expenses other than those expressly stated to be payable by the Adviser
hereunder, which expenses payable by the Trust shall include, without implied
limitation (i) expenses of maintaining the Trust and continuing its existence;
(ii) registration of the Trust under the Investment Company Act of 1940; (iii)
commissions, spreads, fees and other expenses connected with the acquisition,
holding and disposition of securities and other investments; (iv) auditing,
accounting and legal expenses; (v) taxes and interest; (vi) governmental fees;
(vii) expenses of listing shares of the Trust with a stock exchange, and
expenses of issue, sale, repurchase and redemption (if any) of interests in the
Trust, including expenses of conducting tender offers for the purpose of
repurchasing Trust interests; (viii) expenses of registering and qualifying the
Trust and its shares under federal and state securities laws and of preparing
and filing registration statements and amendments for such purposes; (ix)
expenses of reports and notices to shareholders and of meetings of shareholders
and proxy solicitations therefore; (x) expenses of reports to governmental
officers and commissions; (xi) insurance expenses; (xii) association membership
dues; (xiii) fees, expenses and disbursements of custodians and subcustodians
for all services to the Trust (including, without limitation, safekeeping of
funds, securities and other investments, keeping of books, accounts and records,
and determination of net asset values); (xiv) fees, expenses and disbursements
of transfer agents, dividend disbursing agents, shareholder servicing agents and
registrars for all services to the Trust; (xv) expenses for servicing
shareholder accounts; (xvi) any direct charges to shareholders approved by the
Trustees of the Trust; (xvii) compensation and expenses of Trustees of the Trust
who are not members of the Adviser's organization; (xviii) pricing and valuation
services employed by the Trust; (xix) all expenses incurred in connection with
leveraging of Trust's assets through a line of credit, or issuing and
maintaining preferred shares; and (xx) such non-recurring items as may arise,
including expenses incurred in connection with litigation, proceedings and
claims and the obligation of the Trust to indemnify its Trustees, officers and
shareholders with respect thereto.


                                       -2-

<PAGE>

     4. Other Interests. It is understood that Trustees and officers of the
Trust and shareholders of the Trust are or may be or become interested in the
Adviser as trustees, officers, employees, shareholders or otherwise and that
trustees, officers and shareholders of the Adviser are or may be or become
similarly interested in the Trust, and that the Adviser may be or become
interested in the Trust as a shareholder or otherwise. It is also understood
that trustees, officers, employees and shareholders of the Adviser may be or
become interested (as directors, trustees, officers, employees, shareholders or
otherwise) in other companies or entities (including, without limitation, other
investment companies) that the Adviser may organize, sponsor or acquire, or with
which it may merge or consolidate, and which may include the words "Eaton Vance"
or any combination thereof as part of their name, and that the Adviser or its
subsidiaries or affiliates may enter into advisory or management agreements or
other contracts or relationships with such other companies or entities.

     5. Limitation of Liability of the Adviser. The services of the Adviser to
the Trust are not to be deemed to be exclusive, the Adviser being free to render
services to others and engage in other business activities. In the absence of
willful misfeasance, bad faith, gross negligence or reckless disregard of
obligations or duties hereunder on the part of the Adviser, the Adviser shall
not be subject to liability to the Trust or to any shareholder of the Trust for
any act or omission in the course of, or connected with, rendering services
hereunder or for any losses that may be sustained in the acquisition, holding or
disposition of any interest in a Loan or of any security, investment or other
asset.

     6. Sub-Investment Advisers. The Adviser may employ one or more
sub-investment advisers from time to time to perform such of the acts and
services of the Adviser provided for by this Agreement, including the selection
of brokers or dealers to execute the Trust's portfolio security transactions,
and upon such terms and conditions as may be agreed upon between the Adviser and
such sub-investment adviser and approved by the Trustees of the Trust, all as
permitted by the Investment Company Act of 1940. This provision does not limit
the Adviser's ability, pursuant to this Agreement, to provide the services
contemplated without the assistance of a sub-investment adviser. Moreover,
subject to approval of the Trust's Board of Trustees, the Adviser retains
complete authority at any time immediately to assume direct responsibility for
any function delegated to a sub-investment adviser pursuant to this Section 6
without the need for any approval by the holders of the voting securities of the
Trust.

     7. Duration and Termination of this Agreement. This Agreement shall become
effective upon the date of its execution, and, unless terminated as herein
provided, shall remain in full force and effect through and including the second
anniversary of the execution of this Agreement and shall continue in full force
and effect indefinitely thereafter, but only so long as such continuance after
such date is specifically approved at least annually (i) by the Board of
Trustees of the Trust or by vote of a majority of the outstanding voting
securities of the Trust and (ii) by the vote of a majority of those Trustees of
the Trust who are not interested persons of the Adviser or the Trust cast in
person at a meeting called for the purpose of voting on such approval.

     Either party hereto may, at any time on sixty (60) days' prior written
notice to the other, terminate this Agreement without the payment of any
penalty, by action of Trustees of the Trust or the trustees of the Adviser, as
the case may be, and the Trust may, at any time upon such written notice to the
Adviser, terminate this Agreement by vote of a majority of the outstanding
voting securities of the Trust. This Agreement shall terminate automatically in
the event of its assignment.


                                       -3-

<PAGE>

     8. Amendments of the Agreement. This Agreement may be amended by a writing
signed by both parties hereto, provided that no amendment to this Agreement
shall be effective until approved (i) by the vote of a majority of those
Trustees of the Trust who are not interested persons of the Adviser or the Trust
cast in person at a meeting called for the purpose of voting on such approval,
and (ii) by vote of a majority of the outstanding voting securities of the
Trust, except for any such amendment as may be effected in the absence of such
approval without violating the Investment Company Act of 1940.

     9. Limitation of Liability. The Adviser expressly acknowledges the
provision in the Declaration of Trust of the Trust limiting the personal
liability of the Trustees, officers and shareholders of the Trust, and the
Adviser hereby agrees that it shall have recourse to the Trust for payment of
claims or obligations as between the Trust and the Adviser arising out of this
Agreement and shall not seek satisfaction from any Trustee, officer or
shareholders of the Trust.

     10. Use of the Name "Eaton Vance". The Adviser hereby consents to the use
by the Trust of the name "Eaton Vance" as part of the Trust's name; provided,
however, that such consent shall be conditioned upon the employment of the
Adviser or one of its affiliates as the investment adviser of the Trust. The
name "Eaton Vance" or any variation thereof may be used from time to time in
other connections and for other purposes by the Adviser and its affiliates and
other investment companies that have obtained consent to the use of the name
"Eaton Vance". The Adviser shall have the right to require the Trust to cease
using the name "Eaton Vance" as part of the Trust's name if the Trust ceases,
for any reason, to employ the Adviser or one of its affiliates as the Trust's
investment adviser. Future names adopted by the Trust for itself, insofar as
such names include identifying words requiring the consent of the Adviser, shall
be the property of the Adviser and shall be subject to the same terms and
conditions.

     11. Certain Definitions. The terms "assignment" and "interested persons"
when used herein shall have the respective meanings specified in the Investment
Company Act of 1940 as now in effect or as hereafter amended subject, however,
to such exemptions as may be granted by the Securities and Exchange Commission
by any rule, regulation or order. The term "vote of a majority of the
outstanding voting securities" shall mean the vote, at a meeting of
shareholders, of the lesser of (a) 67 per centum or more of the shares of the
Trust present or represented by proxy at the meeting if the shareholders of more
than 50 per centum of the shares of the Trust are present or represented by
proxy at the meeting, or (b) more than 50 per centum of the shares of the Trust.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.

                                        EATON VANCE TAX-MANAGED GLOBAL
                                        DIVERSIFIED EQUITY INCOME FUND


                                        By: /s/ Duncan W. Richardson
                                            ------------------------------------
                                            Duncan W. Richardson
                                            President, and not Individually


                                        EATON VANCE MANAGEMENT


                                        By: /s/ Frederick S. Marius
                                            ------------------------------------
                                            Frederick S. Marius
                                            Vice President, and not Individually


                                       -4-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(G)(2)
<SEQUENCE>5
<FILENAME>b63412naexv99wxgyx2y.txt
<DESCRIPTION>EX-99.(G)(2) SUB-ADVISOR AGREEMENT, DATED JANUARY 16, 2007
<TEXT>
<PAGE>

                                                                  EXHIBIT (g)(2)

          EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND
                        INVESTMENT SUB-ADVISORY AGREEMENT

AGREEMENT effective the 16th day of January, 2007, between Eaton Vance
Management, a Massachusetts business trust (the "Adviser"), and Rampart
Investment Management Company, Inc., a Massachusetts corporation (the
"Sub-Adviser").

WHEREAS, Eaton Vance Tax-Managed Global Diversified Equity Income Fund (the
"Trust") is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as a closed-end, management investment company; and

WHEREAS, pursuant to an Investment Advisory Agreement, dated December 11, 2006
(the "Advisory Agreement"), a copy of which has been provided to the
Sub-Adviser, the Trust has retained the Adviser to render advisory and
management services with regard to the Trust's options strategy; and

WHEREAS, pursuant to authority granted to the Adviser in the Advisory Agreement,
the Adviser wishes to retain the Sub-Adviser to furnish investment advisory
services to the Trust related to the Trust's options strategy, and the
Sub-Adviser is willing to furnish such services to the Trust and the Adviser.

NOW, THEREFORE, in consideration of the premises and the promises and mutual
covenants herein contained, it is agreed between the Adviser and the Sub-Adviser
as follows:

     1. Appointment. The Adviser hereby appoints the Sub-Adviser to act as the
investment adviser for and to manage the investment and reinvestment of the
assets of the Trust related to the Trust's option strategy on the terms set
forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to
furnish the services herein set forth herein for the compensation herein
provided. The Sub-Adviser shall not be responsible for aspects of the Trust's
investment program other than its option strategy, including without limitation
purchases and sales of securities other than options, selection of brokers to
conduct such purchases and sales of securities other than options, compliance
with investment policies and restrictions other than those concerning options,
or proxy voting.

     2. Sub-Adviser Duties. Subject to the supervision of the Trust's Board of
Trustees (the "Board") and the Adviser, the Sub-Adviser will provide a
continuous investment program relating to the Trust's purchase or sale of
options for the Trust's portfolio. Subject to approval of the Trust's Board and
notice to the Sub-Adviser, the Adviser retains complete authority immediately to
assume direct responsibility for any function delegated to the Sub-Adviser under
this Agreement. Subject to the foregoing, the Sub-Adviser will provide options
investment research and conduct a continuous program of options evaluation,
investment, sales, and reinvestment of the Trust's assets by determining the
options strategy that the Trust shall pursue, including which options shall be
purchased, entered into, sold, closed, or exchanged for the Trust, when these
transactions should be executed, and what portion of the assets of the Trust
shall have options written against. The Sub-Adviser will provide the services
under this Agreement in accordance with the Trust's investment objective or
objectives, policies, and restrictions as stated in the Trust's Registration
Statement filed with the Securities and Exchange Commission ("SEC"), as amended
(the "Registration Statement"), copies of which shall be sent to the Sub-Adviser
by the Adviser prior to the commencement of this Agreement and promptly
following any such amendment. The Adviser and the Sub-Adviser further agree as
follows:

          a. Each of the Adviser and the Sub-Adviser will conform materially
with the 1940 Act and all rules and regulations thereunder, all other applicable
federal and state laws and regulations, with materially any applicable
procedures adopted by the Trust's Board of which the Sub-Adviser has been sent a
copy, and the provisions of the Registration Statement, of which the Sub-Adviser
has received a

<PAGE>

copy and with the Sub-Adviser's portfolio manager operating policies and
procedures as are approved by the Adviser. Each of the Adviser and the
Sub-Adviser shall exercise reasonable care in the performance of its duties
under the Agreement.

          b. In connection with any purchase and sale of securities for the
Trust related to the implementation of the options strategy developed by the
Sub-Adviser, the Sub-Adviser will arrange for the transmission to the custodian
for the Trust (the "Custodian") on a daily basis such confirmation, trade
tickets, and other documents and information, including, but not limited to,
Cusip, Cedel, or other numbers that identify options to be purchased or sold on
behalf of the Trust, as may be reasonably necessary to enable the Custodian to
perform its administrative and recordkeeping responsibilities with respect to
the Trust. With respect to options to be settled through the Trust's Custodian,
the Sub-Adviser will arrange for the prompt transmission of the confirmation of
such options trades to the Trust's Custodian.

          c. The Sub-Adviser will assist the Custodian in determining or
confirming, consistent with the procedures and policies stated in the
Registration Statement or adopted by the Board, the value of any options or
other assets of the Trust for which the Sub-Adviser is responsible and for which
the Custodian seeks assistance from or identifies for review by the Sub-Adviser;
provided that the Sub-Adviser shall be responsible for determining in good
faith, consistent with the procedures and policies stated in the Registration
Statement or adopted by the Board, the fair value of the Trust's portfolio of
options for which the Sub-Adviser is responsible and shall obtain at its own
expense pricing services for the Trust's portfolio of options from Interactive
Data ("IDS"), Bloomberg, or another pricing service to be mutually agreed. The
parties acknowledge that the Sub-Adviser is not a custodian of the Trust's
assets and will not take possession or custody of such assets.

          d. Following the end of the Trust's semi-annual period and fiscal
year, the Sub-Adviser will assist the Adviser in preparing a letter to
shareholders containing a discussion of relevant investment factors in respect
of both the prior quarter and the fiscal year to date.

          e. The Sub-Adviser will complete and deliver to the Adviser for each
quarter by the 5th business day of the following quarter a written compliance
checklist in a form provided by the Adviser relating to the performances of the
Sub-Adviser under this Agreement.

          f. The Sub-Adviser will make available to the Trust and the Adviser,
promptly upon request, any of the Trust's investment records and ledgers
maintained by the Sub-Adviser (which shall not include the records and ledgers
maintained by the Custodian or portfolio accounting agent for the Trust) as are
necessary to assist the Trust and the Adviser to comply with requirements of the
1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers
Act"), and the rules under each, as well as other applicable laws. The
Sub-Adviser will furnish to regulatory authorities having the requisite
authority any information or reports in connection with such services in respect
to the Trust which may be requested by such authorities in order to ascertain
whether the operations of the Trust are being conducted in a manner consistent
with applicable laws and regulations.

          g. The Sub-Adviser will provide reports to the Board for consideration
at meetings of the Board on the options portion of the investment program for
the Trust and the options purchased and sold for the Trust's portfolio, and will
furnish the Board with such periodic and special reports as the Board and the
Adviser may reasonably request.

          h. The Adviser shall assure that the Trust complies with its
investment policies and restrictions as set forth in the Registration Statement,
except for policies and restrictions concerning implementation of the Trust's
options strategy, and the Adviser acknowledges that the Sub-Adviser shall


                                        2

<PAGE>

not be responsible for the Trust's compliance with its investment policies and
restrictions other than those concerning implementation of the Trust's option
strategy.

          i. The Adviser acknowledges that the Sub-Adviser shall not be
responsible for meeting or monitoring compliance with the income and asset
diversification requirements of Section 851 of the Internal Revenue Code, and
the Adviser acknowledges that the Adviser is responsible for the same.

     3. Broker-Dealer Selection. The Sub-Adviser is authorized to make decisions
to buy and sell options for the Trust's portfolio, and to select broker-dealers
and to negotiate brokerage commission rates in effecting an option transaction.
The Sub-Adviser's primary consideration in effecting an option transaction will
be to obtain the best execution for the Trust, taking into account the factors
specified in the prospectus and/or statement of additional information for the
Trust, and determined in consultation with the Adviser, which include price
(including the applicable brokerage commission or dollar spread), the size of
the order, the nature of the market for the option, the timing of the
transaction, the reputation, experience and financial stability of the
broker-dealer involved, the quality of the service, the difficulty of execution,
and the execution capabilities and operational facilities of the firm involved,
and the firm's risk in positioning a block of options. Accordingly, the price to
the Trust in any transaction may be less favorable than that available from
another broker-dealer if the difference is reasonably justified, in the judgment
of the Sub-Adviser in the exercise of its fiduciary obligations to the Trust, by
other aspects of the portfolio execution services offered. The Sub-Adviser shall
not receive any research service from any broker-dealer or from any third party
that is paid by such broker-dealer in return for placing trades through such
broker-dealer on behalf of the Trust. The Sub-Adviser will consult with the
Adviser to ensure that portfolio transactions on behalf of the Trust are
directed to broker-dealers on the basis of criteria reasonably considered
appropriate by the Adviser. To the extent consistent with these standards, the
Sub-Adviser is further authorized to allocate the orders placed by it on behalf
of the Trust to an affiliated broker-dealer. Such allocation shall be in such
amounts and proportions as the Sub-Adviser shall determine consistent with the
above standards, and the Sub-Adviser will report on said allocation regularly to
the Trust's Board indicating the broker-dealers to which such allocations have
been made and the basis therefore.

     4. Disclosure about Sub-Adviser. The Sub-Adviser has reviewed the most
recent Amendment to the Registration Statement that contains disclosure about
the Sub-Adviser, and represents and warrants that, with respect only to the
disclosure expressly concerning the Sub-Adviser, its business, operations, or
employees, such Registration Statement contains, as of the date hereof, no
untrue statement of any material fact and do not omit any statement of a
material fact which was required to be stated therein or necessary to make the
statements contained therein, in light of the circumstances under which they
were made, not misleading. The Sub-Adviser further represents and warrants that
it is a duly registered investment adviser under the Advisers Act and will
maintain such registration so long as this Agreement remains in effect. The
Adviser hereby acknowledges that it has received a copy of the Sub-Adviser's
Form ADV, Part II at least 48 hours prior to entering into this Agreement.

     5. Expenses. During the term of this Agreement, the Sub-Adviser will pay
all expenses incurred by it and its staff and for their activities in connection
with its duties under this Agreement including, but not limited to, rental and
overhead expenses, expenses of the Sub-Adviser's personnel, pricing services in
accordance with Section 2, insurance of the Sub-Adviser and its personnel,
research services, and taxes of the Sub-Adviser. The Adviser or the Trust shall
be responsible for all other expenses of the Trust's or the Adviser's
operations, including without limitation costs of marketing or distributing
shares of the Trust, brokerage expenses and commissions, custody and banking
expenses, administration expenses, legal, audit and other professional expenses,
governmental filing fees, and costs of communications with shareholders.


                                        3

<PAGE>

     6. Compensation. For the services provided to the Trust, the Adviser will
pay the Sub-Adviser an annual fee equal to the amount specified in Schedule A
hereto, payable monthly in arrears on the last business day of each month. The
fee will be appropriately prorated to reflect any portion of a calendar month
that this Agreement is not in effect among the parties. The Adviser is solely
responsible for the payment of fees to the Sub-Adviser, and the Sub-Adviser
agrees to seek payment of its fees solely from the Adviser. The Trust shall have
no liability for Sub-Adviser's fee hereunder.

     7. Materials. During the term of this Agreement, the Adviser agrees to
furnish the Sub-Adviser at its principal office all prospectuses, proxy
statements, and reports to shareholders prepared for distribution to
shareholders of the Trust, all sales literature or advertisements for the Trust,
and all other communications with the public of the Trust, or the Adviser that
refer to the Sub-Adviser in any way, prior to the use thereof, and the Adviser
shall not use any such materials if the Sub-Adviser reasonably objects in
writing within 2 business days (or such other period as may be mutually agreed)
after receipt thereof. The Sub-Adviser's right to object to such materials is
limited to reasonable objections related to the portions of such materials that
expressly relate to the Sub-Adviser, its services and its clients. The Adviser
agrees to use its reasonable best efforts to ensure that materials prepared by
its employees or agents or its affiliates that refer to the Sub-Adviser or its
clients in any way are consistent with those materials previously approved by
the Sub-Adviser as referenced in the first sentence of this paragraph.

     8. Compliance.

          a. As required by Rule 206(4)-7 under the Advisers Act, the
Sub-Adviser has adopted written policies and procedures reasonably designed to
prevent violation by it, or any of its supervised persons, of the Advisers Act
and the rules under the Advisers Act and all other laws and regulations relevant
to the performance of its duties under this Agreement. The Sub-Adviser has
designated a chief compliance officer responsible for administering these
compliance policies and procedures. The chief compliance officer at the
Sub-Adviser's expense shall provide such written compliance reports relating to
the operations and compliance procedures of the Sub-Adviser to the Adviser
and/or the Trust and their respective chief compliance officers as may be
required by law or regulation or as are otherwise reasonably requested.
Moreover, the Sub-Adviser agrees to use such other or additional compliance
techniques as the Adviser or the Board may reasonably adopt or approve,
including written compliance procedures.

          b. The Sub-Adviser agrees that it shall promptly notify, if legally
permitted, the Adviser and the Trust (1) in the event that the SEC has censured
the Sub-Adviser; placed limitations upon its activities, functions or
operations; suspended or revoked its registration as an investment adviser;
commenced proceedings or an investigation (formally or informally) that may
result in any of these actions; or corresponded with the Sub-Adviser on a
non-routine basis concerning either the Sub-Adviser's performances under this
Agreement or any other matter that might materially affect the ability of the
Sub-Adviser to perform its duties under this Agreement, including sending a
deficiency letter or raising issues about the business, operations, or practices
of the Sub-Adviser, (2) in the event of any notice of investigation,
examination, inquiry, audit or subpoena of the Sub-Adviser or any of its
officers or employees by any federal, state, municipal or other governmental
department, commission, bureau, board, agency or instrumentality. If legally
permitted, the Sub-Adviser will furnish the Adviser, upon request, copies of any
and all documents relating to the foregoing. The Sub-Adviser further agrees to
notify the Adviser and the Trust promptly of any material fact known to the
Sub-Adviser respecting or relating to the Sub-Adviser that is not contained in
the Registration Statement or prospectus for the Trust, or any amendment or
supplement thereto that is required to be so contained, or if any statement
contained therein concerning the Sub-Adviser that becomes untrue in any material
respect.


                                        4

<PAGE>

          c. The Adviser agrees that it shall promptly notify, if legally
permitted, the Sub-Adviser (1) in the event that the SEC has censured the
Adviser or the Trust; placed limitations upon either of their activities,
functions, or operations; suspended or revoked the Adviser's registration as an
investment adviser; suspended or revoked the Trust's registration under the 1940
Act, issued any stop order concerning any offering of the Trust's securities, or
has commenced proceedings or an investigation that may result in any of these
actions, or corresponded with the Adviser or the Trust on a non-routine basis
concerning the management or operations of the Trust or the advisory services
provided by the Adviser to the Trust that would have a material adverse impact
on the Sub-Adviser or (2) upon having a reasonable basis for believing that the
Trust has ceased to qualify or might not qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code. If legally permitted,
the Adviser will furnish the Sub-Adviser, upon request, copies of any and all
documents relating to the foregoing.

          d. The Sub-Adviser will provide the Adviser with such reports,
presentations, certifications and other information as the Adviser may
reasonably request from time to time concerning the business and operations of
the Sub-Adviser in performing services hereunder or generally concerning the
Sub-Adviser's investment advisory services, the Sub-Adviser's compliance with
applicable federal, state and local law and regulations, and changes in the
Sub-Adviser's key personnel, investment strategies, policies and procedures, and
other matters that are likely to have a material impact on the Sub-Advisers
duties hereunder. The Adviser and the Trust shall provide the Sub-Adviser with
such reports as the Sub-Adviser may from time to time reasonably request
concerning their compliance with applicable federal, state and local law and
regulations.

     9. Books and Records. The Sub-Adviser hereby agrees that all records which
it maintains for the Trust are the property of the Trust and further agrees to
surrender promptly to the Trust any of such records upon the Trust's or the
Adviser's request in compliance with the requirements of Rule 31a-3 under the
1940 Act, although the Sub-Adviser may, at its own expense, make and retain a
copy of such records. The Sub-Adviser further agrees to preserve for the periods
prescribed by Rule 31a-2 under the 1940 Act the records required to be
maintained by Rule 31a-l under the 1940 Act.

     10. Cooperation; Confidentiality; Proprietary Rights. Each party to this
Agreement agrees to cooperate with the other party and with all appropriate
governmental authorities having the requisite jurisdiction (including, but not
limited to, the SEC) in connection with any investigation or inquiry relating to
this Agreement or the Trust. Subject to the foregoing, the Sub-Adviser shall
treat as confidential and use only in connection with the Trust in accordance
with this Agreement all information pertaining to the Trust, actions of the
Trust or the Adviser, and the Adviser shall treat as confidential and use only
in connection with the Trust in accordance with this Agreement all information
furnished to the Trust or the Adviser by the Sub-Adviser (and all derivative
works produced therefrom), in connection with its duties under this Agreement
except that the aforesaid information need not be treated as confidential if
required to be disclosed under applicable law, if generally available to the
public through means that do not involve a breach of this section by the
Sub-Adviser or the Adviser, or if available from a source other than the
Adviser, Sub-Adviser or the Trust. The parties acknowledge that any breach of
the undertaking in the immediately preceding sentence might result in immediate,
irreparable injury to another party and that, accordingly, equitable remedies,
including ex parte remedies, are appropriate in the event of any actual,
apparent, or threatened breach of such undertaking.

     The Adviser acknowledges that the Sub-Adviser is the sole owner of the
names "Rampart Investment Management" and "ROMS", and all related names, marks,
and trade dress (the "Rampart Marks") and all associated goodwill. The Adviser
shall not take any action inconsistent with such ownership, including, without
limitation, contesting the Sub-Adviser's ownership of or validity of the Rampart
Marks. The Adviser agrees that all use of the Rampart Marks under this Agreement
inures to the benefit of the Sub-Adviser. Apart from the license granted in the
next paragraph, the Adviser shall


                                        5

<PAGE>

acquire no right, title or interest of any kind or nature whatsoever in the
Rampart Marks and the goodwill associated therewith by virtue of this Agreement.
The Adviser shall upon request execute and deliver such documents as the
Sub-Adviser may reasonably require to further evidence, assure, and confirm the
rights of the Sub-Adviser in the Rampart Marks.

     The Sub-Adviser hereby grants to the Adviser and the Trust a non-exclusive
worldwide license to use, publish, reproduce, modify, and distribute the Rampart
Marks solely in connection with the conduct of the business of the Trust and in
accordance with this Agreement (the "License"). The Adviser and the Trust shall
not use, publish, reproduce, modify or distribute any Rampart Marks for any
other purpose. The Adviser and the Trust shall comply with the reasonable
written instructions of the Sub-Adviser concerning the use of the Rampart Marks
under the License, including instructions concerning trademark notices and
updates of the Rampart Marks. The Sub-Adviser shall have the right to monitor
and observe the Adviser's and the Trust's use of the Rampart Marks pursuant to
the License for the purpose of protecting and maintaining its control over the
nature and quality of the Rampart Marks, and the Adviser shall upon request
supply Rampart with a written accounting of such use.

     The Adviser acknowledges that the Sub-Adviser is the sole owner of the
Rampart Options Management System ("ROMS"). The Adviser shall not take any
action inconsistent with such ownership, including, without limitation,
contesting the Sub-Adviser's ownership of ROMS. The Adviser shall acquire no
right, title or interest of any kind or nature whatsoever in ROMS under this
Agreement. This section does not prohibit the Advisor, for the Trust or other
clients, or the Trust from either (1) contesting what constitutes part of ROMS;
(2) from using any systems, methods or processes for selecting or trading
options that are not proprietary to the Sub-Adviser; or (3)without the use of
any proprietary processes, methods, or systems of the Sub-Adviser, managing the
options strategy of the Trust where a portion of the stocks in the portfolio
have options written on them with the intention of generating income.

     11. Control. Notwithstanding any other provision of the Agreement, it is
understood and agreed that the Trust shall at all times retain the ultimate
responsibility for and control of all functions performed pursuant to this
Agreement and has reserved the right to reasonably direct any action hereunder
taken on its behalf by the Sub-Adviser.

     12. Liability.

          a. Except as may otherwise be required by the 1940 Act or the rules
thereunder or other applicable law, the Adviser agrees that the Sub-Adviser, any
affiliated person of the Sub-Adviser, and each person, if any, who, within the
meaning of Section 15 of the Securities Act of 1933, as amended (the "1933
Act"), controls the Sub-Adviser shall not be liable for, or subject to, any
damages, expenses, or losses in connection with, any act or omission connected
with or arising out of any services rendered under this Agreement, except by
reason of willful misfeasance, bad faith, or gross negligence in the performance
of the Sub-Adviser's duties, or any breach by the Sub-Adviser of its obligations
or duties under this Agreement.

          b. Except as may otherwise be required by the 1940 Act or the rules
thereunder or other applicable law, the Sub-Adviser agrees that the Adviser, any
affiliated person of the Adviser, and each person, if any, who, within the
meaning of Section 15 of the 1933 Act, controls the Adviser shall not be liable
for, or subject to, any damages, expenses, or losses in connection with, any act
or omission connected with or arising out of any services rendered under this
Agreement, except by reason of willful misfeasance, bad faith, or gross
negligence in the performance of the Adviser's duties, or any breach by the
Adviser of its obligations or duties under this Agreement.


                                        6

<PAGE>

     13. Indemnification.

          a. The Adviser agrees to indemnify and hold harmless the Sub-Adviser,
any affiliated person of the Sub-Adviser, and each person, if any, who, within
the meaning of Section 15 of the 1933 Act controls ("controlling person") the
Sub-Adviser (all of such persons being referred to as "Sub-Adviser Indemnified
Persons") against any and all losses, claims, damages, liabilities, or
litigation (including legal and other expenses) to which a Sub-Adviser
Indemnified Person may become subject under the 1933 Act, the 1940 Act, the
Advisers Act, under any other statute, at common law or otherwise, arising out
of the Adviser's responsibilities to the Sub-Adviser which (1) may be based upon
the Adviser's gross negligence, willful misfeasance, or bad faith in the
performance of its duties, or by reason of the Adviser's disregard of its
obligations and duties under this Agreement and to the Trust, or (2) may be
based upon any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement or prospectus covering shares of the
Trust, or any amendment thereof or any supplement thereto, or the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, unless such
statement or omission was made in reliance upon and conformity with information
furnished by the Sub-Adviser to the Adviser or the Trust expressly for inclusion
in such Registration Statements, prospectuses, amendments, or supplements either
in writing or orally with a subsequent confirmation by the Sub-Adviser of the
information as it appears in the Registration Statement or prospectus; provided
however, that in no case shall the indemnity in favor of the Sub-Adviser
Indemnified Person be deemed to protect such person against any liability to
which such person would otherwise be subject by reason of willful misfeasance,
bad faith, or gross negligence in the performance of its duties, or by reason of
its breach or reckless disregard of its obligations or duties under this
Agreement.

          b. Notwithstanding Section 12 of this Agreement, the Sub-Adviser
agrees to indemnify and hold harmless the Adviser, any affiliated person of the
Adviser, and any controlling person of the Adviser (all of such persons being
referred to as "Adviser Indemnified Persons") against any and all losses,
claims, damages, liabilities, or litigation (including legal and other expenses)
to which an Adviser Indemnified Person may become subject under the 1933 Act,
1940 Act, the Advisers Act, under any other statute, at common law or otherwise,
arising out of the Sub-Adviser's responsibilities as Sub-Adviser of the Trust
which (1) may be based upon the Sub-Adviser's gross negligence, willful
misfeasance, or bad faith in the performance of its duties, or by reason of the
Sub-Adviser's disregard of its obligations or duties under this Agreement, or
(2) may be based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement or prospectus covering the
shares of the Trust, or any amendment or supplement thereto, or the omission or
alleged omission to state therein a material fact known or which should have
been known to the Sub-Adviser and was required to be stated therein or necessary
to make the statements therein not misleading, if such a statement or omission
was made in reliance upon and conformity with information furnished by the
Sub-Adviser to the Adviser or the Trust expressly for inclusion in such
Registration Statements, prospectuses, amendments, or supplements either in
writing or orally with a subsequent confirmation by the Sub-Adviser of the
information as it appears in the Registration Statement or prospectus; provided,
however, that in no case shall the indemnity in favor of an Adviser Indemnified
Person be deemed to protect such person against any liability to which such
person would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence in the performance of its duties, or by reason of its breach or
reckless disregard of its obligations and duties under this Agreement.

          c. The Adviser shall not be liable under Paragraph (a) of this Section
13 with respect to any claim made against a Sub-Adviser Indemnified Person
unless such Sub-Adviser Indemnified Person shall have notified the Adviser in
writing within a reasonable time after the summons or other first legal process
giving information of the nature of the claim shall have been served upon such
Sub-Adviser Indemnified Person (or after such Sub-Adviser Indemnified Person
shall have received notice of such


                                        7

<PAGE>

service on any designated agent), but failure to notify the Adviser of any such
claim shall not relieve the Adviser from any liability which it may have to the
Sub-Adviser Indemnified Person against whom such action is brought except to the
extent the Adviser is prejudiced by the failure or delay in giving such notice.
In case any such action is brought against the Sub-Adviser Indemnified Person,
the Adviser will be entitled to participate, at its own expense, in the defense
thereof or, after notice to the Sub-Adviser Indemnified Person, to assume the
defense thereof, with counsel satisfactory to the Sub-Adviser Indemnified
Person. If the Adviser assumes the defense of any such action and the selection
of counsel by the Adviser to represent the Adviser and the Sub-Adviser
Indemnified Person would result in a conflict of interests and therefore, would
not, in the reasonable judgment of the Sub-Adviser Indemnified Person,
adequately represent the interests of the Sub-Adviser Indemnified Person, the
Adviser will, at its own expense, assume the defense with counsel to the Adviser
and, also at its own expense, with separate counsel to the Sub-Adviser
Indemnified Person, which counsel shall be satisfactory to the Adviser and to
the Sub-Adviser Indemnified Person. The Sub-Adviser Indemnified Person shall
bear the fees and expenses of any additional counsel retained by it, and the
Adviser shall not be liable to the Sub-Adviser Indemnified Person under this
Agreement for any legal or other expenses subsequently incurred by the
Sub-Adviser Indemnified Person independently in connection with the defense
thereof other than reasonable costs of investigation; provided however, the
Adviser shall be responsible for the additional counsel of Sub-Adviser in the
event the Adviser is determined to have made the fraudulent representations, by
the final decision of a court of competent jurisdiction (that is not subject to
appeal or as to which the time for appeal has elapsed), and such representations
are the basis for which Sub-Adviser's liability is based. The Adviser shall not
have the right to compromise on or settle the litigation without the prior
written consent of the Sub-Adviser Indemnified Person if the compromise or
settlement results, or may result in a finding of wrongdoing on the part of the
Sub-Adviser Indemnified Person.

          d. The Sub-Adviser shall not be liable under Paragraph (b) of this
Section 13 with respect to any claim made against an Adviser Indemnified Person
unless such Adviser Indemnified Person shall have notified the Sub-Adviser in
writing within a reasonable time after the summons or other first legal process
giving information of the nature of the claim shall have been served upon such
Adviser Indemnified Person (or after such Adviser Indemnified Person shall have
received notice of such service on any designated agent), but failure to notify
the Sub-Adviser of any such claim shall not relieve the Sub-Adviser from any
liability which it may have to the Adviser Indemnified Person against whom such
action is brought except to the extent the Sub-Adviser is prejudiced by the
failure or delay in giving such notice. In case any such action is brought
against the Adviser Indemnified Person, the Sub-Adviser will be entitled to
participate, at its own expense, in the defense thereof or, after notice to the
Adviser Indemnified Person, to assume the defense thereof, with counsel
satisfactory to the Adviser Indemnified Person. If the Sub-Adviser assumes the
defense of any such action and the selection of counsel by the Sub-Adviser to
represent both the Sub-Adviser and the Adviser Indemnified Person would result
in a conflict of interests and therefore, would not, in the reasonable judgment
of the Adviser Indemnified Person, adequately represent the interests of the
Adviser Indemnified Person, the Sub-Adviser will, at its own expense, assume the
defense with counsel to the Sub-Adviser and, also at its own expense, with
separate counsel to the Adviser Indemnified Person, which counsel shall be
satisfactory to the Sub-Adviser and to the Adviser Indemnified Person. The
Adviser Indemnified Person shall bear the fees and expenses of any additional
counsel retained by it, and the Sub-Adviser shall not be liable to the Adviser
Indemnified Person under this Agreement for any legal or other expenses
subsequently incurred by the Adviser Indemnified Person independently in
connection with the defense thereof other than reasonable costs of
investigation. The Sub-Adviser shall not have the right to compromise on or
settle the litigation without the prior written consent of the Adviser
Indemnified Person if the compromise or settlement results, or may result in a
finding of wrongdoing on the part of the Adviser Indemnified Person.


                                        8

<PAGE>

     14. Duration and Termination.

          a. This Agreement shall become effective upon the date of its
execution, subject to the condition that the Trust's Board, including a majority
of those Trustees who are not interested persons (as such term is defined in the
1940 Act) of the Adviser or the Sub-Adviser, and the Holders of Interests in the
Trust, shall have approved this Agreement in the manner required by the 1940
Act. Unless terminated as provided herein, this Agreement shall remain in full
force and effect through and including the second anniversary of the execution
of this Agreement and shall continue in full force and affect indefinitely
thereafter, but only so long as such continuance is specifically approved at
least annually by (a) the Board, or by the vote of a majority of the outstanding
voting securities (as defined in the 1940 Act) of the Trust, and (b) the vote of
a majority of those Trustees who are not interested persons (as such term is
defined in the 1940 Act) of any such party to this Agreement cast in person at a
meeting called for the purpose of voting on such approval.

          b. Notwithstanding the foregoing, this Agreement may be terminated:
(a) by the Adviser at any time without payment of any penalty, upon 60 days'
prior written notice to the Sub-Adviser and the Trust; (b) at any time without
payment of any penalty by the Trust, by the Trust's Board or a majority of the
outstanding voting securities of the Trust, upon 60 days' prior written notice
to the Adviser and the Sub-Adviser, or (c) by the Sub-Adviser upon 3 months'
prior written notice unless the Trust or the Adviser requests additional time to
find a replacement for the Sub-Adviser, in which case the Sub-Adviser shall
allow the additional time requested by the Trust or Adviser not to exceed 3
additional months beyond the initial three-month notice period; provided,
however, that the Sub-Adviser may terminate this Agreement at any time without
penalty, effective upon written notice to the Adviser and the Trust, in the
event either the Sub-Adviser (acting in good faith) or the Adviser ceases to be
registered as an investment adviser under the Advisers Act or otherwise becomes
legally incapable of providing investment management services pursuant to its
respective contract with the Trust.

          c. In the event of termination for any reason, all records of the
Trust shall promptly be returned to the Adviser or the Trust, free from any
claim or retention of rights in such record by the Sub-Adviser, although the
Sub-Adviser may, at its own expense, make and retain a copy of such records.
This Agreement shall automatically terminate in the event of its assignment (as
such term is described in the 1940 Act). In the event this Agreement is
terminated or is not approved in the manner described above, the Sections or
Paragraphs numbered 9, 10, 11, 12, and 13 of this Agreement shall remain in
effect, as well as any applicable provision of this Section 14 and, to the
extent that only amounts are owed to the Sub-Adviser as compensation for
services rendered while the agreement was in effect, Section 6.

     15. Notices. Any notice must be in writing and shall be sufficiently given
(1) when delivered in person, (2) when dispatched by electronic mail or
electronic facsimile transfer (confirmed in writing by postage prepaid first
class air mail simultaneously dispatched), (3) when sent by internationally
recognized overnight courier service (with receipt confirmed by such overnight
courier service), or (4) when sent by registered or certified mail, to the other
party at the address of such party set forth below or at such other address as
such party may from time to time specify in writing to the other party.


                                        9

<PAGE>

          If to the Trust:

          Eaton Vance Tax-Managed Global Diversified Equity Income Fund
          The Eaton Vance Building
          255 State Street
          Boston, Massachusetts 02109
          Attn: Chief Legal Officer

          If to the Adviser:

          Eaton Vance Management
          The Eaton Vance Building
          255 State Street
          Boston, Massachusetts 02109
          Attn: Chief Legal Officer

          If to the Sub-Adviser:

          Rampart Investment Management Company, Inc.
          One International Place, 14th Floor
          Boston, Massachusetts 02110
          Attn: Ronald M. Egalka

     16. Amendments. No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought, and no amendment of this Agreement shall be effective
until approved as required by applicable law.

     17. Miscellaneous.

          a. This Agreement shall be governed by the laws of the Commonwealth of
Massachusetts, provided that nothing herein shall be construed in a manner
inconsistent with the 1940 Act, the Advisers Act or rules or orders of the SEC
thereunder, and without regard for the conflicts of laws principles thereof. The
term "affiliate" or "affiliated person" as used in this Agreement shall mean
"affiliated person" as defined in Section 2(a)(3) of the 1940 Act.

          b. The Adviser and the Sub-Adviser acknowledge that the Trust enjoys
the rights of a third-party beneficiary under this Agreement, and the Adviser
acknowledges that the Sub-Adviser enjoys the rights of a third party beneficiary
under the Advisory Agreement.

          c. The Sub-Adviser expressly acknowledges the provision in the
Declaration of Trust of the Adviser limiting the personal liability of the
Trustee and officers of the Adviser, and the Sub-Adviser hereby agrees that it
shall have recourse to the Adviser for payment of claims or obligations as
between the Adviser and the Sub-Adviser arising out of this Agreement and shall
not seek satisfaction from the Trustee or any officer of the Adviser.

          d. The captions of this Agreement are included for convenience only
and in no way define or limit any of the provisions hereof or otherwise affect
their construction or effect.


                                       10

<PAGE>

          e. To the extent permitted under Section 14 of this Agreement, this
Agreement may only be assigned by any party with the prior written consent of
the other party. This Agreement shall terminate upon its assignment, and for
purposes of this section the term "assignment" shall have the meaning assigned
to it in the 1940 Act.

          f. If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder of this Agreement
shall not be affected thereby, and to this extent, the provisions of this
Agreement shall be deemed to be severable.

          g. Nothing herein shall be construed as constituting the Sub-Adviser
as an agent or copartner of the Adviser, or constituting the Adviser as an agent
or co-partner of the Sub-Adviser.

          h. This Agreement may be executed in counterparts.

          i. The Sub-Adviser shall not be responsible for any failure to perform
its duties under this Agreement as a result of war, acts of terrorism, natural
disasters, failures of electricity, telephone lines, and other utility services,
closures of securities and options markets, and other events beyond the
reasonable control of the Sub-Adviser provided the Sub-Adviser has maintained
contingency procedures reasonably designed, where possible, to prevent and
mitigate the effect of such events.

                            [Signature page follows.]


                                       11

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the day and year first above written.

                                        EATON VANCE MANAGEMENT


                                        By: /s/ Frederick S. Marius
                                            ------------------------------------
                                        Name: Frederick S. Marius
                                              Vice President, and not
                                              individually


                                        RAMPART INVESTMENT MANAGEMENT COMPANY,
                                        INC.


                                        By: /s/ Ronald M. Egalka
                                            ------------------------------------
                                        Name: Ronald M. Egalka
                                              President


                                       12

<PAGE>

                                   SCHEDULE A

                       Annual Investment Sub-Advisory Fee

0.05% annually of the Trust's net assets that the Adviser, from time to time,
directs the Sub-Adviser to make subject to the written call option strategy. The
fee will be based upon the average of amounts during the annual period that the
Adviser directs the Sub-Adviser to make subject to the written call option
strategy.


                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(2)
<SEQUENCE>6
<FILENAME>b63412naexv99wxhyx2y.txt
<DESCRIPTION>EX-99.(H)(2) FORM OF MASTER AGREEMENT AMONG UNDERWRITERS
<TEXT>
<PAGE>

                                                                  EXHIBIT (h)(2)

                                                              ____________, 2005

                       MASTER AGREEMENT AMONG UNDERWRITERS

WACHOVIA CAPITAL MARKETS, LLC
301 S. College Street, NC0602
Charlotte, NC 28202-6000

Ladies and Gentlemen:

1. We understand that Wachovia Capital Markets, LLC ("WCM") is entering into
this Master Agreement Among Underwriters in counterparts with us and other firms
that may be Underwriters (as defined below) for issues of Securities (as defined
below) in which WCM is acting as Representative or one of the Representatives.
Irrespective of whether we have executed this Master Agreement Among
Underwriters, this Master Agreement Among Underwriters shall apply to any
offering of Securities in which we elect to act as an Underwriter after receipt
of an Invitation (as defined below) from WCM identifying the Issuer (as defined
below), any applicable terms of the Securities proposed to be offered by such
Issuer, the amount of our proposed participation and the names of the other
Representatives, if any, and stating that our participation as an Underwriter in
the proposed offering shall be subject to the provisions of this Master
Agreement Among Underwriters.

Your invitation will include instructions for our acceptance of such invitation.
At or prior to the time of an offering, you will advise us, to the extent
applicable, as to (i) the expected offering date, (ii) the expected closing
date, (iii) the initial offering price, (iv) the interest or dividend rate (or
the method by which such rate is to be determined), (v) the conversion, (vi)
exercise or exchange price or rate, (vii) the redemption or liquidation price,
(viii) the underwriting discount or commission, (ix) the management fee, (x) the
selling concession and (xi) the reallowance, except that if the offering price
of the Securities is to be determined as contemplated by Rule 430A under the
Securities Act of 1933, as amended (the "Act"), such procedure being hereinafter
referred to as "430A Pricing", you shall so advise us and shall specify the
maximum underwriting discount or commission, management fee and selling
concession. Such information may be conveyed by you in one or more written or
verbal communications (such communications received by us with respect to an
offering being hereinafter collectively referred to as the "Invitation"). If the
Underwriting Agreement (as defined below) provides for the granting of an option
to purchase additional Securities to cover over-allotments or otherwise (an
"over allotment option"), you will notify us in the Invitation of such option
and of our maximum obligation upon exercise of such option.

This Master Agreement Among Underwriters, as amended or supplemented by the
Invitation, shall become binding upon us and the Representatives with respect to
such offering if you receive our written or verbal acceptance and you do not
receive a written communication

<PAGE>

revoking our acceptance prior to the time and date specified in the Invitation
(our unrevoked acceptance after expiration of such time and date being
hereinafter referred to as our "Acceptance"). If we have not previously executed
this Master Agreement Among Underwriters, by our Acceptance we shall be deemed
to be signatories hereof with respect to the offering to which the Acceptance
relates. To the extent that any terms contained in the Invitation are
inconsistent with any provisions herein, such terms shall supersede any such
provisions. Our Acceptance will also constitute our confirmation that, except as
otherwise stated in such Acceptance, each applicable statement included in the
Master Underwriters' Questionnaire attached as Annex A hereto (or otherwise
furnished to us) is correct. We agree to notify you immediately of any
development before the termination of the offering provisions referred to in
Section 10(a) with respect to any particular offering of Securities which makes
untrue or incomplete any information that we have given or are deemed to have
given in response to the Master Underwriters' Questionnaire. The obligations of
each underwriter shall be several and not joint. The securities offered in any
offering of securities made pursuant to this Master Agreement Among
Underwriters, including any guarantees relating to such securities or any other
securities into which such securities are convertible or exchangeable into or
exercisable for and any securities that may be purchased upon exercise of an
over-allotment option, are hereinafter referred to as the "Securities". The
issuer or issuers of the Securities are hereinafter referred to as the "Issuer".
All references herein to "you" or the "Representatives" shall include WCM and
the other firms, if any, which are named as Representatives in the Invitation,
it being understood and agreed that WCM is authorized to act on behalf of all
Representatives. Any underwriters of Securities under this Master Agreement
Among Underwriters, including the Representatives, are hereinafter collectively
referred to as the "Underwriters". Except as otherwise provided in Section
10(c), the following provisions of this Master Agreement Among Underwriters
shall apply separately to each individual offering of Securities.

2. The Representatives shall determine which signatories or other parties deemed
to be signatories to this Master Agreement Among Underwriters will be invited to
become Underwriters for the Securities. Changes may be made by the
Representatives in those who are to be Underwriters and in the respective
amounts of Securities to be purchased by them, provided that, notwithstanding
anything to the contrary contained in this Master Agreement Among Underwriters,
our consent shall be required for any increase in the amount of Securities to be
purchased by us, except in the following cases: (i) an increase in the amount of
Securities to be purchased by us as may be required by the underwriting or
purchase agreement or any associated terms or similar agreement with the Issuer
or any selling securityholders or any amendment or supplement thereto
(collectively, the "Underwriting Agreement") covering the Securities in the
event of a default by one or more of the Underwriters; (ii) an increase in the
amount of such Securities as a result of (a) an increase in the aggregate amount
of such Securities proposed to be purchased by the Underwriters as a whole; (b)
a reallotment of Securities among the Underwriters; or (c) any other cause,
which in any such case of (a) through (c) results in an aggregate net change of
25% or less in the amount of Securities to be purchased by us. We authorize you
on our behalf to execute and deliver the Underwriting Agreement or any agreement
between or among Underwriters (as defined in the next sentence), on the one
hand, and one or more groups of underwriters for the Securities not acting as
such pursuant to this


                                        2

<PAGE>

Master Agreement Among Underwriters, on the other hand (an "Intersyndicate
Agreement"), in such forms as you determine and to take such action as you deem
advisable in connection with the performance of the Underwriting Agreement, any
Intersyndicate Agreement and this Master Agreement Among Underwriters and the
purchase, carrying, sale and distribution of the Securities. We further
authorize you to take such action as you deem necessary or advisable to carry
out this Master Agreement Among Underwriters, the Underwriting Agreement and the
purchase and sale of the Securities. You may waive performance or satisfaction
by the Issuer, any selling securityholders or any other party to the
Underwriting Agreement of certain of its or their obligations or conditions
included in the Underwriting Agreement, if in your judgment such waiver will not
have a material adverse effect upon the interests of the Underwriters. With
respect to offerings of Securities using 430A Pricing, you are also authorized
to determine the initial public offering price and the price at which the
Securities are to be purchased in accordance with the Underwriting Agreement.

It is understood that, if so specified in the Invitation for the issue,
arrangements may be made for the sale of Securities by the Issuer or selling
securityholders pursuant to delayed delivery contracts. Such Securities are
hereinafter referred to as "Delayed Delivery Securities", and such contracts as
"Delayed Delivery Contracts". Securities for which such contracts are not
entered into by the Issuer or selling securityholders are hereinafter referred
to as "Immediate Delivery Securities". References herein to delayed delivery and
Delayed Delivery Contracts apply only to offerings in which delayed delivery is
authorized. The term "underwriting obligation", as used in this Master Agreement
Among Underwriters with respect to any Underwriter, shall refer to the principal
amount or number of shares or units of the Securities (plus such additional
Securities as may be required by the Underwriting Agreement to be purchased by
such Underwriter in the event of a default by one or more of the Underwriters)
which such Underwriter is obligated to purchase pursuant to the provisions of
the Underwriting Agreement, without regard to any reduction in such obligation
as a result of Delayed Delivery Contracts which are entered into by the Issuer.

If the Securities consist in whole or in part of debt obligations maturing
serially, the serial Securities being purchased by each Underwriter pursuant to
the Underwriting Agreement will consist, subject to adjustment as provided in
the Underwriting Agreement, of serial Securities of each maturity in a principal
amount that bears the same proportion to the aggregate principal amount of the
serial Securities of such maturity to be purchased by all the Underwriters as
the respective principal amount of serial Securities set forth opposite such
Underwriter's name in the Underwriting Agreement bears to the aggregate
principal amount of the serial Securities to be purchased by all Underwriters.

As compensation for your services to each of the Underwriters in connection with
the Underwriting Agreement and this Master Agreement Among Underwriters we will
pay a management fee as specified in the Invitation for the offering (without
deduction in respect of Delayed Delivery Securities), and you may charge our
account therefore. If there is more than one Representative, such compensation
will be divided among the Representatives in such proportions as they determine.


                                        3

<PAGE>

3. We understand and acknowledge that if registration of the offer and sale of
the Securities as contemplated by the Underwriting Agreement is required by the
Issuer under the Act on a registration statement or statements to be filed with
the Securities and Exchange Commission (the "Commission"), you will either
provide us with the file number or numbers of such registration statement or
statements with respect to the Securities or, as soon as practicable after the
later of the date of the Invitation or the date made available to you by the
Issuer, furnish to us (or make available for our review in your office) a copy
of such registration statement or statements (other than any documents
incorporated therein by reference and any exhibits) and any amendments thereto.
In any event you will furnish to us, as soon as practicable after sufficient
quantities thereof are made available to you by the Issuer, copies of the
Prospectus or supplemented Prospectus (excluding any documents incorporated by
reference herein) to be used in connection with the offering of the Securities.
As used herein "Prospectus" means the form of prospectus (including any
supplements and any documents incorporated by reference therein) authorized for
use in connection with the offering of such Securities, and "Registration
Statement" means the registration statement filed by the Issuer with the
Commission, as amended and including any documents incorporated by reference
therein, under which the offer and sale of the Securities are registered under
the Act.

We understand and acknowledge that if the offer and sale of the Securities are
exempt from the registration requirements of the Act, no registration statement
will be filed with the Commission. In any such case involving an offering
circular or other offering materials to be used in connection with the offering
of the Securities (any such circular or materials, as it or they may be amended
or supplemented, being hereinafter referred to as the "Offering Circular"), you
will either provide us with information as to the availability of a preliminary
offering circular through a specified regulatory authority or, as soon as
practicable after the later of the date of the Invitation or the date made
available to you by the Issuer, furnish to us (or make available for our review
in your office) a copy of any preliminary offering circular or a proof of the
Offering Circular. In any event, in any such offering involving an Offering
Circular you will furnish to us, as soon as practicable after sufficient
quantities thereof are made available to you by the Issuer, copies of the final
Offering Circular. The Prospectus or Offering Circular, as the case may be,
relating to an offering of Securities is herein referred to as the "Offering
Document".

We understand and acknowledge that we are not authorized to give any information
or make any representation not contained in the Offering Document, as amended or
supplemented, or in any document incorporated by reference therein in connection
with the offering of the Securities. Our Acceptance of an invitation shall
constitute our agreement that, if requested by you, we will furnish a copy of
any amendment or supplement to any preliminary or final Offering Document to
each person to whom we have furnished a previous preliminary or final Offering
Document. Our Acceptance of an Invitation relating to an offering of Securities
registered under the Act shall constitute (i) our acknowledgement that we are
familiar with the Registration Statement, including the documents incorporated
by reference therein and the forms of Underwriting Agreement and indenture or
other documents describing the terms of the Securities filed as exhibits thereto
or otherwise made available to us, with any preliminary prospectus, preliminary


                                        4

<PAGE>

supplemented prospectus or Prospectus relating to the Securities theretofore
filed with the Commission, and with the information to be set forth in an
amendment to the Registration Statement or in the Prospectus proposed to be
filed with the Commission and (ii) our confirmation that we have delivered, and
our agreement that we will deliver, all preliminary and final Prospectuses
required for compliance with Rule 15c2-8 (or any successor provision) under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our Acceptance
of an Invitation relating to an offering of Securities exempt from registration
under the Act shall constitute (i) our acknowledgment that we are familiar with
the information set forth in any preliminary offering circular or proof of the
Offering Circular made available to us and with the information to be set forth
in the Offering Circular, (ii) our confirmation that we have delivered, and our
agreement that we will deliver, all preliminary and final Offering Circulars
required for compliance with the applicable Federal and state laws and the
applicable rules and regulations of any regulatory body promulgated thereunder
governing the use and distribution of offering circulars by underwriters, and
(iii) to the extent consistent with such laws, rules and regulations, our
confirmation that we have delivered and our agreement that we will deliver all
preliminary and final Offering Circulars that would be required if Rule 15c2-8
(or any successor provision) under the Exchange Act applied to such offering. We
hereby consent to being named in the Offering Document as one of the
Underwriters of the Securities.

4. (a) In connection with the public offering of the Securities, we authorize
you, in your discretion, to determine the time of the initial public offering,
to determine the amount of Securities, if any, to be purchased by the
Underwriters pursuant to the over-allotment option, if any, to change the price
and/or size of the initial public offering, to furnish the Issuer with the
information to be included in the Registration Statement or Offering Circular
with respect to the terms of offering, and to determine all matters relating to
advertising and communications with dealers or others. Each Underwriter also
authorizes us to reserve for sale, and authorizes us or any Underwriter
designated by us to sell and deliver for its account to such retail purchasers
as we may select, at the public offering price, such number as we may determine
of the Securities that such Underwriter agrees to purchase under the
Underwriting Agreement. Such reservations and sales to retail purchasers shall
be made for the respective accounts of the Underwriters in the same proportions,
as nearly as may be practicable and so long as Securities of the respective
Underwriters are available therefor, as the respective underwriting obligations
of the Underwriters.

We also authorize you, in your discretion, to reserve for sale, and to sell and
deliver to securities dealers and others, which may include any Underwriters,
selected by you ("Selected Dealers"), and to reserve for sale pursuant to
Delayed Delivery Contracts arranged by you through Selected Dealers, all or any
portion of the Securities to be purchased by us under the Underwriting
Agreement, all as you shall determine. Any such sales to Selected Dealers may be
made pursuant to the terms and conditions of your Master Selected Dealers
Agreement or otherwise and shall be made for the respective accounts of the
Underwriters in such proportions as you may determine. Each Selected Dealer
shall be a person (a "Dealer") who is (a) a broker or dealer (as defined in the
By-Laws of the National Association of Securities Dealers, Inc. (the "NASD"))
actually engaged in the investment banking or securities business and (i) a
member in good


                                        5

<PAGE>

standing of the NASD that makes the representations and agreements applicable to
such a member contained in Section 17 hereof or (ii) a foreign bank, broker,
dealer or other institution not eligible for membership in the NASD that makes
the representations and agreements applicable to such foreign institutions
contained in Section 17 hereof, or (b) a "bank" as defined in Section 3(a)(6) of
the Exchange Act (a "Bank") that is not a member of the NASD and that makes the
representations and agreements applicable to Banks contained in Section 17
hereof. Reservations for sales to Selected Dealers for our account need not be
in proportion to our underwriting obligation, but sales of Securities reserved
for our account for sale to Selected Dealers shall be made as nearly as
practicable in the ratio which the amount of Securities reserved for our account
bears to the aggregate amount of Securities reserved for the account of all
Underwriters, as calculated from day-to-day. Sales to Selected Dealers shall
initially be at the public offering price, less a concession not in excess of
the Selected Dealers' concession set forth in the Invitation and the price to
persons other than Selected Dealers shall be at the public offering price. With
your consent, the Underwriters may allow, and Selected Dealers may re-allow, a
discount on sales to Dealers in an amount not in excess of the amount set forth
in the Invitation. Upon your request, we will advise you of the identity of any
Dealer to whom we allow such a discount and any Underwriter or Selected Dealer
from whom we receive such a discount.

We also authorize you, in your discretion, to buy Immediate Delivery Securities
for our account from Selected Dealers at the public offering price less such
amount not in excess of the Selected Dealers' concession as you may determine.

At or before the time the Securities are released for sale, you shall notify us
of the amount of Securities that has been reserved for our account for sale to
Selected Dealers and for sale pursuant to Delayed Delivery Contracts and the
amount that is to be retained by us for direct sale. After advice from you that
the Securities are released for public offering, we will offer to the public, in
conformity with the terms of the offering set forth in the Offering Document,
such of our Securities, as you advise are not reserved. In connection with any
offering of Securities that are registered under the Act and issued by an Issuer
that was not, immediately prior to the filing of the Registration Statement,
subject to the requirements of Section 13(a) or 15(d) of the Exchange Act, we
agree that unless otherwise advised by you and disclosed in the Prospectus we
will not make sales to any account over which we exercise discretionary
authority with respect to that sale.

We agree that we will from time to time, upon your request, report to you the
amount of Securities retained by us for direct sale that remain unsold. Upon
your request, we will deliver to you for our account, or sell to you for the
account of one or more of the Underwriters, such amount of unsold Securities as
you may designate at the public offering price less, in the case of sales or
deliveries for the account of Selected Dealers, an amount determined by you not
in excess of the concession to Selected Dealers. You may also repurchase
Securities from other Underwriters and Selected Dealers, for the account of one
or more of the other Underwriters, at the public offering price less, in the
case of purchases for the account of Selected Dealers, an amount determined by
you not in excess of the concession to Selected Dealers.


                                        6

<PAGE>

You may from time to time deliver to any Underwriter, for carrying purposes or
for sale by such Underwriter, any of the Securities then reserved for sale
pursuant to Delayed Delivery Contracts or for sale to, but not purchased and
paid for by, Selected Dealers, all as above; provided, however, to the extent
that Securities are so delivered for sale by such Underwriter, the amount of
Securities then reserved for the account of such Underwriter shall be
correspondingly reduced. Securities delivered for carrying purposes only shall
be redelivered to you upon demand.

If, in accordance with the terms of offering set forth in the Offering Document,
the offering of the Securities is not at a fixed price but at varying prices set
by individual Underwriters based on market prices or at negotiated prices, the
provisions of the first paragraph of this Section relating to your right to
change the public offering price and concessions and discounts to dealers shall
not apply, and other references in this Section and elsewhere in this Master
Agreement among Underwriters to the public offering price or Selected Dealers'
concession shall be deemed to mean the prices and concessions determined by you
from time to time in your discretion.

Any Securities sold or loaned by us (otherwise than through you) which you
purchase in the open market for the account of any Underwriter will be
repurchased by us on demand at the cost of such purchase plus commissions and
taxes on redelivery. Securities delivered on such repurchase need not be
represented by the identical certificates so purchased. In lieu of such action
you may in your discretion sell for our account the Securities so purchased and
debit or credit our account for the loss or profit resulting from such sale, or
charge our account with an amount not in excess of the Selected Dealers'
concession with respect to such Securities.

(b) We authorize you to act on our behalf in making all arrangements for the
solicitation of offers to purchase Delayed Delivery Securities from the Issuer
pursuant to Delayed Delivery Contracts and we agree that all such arrangements
will be made only through you, directly or through Selected Dealers (including
Underwriters acting as Selected Dealers) to whom you may pay a commission as
provided in the Offering document and herein.

The obligation of each of the Underwriters to purchase and pay for securities as
set forth in the Underwriting Agreement shall be reduced in the proportion
provided for therein, except that (i) as to any Delayed Delivery Contract
determined by you, in your discretion, to have been directed and allocated by a
purchaser to a particular Underwriter, such obligation of such Underwriter shall
be reduced by the amount of Delayed Delivery Securities covered thereby, (ii) as
to any Delayed Delivery Contracts for which arrangements are made through
Selected Dealers, such Obligation of each Underwriter shall be reduced as nearly
as practicable in the proportion determined by you that the amount of Securities
of such Underwriter reserved and sold pursuant to Delayed Delivery Contracts
arranged through Selected Dealers bears to the total Securities so reserved and
sold, and (iii) such reductions shall be rounded, as you shall determine, to the
nearest $1,000 principal amount or whole share or unit of the Securities.

The fee payable by the Issuer to each Underwriter with respect to Delayed
Delivery Securities pursuant to the Underwriting Agreement shall be credited to
the account of such Underwriter


                                        7

<PAGE>

based upon the amount by which such Underwriter's underwriting obligation is
reduced as specified in the preceding paragraph.

If the amount of Delayed Delivery Securities applied to reduce an Underwriter's
underwriting obligation and the amount of Immediate Delivery Securities sold by
or for the account of such Underwriter exceeds such Underwriter's underwriting
obligation, there shall be credited to such Underwriter with respect to such
excess amount of Securities only the amount of the Selected Dealers' concession;
provided, however, that no amount shall be credited to such Underwriter with
respect to such excess amount of such Securities if such Underwriter is a Bank
and the Securities do not constitute "exempted securities" within the meaning of
Section 3(a)(12) of the Exchange Act.

The commissions payable to Selected Dealers in respect of Delayed Delivery
Contracts arranged through them shall be charged to each Underwriter in the
proportion which the amount of Securities of such Underwriter reserved and sold
pursuant to Delayed Delivery Contracts arranged through Selected Dealers bears
to the total Securities so reserved and sold.

5. We authorize you to make payment on our behalf to the Issuer or any selling
securityholder of the purchase price of our Securities, to take delivery of our
Securities, registered as you may direct in order to facilitate deliveries, and
to deliver our reserved Securities against sales. At your request we will pay
you an amount equal to the public offering price, less the selling concession,
of either our Securities or our unreserved Securities as you direct, and such
payment will be credited to our account and applied to the payment of the
purchase price. After you receive payment for reserved Securities sold for our
account, you will remit to us the purchase price (if any) paid by us for such
Securities and credit or debit our account with the difference between the sale
prices and the purchase price thereof. You will deliver to us our unreserved
Securities promptly, and our reserved but unsold Securities, against payment of
the purchase price therefor (except in the case of Securities for which payment
has previously been made), as soon as practicable after the termination of the
provisions referred to in Section 10(a), except that if the aggregate amount of
reserved but unsold Securities upon such termination does not exceed 20% of the
total amount of the Securities, you may in your discretion sell such reserved
but unsold Securities for the accounts of the several Underwriters as soon as
practicable after such termination, at such prices and in such manner as you
determine.

In the event that the Underwriting Agreement for an offering provides for the
payment of a commission or other compensation, we authorize you to receive for
our account payments of the commission or other compensation payable to the
Underwriters by the Issuer, as provided in the Underwriting Agreement.

Notwithstanding the foregoing provisions of this Section, if transactions in the
Securities can be settled through the facilities of The Depository Trust Company
("DTC"), if we are a member of DTC we hereby authorize you, in your discretion,
to make appropriate arrangements for payment and/or delivery through the
facilities of DTC of the Securities to be purchased by us, or if we are


                                        8

<PAGE>

not a member of DTC, settlement may be made through a corespondent that is a
member of DTC pursuant to our timely instructions.

6. In connection with the purchase or carrying of our Securities or other
securities purchased for our account, we authorize you, in your discretion, to
advance your funds for our account, charging current interest rates, to arrange
loans for our account, and in connection therewith to execute and deliver any
notes or other instruments and hold or pledge as security any of our Securities
or such other securities. Any lender may rely upon your instructions in all
matters relating to any such loan. Any Securities or such other securities held
by you for our account may be delivered to us for carrying purposes, and if so
delivered will be redelivered to you upon demand.

7. We authorize you, in your discretion, to make purchases and sales of
Securities, and other securities of the Issuer of the same class and series and
any other securities of the Issuer which you may designate in the open market or
otherwise, for long or short account, on such terms as you deem advisable, and
to over-allot in arranging sales to Selected Dealers or others. You may, in your
discretion, liquidate any long position or cover any short position incurred
pursuant to this Section 7 at such prices and on such terms as you may
determine. Such purchases and sales (including over-allotments) will be made for
the accounts of the Underwriters as nearly as practicable in proportion to their
respective underwriting obligations. It is understood that you may have made
purchases of securities of the Issuer for stabilizing purposes prior to the time
when we became one of the Underwriters, and we agree that any such securities so
purchased shall be treated as having been purchased for the respective accounts
of the Underwriters pursuant to the foregoing authorization. We further
authorize you, in your discretion, to cover any short position incurred pursuant
to this Section by purchasing securities on such terms as you deem advisable.
Except as provided in this Section, at no time will our net commitment under the
foregoing provisions of this Section exceed 20% (or such other amount as may be
specified in the Invitation) of our underwriting obligation excluding Securities
which may be purchased upon exercise of an over-allotment option, provided that
such percentage may be increased with the approval of a majority in interest of
the Underwriters. In the case of our net commitment for short account, our net
commitment will be computed assuming that all Securities which may be purchased
upon exercise of an over-allotment option are acquired. We will on demand take
up at cost any securities so purchased and deliver any securities so sold or
over-allotted for our account, and, if any other Underwriter defaults in its
corresponding obligation, we will assume our proportionate share of such
obligation without relieving the defaulting Underwriter from liability. Upon
request, we will advise you of the Securities retained by us and unsold and will
sell to you for the account of one or more of the Underwriters such of our
unsold Securities and at such price, not less than the net price to Selected
Dealers nor more than the public offering price, as you determine.

If you effect any stabilizing purchases pursuant to this Section 7, you shall
promptly notify us of the date and time of the first stabilizing purchase and
the date and time when stabilizing was terminated. You shall prepare and
maintain such records as are required to be maintained by you as manager
pursuant to Rule 17a-2 under the Exchange Act.


                                        9

<PAGE>

8. Unless the Securities are "exempted securities" as defined in Section
3(a)(12) of the Exchange Act, we and you agree not to bid for, purchase, attempt
to induce others to purchase, or sell directly or indirectly, any Securities,
any other securities of the Issuer of the same class and series and any other
securities of the Issuer which you may designate, except as brokers pursuant to
unsolicited orders, except to the extent permitted by Regulation M (subject to
any applicable exemption therefrom) under the Exchange Act as interpreted by the
Commission, and except as otherwise provided in this Master Agreement Among
Underwriters. If the Securities are or include common stock or securities
convertible or exchangeable into or exchangeable for common stock and the
Securities are not "exempted securities" as defined in Section 3(a)(12) of the
Exchange Act, we and you also agree not to effect, or attempt to induce others
to effect, directly or indirectly, any transactions in or relating to put or
call options on any stock of the Issuer, except to the extent permitted by
Regulation M (subject to any applicable exemption therefrom) under the Exchange
Act as interpreted by the Commission.

If the Securities are convertible or exchangeable into or exercisable for shares
of common stock and such common stock is subject to options traded on a
securities exchange, we represent and warrant that we have not, since the day
following the date of the invitation telex, entered into a discount or parity
opening uncovered writing transaction in options to acquire shares of such
common stock for our account or for the account of any customer and we agree
that we will not enter into any such transaction prior to the termination of the
provisions of Section pursuant to Section 10 hereof with respect to such
offering of Securities. The term "discount or parity opening uncovered writing
transaction" means an opening sale transaction where the seller is the writer of
an option to purchase shares of such common stock which he does not then own or
have the right to acquire upon exercise of conversion or option rights, which
option is sold at a price (exclusive of commissions) per optioned share which,
when added to the amount per share payable upon exercise of the option, shall be
equal to or less than the last reported sales price (exclusive of commissions)
per share immediately prior to the time such option is sold.

9. We represent and warrant that the incurrence by us of our obligations under
this Master Agreement Among Underwriters and the Underwriting Agreement in
connection with the offering of the Securities will not place us in violation of
Rule 15c3-1 under the Exchange Act, if such requirements are applicable to us,
or, if we are a financial institution subject to regulation by the Board of
Governors of the Federal Reserve System, the Comptroller of the Currency or the
Federal Deposit Insurance Corporation, will not place us in violation of the
capital requirements of such regulator or any other regulator to which we are
subject. We further represent and warrant that in connection with the offering
of the Securities we have complied, and agree that we will comply, with the
provisions of Regulation M under the Exchange Act with regard, inter alia, to
trading in the Securities by Underwriters. We agree that, for purposes of the
foregoing sentence, in addition to the Securities, any of the Issuer's
securities deemed to be of the same class and series as the Securities shall be
subject to trading restrictions under Regulation M .


                                       10

<PAGE>

10. (a) With respect to any particular offering of Securities, the terms and
conditions of (i) the second and third sentences of the fourth paragraph of
section 4(a), (ii) the last paragraph of Section 4(a), (iii) the first sentence
of Section 7, and (iv) Section 8 (collectively, the "Offering Provisions") will
terminate at the close of business on the 45th day after the date of the initial
public offering of the Securities or at the close of business on the day of the
closing of the purchase of the Securities by the Underwriters pursuant to the
Underwriting Agreement, whichever is later, unless in either such case the
effectiveness of the Offering Provisions is extended or sooner terminated as
hereinafter provided. You may extend the effectiveness of such Offering
Provisions up to an additional 15 days by notice to us to the effect that the
Offering Provisions of this Master Agreement Among Underwriters are extended to
the date or by the number of days indicated in the notice. You may terminate
such Offering Provisions, other than the last paragraph of Section 4(a), at any
time by notice to us to the effect that the Offering Provisions of this Master
Agreement Among Underwriters are terminated and you may terminate the provisions
of the last paragraph of Section 4(a) at any time at or subsequent to the
termination of the other provisions by notice to us to the effect that the
penalty bid provisions of this Master Agreement Among Underwriters are
terminated. All other provisions of this Master Agreement Among Underwriters
shall remain operative and in full force and effect with respect to such
offering of Securities.

(b) This Master Agreement Among Underwriters may be terminated by either party
hereto upon five business days' written notice to the other party; provided,
however, that with respect to any particular offering of Securities, if you
receive any such notice from us after our Acceptance for such offering, this
Master Agreement Among Underwriters shall remain in full force and effect as to
such offering and shall terminate with respect to such offering and all previous
offerings only in accordance with and to the extent provided in subsection (a)
of this Section.

(c) This Master Agreement Among Underwriters may be supplemented or amended by
you by notice to us by written communication and, except for supplements or
amendments set forth in an Invitation, any such supplement or amendment to this
Master Agreement Among Underwriters shall be effective with respect to any
offering to which this Master Agreement Among Underwriters applies after the
date of such supplement or amendment. Each reference to "this Master Agreement
Among Underwriters" herein shall, as appropriate, be to this Master Agreement
Among Underwriters as so supplemented and amended.

11. Except as otherwise provided herein, you may charge our account with any
transfer taxes on sales made by you of Securities purchased by us under the
Underwriting Agreement and with our proportionate share (based upon our
underwriting obligation) of all other expenses incurred by you under this Master
Agreement Among Underwriters or in connection with the purchase, carrying, sale
or distribution of the Securities. The accounts hereunder will be settled as
promptly as practicable after the termination of the Offering Provisions
referred to in the first sentence of Section 10(a), but you may reserve such
amount as you deem advisable for additional expenses. Your determination of the
amount to be paid to or by us will be conclusive. You may at any time make
partial distributions of credit balances or call for payment of debit balances.
Any of our funds in your hands may be held with your general funds without


                                       11

<PAGE>

accountability for interest. Notwithstanding any settlement, we will remain
liable for any taxes on transfers for our account, and for our proportionate
share (based upon our underwriting obligation) of all expenses and liabilities
which may be incurred by or for the accounts of the Underwriters.

12. Default by one or more Underwriters hereunder or under the Underwriting
Agreement will not release the other Underwriters from their obligations or
affect the liability of any defaulting Underwriter to the non-defaulting
Underwriters for damages resulting from such default. If one or more
Underwriters default under the Underwriting Agreement, you may arrange for the
purchase by others, including non-defaulting Underwriters, of Securities not
taken up by the defaulting Underwriter or Underwriters.

13. You will be under no liability to us for any act or omission except for
obligations expressly assumed by you herein, and no obligations on your part
will be implied hereby or inferred here. The rights and liabilities of the
Underwriters are several and not joint, and nothing will constitute the
Underwriters a partnership, association or separate entity.

If for Federal income tax purposes the Underwriters should be deemed to
constitute a partnership then we elect to be excluded from the application of
Subchapter K, Chapter 1, Subtitle A, of the Internal Revenue Code of 1986, as
amended, and agree not to take any position inconsistent with such election.
You, as Representative, are authorized, in your discretion, to execute on behalf
of the Underwriters such evidence of such election as may be required by the
Internal Revenue Service.

14. We agree to indemnify, hold harmless and reimburse each other Underwriter
and each person, if any, who controls such other Underwriter within the meaning
of Section 15 of the Act, to the extent, and upon the terms, that such
Underwriter agrees to indemnify, hold harmless and reimburse the Issuer and
certain other persons pursuant to the Underwriting Agreement. This indemnity
agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of such other Underwriter or controlling person or any
statement made to the Commission as to the results thereof.

15. Each Underwriter (including you) agrees to pay upon your request, as
contribution, its proportionate share, based upon its underwriting obligation,
of any losses, claims, damages or liabilities, joint or several, under the Act
or otherwise, paid or incurred by any Underwriter (including you) to any person
other than an Underwriter (including amounts paid by an Underwriter as
contribution), arising out of or based upon any untrue statement or alleged
untrue statement of any material fact contained in the Offering Document, any
amendment or supplement thereto, or any related preliminary Offering Document or
any other selling or advertising material approved by you for use by the
Underwriters in connection with the sale of the Securities, or arising out of or
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading (other than an untrue statement or alleged untrue statement or
omission or alleged omission made in reliance upon and in conformity with
written information furnished to he


                                       12

<PAGE>

Issuer by an Underwriter through you specifically for use therein); and we will
pay such proportionate share of any legal or other expenses reasonably incurred
by you or with your consent in connection with investigating or defending any
such loss, claim, damage or liability, or any action in respect thereof. In
determining the amount of any Underwriter's obligation under this Section,
appropriate adjustment may be made by you to reflect any amounts received by any
one or more Underwriters from any person in respect of such claim from the
Issuer, any selling securityholder or any other person (other than an
Underwriter) pursuant to the Underwriting Agreement or otherwise. In respect of
any claim there shall be credited against any amount paid or payable by us
pursuant to this Section any loss, damage, liability or expense which is
incurred by us as a result of any such claim being asserted against us, and if
such loss, claim, damage, liability or expense is incurred by us subsequent to
any payment by us pursuant to this Section, appropriate provision shall be made
to effect such credit, by refund or otherwise. If any such claim is asserted,
you may take such action in connection therewith as you deem necessary or
desirable, including retention of counsel for the Underwriters, and in your
discretion separate counsel so retained by you shall be included in the amounts
payable pursuant to this Section. In determining amounts payable pursuant to
this Section, any loss, claim, damage, liability or expense paid or incurred,
and any amount received, by any person controlling any Underwriter within the
meaning of Section 15 of the Act which has been paid or incurred or received by
reason of such control relationship shall be deemed to have been paid or
incurred or received by such Underwriter. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. At your discretion, you may consent to being named as the
representatives of a defendant class of underwriters. Any Underwriter may elect
to retain at its own expense its own counsel and, on advice of such counsel and
with your consent, may settle or consent to the settlement of any such claim.
You may settle or consent to the settlement of any such claim, on advice of
counsel retained by you, with the approval of a majority in interest of the
Underwriters. Whenever we receive notice of the assertion of any claim to which
the provisions of this Section would be applicable, we will give prompt notice
thereof to you. Whenever you receive notice of the assertion of any claim to
which the provisions of this Section would be applicable, you will give prompt
notice thereof to each Underwriter. You will also furnish each Underwriter with
periodic reports, at such times as you deem appropriate, as to the status of
such claim and the action taken by you in connection therewith. If any
Underwriter or Underwriters default in their obligation to make any payments
under this Section, each non-defaulting Underwriter shall be obligated to pay
its proportionate share of all defaulted payments, based upon such Underwriter's
underwriting obligation as related to the underwriting obligations of all
non-defaulting Underwriters without, however, relieving such defaulting
Underwriter from its liability therefor.

16. We authorize you to file with the Commission and any other governmental
agency any reports required in connection with any transactions effected by you
for our account pursuant to this Master Agreement Among Underwriters, and we
will furnish any information needed for such reports. We agree to transmit to
you for filing with the Commission any report required to be made by us pursuant
to the Exchange Act as a result of any transactions effected in connection with
the offering of the Securities. You agree to inform us, upon our request, of the


                                       13

<PAGE>

states and other jurisdictions in the United States in which it is believed that
the Securities are qualified for sale under, or are exempt from the requirements
of, their respective securities laws. However, you will not have any
responsibility with respect to the right of any Underwriter or other person to
sell the Securities in any state or jurisdiction, notwithstanding any
information you may furnish in that connection. If we propose to offer
Securities outside the United States, its territories or its possessions, we
will take, at our own expense, such action, if any, as may be necessary to
comply with the laws of each foreign jurisdiction in which we propose to offer
Securities. If applicable, we further authorize you to file on behalf of the
several Underwriters with the NASD such required documents and information, if
any, which have been furnished to you for filing pursuant to the applicable,
rules, statements and interpretations of the NASD. If in your discretion you
deem it necessary, you are further authorized to file with the Department of
State of the State of New York and Further State Notice with respect to the
Securities.

17. You represent and warrant that you are a member in good standing of the
NASD, and we represent and warrant that we are (a) a member in good standing of
the NASD, (b) a Bank that is not a member of the NASD or (c) a foreign bank,
broker, dealer or other institution not eligible for membership in the NASD. If
we are such a member, we agree that in making sales of the Securities we will
comply with all applicable rules of the NASD, including, without limitation,
NASD Rule 2740. If we are not an NASD member, we agree to comply as though we
were a member with NASD Rules 2730, 2740, and 2750 and to comply with the
requirements of the NASD's Interpretation with Respect to Free-Riding and
Withholding. If we are such a foreign bank, broker, dealer or other institution,
we agree not to offer or sell any Securities in the United States of America
except through you and in making sales of Securities we agree to comply with
NASD Rule 2420 as it applies to a nonmember broker or dealer in a foreign
country. If we are a Bank, we agree that we will not accept any portion of the
management fee paid by the Underwriters with respect to the offering of any
Securities or, in connection with the public offering of any Securities that do
not constitute "exempted securities" within the meaning of Section 3(a)(12) of
the Exchange Act, purchase any Securities at a discount from the offering price
from any Underwriter or Selected Dealer or otherwise accept any selling
concession, discount or other allowance from any Underwriter or Selected Dealer,
which in any such case is not permitted under the NASD's Rules of Fair Practice,
and we agree to comply with NASD Rule 2420 as though we were a member.

18. Any notice to us shall be deemed to have been duly given if mailed,
hand-delivered, telephoned (and confirmed in writing), telegraphed, telexed,
telecopied or wired communicated to us at the address set forth on the signature
page hereof, or at such other address as we shall notify you in writing.
Communications by telegram, telex, telecopy, wire or other written form shall be
deemed to be "written" communications.

19. This Master Agreement Among Underwriters shall be governed by, and construed
in accordance with, the laws of the State of New York applicable to agreements
made and to be wholly performed in such State.


                                       14

<PAGE>

20. This Master Agreement Among Underwriters may be executed in any number of
counterparts, each of which shall be deemed an original, which taken together
shall constitute one and the same instrument.

                                        Very truly yours,

                                        ----------------------------------------
                                        (Name of Firm)


                                        By
                                           -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Address:
                                                 -------------------------------

                                                 -------------------------------
                                        Telephone:
                                                   -----------------------------
                                        Telecopy:
                                                  ------------------------------


Confirmed, as of the date
first above written

WACHOVIA CAPITAL MARKETS, LLC


By
   ----------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                       15

<PAGE>

                                     ANNEX A

                          WACHOVIA CAPITAL MARKETS, LLC
                       MASTER UNDERWRITERS' QUESTIONNAIRE

     In connection with each offering of securities ("Securities") pursuant to
the Master Agreement Among Underwriters of Wachovia Capital Markets, LLC ("WCM")
dated __________, 2003, we confirm that except as set forth in our Acceptance of
an Invitation to participate in such offering or other communication furnished
to WCM prior to the effectiveness of our commitment to purchase:

          (a) Neither we nor any of our directors, officers or partners have a
     material relationship (as "material" is defined in Regulation C under the
     Securities Act of 1933) with the Issuer and, if the offer and sale of the
     Securities are to be registered under the Securities Act of 1933 pursuant
     to a Registration Statement on Form S-1 or F-1, neither we nor any "group"
     (as that term is used in Section 13(d)(3) of the Securities Exchange Act of
     1934, as amended (the "Exchange Act")) of which we are a member is the
     beneficial owner (determined in accordance with Rule 13d-3 under the
     Exchange Act), of more than 5% of any class of voting securities of the
     Issuer, nor do we have any knowledge that more than 5% of any class of
     voting securities of the Issuer is held or is to be held subject to any
     voting trust or other similar agreement;

          (b) Except as described in the Offering Document, we do not know of
     any discounts or commissions to be allowed or paid to dealers, including
     all cash, securities, contracts or other consideration to be received by
     any dealer in connection with the sale of the Securities, nor are we aware
     of any intention to overallot or that the price of any security may be
     stabilized to facilitate the offering of the Securities;

          (c) We have not prepared any report or memorandum for external use in
     connection with the proposed offering and, if the offer and sale of the
     Securities are to be registered under the Securities Act of 1933, as
     amended (the "Act") pursuant to a Registration Statement on Form S-1 or
     F-1, we have not within the past twelve months prepared or had prepared for
     us any engineering, management, research or similar report or memorandum
     relating (i) to the broad aspects of the business, operations or products
     of the Issuer, with the exception of reports solely comprised of
     recommendations to buy, sell or hold the Issuer's securities, unless such
     recommendations have changed within the past six months or (ii) to
     information already contained in documents filed with the Securities and
     Exchange Commission;

          (d) We are not an "affiliate" of the Issuer for purposes of NASD Rule
     2720 on the understanding that under NASD Rule 2720 (except as provided in
     Rule 2720(b) thereof) two entities are "affiliates" of each other if one
     entity controls, is controlled by, or is under common control with, the
     second entity and that "control" is presumed to exist if one entity (or, in
     the case of an NASD member, the entity and all "persons associated


                                       16

<PAGE>

     with" it (as defined in the NASD Rules)) beneficially owns 10% or more of
     the second entity's outstanding voting securities;

          (e) If the Securities to be offered are debt securities and their
     offer and sale are to be registered under the Act, (i) we are not an
     "affiliate" (as defined in Rule O-2 under the Trust Indenture Act of 1939,
     as amended) of the Trustee for Securities or of any parent company of such
     Trustee; (ii) neither such Trustee nor its parent company, if any, nor any
     director or executive officer of either of them is a "director, officer,
     partner, employee, appointee or representative" of ours (as those terms are
     defined in the Trust Indenture Act of 1939, as amended, or in the relevant
     instructions to Form T-1 thereunder); and (iii) we and our directors,
     partners and executive officers, taken as a group, do not own beneficially
     one percent or more of the shares of any class of outstanding voting
     securities of such Trustee or of its parent company, if any;

          (f) If we are a corporation, we do not have outstanding nor have we
     assumed or guaranteed any securities issued otherwise than in our present
     corporate name;

          (g) If we are, or are affiliated with, any U.S. or non-U.S. bank, we
     hereby represent and warrant that our participation in the offering of the
     Securities on the terms contemplated in the Master Agreement Among
     Underwriters and the proposed Underwriting Agreement does not contravene
     any U.S. or state banking law restricting the exercise of securities powers
     in the United States;

          (h) If the Securities are not issued by a real estate investment
     trust, then no portion of the net offering proceeds from the sale of the
     Securities will be paid to us or any of our affiliates or "persons
     associated with" us (as defined in the NASD Rules) or members of the
     immediate family of any such person;

          (i) If the filing with the NASD is required, then neither we nor any
     of our directors, officers, partners or "persons associated with" us (as
     defined in the NASD Rules), nor, to our knowledge, any "related person"
     (defined by the NASD to include counsel, financial consultants and
     advisors, finders, members of the selling or distribution group, any NASD
     member participating in the public offering and any other persons
     associated with or related to, and members of the immediate family of, any
     of the foregoing) or any other broker-dealer, (i) within the last 12 months
     has purchased in private transactions, or intends before, at or within 6
     months after the commencement of the public offering of the Securities to
     purchase in private transactions, any securities of the Issuer or any
     Issuer Related Party (as hereinafter defined, (ii) within the last 12
     months had any dealings with the Issuer, any of the selling stockholders or
     any parent, subsidiary or controlling stockholder thereof (other than
     relating to the proposed Underwriting Agreement, Master Agreement Among
     Underwriters and selling arrangements), as to which documents or
     information are required to be filed with the NASD pursuant to its
     Corporate Financing Rule or (iii) during the 12 months immediately
     preceding the filing of the registration statement, has entered into any


                                       17

<PAGE>

     arrangement which provided or provides for the receipt of any item of value
     (including, but not limited to, cash payments and expense reimbursements)
     and/or the transfer of any warrants, options or other securities from the
     Issuer or any Issuer Related Party to us or any related person;

          (j) If the Securities are not issued by a registered investment
     company, direct participation program or real estate investment trust, then
     there is no association or affiliation between us and (i) any officer or
     director of the Issuer or any Issuer Related Party, or (ii) any
     securityholder of 5% or more of any class of securities of the Issuer or an
     Issuer Related Party; it being understood that for purposes of paragraph
     (k) above and this paragraph (l), the term "Issuer Related Party" includes
     any selling securityholder offering securities to the public, any affiliate
     of the Issuer or a selling security holder, and the officers, general
     partners, directors, employees and securityholders thereof;

          (k) If the Securities are not issued by a registered investment
     company, direct participation program or real estate investment trust, then
     we do not have a "conflict of interest" with the Issuer under NASD Rule
     2720; it being understood that, except as otherwise provided in NASD Rule
     2720(b), a conflict of interest would exist if we, our "parent" (as defined
     in the NASD Rules), affiliates and "persons associated with" us (as defined
     in the NASD Rules) in the aggregate beneficially owned 10% or more of the
     Issuer's "common equity", "preferred equity" or "subordinated debt" (as
     each such term is defined in NASD Rule 2720);

          (l) If the Issuer does not have any securities registered under
     Section 12 of Exchange Act and is not otherwise subject to Section 15(d) of
     the Exchange Act, then we do not intend to confirm sales of the Securities
     to any accounts over which we exercise discretionary authority; and

          (m) If the Issuer is a public utility, then we are not a "holding
     company" or a "subsidiary company" or an "affiliate" of a "holding company"
     or of a "public utility", each as defined in the Public Utility Holding
     Company Act of 1935.

          (n) We are familiar with the rules, regulations and releases of the
     Securities and Exchange Commission dealing with the dissemination of
     information prior to and during registration, and we hereby inform you that
     neither we nor any of our directors, officers or partners have disseminated
     or will disseminate outside our organization any information relating to
     the Company or its securities of a nature or under circumstances indicated
     by those rules, regulations and releases to constitute a possible violation
     of the securities laws.

          (o) We have no knowledge of any untrue statement of a material fact
     contained in the Registration Statement or any omission to state any
     material fact required therein to be stated or necessary to make the
     statements therein not misleading.


                                       18

<PAGE>

          (p) Our commitment to purchase Securities, including pursuant to an
     over-allotment option, will not result in the violation by us of the
     financial responsibility requirements of Rule 15c3-1 under the Securities
     Exchange Act of 1934 or a similar provision of a securities exchange to
     which we are subject.

     WE WILL NOTIFY YOU IMMEDIATELY IN THE EVENT OF ANY DEVELOPMENT BEFORE THE
     EFFECTIVE DATE OF THE REGISTRATION STATEMENT WHICH MAKES UNTRUE OR
     INCOMPLETE ANY OF THE ABOVE STATEMENTS AS OF SUCH EFFECTIVE DATE. We will
     keep an accurate record of the distribution of copies of the preliminary
     prospectus and agree to deliver any revised preliminary prospectus. We also
     agree to furnish the final prospectus to each person who purchases
     Securities from us and to otherwise comply with applicable securities laws.

     We are aware that the staff of the Securities and Exchange Commission may
     not review the registration statement (and we will assume, unless advised
     to the contrary, that the staff of the Commission has not reviewed the
     registration statement) and that the review process of the Commission may
     not be relied upon in any degree to indicate the registration statement is
     true, complete or accurate. We are aware of our statutory responsibilities
     under the Securities Act of 1933, and we authorize Wachovia Securities,
     Inc. on behalf of the Representatives, on our behalf to so advise the
     Commission in writing.

                                        Very truly yours,

                                        ----------------------------------------
                                        (Name of Firm)


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------


                                       19
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(J)(1)
<SEQUENCE>7
<FILENAME>b63412naexv99wxjyx1y.txt
<DESCRIPTION>EX-99.(J)(1) MASTER CUSTODIAN AGREEMENT, DATED JANUARY 16, 2007
<TEXT>
<PAGE>

                                                                  EXHIBIT (j)(1)

                           MASTER CUSTODIAN AGREEMENT

                                     between

                           EATON VANCE GROUP OF FUNDS

                                       and

                         INVESTORS BANK & TRUST COMPANY

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                        <C>
1.   Definitions........................................................     1-2

2.   Employment of Custodian and Property to be held by it..............     2-3

3.   Duties of the Custodian with Respect to Property of the Fund.......       3
     A.   Safekeeping and Holding of Property...........................       3
     B.   Delivery of Securities........................................     3-6
     C.   Registration of Securities....................................       6
     D.   Bank Accounts.................................................       6
     E.   Payments for Shares of the Fund...............................     6-7
     F.   Investment and Availability of Federal Funds..................       7
     G.   Collections...................................................     7-8
     H.   Payment of Fund Moneys........................................     8-9
     I.   Liability for Payment in Advance of Receipt of
          Securities Purchased..........................................       9
     J.   Payments for Repurchases of Redemptions of Shares
             of the Fund................................................    9-10
     K.   Appointment of Agents by the Custodian........................      10
     L.   Deposit of Fund Portfolio Securities in Securities Systems....   10-12
     M.   Deposit of Fund Commercial Paper in an Approved Book-Entry
             System for Commercial Paper................................   12-13
     N.   Segregated Account............................................      14
     O.   Ownership Certificates for Tax Purposes.......................      14
     P.   Proxies.......................................................      14
     Q.   Communications Relating to Fund Portfolio Securities..........      14
     R.   Exercise of Rights;  Tender Offers............................      15
</TABLE>


                                       -i-

<PAGE>

<TABLE>
<S>                                                                        <C>
     S.   Depository Receipts...........................................      15
     T.   Interest Bearing Call or Time Deposits........................   15-16
     U.   Options, Futures Contracts and Foreign Currency Transactions..   16-17
     V.   Actions Permitted Without Express Authority...................      17
     W.   Advances by the Bank..........................................      18

4.   Duties of Bank with Respect to Books of Account and Calucations
        of Net Asset Value..............................................      18

5.   Records and Miscellaneous Duties...................................   18-19

6.   Opinion of Fund's Independent Public Accountants...................      19

7.   Compensation and Expenses of Bank..................................      19

8.   Responsibility of Bank.............................................   19-20

9.   Persons Having Access to Assets of the Fund........................      20

10.  Effective Period, Termination and Amendment; Successor Custodian...   20-21

11.  Interpretive and Additional Provisions.............................      21

12.  Notices............................................................      21

13.  Massachusetts Law to Apply.........................................      22

14.  Adoption of the Agreement by the Fund..............................      22
</TABLE>


                                      -ii-

<PAGE>

                           MASTER CUSTODIAN AGREEMENT

     This Agreement is made between each investment company advised by Eaton
Vance Management which has adopted this Agreement in the manner provided herein
and Investors Bank & Trust Company (hereinafter called "Bank", "Custodian" and
"Agent"), a trust company established under the laws of Massachusetts with a
principal place of business in Boston, Massachusetts.

     Whereas, each such investment company is registered under the Investment
Company Act of 1940 and has appointed the Bank to act as Custodian of its
property and to perform certain duties as its Agent, as more fully hereinafter
set forth; and

     Whereas, the Bank is willing and able to act as each such investment
company's Custodian and Agent, subject to and in accordance with the provisions
hereof;

     Now, therefore, in consideration of the premises and of the mutual
covenants and agreements herein contained, each such investment company and the
Bank agree as follows:

1.   DEFINITIONS

     Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:

     (a) "Fund" shall mean the investment company which has adopted this
Agreement. If the Fund is a Massachusetts business trust, it may in the future
establish and designate other separate and distinct series of shares, each of
which may be called a "portfolio"; in such case, the term "Fund" shall also
refer to each such separate series or portfolio.

     (b) "Board" shall mean the board of directors/trustees/managing general
partners/director general partners of the Fund, as the case may be.

     (c) "The Depository Trust Company", a clearing agency registered with the
Securities and Exchange Commission under Section 17A of the Securities Exchange
Act of 1934 which acts as a securities depository and which has been
specifically approved as a securities depository for the Fund by the Board.

     (d) "Participants Trust Company", a clearing agency registered with the
Securities and Exchange Commission under Section 17A of the Securities Exchange
Act of 1934 which acts as a securities depository and which has been
specifically approved as a securities depository for the Fund by the Board.

     (e) "Approved Clearing Agency" shall mean any other domestic clearing
agency registered with the Securities and Exchange Commission under Section 17A
of the Securities Exchange Act of 1934 which acts as a securities depository BUT
ONLY if the Custodian has received a certified copy of a vote of the Board
approving such clearing agency as a securities depository for the Fund.

     (f) "Federal Book-Entry System" shall mean the book-entry system referred
to in Rule 17f-4(b) under the Investment Company Act of 1940 for United States
and federal agency securities (i.e., as provided in Subpart O of Treasury
Circular No. 300, 31 CFR 306, Subpart B of 31 CFR Part 350, and the book-entry
regulations of federal agencies substantially in the form of Subpart O).

<PAGE>

     (g) "Approved Foreign Securities Depository" shall mean a foreign
securities depository or clearing agency referred to in Rule 17f-4 under the
Investment Company Act of 1940 for foreign securities BUT ONLY if the Custodian
has received a certified copy of a vote of the Board approving such depository
or clearing agency as a foreign securities depository for the Fund.

     (h) "Approved Book-Entry System for Commercial Paper" shall mean a system
maintained by the Custodian or by a subcustodian employed pursuant to Section 2
hereof for the holding of commercial paper in book-entry form BUT ONLY if the
Custodian has received a certified copy of a vote of the Board approving the
participation by the Fund in such system.

     (i) The Custodian shall be deemed to have received "proper instructions" in
respect of any of the matters referred to in this Agreement upon receipt of
written or facsimile instructions signed by such one or more person or persons
as the Board shall have from time to time authorized to give the particular
class of instructions in question. Electronic instructions for the purchase and
sale of securities which are transmitted by Eaton Vance Management to the
Custodian through the Eaton Vance equity trading system and the Eaton Vance
fixed income trading system shall be deemed to be proper instructions; the Fund
shall cause all such instructions to be confirmed in writing. Different persons
may be authorized to give instructions for different purposes. A certified copy
of a vote of the Board may be received and accepted by the Custodian as
conclusive evidence of the authority of any such person to act and may be
considered as in full force and effect until receipt of written notice to the
contrary. Such instructions may be general or specific in terms and, where
appropriate, may be standing instructions. Unless the vote delegating authority
to any person or persons to give a particular class of instructions specifically
requires that the approval of any person, persons or committee shall first have
been obtained before the Custodian may act on instructions of that class, the
Custodian shall be under no obligation to question the right of the person or
persons giving such instructions in so doing. Oral instructions will be
considered proper instructions if the Custodian reasonably believes them to have
been given by a person authorized to give such instructions with respect to the
transaction involved. The Fund shall cause all oral instructions to be confirmed
in writing. The Fund authorizes the Custodian to tape record any and all
telephonic or other oral instructions given to the Custodian. Upon receipt of a
certificate signed by two officers of the Fund as to the authorization by the
President and the Treasurer of the Fund accompanied by a detailed description of
the communication procedures approved by the President and the Treasurer of the
Fund, "proper instructions" may also include communications effected directly
between electromechanical or electronic devices provided that the President and
Treasurer of the Fund and the Custodian are satisfied that such procedures
afford adequate safeguards for the Fund's assets. In performing its duties
generally, and more particularly in connection with the purchase, sale and
exchange of securities made by or for the Fund, the Custodian may take
cognizance of the provisions of the governing documents and registration
statement of the Fund as the same may from time to time be in effect (and votes,
resolutions or proceedings of the shareholders or the Board), but, nevertheless,
except as otherwise expressly provided herein, the Custodian may assume unless
and until notified in writing to the contrary that so-called proper instructions
received by it are not in conflict with or in any way contrary to any provisions
of such governing documents and registration statement, or votes, resolutions or
proceedings of the shareholders or the Board.

2.   EMPLOYMENT OF CUSTODIAN AND PROPERTY TO BE HELD BY IT

     The Fund hereby appoints and employs the Bank as its Custodian and Agent in
accordance with and subject to the provisions hereof, and the Bank hereby
accepts such appointment and employment. The Fund agrees to deliver to the
Custodian all securities, participation interests, cash and other assets owned


                                       -2-

<PAGE>

by it, and all payments of income, payments of principal and capital
distributions and adjustments received by it with respect to all securities and
participation interests owned by the Fund from time to time, and the cash
consideration received by it for such new or treasury shares ("Shares") of the
Fund as may be issued or sold from time to time. The Custodian shall not be
responsible for any property of the Fund held by the Fund and not delivered by
the Fund to the Custodian. The Fund will also deliver to the Bank from time to
time copies of its currently effective charter (or declaration of trust or
partnership agreement, as the case may be), by-laws, prospectus, statement of
additional information and distribution agreement with its principal
underwriter, together with such resolutions, votes and other proceedings of the
Fund as may be necessary for or convenient to the Bank in the performance of its
duties hereunder.

     The Custodian may from time to time employ one or more subcustodians to
perform such acts and services upon such terms and conditions as shall be
approved from time to time by the Board of Directors. Any such subcustodian so
employed by the Custodian shall be deemed to be the agent of the Custodian, and
the Custodian shall remain primarily responsible for the securities,
participation interests, moneys and other property of the Fund held by such
subcustodian. Any foreign subcustodian shall be a bank or trust company which is
an eligible foreign custodian within the meaning of Rule 17f-5 under the
Investment Company Act of 1940, and the foreign custody arrangements shall be
approved by the Board of Directors and shall be in accordance with and subject
to the provisions of said Rule. For the purposes of this Agreement, any property
of the Fund held by any such subcustodian (domestic or foreign) shall be deemed
to be held by the Custodian under the terms of this Agreement.

3.   DUTIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY OF THE FUND

     A.   FEKEEPING AND HOLDING OF PROPERTY. The Custodian shall keep safely all
          property of the Fund and on behalf of the Fund shall from time to time
          receive delivery of Fund property for safekeeping. The Custodian shall
          hold, earmark and segregate on its books and records for the account
          of the Fund all property of the Fund, including all securities,
          participation interests and other assets of the Fund (1) physically
          held by the Custodian, (2) held by any subcustodian referred to in
          Section 2 hereof or by any agent referred to in Paragraph K hereof,
          (3) held by or maintained in The Depository Trust Company or in
          Participants Trust Company or in an Approved Clearing Agency or in the
          Federal Book-Entry System or in an Approved Foreign Securities
          Depository, each of which from time to time is referred to herein as a
          "Securities System", and (4) held by the Custodian or by any
          subcustodian referred to in Section 2 hereof and maintained in any
          Approved Book-Entry System for Commercial Paper.

     B.   DELIVERY OF SECURITIES. The Custodian shall release and deliver
          securities or participation interests owned by the Fund held (or
          deemed to be held) by the Custodian or maintained in a Securities
          System account or in an Approved Book-Entry System for Commercial
          Paper account only upon receipt of proper instructions, which may be
          continuing instructions when deemed appropriate by the parties, and
          only in the following cases:

               1)   Upon sale of such securities or participation interests for
                    the account of the Fund, BUT ONLY against receipt of payment
                    therefor; if delivery is made in Boston or New York City,
                    payment therefor shall be made in accordance with generally
                    accepted clearing house procedures or by use of Federal


                                       -3-

<PAGE>

                    Reserve Wire System procedures; if delivery is made
                    elsewhere payment therefor shall be in accordance with the
                    then current "street delivery" custom or in accordance with
                    such procedures agreed to in writing from time to time by
                    the parties hereto; if the sale is effected through a
                    Securities System, delivery and payment therefor shall be
                    made in accordance with the provisions of Paragraph L
                    hereof; if the sale of commercial paper is to be effected
                    through an Approved Book-Entry System for Commercial Paper,
                    delivery and payment therefor shall be made in accordance
                    with the provisions of Paragraph M hereof; if the securities
                    are to be sold outside the United States, delivery may be
                    made in accordance with procedures agreed to in writing from
                    time to time by the parties hereto; for the purposes of this
                    subparagraph, the term "sale" shall include the disposition
                    of a portfolio security (i) upon the exercise of an option
                    written by the Fund and (ii) upon the failure by the Fund to
                    make a successful bid with respect to a portfolio security,
                    the continued holding of which is contingent upon the making
                    of such a bid;

               2)   Upon the receipt of payment in connection with any
                    repurchase agreement or reverse repurchase agreement
                    relating to such securities and entered into by the Fund;

               3)   To the depository agent in connection with tender or other
                    similar offers for portfolio securities of the Fund;

               4)   To the issuer thereof or its agent when such securities or
                    participation interests are called, redeemed, retired or
                    otherwise become payable; PROVIDED that, in any such case,
                    the cash or other consideration is to be delivered to the
                    Custodian or any subcustodian employed pursuant to Section 2
                    hereof;

               5)   To the issuer thereof, or its agent, for transfer into the
                    name of the Fund or into the name of any nominee of the
                    Custodian or into the name or nominee name of any agent
                    appointed pursuant to Paragraph K hereof or into the name or
                    nominee name of any subcustodian employed pursuant to
                    Section 2 hereof; or for exchange for a different number of
                    bonds, certificates or other evidence representing the same
                    aggregate face amount or number of units; PROVIDED that, in
                    any such case, the new securities or participation interests
                    are to be delivered to the Custodian or any subcustodian
                    employed pursuant to Section 2 hereof;

               6)   To the broker selling the same for examination in accordance
                    with the "street delivery" custom; PROVIDED that the
                    Custodian shall adopt such procedures as the Fund from time
                    to time shall approve to ensure their prompt return to the
                    Custodian by the broker in the event the broker elects not
                    to accept them;

               7)   For exchange or conversion pursuant to any plan of merger,
                    consolidation, recapitalization, reorganization or
                    readjustment of the securities of the Issuer of such
                    securities, or pursuant to provisions for conversion of such
                    securities, or pursuant to any deposit agreement; provided


                                       -4-

<PAGE>

                    that, in any such case, the new securities and cash, if any,
                    are to be delivered to the Custodian or any subcustodian
                    employed pursuant to Section 2 hereof;

               8)   In the case of warrants, rights or similar securities, the
                    surrender thereof in connection with the exercise of such
                    warrants, rights or similar securities, or the surrender of
                    interim receipts or temporary securities for definitive
                    securities; PROVIDED that, in any such case, the new
                    securities and cash, if any, are to be delivered to the
                    Custodian or any subcustodian employed pursuant to Section 2
                    hereof;

               9)   For delivery in connection with any loans of securities made
                    by the Fund (such loans to be made pursuant to the terms of
                    the Fund's current registration statement), BUT ONLY against
                    receipt of adequate collateral as agreed upon from time to
                    time by the Custodian and the Fund, which may be in the form
                    of cash or obligations issued by the United States
                    government, its agencies or instrumentalities; except that
                    in connection with any securities loans for which collateral
                    is to be credited to the Custodian's account in the
                    book-entry system authorized by the U.S. Department of
                    Treasury, the Custodian will not be held liable or
                    responsible for the delivery of securities loaned by the
                    Fund prior to the receipt of such collateral;

               10)  For delivery as security in connection with any borrowings
                    by the Fund requiring a pledge or hypothecation of assets by
                    the Fund (if then permitted under circumstances described in
                    the current registration statement of the Fund), provided,
                    that the securities shall be released only upon payment to
                    the Custodian of the monies borrowed, except that in cases
                    where additional collateral is required to secure a
                    borrowing already made, further securities may be released
                    for that purpose; upon receipt of proper instructions, the
                    Custodian may pay any such loan upon redelivery to it of the
                    securities pledged or hypothecated therefor and upon
                    surrender of the note or notes evidencing the loan;

               11)  When required for delivery in connection with any redemption
                    or repurchase of Shares of the Fund in accordance with the
                    provisions of Paragraph J hereof;

               12)  For delivery in accordance with the provisions of any
                    agreement between the Custodian (or a subcustodian employed
                    pursuant to Section 2 hereof) and a broker-dealer registered
                    under the Securities Exchange Act of 1934 and, if necessary,
                    the Fund, relating to compliance with the rules of The
                    Options Clearing Corporation or of any registered national
                    securities exchange, or of any similar organization or
                    organizations, regarding deposit or escrow or other
                    arrangements in connection with options transactions by the
                    Fund;


                                       -5-

<PAGE>

               13)  For delivery in accordance with the provisions of any
                    agreement among the Fund, the Custodian (or a subcustodian
                    employed pursuant to Section 2 hereof), and a futures
                    commissions merchant, relating to compliance with the rules
                    of the Commodity Futures Trading Commission and/or of any
                    contract market or commodities exchange or similar
                    organization, regarding futures margin account deposits or
                    payments in connection with futures transactions by the
                    Fund;

               14)  For any other proper corporate purpose, BUT ONLY upon
                    receipt of, in addition to proper instructions, a certified
                    copy of a vote of the Board specifying the securities to be
                    delivered, setting forth the purpose for which such delivery
                    is to be made, declaring such purpose to be proper corporate
                    purpose, and naming the person or persons to whom delivery
                    of such securities shall be made.

     C.   REGISTRATION OF SECURITIES. Securities held by the Custodian (other
          than bearer securities) for the account of the Fund shall be
          registered in the name of the Fund or in the name of any nominee of
          the Fund or of any nominee of the Custodian, or in the name or nominee
          name of any agent appointed pursuant to Paragraph K hereof, or in the
          name or nominee name of any subcustodian employed pursuant to Section
          2 hereof, or in the name or nominee name of The Depository Trust
          Company or Participants Trust Company or Approved Clearing Agency or
          Federal Book-Entry System or Approved Book-Entry System for Commercial
          Paper; provided, that securities are held in an account of the
          Custodian or of such agent or of such subcustodian containing only
          assets of the Fund or only assets held by the Custodian or such agent
          or such subcustodian as a custodian or subcustodian or in a fiduciary
          capacity for customers. All certificates for securities accepted by
          the Custodian or any such agent or subcustodian on behalf of the Fund
          shall be in "street" or other good delivery form or shall be returned
          to the selling broker or dealer who shall be advised of the reason
          thereof.

     D.   BANK ACCOUNTS. The Custodian shall open and maintain a separate bank
          account or accounts in the name of the Fund, subject only to draft or
          order by the Custodian acting in pursuant to the terms of this
          Agreement, and shall hold in such account or accounts, subject to the
          provisions hereof, all cash received by it from or for the account of
          the Fund other than cash maintained by the Fund in a bank account
          established and used in accordance with Rule 17f-3 under the
          Investment Company Act of 1940. Funds held by the Custodian for the
          Fund may be deposited by it to its credit as Custodian in the Banking
          Department of the Custodian or in such other banks or trust companies
          as the Custodian may in its discretion deem necessary or desirable;
          provided, however, that every such bank or trust company shall be
          qualified to act as a custodian under the Investment Company Act of
          1940 and that each such bank or trust company and the funds to be
          deposited with each such bank or trust company shall be approved in
          writing by two officers of the Fund. Such funds shall be deposited by
          the Custodian in its capacity as Custodian and shall be subject to
          withdrawal only by the Custodian in that capacity.

     E.   PAYMENT FOR SHARES OF THE FUND. The Custodian shall make appropriate
          arrangements with the Transfer Agent and the principal underwriter of
          the Fund to enable the Custodian to make certain it promptly receives
          the cash or other consideration due to the Fund for such new or
          treasury Shares as may be issued or sold from time to time by the


                                       -6-

<PAGE>

          Fund, in accordance with the governing documents and offering
          prospectus and statement of additional information of the Fund. The
          Custodian will provide prompt notification to the Fund of any receipt
          by it of payments for Shares of the Fund.

     F.   INVESTMENT AND AVAILABILITY OF FEDERAL FUNDS. Upon agreement between
          the Fund and the Custodian, the Custodian shall, upon the receipt of
          proper instructions, which may be continuing instructions when deemed
          appropriate by the parties,

               1)   invest in such securities and instruments as may be set
                    forth in such instructions on the same day as received all
                    federal funds received after a time agreed upon between the
                    Custodian and the Fund; and

               2)   make federal funds available to the Fund as of specified
                    times agreed upon from time to time by the Fund and the
                    Custodian in the amount of checks received in payment for
                    Shares of the Fund which are deposited into the Fund's
                    account.

     G.   COLLECTIONS. The Custodian shall promptly collect all income and other
          payments with respect to registered securities held hereunder to which
          the Fund shall be entitled either by law or pursuant to custom in the
          securities business, and shall promptly collect all income and other
          payments with respect to bearer securities if, on the date of payment
          by the issuer, such securities are held by the Custodian or agent
          thereof and shall credit such income, as collected, to the Fund's
          custodian account.

          The Custodian shall do all things necessary and proper in connection
          with such prompt collections and, without limiting the generality of
          the foregoing, the Custodian shall

               1)   Present for payment all coupons and other income items
                    requiring presentations;

               2)   Present for payment all securities which may mature or be
                    called, redeemed, retired or otherwise become payable;

               3)   Endorse and deposit for collection, in the name of the Fund,
                    checks, drafts or other negotiable instruments;

               4)   Credit income from securities maintained in a Securities
                    System or in an Approved Book-Entry System for Commercial
                    Paper at the time funds become available to the Custodian;
                    in the case of securities maintained in The Depository Trust
                    Company funds shall be deemed available to the Fund not
                    later than the opening of business on the first business day
                    after receipt of such funds by the Custodian.

          The Custodian shall notify the Fund as soon as reasonably practicable
          whenever income due on any security is not promptly collected. In any
          case in which the Custodian does not receive any due and unpaid income
          after it has made demand for the same, it shall immediately so notify
          the Fund in writing, enclosing copies of any demand letter, any


                                       -7-

<PAGE>

          written response thereto, and memoranda of all oral responses thereto
          and to telephonic demands, and await instructions from the Fund; the
          Custodian shall in no case have any liability for any nonpayment of
          such income provided the Custodian meets the standard of care set
          forth in Section 8 hereof. The Custodian shall not be obligated to
          take legal action for collection unless and until reasonably
          indemnified to its satisfaction.

          The Custodian shall also receive and collect all stock dividends,
          rights and other items of like nature, and deal with the same pursuant
          to proper instructions relative thereto.

     H.   PAYMENT OF FUND MONEYS. Upon receipt of proper instructions, which may
          be continuing instructions when deemed appropriate by the parties, the
          Custodian shall pay out moneys of the Fund in the following cases
          only:

               1)   Upon the purchase of securities, participation interests,
                    options, futures contracts, forward contracts and options on
                    futures contracts purchased for the account of the Fund but
                    only (a) against the receipt of

                    (i) such securities registered as provided in Paragraph C
                    hereof or in proper form for transfer or

                    (ii) detailed instructions signed by an officer of the Fund
                    regarding the participation interests to be purchased or

                    (iii) written confirmation of the purchase by the Fund of
                    the options, futures contracts, forward contracts or options
                    on futures contracts

                    by the Custodian (or by a subcustodian employed pursuant to
                    Section 2 hereof or by a clearing corporation of a national
                    securities exchange of which the Custodian is a member or by
                    any bank, banking institution or trust company doing
                    business in the United States or abroad which is qualified
                    under the Investment Company Act of 1940 to act as a
                    custodian and which has been designated by the Custodian as
                    its agent for this purpose or by the agent specifically
                    designated in such instructions as representing the
                    purchasers of a new issue of privately placed securities);
                    (b) in the case of a purchase effected through a Securities
                    System, upon receipt of the securities by the Securities
                    System in accordance with the conditions set forth in
                    Paragraph L hereof; (c) in the case of a purchase of
                    commercial paper effected through an Approved Book-Entry
                    System for Commercial Paper, upon receipt of the paper by
                    the Custodian or subcustodian in accordance with the
                    conditions set forth in Paragraph M hereof; (d) in the case
                    of repurchase agreements entered into between the Fund and
                    another bank or a broker-dealer, against receipt by the
                    Custodian of the securities underlying the repurchase
                    agreement either in certificate form or through an entry
                    crediting the Custodian's segregated, non-proprietary
                    account at the Federal Reserve Bank of Boston with such
                    securities along with written evidence of the agreement by


                                       -8-

<PAGE>

                    the bank or broker-dealer to repurchase such securities from
                    the Fund; or (e) with respect to securities purchased
                    outside of the United States, in accordance with written
                    procedures agreed to from time to time in writing by the
                    parties hereto;

               2)   When required in connection with the conversion, exchange or
                    surrender of securities owned by the Fund as set forth in
                    Paragraph B hereof;

               3)   When required for the redemption or repurchase of Shares of
                    the Fund in accordance with the provisions of Paragraph J
                    hereof;

               4)   For the payment of any expense or liability incurred by the
                    Fund, including but not limited to the following payments
                    for the account of the Fund: advisory fees, distribution
                    plan payments, interest, taxes, management compensation and
                    expenses, accounting, transfer agent and legal fees, and
                    other operating expenses of the Fund whether or not such
                    expenses are to be in whole or part capitalized or treated
                    as deferred expenses;

               5)   For the payment of any dividends or other distributions to
                    holders of Shares declared or authorized by the Board; and

               6)   For any other proper corporate purpose, BUT ONLY upon
                    receipt of, in addition to proper instructions, a certified
                    copy of a vote of the Board, specifying the amount of such
                    payment, setting forth the purpose for which such payment is
                    to be made, declaring such purpose to be a proper corporate
                    purpose, and naming the person or persons to whom such
                    payment is to be made.

     I.   LIABILITY FOR PAYMENT IN ADVANCE OF RECEIPT OF SECURITIES PURCHASED.
          In any and every case where payment for purchase of securities for the
          account of the Fund is made by the Custodian in advance of receipt of
          the securities purchased in the absence of specific written
          instructions signed by two officers of the Fund to so pay in advance,
          the Custodian shall be absolutely liable to the Fund for such
          securities to the same extent as if the securities had been received
          by the Custodian; EXCEPT that in the case of a repurchase agreement
          entered into by the Fund with a bank which is a member of the Federal
          Reserve System, the Custodian may transfer funds to the account of
          such bank prior to the receipt of (i) the securities in certificate
          form subject to such repurchase agreement or (ii) written evidence
          that the securities subject to such repurchase agreement have been
          transferred by book-entry into a segregated non-proprietary account of
          the Custodian maintained with the Federal Reserve Bank of Boston or
          (iii) the safekeeping receipt, PROVIDED that such securities have in
          fact been so transferred by book-entry and the written repurchase
          agreement is received by the Custodian in due course; AND EXCEPT that
          if the securities are to be purchased outside the United States,
          payment may be made in accordance with procedures agreed to in writing
          from time to time by the parties hereto.

     J.   PAYMENTS FOR REPURCHASES OR REDEMPTIONS OF SHARES OF THE FUND. From
          such funds as may be available for the purpose, but subject to any
          applicable votes of the Board and the current redemption and
          repurchase procedures of the Fund, the Custodian shall, upon receipt
          of written instructions from the Fund or from the Fund's transfer
          agent or from the principal underwriter, make funds and/or portfolio


                                       -9-

<PAGE>
          securities available for payment to holders of Shares who have caused
          their Shares to be redeemed or repurchased by the Fund or for the
          Fund's account by its transfer agent or principal underwriter.

          The Custodian may maintain a special checking account upon which
          special checks may be drawn by shareholders of the Fund holding Shares
          for which certificates have not been issued. Such checking account and
          such special checks shall be subject to such rules and regulations as
          the Custodian and the Fund may from time to time adopt. The Custodian
          or the Fund may suspend or terminate use of such checking account or
          such special checks (either generally or for one or more shareholders)
          at any time. The Custodian and the Fund shall notify the other
          immediately of any such suspension or termination.

     K.   APPOINTMENT OF AGENTS BY THE CUSTODIAN. The Custodian may at any time
          or times in its discretion appoint (and may at any time remove) any
          other bank or trust company (provided such bank or trust company is
          itself qualified under the Investment Company Act of 1940 to act as a
          custodian or is itself an eligible foreign custodian within the
          meaning of Rule 17f-5 under said Act) as the agent of the Custodian to
          carry out such of the duties and functions of the Custodian described
          in this Section 3 as the Custodian may from time to time direct;
          providED, however, that the appointment of any such agent shall not
          relieve the Custodian of any of its responsibilities or liabilities
          hereunder, and as between the Fund and the Custodian the Custodian
          shall be fully responsible for the acts and omissions of any such
          agent. For the purposes of this Agreement, any property of the Fund
          held by any such agent shall be deemed to be held by the Custodian
          hereunder.

     L.   DEPOSIT OF FUND PORTFOLIO SECURITIES IN SECURITIES SYSTEMS The
          Custodian may deposit and/or maintain securities owned by the Fund

                    (1)  in The Depository Trust Company;

                    (2)  in Participants Trust Company;

                    (3)  in any other Approved Clearing Agency;

                    (4)  in the Federal Book-Entry System; or

                    (5)  in an Approved Foreign Securities Depository

          in each case only in accordance with applicable Federal Reserve Board
          and Securities and Exchange Commission rules and regulations, and at
          all times subject to the following provisions:

          (a) The Custodian may (either directly or through one or more
          subcustodians employed pursuant to Section 2 keep securities of the
          Fund in a Securities System provided that such securities are
          maintained in a non-proprietary account ("Account") of the Custodian


                                      -10-

<PAGE>

          or such subcustodian in the Securities System which shall not include
          any assets of the Custodian or such subcustodian or any other person
          other than assets held by the Custodian or such subcustodian as a
          fiduciary, custodian, or otherwise for its customers.

          (b) The records of the Custodian with respect to securities of the
          Fund which are maintained in a Securities System shall identify by
          book-entry those securities belonging to the Fund, and the Custodian
          shall be fully and completely responsible for maintaining a
          recordkeeping system capable of accurately and currently stating the
          Fund's holdings maintained in each such Securities System.

          (c) The Custodian shall pay for securities purchased in book-entry
          form for the account of the Fund only upon (i) receipt of notice or
          advice from the Securities System that such securities have been
          transferred to the Account, and (ii) the making of any entry on the
          records of the Custodian to reflect such payment and transfer for the
          account of the Fund. The Custodian shall transfer securities sold for
          the account of the Fund only upon (i) receipt of notice or advice from
          the Securities System that payment for such securities has been
          transferred to the Account, and (ii) the making of an entry on the
          records of the Custodian to reflect such transfer and payment for the
          account of the Fund. Copies of all notices or advices from the
          Securities System of transfers of securities for the account of the
          Fund shall identify the Fund, be maintained for the Fund by the
          Custodian and be promptly provided to the Fund at its request. The
          Custodian shall promptly send to the Fund confirmation of each
          transfer to or from the account of the Fund in the form of a written
          advice or notice of each such transaction, and shall furnish to the
          Fund copies of daily transaction sheets reflecting each day's
          transactions in the Securities System for the account of the Fund on
          the next business day.

          (d) The Custodian shall promptly send to the Fund any report or other
          communication received or obtained by the Custodian relating to the
          Securities System's accounting system, system of internal accounting
          controls or procedures for safeguarding securities deposited in the
          Securities System; the Custodian shall promptly send to the Fund any
          report or other communication relating to the Custodian's internal
          accounting controls and procedures for safeguarding securities
          deposited in any Securities System; and the Custodian shall ensure
          that any agent appointed pursuant to Paragraph K hereof or any
          subcustodian employed pursuant to Section 2 hereof shall promptly send
          to the Fund and to the Custodian any report or other communication
          relating to such agent's or sub custodian's internal accounting
          controls and procedures for safeguarding securities deposited in any
          Securities System. The Custodian's books and records relating to the
          Fund's participation in each Securities System will at all times
          during regular business hours be open to the inspection of the Fund's
          authorized officers, employees or agents.

          (e) The Custodian shall not act under this Paragraph L in the absence
          of receipt of a certificate of an officer of the Fund that the Board
          has approved the use of a particular Securities System; the Custodian
          shall also obtain appropriate assurance from the officers of the Fund
          that the Board has annually reviewed the continued use by the Fund of
          each Securities System, and the Fund shall promptly notify the
          Custodian if the use of a Securities System is to be discontinued; at
          the request of the Fund, the Custodian will terminate the use of any
          such Securities System as promptly as practicable.


                                      -11-

<PAGE>

          (f) Anything to the contrary in this Agreement notwithstanding, the
          Custodian shall be liable to the Fund for any loss or damage to the
          Fund resulting from use of the Securities System by reason of any
          negligence, misfeasance or misconduct of the Custodian or any of its
          agents or subcustodians or of any of its or their employees or from
          any failure of the Custodian or any such agent or subcustodian to
          enforce effectively such rights as it may have against the Securities
          System or any other person; at the election of the Fund, it shall be
          entitled to be subrogated to the rights of the Custodian with respect
          to any claim against the Securities System or any other person which
          the Custodian may have as a consequence of any such loss or damage if
          and to the extent that the Fund has not been made whole for any such
          loss or damage.

     M.   DEPOSIT OF FUND COMMERCIAL PAPER IN AN APPROVED BOOK-ENTRY SYSTEM FOR
          COMMERCIAL PAPER. Upon receipt of proper instructions with respect to
          each issue of direct issue commercial paper purchased by the Fund, the
          Custodian may deposit and/or maintain direct issue commercial paper
          owned by the Fund in any Approved Book-Entry System for Commercial
          Paper, in each case only in accordance with applicable Securities and
          Exchange Commission rules, regulations, and no-action correspondence,
          and at all times subject to the following provisions:

          (a) The Custodian may (either directly or through one or more
          subcustodians employed pursuant to Section 2) keep commercial paper of
          the Fund in an Approved Book-Entry System for Commercial Paper,
          provided that such paper is issued in book entry form by the Custodian
          or subcustodian on behalf of an issuer with which the Custodian or
          subcustodian has entered into a book-entry agreement and provided
          further that such paper is maintained in a non-proprietary account
          ("Account") of the Custodian or such subcustodian in an Approved
          Book-Entry System for Commercial Paper which shall not include any
          assets of the Custodian or such subcustodian or any other person other
          than assets held by the Custodian or such subcustodian as a fiduciary,
          custodian, or otherwise for its customers.

          (b) The records of the Custodian with respect to commercial paper of
          the Fund which is maintained in an Approved Book-Entry System for
          Commercial Paper shall identify by book-entry each specific issue of
          commercial paper purchased by the Fund which is included in the System
          and shall at all times during regular business hours be open for
          inspection by authorized officers, employees or agents of the Fund.
          The Custodian shall be fully and completely responsible for
          maintaining a recordkeeping system capable of accurately and currently
          stating the Fund's holdings of commercial paper maintained in each
          such System.

          (c) The Custodian shall pay for commercial paper purchased in
          book-entry form for the account of the Fund only upon contemporaneous
          (i) receipt of notice or advice from the issuer that such paper has
          been issued, sold and transferred to the Account, and (ii) the making
          of an entry on the records of the Custodian to reflect such purchase,
          payment and transfer for the account of the Fund. The Custodian shall
          transfer such commercial paper which is sold or cancel such commercial
          paper which is redeemed for the account of the Fund only upon
          contemporaneous (i) receipt of notice or advice that payment for such
          paper has been transferred to the Account, and (ii) the making of an
          entry on the records of the Custodian to reflect such transfer or
          redemption and payment for the account of the Fund. Copies of all


                                      -12-

<PAGE>

          notices, advices and confirmations of transfers of commercial paper
          for the account of the Fund shall identify the Fund, be maintained for
          the Fund by the Custodian and be promptly provided to the Fund at its
          request. The Custodian shall promptly send to the Fund confirmation of
          each transfer to or from the account of the Fund in the form of a
          written advice or notice of each such transaction, and shall furnish
          to the Fund copies of daily transaction sheets reflecting each day's
          transactions in the System for the account of the Fund on the next
          business day.

          (d) The Custodian shall promptly send to the Fund any report or other
          communication received or obtained by the Custodian relating to each
          System's accounting system, system of internal accounting controls or
          procedures for safeguarding commercial paper deposited in the System;
          the Custodian shall promptly send to the Fund any report or other
          communication relating to the Custodian's internal accounting controls
          and procedures for safeguarding commercial paper deposited in any
          Approved Book-Entry System for Commercial Paper; and the Custodian
          shall ensure that any agent appointed pursuant to Paragraph K hereof
          or any subcustodian employed pursuant to Section 2 hereof shall
          promptly send to the Fund and to the Custodian any report or other
          communication relating to such agent's or sub custodian's internal
          accounting controls and procedures for safeguarding securities
          deposited in any Approved Book-Entry System for Commercial Paper.

          (e) The Custodian shall not act under this Paragraph M in the absence
          of receipt of a certificate of an officer of the Fund that the Board
          has approved the use of a particular Approved Book-Entry System for
          Commercial Paper; the Custodian shall also obtain appropriate
          assurance from the officers of the Fund that the Board has annually
          reviewed the continued use by the Fund of each Approved Book-Entry
          System for Commercial Paper, and the Fund shall promptly notify the
          Custodian if the use of an Approved Book-Entry System for Commercial
          Paper is to be discontinued; at the request of the Fund, the Custodian
          will terminate the use of any such System as promptly as practicable.

          (f) The Custodian (or subcustodian, if the Approved Book-Entry System
          for Commercial Paper is maintained by the subcustodian) shall issue
          physical commercial paper or promissory notes whenever requested to do
          so by the Fund or in the event of an electronic system failure which
          impedes issuance, transfer or custody of direct issue commercial paper
          by book-entry.

          (g) Anything to the contrary in this Agreement notwithstanding, the
          Custodian shall be liable to the Fund for any loss or damage to the
          Fund resulting from use of any Approved Book-Entry System for
          Commercial Paper by reason of any negligence, misfeasance or
          misconduct of the Custodian or any of its agents or subcustodians or
          of any of its or their employees or from any failure of the Custodian
          or any such agent or subcustodian to enforce effectively such rights
          as it may have against the System, the issuer of the commercial paper
          or any other person; at the election of the Fund, it shall be entitled
          to be subrogated to the rights of the Custodian with respect to any
          claim against the System, the issuer of the commercial paper or any
          other person which the Custodian may have as a consequence of any such
          loss or damage if and to the extent that the Fund has not been made
          whole for any such loss or damage.


                                      -13-

<PAGE>

     N.   SEGREGATED ACCOUNT. The Custodian shall upon receipt of proper
          instructions establish and maintain a segregated account or accounts
          for and on behalf of the Fund, into which account or accounts may be
          transferred cash and/or securities, including securities maintained in
          an account by the Custodian pursuant to Paragraph L hereof, (i) in
          accordance with the provisions of any agreement among the Fund, the
          Custodian and any registered broker-dealer (or any futures commission
          merchant), relating to compliance with the rules of the Options
          Clearing Corporation and of any registered national securities
          exchange (or of the Commodity Futures Trading Commission or of any
          contract market or commodities exchange), or of any similar
          organization or organizations, regarding escrow or deposit or other
          arrangements in connection with transactions by the Fund, (ii) for
          purposes of segregating cash or U.S. Government securities in
          connection with options purchased, sold or written by the Fund or
          futures contracts or options thereon purchased or sold by the Fund,
          (iii) for the purposes of compliance by the Fund with the procedures
          required by Investment Company Act Release No. 10666, or any
          subsequent release or releases of the Securities and Exchange
          Commission relating to the maintenance of segregated accounts by
          registered investment companies and (iv) for other proper purposes,
          BUT ONLY, in the case of clause (iv), upon receipt of, in addition to
          proper instructions, a certificate signed by two officers of the Fund,
          setting forth the purpose such segregated account and declaring such
          purpose to be a proper purpose.

     O.   OWNERSHIP CERTIFICATES FOR TAX PURPOSES. The Custodian shall execute
          ownership and other certificates and affidavits for all federal and
          state tax purposes in connection with receipt of income or other
          payments with respect to securities of the Fund held by it and in
          connection with transfers of securities.

     P.   PROXIES. The Custodian shall, with respect to the securities held by
          it hereunder, cause to be promptly delivered to the Fund all forms of
          proxies and all notices of meetings and any other notices or
          announcements or other written information affecting or relating to
          the securities, and upon receipt of proper instructions shall execute
          and deliver or cause its nominee to execute and deliver such proxies
          or other authorizations as may be required. Neither the Custodian nor
          its nominee shall vote upon any of the securities or execute any proxy
          to vote thereon or give any consent or take any other action with
          respect thereto (except as otherwise herein provided) unless ordered
          to do so by proper instructions.

     Q.   COMMUNICATIONS RELATING TO FUND PORTFOLIO SECURITIES. The Custodian
          shall deliver promptly to the Fund all written information (including,
          without limitation, pendency of call and maturities of securities and
          participation interests and expirations of rights in connection
          therewith and notices of exercise of call and put options written by
          the Fund and the maturity of futures contracts purchased or sold by
          the Fund) received by the Custodian from issuers and other persons
          relating to the securities and participation interests being held for
          the Fund. With respect to tender or exchange offers, the Custodian
          shall deliver promptly to the Fund all written information received by
          the Custodian from issuers and other persons relating to the
          securities and participation interests whose tender or exchange is
          sought and from the party (or his agents) making the tender or
          exchange offer.


                                      -14-

<PAGE>

     R.   EXERCISE OF RIGHTS; TENDER OFFERS. In the case of tender offers,
          similar offers to purchase or exercise rights (including, without
          limitation, pendency of calls and maturities of securities and
          participation interests and expirations of rights in connection
          therewith and notices of exercise of call and put options and the
          maturity of futures contracts) affecting or relating to securities and
          participation interests held by the Custodian under this Agreement,
          the Custodian shall have responsibility for promptly notifying the
          Fund of all such offers in accordance with the standard of reasonable
          care set forth in Section 8 hereof. For all such offers for which the
          Custodian is responsible as provided in this Paragraph R, the Fund
          shall have responsibility for providing the Custodian with all
          necessary instructions in timely fashion. Upon receipt of proper
          instructions, the Custodian shall timely deliver to the issuer or
          trustee thereof, or to the agent of either, warrants, puts, calls,
          rights or similar securities for the purpose of being exercised or
          sold upon proper receipt therefor and upon receipt of assurances
          satisfactory to the Custodian that the new securities and cash, if
          any, acquired by such action are to be delivered to the Custodian or
          any subcustodian employed pursuant to Section 2 hereof. Upon receipt
          of proper instructions, the Custodian shall timely deposit securities
          upon invitations for tenders of securities upon proper receipt
          therefor and upon receipt of assurances satisfactory to the Custodian
          that the consideration to be paid or delivered or the tendered
          securities are to be returned to the Custodian or subcustodian
          employed pursuant to Section 2 hereof. Notwithstanding any provision
          of this Agreement to the contrary, the Custodian shall take all
          necessary action, unless otherwise directed to the contrary by proper
          instructions, to comply with the terms of all mandatory or compulsory
          exchanges, calls, tenders, redemptions, or similar rights of security
          ownership, and shall thereafter promptly notify the Fund in writing of
          such action.

     S.   DEPOSITORY RECEIPTS. The Custodian shall, upon receipt of proper
          instructions, surrender or cause to be surrendered foreign securities
          to the depository used by an issuer of American Depository Receipts or
          International Depository Receipts (hereinafter collectively referred
          to as "ADRs") for such securities, against a written receipt therefor
          adequately describing such securities and written evidence
          satisfactory to the Custodian that the depository has acknowledged
          receipt of instructions to issue with respect to such securities ADRs
          in the name of a nominee of the Custodian or in the name or nominee
          name of any subcustodian employed pursuant to Section 2 hereof, for
          delivery to the Custodian or such subcustodian at such place as the
          Custodian or such subcustodian may from time to time designate. The
          Custodian shall, upon receipt of proper instructions, surrender ADRs
          to the issuer thereof against a written receipt therefor adequately
          describing the ADRs surrendered and written evidence satisfactory to
          the Custodian that the issuer of the ADRs has acknowledged receipt of
          instructions to cause its depository to deliver the securities
          underlying such ADRs to the Custodian or to a subcustodian employed
          pursuant to Section 2 hereof.

     T.   INTEREST BEARING CALL OR TIME DEPOSITS. The Custodian shall, upon
          receipt of proper instructions, place interest bearing fixed term and
          call deposits with the banking department of such banking institution
          (other than the Custodian) and in such amounts as the Fund may
          designate. Deposits may be denominated in U.S. Dollars or other
          currencies. The Custodian shall include in its records with respect to
          the assets of the Fund appropriate notation as to the amount and
          currency of each such deposit, the accepting banking institution and
          other appropriate details and shall retain such forms of advice or


                                      -15-

<PAGE>

          receipt evidencing the deposit, if any, as may be forwarded to the
          Custodian by the banking institution. Such deposits shall be deemed
          portfolio securities of the applicable Fund for the purposes of this
          Agreement, and the Custodian shall be responsible for the collection
          of income from such accounts and the transmission of cash to and from
          such accounts.

     U.   OPTIONS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS.

               1. OPTIONS. The Custodians shall, upon receipt of proper
               instructions and in accordance with the provisions of any
               agreement between the Custodian, any registered broker-dealer
               and, if necessary, the Fund, relating to compliance with the
               rules of the Options Clearing Corporation or of any registered
               national securities exchange or similar organization or
               organizations, receive and retain confirmations or other
               documents, if any, evidencing the purchase or writing of an
               option on a security or securities index or other financial
               instrument or index by the Fund; deposit and maintain in a
               segregated account for each Fund separately, either physically or
               by book-entry in a Securities System, securities subject to a
               covered call option written by the Fund; and release and/or
               transfer such securities or other assets only in accordance with
               a notice or other communication evidencing the expiration,
               termination or exercise of such covered option furnished by the
               Options Clearing Corporation, the securities or options exchange
               on which such covered option is traded or such other organization
               as may be responsible for handling such options transactions. The
               Custodian and the broker-dealer shall be responsible for the
               sufficiency of assets held in each Fund's segregated account in
               compliance with applicable margin maintenance requirements.

               2. FUTURES CONTRACTS. The Custodian shall, upon receipt of proper
               instructions, receive and retain confirmations and other
               documents, if any, evidencing the purchase or sale of a futures
               contract or an option on a futures contract by the Fund; deposit
               and maintain in a segregated account, for the benefit of any
               futures commission merchant, assets designated by the Fund as
               initial, maintenance or variation "margin" deposits (including
               mark-to-market payments) intended to secure the Fund's
               performance of its obligations under any futures contracts
               purchased or sold or any options on futures contracts written by
               Fund, in accordance with the provisions of any agreement or
               agreements among the Fund, the Custodian and such futures
               commission merchant, designed to comply with the rules of the
               Commodity Futures Trading Commission and/or of any contract
               market or commodities exchange or similar organization regarding
               such margin deposits or payments; and release and/or transfer
               assets in such margin accounts only in accordance with any such
               agreements or rules. The Custodian and the futures commission
               merchant shall be responsible for the sufficiency of assets held
               in the segregated account in compliance with the applicable
               margin maintenance and mark-to-market payment requirements.


                                      -16-

<PAGE>

               3. FOREIGN EXCHANGE TRANSACTIONS. The Custodian shall, pursuant
               to proper instructions, enter into or cause a subcustodian to
               enter into foreign exchange contracts or options to purchase and
               sell foreign currencies for spot and future delivery on behalf
               and for the account of the Fund. Such transactions may be
               undertaken by the Custodian or subcustodian with such banking or
               financial institutions or other currency brokers, as set forth in
               proper instructions. Foreign exchange contracts and options shall
               be deemed to be portfolio securities of the Fund; and
               accordingly, the responsibility of the Custodian therefor shall
               be the same as and no greater than the Custodian's responsibility
               in respect of other portfolio securities of the Fund. The
               Custodian shall be responsible for the transmittal to and receipt
               of cash from the currency broker or banking or financial
               institution with which the contract or option is made, the
               maintenance of proper records with respect to the transaction and
               the maintenance of any segregated account required in connection
               with the transaction. The Custodian shall have no duty with
               respect to the selection of the currency brokers or banking or
               financial institutions with which the Fund deals or for their
               failure to comply with the terms of any contract or option.
               Without limiting the foregoing, it is agreed that upon receipt of
               proper instructions and insofar as funds are made available to
               the Custodian for the purpose, the Custodian may (if determined
               necessary by the Custodian to consummate a particular transaction
               on behalf and for the account of the Fund) make free outgoing
               payments of cash in the form of U.S. dollars or foreign currency
               before receiving confirmation of a foreign exchange contract or
               confirmation that the counter value currency completing the
               foreign exchange contact has been delivered or received. The
               Custodian shall not be responsible for any costs and interest
               charges which may be incurred by the Fund or the Custodian as a
               result of the failure or delay of third parties to deliver
               foreign exchange; provided that the Custodian shall nevertheless
               be held to the standard of care set forth in, and shall be liable
               to the Fund in accordance with, the provisions of Section 8.

     V.   ACTIONS PERMITTED WITHOUT EXPRESS AUTHORITY. The Custodian may in its
          discretion, without express authority from the Fund:

               1)   make payments to itself or others for minor expenses of
                    handling securities or other similar items relating to its
                    duties under this Agreement, PROVIDED, that all such
                    payments shall be accounted for by the Custodian to the
                    Treasurer of the Fund;

               2)   surrender securities in temporary form for securities in
                    definitive form;

               3)   endorse for collection, in the name of the Fund, checks,
                    drafts and other negotiable instruments; and

               4)   in general, attend to all nondiscretionary details in
                    connection with the sale, exchange, substitution, purchase,
                    transfer and other dealings with the securities and property
                    of the Fund except as otherwise directed by the Fund.


                                      -17-

<PAGE>

     W.   ADVANCES BY THE BANK. The Bank may, in its sole discretion, advance
          funds on behalf of the Fund to make any payment permitted by this
          Agreement upon receipt of any proper authorization required by this
          Agreement for such payments by the Fund. Should such a payment or
          payments, with advanced funds, result in an overdraft (due to
          insufficiencies of the Fund's account with the Bank, or for any other
          reason) this Agreement deems any such overdraft or related
          indebtedness a loan made by the Bank to the Fund payable on demand.
          Such overdraft shall bear interest at the current rate charged by the
          Bank for such secured loans unless the Fund shall provide the Bank
          with agreed upon compensating balances. The Fund agrees that the Bank
          shall have a continuing lien and security interest to the extent of
          any overdraft or indebtedness or the extent required by law, whichever
          is greater, in and to any property at any time held by it for the
          Fund's benefit or in which the Fund has an interest and which is then
          in the Bank's possession or control (or in the possession or control
          of any third party acting on the Bank's behalf). The Fund authorizes
          the Bank, in the Bank's sole discretion, at any time to charge any
          overdraft or indebtedness, together with interest due thereon, against
          any balance of account standing to the credit of the Fund on the
          Bank's books.

4.   DUTIES OF BANK WITH RESPECT TO BOOKS OF ACCOUNT AND CALCULATIONS OF NET
     ASSET VALUE

     The Bank shall as Agent (or as Custodian, as the case may be) keep such
books of account (including records showing the adjusted tax costs of the Fund's
portfolio securities) and render as at the close of business on each day a
detailed statement of the amounts received or paid out and of securities
received or delivered for the account of the Fund during said day and such other
statements, including a daily trial balance and inventory of the Fund's
portfolio securities; and shall furnish such other financial information and
data as from time to time requested by the Treasurer or any executive officer of
the Fund; and shall compute and determine, as of the close of business of the
New York Stock Exchange, or at such other time or times as the Board may
determine, the net asset value of a Share in the Fund, such computation and
determination to be made in accordance with the governing documents of the Fund
and the votes and instructions of the Board at the time in force and applicable,
and promptly notify the Fund and its investment adviser and such other persons
as the Fund may request of the result of such computation and determination. In
computing the net asset value the Custodian may rely upon security quotations
received by telephone or otherwise from sources or pricing services designated
by the Fund by proper instructions, and may further rely upon information
furnished to it by any authorized officer of the Fund relative (a) to
liabilities of the Fund not appearing on its books of account, (b) to the
existence, status and proper treatment of any reserve or reserves, (c) to any
procedures established by the Board regarding the valuation of portfolio
securities, and (d) to the value to be assigned to any bond, note, debenture,
Treasury bill, repurchase agreement, subscription right, security, participation
interests or other asset or property for which market quotations are not readily
available.

5.   RECORDS AND MISCELLANEOUS DUTIES

     The Bank shall create, maintain and preserve all records relating to its
activities and obligations under this Agreement in such manner as will meet the
obligations of the Fund under the Investment Company Act of 1940, with
particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder,
applicable federal and state tax laws and any other law or administrative rules
or procedures which may be applicable to the Fund. All books of account and
records maintained by the Bank in connection with the performance of its duties
under this Agreement shall be the property of the Fund, shall at all times
during the regular business hours of the Bank be open for inspection by
authorized officers, employees or agents of the Fund, and in the event of


                                      -18-

<PAGE>

termination of this Agreement shall be delivered to the Fund or to such other
person or persons as shall be designated by the Fund. Disposition of any account
or record after any required period of preservation shall be only in accordance
with specific instructions received from the Fund. The Bank shall assist
generally in the preparation of reports to shareholders, to the Securities and
Exchange Commission, including Forms N-SAR and N-1Q, to state "blue sky"
authorities and to others, audits of accounts, and other ministerial matters of
like nature; and, upon request, shall furnish the Fund's auditors with an
attested inventory of securities held with appropriate information as to
securities in transit or in the process of purchase or sale and with such other
information as said auditors may from time to time request. The Custodian shall
also maintain records of all receipts, deliveries and locations of such
securities, together with a current inventory thereof, and shall conduct
periodic verifications (including sampling counts at the Custodian) of
certificates representing bonds and other securities for which it is responsible
under this Agreement in such manner as the Custodian shall determine from time
to time to be advisable in order to verify the accuracy of such inventory. The
Bank shall not disclose or use any books or records it has prepared or
maintained by reason of this Agreement in any manner except as expressly
authorized herein or directed by the Fund, and the Bank shall keep confidential
any information obtained by reason of this Agreement.

6.   OPINION OF FUND'S INDEPENDENT PUBLIC ACCOUNTANTS

     The Custodian shall take all reasonable action, as the Fund may from time
to time request, to enable the Fund to obtain from year to year favorable
opinions from the Fund's independent public accountants with respect to its
activities hereunder in connection with the preparation of the Fund's
registration statement and Form N-SAR or other periodic reports to the
Securities and Exchange Commission and with respect to any other requirements of
such Commission.

7.   COMPENSATION AND EXPENSES OF BANK

     The Bank shall be entitled to reasonable compensation for its services as
Custodian and Agent, as agreed upon from time to time between the Fund and the
Bank. The Bank shall be entitled to receive from the Fund on demand
reimbursement for its cash disbursements, expenses and charges, including
counsel fees, in connection with its duties as Custodian and Agent hereunder,
but excluding salaries and usual overhead expenses.

8.   RESPONSIBILITY OF BANK

     So long as and to the extent that it is in the exercise of reasonable care,
the Bank as Custodian and Agent shall be held harmless in acting upon any
notice, request, consent, certificate or other instrument reasonably believed by
it to be genuine and to be signed by the proper party or parties.

     The Bank as Custodian and Agent shall be entitled to rely on and may act
upon advice of counsel (who may be counsel for the Fund) on all matters, and
shall be without liability for any action reasonably taken or omitted pursuant
to such advice.

     The Bank as Custodian and Agent shall be held to the exercise of reasonable
care in carrying out the provisions of this Agreement but shall be liable only
for its own negligent or bad faith acts or failures to act. Notwithstanding the
foregoing, nothing contained in this paragraph is intended to nor shall it be
construed to modify the standards of care and responsibility set forth in
Section 2 hereof with respect to subcustodians and in subparagraph f of
Paragraph L of Section 3 hereof with respect to Securities Systems and in


                                      -19-

<PAGE>

subparagraph g of Paragraph M of Section 3 hereof with respect to an Approved
Book-Entry System for Commercial Paper.

     The Custodian shall be liable for the acts or omissions of a foreign
banking institution to the same extent as set forth with respect to
subcustodians generally in Section 2 hereof, provided that, regardless of
whether assets are maintained in the custody of a foreign banking institution, a
foreign securities depository or a branch of a U.S. bank, the Custodian shall
not be liable for any loss, damage, cost, expense, liability or claim resulting
from, or caused by, the direction of or authorization by the Fund to maintain
custody of any securities or cash of the Fund in a foreign county including, but
not limited to, losses resulting from nationalization, expropriation, currency
restrictions, acts of war, civil war or terrorism, insurrection, revolution,
military or usurped powers, nuclear fission, fusion or radiation, earthquake,
storm or other disturbance of nature or acts of God.

     If the Fund requires the Bank in any capacity to take any action with
respect to securities, which action involves the payment of money or which
action may, in the opinion of the Bank, result in the Bank or its nominee
assigned to the Fund being liable for the payment of money or incurring
liability of some other form, the Fund, as a prerequisite to requiring the
Custodian to take such action, shall provide indemnity to the Custodian in an
amount and form satisfactory to it.

9.   PERSONS HAVING ACCESS TO ASSETS OF THE FUND

     (i) No trustee, director, general partner, officer, employee or agent of
the Fund shall have physical access to the assets of the Fund held by the
Custodian or be authorized or permitted to withdraw any investments of the Fund,
nor shall the Custodian deliver any assets of the Fund to any such person. No
officer or director, employee or agent of the Custodian who holds any similar
position with the Fund or the investment adviser of the Fund shall have access
to the assets of the Fund.

     (ii) Access to assets of the Fund held hereunder shall only be available to
duly authorized officers, employees, representatives or agents of the Custodian
or other persons or entities for whose actions the Custodian shall be
responsible to the extent permitted hereunder, or to the Fund's independent
public accountants in connection with their auditing duties performed on behalf
of the Fund.

     (iii) Nothing in this Section 9 shall prohibit any officer, employee or
agent of the Fund or of the investment adviser of the Fund from giving
instructions to the Custodian or executing a certificate so long as it does not
result in delivery of or access to assets of the Fund prohibited by paragraph
(i) of this Section 9.

10.  EFFECTIVE PERIOD, TERMINATION AND AMENDMENT; SUCCESSOR CUSTODIAN

     This Agreement shall become effective as of its execution, shall continue
in full force and effect until terminated by either party after August 31, 2000
by an instrument in writing delivered or mailed, postage prepaid to the other
party, such termination to take effect not sooner than sixty (60) days after the
date of such delivery or mailing; PROVIDED, that the Fund may at any time by
action of its Board, (i) substitute another bank or trust company for the
Custodian by giving notice as described above to the Custodian in the event the
Custodian assigns this Agreement to another party without consent of the
noninterested Trustees of the Funds, or (ii) immediately terminate this
Agreement in the event of the appointment of a conservator or receiver for the
Custodian by the Federal Deposit Insurance Corporation or by the Banking
Commissioner of The Commonwealth of Massachusetts or upon the happening of a
like event at the direction of an appropriate regulatory agency or court of
competent jurisdiction. Upon termination of the Agreement, the Fund shall pay to


                                      -20-

<PAGE>

the Custodian such compensation as may be due as of the date of such termination
(and shall likewise reimburse the Custodian for its costs, expenses and
disbursements).

     This Agreement may be amended at any time by the written agreement of the
parties hereto. If a majority of the non-interested trustees of any of the Funds
determines that the performance of the Custodian has been unsatisfactory or
adverse to the interests of shareholders of any Fund or Funds or that the terms
of the Agreement are no longer consistent with publicly available industry
standards, then the Fund or Funds shall give written notice to the Custodian of
such determination and the Custodian shall have 60 days to (1) correct such
performance to the satisfaction of the non-interested trustees or (2)
renegotiate terms which are satisfactory to the non-interested trustees of the
Funds. If the conditions of the preceding sentence are not met then the Fund or
Funds may terminate this Agreement on sixty (60) days written notice.

     The Board of the Fund shall, forthwith, upon giving or receiving notice of
termination of this Agreement, appoint as successor custodian, a bank or trust
company having the qualifications required by the Investment Company Act of 1940
and the Rules thereunder. The Bank, as Custodian, Agent or otherwise, shall,
upon termination of the Agreement, deliver to such successor custodian, all
securities then held hereunder and all funds or other properties of the Fund
deposited with or held by the Bank hereunder and all books of account and
records kept by the Bank pursuant to this Agreement, and all documents held by
the Bank relative thereto. In the event that no written order designating a
successor custodian shall have been delivered to the Bank on or before the date
when such termination shall become effective, then the Bank shall not deliver
the securities, funds and other properties of the Fund to the Fund but shall
have the right to deliver to a bank or trust company doing business in Boston,
Massachusetts of its own selection meeting the above required qualifications,
all funds, securities and properties of the Fund held by or deposited with the
Bank, and all books of account and records kept by the Bank pursuant to this
Agreement, and all documents held by the Bank relative thereto. Thereafter such
bank or trust company shall be the successor of the Custodian under this
Agreement.

11.  INTERPRETIVE AND ADDITIONAL PROVISIONS

     In connection with the operation of this Agreement, the Custodian and the
Fund may from time to time agree on such provisions interpretive of or in
addition to the provisions of this Agreement as may in their joint opinion be
consistent with the general tenor of this Agreement. Any such interpretive or
additional provisions shall be in a writing signed by both parties and shall be
annexed hereto, PROVIDED that no such interpretive or additional provisions
shall contravene any applicable federal or state regulations or any provision of
the governing instruments of the Fund. No interpretive or additional provisions
made as provided in the preceding sentence shall be deemed to be an amendment of
this Agreement.

12.  NOTICES

     Notices and other writings delivered or mailed postage prepaid to the Fund
addressed to 24 Federal Street, Boston, Massachusetts 02110, or to such other
address as the Fund may have designated to the Bank, in writing, or to Investors
Bank & Trust Company, 24 Federal Street, Boston, Massachusetts 02110, shall be
deemed to have been properly delivered or given hereunder to the respective
addressees.

13.  MASSACHUSETTS LAW TO APPLY

     This Agreement shall be construed and the provisions thereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts.


                                      -21-

<PAGE>

     If the Fund is a Massachusetts business trust, the Custodian expressly
acknowledges the provision in the Fund's declaration of Trust limiting the
personal liability of the trustees and shareholders of the Fund; and the
Custodian agrees that it shall have recourse only to the assets of the Fund for
the payment of claims or obligations as between the Custodian and the Fund
arising out of this Agreement, and the Custodian shall not seek satisfaction of
any such claim or obligation from the trustees or shareholders of the Fund.

14.  ADOPTION OF THE AGREEMENT BY THE FUND

     The Fund represents that its Board has approved this Agreement and has duly
authorized the Fund to adopt this Agreement, such adoption to be evidenced by a
letter agreement between the Fund and the Bank reflecting such adoption, which
letter agreement shall be dated and signed by a duly authorized officer of the
Fund and duly authorized officer of the Bank. This Agreement shall be deemed to
be duly executed and delivered by each of the parties in its name and behalf by
its duly authorized officer as of the date of such letter agreement, and this
Agreement shall be deemed to supersede and terminate, as of the date of such
letter agreement, all prior agreements between the Fund and the Bank relating to
the custody of the Fund's assets.

                                    * * * * *


                                      -22-

<PAGE>

          EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND

                                                                January 16, 2007

Eaton Vance Tax-Managed Global Diversified Equity Income Fund hereby adopts and
agrees to become a party to the attached Custodian Agreement as amended and
extended with Investors Bank & Trust Company.

                                        EATON VANCE TAX-MANAGED GLOBAL
                                        DIVERSIFIED EQUITY INCOME FUND


                                        By: /s/ Michelle A. Green
                                            ------------------------------------
                                            Michelle A. Green
                                            Assistant Treasurer,
                                            and not Individually


Accepted and agreed to:

INVESTORS BANK & TRUST COMPANY


By: /s/ Andrew M. Nesvet
    ---------------------------------
    Andrew M. Nesvet
    Managing Director
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(2)
<SEQUENCE>8
<FILENAME>b63412naexv99wxkyx2y.txt
<DESCRIPTION>EX-99.(K)(2) ADMINISTRATION AGREEMENT DATED JANUARY 16, 2007
<TEXT>
<PAGE>

                                                                  EXHIBIT (k)(2)

          EATON VANCE TAX-MANAGED GLOBAL DIVERSIFIED EQUITY INCOME FUND
                            ADMINISTRATION AGREEMENT

     AGREEMENT made this 16th day of January, 2007, between Eaton Vance
Tax-Managed Global Diversified Equity Income Fund, a Massachusetts business
trust (the "Fund"), and Eaton Vance Management, a Massachusetts business trust
(the "Administrator").

     1. Duties of the Administrator. The Fund hereby employs the Administrator
to act as administrator for and to administer the affairs of the Fund, subject
to the supervision of the Trustees of the Fund for the period and on the terms
set forth in this Agreement.

     The Administrator hereby accepts such employment, and agrees to administer
the Fund's business affairs and, in connection therewith, to furnish for the use
of the Fund office space and all necessary office facilities, equipment and
personnel for administering the affairs of the Fund. The Administrator shall
also pay the salaries and compensation of all officers and Trustees of the Fund
who are members of the Administrator's organization and who render executive and
administrative services to the Fund, and the salaries and compensation of all
other personnel of the Administrator performing management and administrative
services for the Fund. The Administrator shall for all purposes herein be deemed
to be an independent contractor and shall, except as otherwise expressly
provided or authorized, have no authority to act for or represent the Fund in
any way or otherwise be deemed an agent of the Fund.

     In connection with its responsibilities as Administrator of the Fund, the
Administrator (i) will assist in preparing all annual, semi-annual and other
reports required to be sent to Fund shareholders, and arrange for the printing
and dissemination of such reports to shareholders; (ii) will prepare and
assemble all reports required to be filed by the Fund with the Securities and
Exchange Commission ("SEC") on Forms N-SAR and N-CSR, or on such other form as
the SEC may substitute for Form N-SAR or N-CSR, and file such reports with the
SEC; (iii) will review the provision of services by the Fund's independent
accountants, including, but not limited to, the preparation by such accountants
of audited financial statements of the Fund and the Fund's federal, state and
local tax returns; and make such reports and recommendations to the Trustees of
the Fund concerning the performance of the independent accountants as the
Trustees deem appropriate; (iv) will arrange for the filing with the appropriate
authorities all required federal, state and local tax returns; (v) will arrange
for the dissemination to shareholders of the Fund's proxy materials, and will
oversee the tabulation of proxies by the Fund's transfer agent or other duly
authorized proxy tabulator; (vi) will review and supervise the provision of
custodian services to the Fund; and make such reports and recommendations to the
Trustees concerning the provision of such services as the Trustees deem
appropriate; (vii) will value all such portfolio investments and other assets of
the Fund as may be designated by the Trustees (subject to any guidelines,
directions and instructions of the Trustees), and review and supervise the
calculation of the net asset value of the Fund's shares by the custodian; (viii)
will negotiate the terms and conditions under which transfer agency and dividend
disbursing services will be provided to the Fund, and the fees to be paid by the
Fund in connection therewith; review and supervise the provision of transfer
agency and dividend disbursing services to the Fund; and make such reports and
recommendations to the Trustees concerning the performance of the Fund's
transfer and dividend disbursing agent as the Trustees deem appropriate; (ix)
will establish the accounting policies of the Fund; reconcile accounting issues
which may arise with respect to the Fund's operations; and consult with the
Fund's independent accountants, legal counsel, custodian, accounting and
bookkeeping agents and transfer and dividend disbursing agent as necessary in
connection therewith; (x) will determine the amount of all distributions to be
paid by the Fund to its shareholders; prepare and arrange for the printing of
notices to shareholders regarding such distributions and provide the Fund's
transfer and dividend disbursing agent and custodian with such information as is
required for such parties to effect the payment of distributions and to
implement the Fund's dividend reinvestment plan; (xi) will review the Fund's
bills and authorize payments of such bills by the Fund's custodian; (xii) will
make recommendations to the Trustees as to whether the Fund should

<PAGE>

make repurchase or tender offers for its own shares; arrange for the preparation
and filing of all documents required to be filed by the Fund with the SEC;
arrange for the preparation and dissemination of all appropriate repurchase or
tender offer documents and papers on behalf of the Fund; and supervise and
conduct the Fund's periodic repurchase or tender offers for its own shares;
(xiii) monitor any variance between the market value and net asset value per
share, and periodically report to the Trustees available actions that may
conform such values; (xiv) monitor the activities of any shareholder servicing
agent retained by the Administrator and periodically report to the Trustees
about such activities; (xv) will arrange for the preparation and filing of all
other reports, forms, registration statements and documents required to be filed
by the Fund with the SEC, the National Association of Securities Dealers, Inc.
and any securities exchange where Fund shares are listed; and (xvi) will provide
to the Fund such other internal legal, auditing and accounting services and
internal executive management and administrative services as the Trustees deem
appropriate to conduct the Fund's business affairs.

     Notwithstanding the foregoing, the Administrator shall not be deemed to
have assumed any duties with respect to, and shall not be responsible for, the
management of the Fund's assets or the rendering of investment advice and
supervision with respect thereto or the distribution of shares of the Fund, nor
shall the Administrator be deemed to have assumed or have any responsibility
with respect to functions specifically assumed by any transfer agent, custodian
or shareholder servicing agent of the Fund.

     Sub-Administrators. The Administrator may employ one or more
sub-administrators from time to time to perform such of the acts and services of
the Administrator and upon such terms and conditions as may be agreed upon
between the Administrator and such sub-administrators and approved by the
Trustees of the Fund.

     2. Compensation of the Administrator. The Board of Trustees of the Fund
have currently determined that, based on the current level of compensation
payable to Eaton Vance Management by the Fund under the Fund's present
Investment Advisory Agreement with Eaton Vance Management, the Administrator
shall receive no compensation from the Fund in respect of the services to be
rendered and the facilities to be provided by the Administrator under this
Agreement. If the Trustees subsequently determine that the Fund should
compensate the Administrator for such services and facilities, such compensation
shall be set forth in a new agreement or in an amendment to this Agreement to be
entered into by the parties hereto.

     3. Allocation of Charges and Expenses. It is understood that the Fund will
pay all its expenses other than those expressly stated to be payable by the
Administrator hereunder, which expenses payable by the Fund shall include,
without implied limitation, (i) expenses of maintaining the Fund and continuing
its existence; (ii) registration of the Fund under the Investment Company Act of
1940; (iii) commissions, fees and other expenses connected with the acquisition,
holding and disposition of securities and other investments; (iv) auditing,
accounting and legal expenses; (v) taxes and interest; (vi) governmental fees;
(vii) expenses of repurchase and redemption (if any) of shares, including all
expenses incurred in conducting repurchase and tender offers for the purpose of
repurchasing Fund shares; (viii) expenses of registering and qualifying the Fund
and its shares under federal and state securities laws and of preparing
registration statements and amendments for such purposes; (ix) expenses of
reports and notices to shareholders and of meetings of shareholders and proxy
solicitations therefor; (x) expenses of reports to governmental officers and
commissions; (xi) insurance expenses; (xii) association membership dues; (xiii)
fees, expenses and disbursements of custodians and subcustodians for all
services to the Fund (including without limitation safekeeping of funds and
securities, keeping of books and accounts and determination of net asset value);
(xiv) fees, expenses and disbursements of transfer agents, dividend disbursing
agents, shareholder servicing agents and registrars for all services to the
Fund; (xv) expenses of listing shares with a stock exchange; (xvi) any direct
charges to shareholders approved by the Trustees of the Fund; (xvii)


                                        2

<PAGE>

compensation of and any expenses of Trustees of the Fund who are not members of
the Administrator's organization; (xviii) all payments to be made and expenses
to be assumed by the Fund in connection with the distribution of Fund shares;
(xix) any pricing and valuation services employed by the Fund; (xx) any
investment advisory fee payable to an investment adviser; (xxi) all expenses
incurred in connection with leveraging the Fund's assets through a line of
credit, or issuing and maintaining preferred shares; and (xxii) such
non-recurring items as may arise, including expenses incurred in connection with
litigation, proceedings and claims and obligations of the Fund to indemnify its
shareholders, Trustees, officers and employees with respect thereto.

     4. Other Interests. It is understood that Trustees, officers and
shareholders of the Fund are or may be or become interested in the Administrator
as trustees, officers, employees, shareholders or otherwise and that trustees,
officers, employees and shareholders of the Administrator are or may be or
become similarly interested in the Fund, and that the Administrator may be or
become interested in the Fund as a shareholder or otherwise. It is also
understood that trustees, officers, employees and shareholders of the
Administrator may be or become interested (as directors, trustees, officers,
employees, stockholders or otherwise) in other companies or entities (including,
without limitation, other investment companies) that the Administrator may
organize, sponsor or acquire, or with which it may merge or consolidate, and
that the Administrator or its subsidiaries or affiliates may enter into
advisory, management or administration agreements or other contracts or
relationship with such other companies or entities.

     5. Limitation of Liability of the Administrator. The services of the
Administrator to the Fund are not to be deemed to be exclusive, the
Administrator being free to render services to others and engage in other
business activities. In the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard of obligations or duties hereunder on the part
of the Administrator, the Administrator shall not be subject to liability to the
Fund or to any shareholder of the Fund for any act or omission in the course of,
or connected with, rendering services hereunder or for any losses which may be
sustained in the acquisition, holding or disposition of any security or other
investment.

     6. Duration and Termination of this Agreement. This Agreement shall become
effective upon the date of its execution, and, unless terminated as herein
provided, shall remain in full force and effect through and including the second
anniversary of the execution of this Agreement and shall continue in full force
and effect indefinitely thereafter, but only so long as such continuance after
such date is specifically approved at least annually (i) by the Board of
Trustees of the Fund, and (ii) by the vote of a majority of those Trustees of
the Fund who are not interested persons of the Administrator or the Fund.

     Either party hereto may, at any time on sixty (60) days' prior written
notice to the other, terminate this Agreement by action of the Trustees of the
Fund or the trustees of the Administrator, and the Fund may, at any time upon
such written notice to the Administrator, terminate the Agreement by vote of a
majority of the outstanding voting securities of the Fund. This Agreement shall
terminate automatically in the event of its assignment.

     7. Amendments of the Agreement. This Agreement may be amended by a writing
signed by both parties hereto, provided that no amendment to this Agreement
shall be effective until approved (i) by the vote of a majority of those
Trustees of the Fund who are not interested persons of the Administrator or the
Fund, and (ii) by vote of the Board of Trustees of the Fund.


                                        3

<PAGE>

     8. Limitation of Liability. Each party expressly acknowledges the provision
in the other party's Agreement and Declaration of Trust limiting the personal
liability of its shareholders officers, and Trustees, and each party hereby
agrees that it shall have recourse to the other party for payment of claims or
obligations as between the Fund and the Administrator arising out of this
Agreement and shall not seek satisfaction from the Trustees, officers or
shareholders of the other party.

     9. Use of the Name "Eaton Vance." The Administrator hereby consents to the
use by the Fund of the name "Eaton Vance" as part of the Fund's name; provided,
however, that such consent shall be conditioned upon the employment of the
Administrator or one of its affiliates as the administrator of the Fund. The
name "Eaton Vance" or any variation thereof may be used from time to time in
other connections and for other purposes by the Administrator and its affiliates
and other investment companies that have obtained consent to the use of the name
"Eaton Vance." The Administrator shall have the right to require the Fund to
cease using the name "Eaton Vance" as part of the Fund's name if the Fund
ceases, for any reason, to employ the Administrator or one of its affiliates as
the Fund's administrator. Future names adopted by the Fund for itself, insofar
as such names include identifying words requiring the consent of the
Administrator, shall be the property of the Administrator and shall be subject
to the same terms and conditions.

     10. Certain Definitions. The terms "assignment" and "interested persons"
when used herein shall have the respective meanings specified in the Investment
Company Act of 1940 as now in effect or as hereafter amended subject, however,
to such exemptions as may be granted by the Securities and Exchange Commission
by any rule, regulation or order. The term "vote of a majority of the
outstanding voting securities" shall mean the vote of the lesser of (a) 67 per
centum or more of the shares of the Fund present or represented by proxy at the
meeting if the holders of more than 50 per centum of the outstanding shares of
the Fund are present or represented by proxy at the meeting, or (b) more than 50
per centum of the outstanding shares of the Fund.

EATON VANCE TAX-MANAGED GLOBAL          EATON VANCE MANAGEMENT
DIVERSIFIED EQUITY INCOME FUND


By: /s/ Duncan W. Richardson            By: /s/ Jeffrey P. Beale
    ---------------------------------       ------------------------------------
    Duncan W. Richardson                    Jeffrey P. Beale
    President, and not Individually         Vice President, and not Individually


                                        4
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(4)
<SEQUENCE>9
<FILENAME>b63412naexv99wxkyx4y.txt
<DESCRIPTION>EX-99.(K)(4) FORM OF STRUCTURING FEE AGREEMENT WITH WACHOVIA CAPITAL MARKETS, LLC
<TEXT>
<PAGE>

                                                                  EXHIBIT (k)(4)

                        FORM OF STRUCTURING FEE AGREEMENT

                                                               February __, 2007

Wachovia Capital Markets, LLC
375 Park Avenue
New York, NY 10152

Ladies and Gentlemen:

     Reference is made to the Underwriting Agreement dated February __, 2007
(the "Underwriting Agreement"), by and among Eaton Vance Tax-Managed Global
Diversified Equity Income Fund (the "Fund"), Eaton Vance Management (the
"Adviser"), Rampart Investment Management Company, Inc. (the Sub-Adviser) and
each of the Underwriters named therein, with respect to the issue and sale of
the Fund's Common Shares, as described therein. Capitalized terms used herein
and not otherwise defined shall have the meanings given to them in the
Underwriting Agreement.

     1. Fee. In consideration of your services in offering advice to the Advisor
relating to the structure and design of the Fund and the organization of the
Fund as well as services related to the sale and distribution of the Fund's
Common Shares, the Adviser shall pay a fee to you in the aggregate amount of
$[_____] (the "Fee"). The Fee shall be paid on or before February __, 2007. The
Fee shall be paid by wire transfer to the order of Wachovia Capital Markets,
LLC.

     2. Term. This Agreement shall terminate upon the payment of the entire
amount of the Fee, as specified in Section 1 hereof.

     3. Indemnification. The Adviser agrees to the indemnification and other
agreements set forth in the Indemnification Agreement attached hereto, the
provisions of which are incorporated herein by reference and shall survive the
termination, expiration or supersession of this Agreement.

     4. Not an Investment Adviser; No Fiduciary Duty. The Adviser acknowledges
that you are not providing any advice hereunder as to the value of securities or
regarding the advisability of purchasing or selling any securities for the
Fund's portfolio. No provision of this Agreement shall be considered as
creating, nor shall any provision create, any obligation on the part of you, and
you are not agreeing hereby, to: (i) furnish any advice or make any
recommendations regarding the purchase or sale of portfolio securities; or (ii)
render any opinions, valuations or recommendations of any kind or to perform any
such similar services. The Adviser hereby acknowledges that your engagement
under this Agreement is as an independent contractor and not in any other
capacity, including as a fiduciary. Furthermore, the Adviser agrees that it is
solely responsible for making its own judgments in connection with the

<PAGE>

matters covered by this Agreement (irrespective of whether you have advised or
are currently advising the Adviser on related or other matters).

     5. Not Exclusive. Nothing herein shall be construed as prohibiting you or
your affiliates from acting as an underwriter or financial adviser or in any
other capacity for any other persons (including other registered investment
companies or other investment managers).

     6. Assignment. This Agreement may not be assigned by any party without
prior written consent of the other party.

     7. Amendment; Waiver. No provision of this Agreement may be amended or
waived except by an instrument in writing signed by the parties hereto.

     8. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

     9. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, and all of which, when taken
together, shall constitute one agreement. Delivery of an executed signature page
of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

     10. Disclaimer of Liability of Trustees and Beneficiaries. A copy of the
Agreement and Declaration of Trust of each of the Fund and the Adviser is on
file with the Secretary of State of The Commonwealth of Massachusetts, and
notice hereby is given that this Structuring Fee Agreement is executed on behalf
of the Fund and the Adviser, respectively, by an officer or Trustee of the Fund
or the Adviser, as the case may be, in his or her capacity as an officer or
Trustee of the Fund or the Adviser, as the case may be, and not individually and
that the obligations under or arising out of this Structuring Fee Agreement are
not binding upon any of the Trustees, officers or shareholders individually but
are binding only upon the assets and properties of the Fund or the Adviser, as
the case may be.

                                  [END OF TEXT]


                                        2

<PAGE>

     This Agreement shall be effective as of the date first written above.

                                        EATON VANCE MANAGEMENT


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Agreed and Accepted:

WACHOVIA CAPITAL MARKETS, LLC


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                           [Structuring Fee Agreement]

<PAGE>

                            INDEMNIFICATION AGREEMENT

                                                               February __, 2007

Wachovia Capital Markets, LLC
375 Park Avenue
New York, NY 10152

Ladies and Gentlemen:

In connection with the engagement of Wachovia Capital Markets, LLC (the "Bank")
to advise and assist the undersigned (together with its affiliates and
subsidiaries, referred to as the "Company") with the matters set forth in the
Structuring Fee Agreement dated February __, 2007 between the Company and the
Bank (the "Agreement"), in the event that the Bank becomes involved in any
capacity in any claim, suit, action, proceeding, investigation or inquiry
(including, without limitation, any shareholder or derivative action or
arbitration proceeding) (collectively, a "Proceeding") with respect to the
services performed pursuant to and in accordance with the Agreement, the Company
agrees to indemnify, defend and hold the Bank harmless to the fullest extent
permitted by law, from and against any losses, claims, damages, liabilities and
expenses with respect to the services performed pursuant to and in accordance
with the Agreement, except to the extent that it shall be determined by a court
of competent jurisdiction in a judgment that has become final in that it is no
longer subject to appeal or other review, that such losses, claims, damages,
liabilities and expenses resulted primarily from the gross negligence or willful
misconduct of the Bank. In addition, in the event that the Bank becomes involved
in any capacity in any Proceeding with respect to the services performed
pursuant to and in accordance with the Agreement, the Company will reimburse the
Bank for its legal and other expenses (including the cost of any investigation
and preparation) as such expenses are incurred by the Bank in connection
therewith. Promptly as reasonably practicable after receipt by the Bank of
notice of the commencement of any Proceeding, the Bank will, if a claim in
respect thereof is to be made against the Bank under this paragraph, notify the
Company in writing of the commencement thereof; but the failure so to notify the
Company (i) will not relieve the Company from liability under this paragraph to
the extent it is not materially prejudiced as a result thereof and (ii) in any
event shall not relieve it from any liability which it may have otherwise than
on account of this indemnity agreement. Counsel to the indemnified parties shall
be selected as follows: counsel to the Underwriters and each person, if any, who
controls any Underwriter within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall be selected by Wachovia; counsel to the
Adviser, its directors, trustees, members and each of its officers who signed
the Registration Statement and each person, if any, who controls the Adviser
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall be selected by the Adviser. An indemnifying party may participate at its
own expense in the defense of any such action; provided, however, that counsel
to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the
indemnifying parties be liable for the fees and expenses of more than one
counsel (in addition to any local counsel) separate from their own counsel for
the


                                        4

<PAGE>

Underwriters and each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, the fees
and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for the Adviser, and each of its directors,
trustees, members and each of its officers who signed the Registration Statement
and each person, if any, who controls the Adviser within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act, in each case in connection
with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances. No
indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in
respect of which indemnification or contribution could be sought under this
Section 6 or Section 7 hereof (whether or not the indemnified parties are actual
or potential parties thereto), unless such settlement, compromise or consent (i)
includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

     If such indemnification were not to be available for any reason, the
Company agrees to contribute to the losses, claims, damages, liabilities and
expenses involved (i) in the proportion appropriate to reflect the relative
benefits received or sought to be received by the Company and its stockholders
and affiliates, on the one hand, and the Bank, on the other hand, in the matters
contemplated by the Agreement or (ii) if (but only if and to the extent) the
allocation provided for in clause (i) is for any reason held unenforceable, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company and its
stockholders and affiliates, on the one hand, and the party entitled to
contribution, on the other hand, as well as any other relevant equitable
considerations. The Company agrees that for the purposes of this paragraph the
relative benefits received, or sought to be received, by the Company and its
stockholders and affiliates, on the one hand, and the party entitled to
contribution, on the other hand, of a transaction as contemplated shall be
deemed to be in the same proportion that the total value received or paid or
contemplated to be received or paid by the Company or its stockholders or
affiliates, as the case may be, as a result of or in connection with the
transaction (whether or not consummated) for which the Bank has been retained to
perform services bears to the fees paid to the Bank under the Agreement;
provided, that in no event shall the Company contribute less than the amount
necessary to assure that the Bank is not liable for losses, claims, damages,
liabilities and expenses in excess of the amount of fees actually received by
the Bank pursuant to the Agreement. Relative fault shall be determined by
reference to, among other things, whether any alleged untrue statement or
omission or any other alleged conduct relates to information provided by the
Company or other conduct by the Company (or its employees or other agents), on
the one hand, or by the Bank, on the other hand. Notwithstanding the provisions
of this paragraph, the Bank shall not be entitled to contribution from the
Company if it is determined that the Bank was guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) and the
Company was not guilty of such fraudulent misrepresentation. The Company will
not settle any Proceeding in respect of which indemnity may be sought hereunder,
whether or not the Bank is an actual or potential party to such Proceeding,
without the Bank's prior written consent (which consent shall not be


                                        5

<PAGE>

unreasonably withheld). For purposes of this Indemnification Agreement, the Bank
shall include the Bank, any of its affiliates, each other person, if any,
controlling the Bank or any of its affiliates, their respective officers,
current and former directors, employees and agents, and the successors and
assigns of all of the foregoing persons. The foregoing indemnity and
contribution agreement shall be in addition to any rights that any indemnified
party may have at common law or otherwise.

     The Company will not be liable to the Bank for any such losses, claims,
damages, liabilities or expenses arising from the sale of securities by Eaton
Vance Tax-Managed Premium and Dividend Income Fund to any person if a copy of a
prospectus required to be delivered in connection with such sale which has been
furnished to the underwriters of the offering of the securities (within a
reasonable amount of time prior to such sale) shall not have been sent, mailed
or given to such person, at or prior to the written confirmation of the sale of
such securities to such person, but only if and to the extent that such
prospectus, if so sent or delivered, would have cured the defect giving rise to,
and been a complete defense against the person asserting, such loss, claim,
damage or liability.

     The Company agrees that neither the Bank nor any of its affiliates,
directors, agents, employees or controlling persons shall have any liability to
the Company or any person asserting claims on behalf of or in right of the
Company with respect to the services performed pursuant to and in accordance
with the Agreement, except to the extent that it shall be determined by a court
of competent jurisdiction in a judgment that has become final in that it is no
longer subject to appeal or other review that any losses, claims, damages,
liabilities or expenses incurred by the Company resulted primarily from the
gross negligence or willful misconduct of the Bank in performing the services
that are the subject of the Agreement.

     THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF
ANY KIND OR NATURE WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO
AND IN ACCORDANCE WITH THE AGREEMENT ("CLAIM"), DIRECTLY OR INDIRECTLY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN
ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND
COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE
ADJUDICATION OF SUCH MATTERS, AND THE COMPANY AND THE BANK CONSENT TO THE
JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT THERETO. THE
COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY COURT
IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT IS
BROUGHT BY ANY THIRD PARTY AGAINST THE BANK OR ANY INDEMNIFIED PARTY. EACH OF
THE BANK AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR
CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY
WAY RELATING TO THIS AGREEMENT. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY
PROCEEDING OR


                                        6

<PAGE>

CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT BROUGHT IN ANY
SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND MAY BE ENFORCED
IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS OR MAY BE
SUBJECT, BY SUIT UPON SUCH JUDGMENT.


                                        7

<PAGE>

     The foregoing Indemnification Agreement shall remain in full force and
effect notwithstanding any termination of the Bank's engagement. This
Indemnification Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the
same agreement.

                                        Very truly yours,
                                        EATON VANCE MANAGEMENT


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Accepted and agreed to as of
the date first above written:

WACHOVIA CAPITAL MARKETS, LLC


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                           [Indemnification Agreement]
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(5)
<SEQUENCE>10
<FILENAME>b63412naexv99wxkyx5y.txt
<DESCRIPTION>EX-99.(K)(5) FORM OF STRUCTURING FEE AGREEMENT WITH CITIGROUP GLOBAL MARKETS INC.
<TEXT>
<PAGE>

                                                                  EXHIBIT (k)(5)

                        FORM OF STRUCTURING FEE AGREEMENT

                                                               February __, 2007

Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:

     Reference is made to the Underwriting Agreement dated February __, 2007
(the "Underwriting Agreement"), by and among Eaton Vance Tax-Managed Global
Diversified Equity Income Fund (the "Fund"), Eaton Vance Management (the
"Adviser"), Rampart Investment Management Company, Inc. (the Sub-Adviser) and
each of the Underwriters named therein, with respect to the issue and sale of
the Fund's Common Shares, as described therein. Capitalized terms used herein
and not otherwise defined shall have the meanings given to them in the
Underwriting Agreement.

     1. Fee. In consideration of your services in offering advice relating to
the structure and design of the Fund and the organization of the Fund as well as
services related to the sale and distribution of the Fund's Common Shares, which
services may be completed by your affiliate in your sole discretion, the Adviser
shall pay a fee to you in the aggregate amount of $[_____] (the "Fee"). The Fee
shall be paid on or before February __, 2007. The payment shall be made by wire
transfer to the order of Citigroup Global Markets Inc.

     2. Term. This Agreement shall terminate upon the payment of the entire
amount of the Fee, as specified in Section 1 hereof.

     3. Indemnification. The Adviser agrees to the indemnification and other
agreements set forth in the Indemnification Agreement attached hereto, the
provisions of which are incorporated herein by reference and shall survive the
termination, expiration or supersession of this Agreement.

     4. Not an Investment Adviser; No Fiduciary Duty. The Adviser acknowledges
that you are not providing any advice hereunder as to the value of securities or
regarding the advisability of purchasing or selling any securities for the
Fund's portfolio. No provision of this Agreement shall be considered as
creating, nor shall any provision create, any obligation on the part of you, and
you are not agreeing hereby, to: (i) furnish any advice or make any
recommendations regarding the purchase or sale of portfolio securities; or (ii)
render any opinions, valuations or recommendations of any kind or to perform any
such similar services. The Adviser hereby acknowledges that your engagement
under this Agreement is as an independent contractor and not in any other
capacity, including as a fiduciary. Furthermore, the

<PAGE>

Adviser agrees that it is solely responsible for making its own judgments in
connection with the matters covered by this Agreement (irrespective of whether
you have advised or are currently advising the Adviser on related or other
matters).

     5. Not Exclusive. Nothing herein shall be construed as prohibiting you or
your affiliates from acting as an underwriter or financial adviser or in any
other capacity for any other persons (including other registered investment
companies or other investment managers).

     6. Assignment. This Agreement may not be assigned by any party without
prior written consent of the other party.

     7. Amendment; Waiver. No provision of this Agreement may be amended or
waived except by an instrument in writing signed by the parties hereto.

     8. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

     9. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, and all of which, when taken
together, shall constitute one agreement. Delivery of an executed signature page
of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

                                  [END OF TEXT]


                                       2

<PAGE>

     This Agreement shall be effective as of the date first written above.

                                        EATON VANCE MANAGEMENT


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Agreed and Accepted:

CITIGROUP GLOBAL MARKETS INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                           [Structuring Fee Agreement]

<PAGE>

                            INDEMNIFICATION AGREEMENT

                                                               February __, 2007

Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:

In connection with the engagement of Citigroup Global Markets Inc. (the "Bank")
to advise and assist the undersigned (together with its affiliates and
subsidiaries, referred to as the "Company") with the matters set forth in the
Structuring Fee Agreement dated February __, 2007 between the Company and the
Bank (the "Agreement"), in the event that the Bank becomes involved in any
capacity in any claim, suit, action, proceeding, investigation or inquiry
(including, without limitation, any shareholder or derivative action or
arbitration proceeding) (collectively, a "Proceeding") with respect to the
services performed pursuant to and in accordance with the Agreement, the Company
agrees to indemnify, defend and hold the Bank harmless to the fullest extent
permitted by law, from and against any losses, claims, damages, liabilities and
expenses with respect to the services performed pursuant to and in accordance
with the Agreement, except to the extent that it shall be determined by a court
of competent jurisdiction in a judgment that has become final in that it is no
longer subject to appeal or other review, that such losses, claims, damages,
liabilities and expenses resulted primarily from the gross negligence or willful
misconduct of the Bank. In addition, in the event that the Bank becomes involved
in any capacity in any Proceeding with respect to the services performed
pursuant to and in accordance with the Agreement, the Company will reimburse the
Bank for its legal and other expenses (including the cost of any investigation
and preparation) as such expenses are incurred by the Bank in connection
therewith. Promptly as reasonably practicable after receipt by the Bank of
notice of the commencement of any Proceeding, the Bank will, if a claim in
respect thereof is to be made against the Bank under this paragraph, notify the
Company in writing of the commencement thereof; but the failure so to notify the
Company (i) will not relieve the Company from liability under this paragraph to
the extent it is not materially prejudiced as a result thereof and (ii) in any
event shall not relieve it from any liability which it may have otherwise than
on account of this indemnity agreement. Counsel to the indemnified parties shall
be selected as follows: counsel to the Underwriters and each person, if any, who
controls any Underwriter within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall be selected by Citigroup; counsel to the
Adviser, its directors, trustees, members and each of its officers who signed
the Registration Statement and each person, if any, who controls the Adviser
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall be selected by the Adviser. An indemnifying party may participate at its
own expense in the defense of any such action; provided, however, that counsel
to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the
indemnifying parties be liable for the fees and expenses of more than one
counsel (in


                                       4

<PAGE>

addition to any local counsel) separate from their own counsel for the
Underwriters and each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, the fees
and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for the Adviser, and each of its directors,
trustees, members and each of its officers who signed the Registration Statement
and each person, if any, who controls the Adviser within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act, in each case in connection
with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances. No
indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in
respect of which indemnification or contribution could be sought under this
Section 6 or Section 7 hereof (whether or not the indemnified parties are actual
or potential parties thereto), unless such settlement, compromise or consent (i)
includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

     If such indemnification were not to be available for any reason, the
Company agrees to contribute to the losses, claims, damages, liabilities and
expenses involved (i) in the proportion appropriate to reflect the relative
benefits received or sought to be received by the Company and its stockholders
and affiliates, on the one hand, and the Bank, on the other hand, in the matters
contemplated by the Agreement or (ii) if (but only if and to the extent) the
allocation provided for in clause (i) is for any reason held unenforceable, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company and its
stockholders and affiliates, on the one hand, and the party entitled to
contribution, on the other hand, as well as any other relevant equitable
considerations. The Company agrees that for the purposes of this paragraph the
relative benefits received, or sought to be received, by the Company and its
stockholders and affiliates, on the one hand, and the party entitled to
contribution, on the other hand, of a transaction as contemplated shall be
deemed to be in the same proportion that the total value received or paid or
contemplated to be received or paid by the Company or its stockholders or
affiliates, as the case may be, as a result of or in connection with the
transaction (whether or not consummated) for which the Bank has been retained to
perform services bears to the fees paid to the Bank under the Agreement;
provided, that in no event shall the Company contribute less than the amount
necessary to assure that the Bank is not liable for losses, claims, damages,
liabilities and expenses in excess of the amount of fees actually received by
the Bank pursuant to the Agreement. Relative fault shall be determined by
reference to, among other things, whether any alleged untrue statement or
omission or any other alleged conduct relates to information provided by the
Company or other conduct by the Company (or its employees or other agents), on
the one hand, or by the Bank, on the other hand. Notwithstanding the provisions
of this paragraph, the Bank shall not be entitled to contribution from the
Company if it is determined that the Bank was guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) and the
Company was not guilty of such fraudulent misrepresentation. The Company will
not settle any Proceeding in respect of which indemnity may be sought hereunder,
whether or not the Bank is an actual or potential party to such Proceeding,
without the Bank's prior written consent (which consent shall not be


                                       5

<PAGE>

unreasonably withheld). For purposes of this Indemnification Agreement, the Bank
shall include the Bank, any of its affiliates, each other person, if any,
controlling the Bank or any of its affiliates, their respective officers,
current and former directors, employees and agents, and the successors and
assigns of all of the foregoing persons. The foregoing indemnity and
contribution agreement shall be in addition to any rights that any indemnified
party may have at common law or otherwise.

     The Company agrees that neither the Bank nor any of its affiliates,
directors, agents, employees or controlling persons shall have any liability to
the Company or any person asserting claims on behalf of or in right of the
Company with respect to the services performed pursuant to and in accordance
with the Agreement, except to the extent that it shall be determined by a court
of competent jurisdiction in a judgment that has become final in that it is no
longer subject to appeal or other review that any losses, claims, damages,
liabilities or expenses incurred by the Company resulted primarily from the
gross negligence or willful misconduct of the Bank in performing the services
that are the subject of the Agreement.

     THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF
ANY KIND OR NATURE WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO
AND IN ACCORDANCE WITH THE AGREEMENT ("CLAIM"), DIRECTLY OR INDIRECTLY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN
ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND
COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE
ADJUDICATION OF SUCH MATTERS, AND THE COMPANY AND THE BANK CONSENT TO THE
JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT THERETO. THE
COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY COURT
IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT IS
BROUGHT BY ANY THIRD PARTY AGAINST THE BANK OR ANY INDEMNIFIED PARTY. EACH OF
THE BANK AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR
CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY
WAY RELATING TO THIS AGREEMENT. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY
PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT
BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND
MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS
OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.


                                       6

<PAGE>

     The foregoing Indemnification Agreement shall remain in full force and
effect notwithstanding any termination of the Bank's engagement. This
Indemnification Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the
same agreement.

                                        Very truly yours,

                                        EATON VANCE MANAGEMENT.


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Accepted and agreed to as of
the date first above written:

CITIGROUP GLOBAL MARKETS INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                           [Indemnification Agreement]
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(6)
<SEQUENCE>11
<FILENAME>b63412naexv99wxkyx6y.txt
<DESCRIPTION>EX-99.(K)(6) FORM OF STRUCTURING FEE AGREEMENT WITH UBS SECURITIES LLC
<TEXT>
<PAGE>

                                                                  EXHIBIT (k)(6)

                        FORM OF STRUCTURING FEE AGREEMENT

                                                               February __, 2007

UBS Securities LLC
299 Park Avenue
New York, New York 10171

Ladies and Gentlemen:

     This agreement is between Eaton Vance Management (the "Company") and UBS
Securities LLC ("UBS") with respect to the Eaton Vance Tax-Managed Global
Diversified Equity Income Fund (the "Fund").

     1. Fee. In consideration of certain financial advisory services that UBS
has provided to the Company in assisting the Company in structuring and
organizing the Fund, the Company shall pay a fee to UBS of $[ ] (the "Fee"). The
Fee shall be paid promptly upon the closing of the initial public offering of
the Fund.

     2. Term. This Agreement shall terminate upon the payment of the entire
amount of the Fee, as specified in Section 1 hereof.

     3. Indemnification. The Company agrees to the indemnification and other
agreements set forth in the Indemnification Agreement attached hereto, the
provisions of which are incorporated herein by reference and shall survive the
termination, expiration or supersession of this Agreement.

     4. Confidential Advice. Except to the extent legally required (after
consultation with, and, in the case of UBS' advice, approval (not to be
unreasonably withheld) as to form and substance by, UBS and its counsel), none
of (i) the name of UBS, (ii) any advice rendered by UBS to the Company, or (iii)
the terms of this Agreement or any communication from UBS in connection with the
services performed by UBS pursuant to this Agreement will be quoted or referred
to orally or in writing, or in the case of (ii) and (iii), reproduced or
disseminated, by the Company or any of its affiliates or any of their agents,
without UBS' prior written consent which consent will not be unreasonably
withheld in the case of clause (i) and (iii) (but not (ii)).

     5. Information. The Company recognizes and confirms that UBS (a) has used
and relied primarily on the information provided by the Company and on
information available from generally recognized public sources in performing the
services contemplated by this Agreement without having assumed responsibility
for independently verifying the same, (b) has not assumed responsibility for the
accuracy, completeness or reasonableness of the Information and such other
information and (c) has not made an appraisal of any assets or liabilities
(contingent or otherwise) of the Fund.

     6. Not an Investment Advisor. The Company acknowledges that you have not
provided any advice hereunder as to the value of securities or regarding the
advisability of purchasing or selling any securities for the Fund's portfolio.
The Company acknowledges and agrees that UBS has been retained to act solely as
an advisor to the Company, and the

<PAGE>

Company's engagement of UBS is not intended to confer rights upon any person
(including the Fund or any shareholders, employees or creditors of the Company
or the Fund) not a party hereto as against UBS or its affiliates, or their
respective directors, officers, employees or agents, successors, or assigns. UBS
has acted as an independent contractor under this Agreement, and not in any
other capacity including as a fiduciary, and any duties arising out of its
engagement shall be owed solely to the Company.

     7. Not Exclusive. Nothing herein shall be construed as prohibiting you or
your affiliates from acting as an underwriter or financial advisor or in any
other capacity for any other persons (including other registered investment
companies or other investment managers).

     8. Amendment; Waiver. No provision of this Agreement may be amended or
waived except by an instrument in writing signed by the parties hereto.

     9. Governing Law. This Agreement and any claim, counterclaim or dispute of
any kind or nature whatsoever arising out of or in any way relating to this
Agreement ("Claim"), directly or indirectly, shall be governed by and construed
in accordance with the laws of the State of New York. No Claim may be commenced,
prosecuted or continued in any court other than the courts of the State of New
York located in the City and County of New York or in the United States District
Court for the Southern District of New York, which courts shall have exclusive
jurisdiction over the adjudication of such matters, and the Company and UBS
consent to the jurisdiction of such courts and personal service with respect
thereto. EACH OF UBS AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT
OF OR IN ANY WAY RELATING TO THIS AGREEMENT.

     10. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, and all of which, when taken
together, shall constitute one agreement. Delivery of an executed signature page
of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

     This Agreement shall be effective as of the date first written above.

                                  [END OF TEXT]

<PAGE>

                                        EATON VANCE MANAGEMENT


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Agreed and Accepted:

UBS SECURITIES LLC


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                           [Structuring Fee Agreement]

<PAGE>

                            INDEMNIFICATION AGREEMENT

                                                               February __, 2007

UBS Securities LLC
299 Park Avenue
New York, New York 10171

Ladies and Gentlemen:

     In connection with the engagement of UBS Securities LLC ("UBS") to advise
and assist the undersigned (the "Company") with the matters set forth in the
Structuring Fee Agreement dated February __, 2007 between the Company and UBS
(the "Agreement"), in the event that the UBS becomes involved in any capacity in
any claim, suit, action, proceeding, investigation or inquiry (including,
without limitation, any shareholder or derivative action or arbitration
proceeding) (collectively, a "Proceeding") in connection with any matter in
relating to or arising out of the Agreement, including, without limitation,
related services and activities prior to the date of the Agreement, the Company
agrees to indemnify, defend and hold the UBS harmless to the fullest extent
permitted by law, from and against any losses, claims, damages, liabilities and
expenses in connection with any such Proceeding, except to the extent that it
shall be determined by a court of competent jurisdiction in a judgment that has
become final in that it is no longer subject to appeal or other review, that
such losses, claims, damages, liabilities and expenses resulted primarily from
the gross negligence or willful misconduct (including bad faith) of the UBS. In
addition, in the event that the UBS becomes involved in any capacity in any such
Proceeding, the Company will reimburse the UBS for its legal and other expenses
(including the cost of any investigation and preparation) as such expenses are
incurred by the UBS in connection therewith. If such indemnification were not to
be available for any reason, the Company agrees to contribute to the losses,
claims, damages, liabilities and expenses involved (i) in the proportion
appropriate to reflect the relative benefits received or sought to be received
by the Company and its stockholders and affiliates and other constituencies, on
the one hand, and the UBS, on the other hand, in the matters contemplated by the
Agreement or (ii) if (but only if and to the extent) the allocation provided for
in clause (i) is for any reason held unenforceable, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
but also the relative fault of the Company and its stockholders and affiliates
and other constituencies, on the one hand, and the party entitled to
contribution, on the other hand, as well as any other relevant equitable
considerations. The Company agrees that for the purposes of this paragraph the
relative benefits received, or sought to be received, by the Company and its
stockholders and affiliates, on the one hand, and the party entitled to
contribution, on the other hand, of a transaction as contemplated shall be
deemed to be in the same proportion that the total value received or paid or
contemplated to be received or paid by the Company or its stockholders or
affiliates and other constituencies, as the case may be, as a result of or in
connection with the transaction (whether or not consummated) for which the UBS
has been retained to perform services bears to the fees paid to the UBS under
the Agreement; provided, that in no event shall the Company contribute less than
the amount necessary to assure that the UBS is not liable for losses, claims,
damages, liabilities and expenses in excess of the amount of fees actually
received by the UBS pursuant to the Agreement. Relative fault shall be
determined by reference to,

<PAGE>

among other things, whether any alleged untrue statement or omission or any
other alleged conduct relates to information provided by the Company or other
conduct by the Company (or its employees or other agents), on the one hand, or
by the UBS, on the other hand. The Company will not settle any Proceeding in
respect of which indemnity may be sought hereunder, whether or not the UBS is an
actual or potential party to such Proceeding, without the UBS' prior written
consent. For purposes of this Indemnification Agreement, the UBS shall include
the UBS Securities LLC, any of its affiliates, each other person, if any,
controlling the UBS Securities LLC or any of its affiliates, their respective
officers, current and former directors, employees and agents, and the successors
and assigns of all of the foregoing persons. The foregoing indemnity and
contribution agreement shall be in addition to any rights that any indemnified
party may have at common law or otherwise.

     The Company agrees that neither the UBS nor any of its affiliates,
directors, agents, employees or controlling persons shall have any liability to
the Company or any person asserting claims on behalf of or in right of the
Company in connection with or as a result of either UBS' engagement under the
Agreement or any matter referred to in the Agreement, including, without
limitation, related services and activities prior to the date of the Agreement,
except to the extent that it shall be determined by a court of competent
jurisdiction in a judgment that has become final in that it is no longer subject
to appeal or other review that any losses, claims, damages, liabilities or
expenses incurred by the Company resulted primarily from the gross negligence or
willful misconduct of the UBS in performing the services that are the subject of
the Agreement.

     THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF
ANY KIND OR NATURE WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO
AND IN ACCORDANCE WITH THE AGREEMENT ("CLAIM"), DIRECTLY OR INDIRECTLY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN
ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND
COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE
ADJUDICATION OF SUCH MATTERS, AND THE COMPANY AND THE UBS CONSENT TO THE
JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT THERETO. THE
COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY COURT
IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT IS
BROUGHT BY ANY THIRD PARTY AGAINST THE UBS OR ANY INDEMNIFIED PARTY. EACH OF THE
UBS AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY
RELATING TO THIS AGREEMENT. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY
PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT
BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND
MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS
OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.

<PAGE>

     The foregoing Indemnification Agreement shall remain in full force and
effect notwithstanding any termination of the UBS' engagement. This
Indemnification Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the
same agreement.

                                        Very truly yours,

                                        EATON VANCE MANAGEMENT


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Accepted and agreed to as of
the date first above written:

UBS SECURITIES LLC


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(8)
<SEQUENCE>12
<FILENAME>b63412naexv99wxkyx8y.txt
<DESCRIPTION>EX-99.(K)(8) FORM OF ADDITIONAL COMPENSATION AGREEMENT WITH QUALIFYING UNDERWRITERS
<TEXT>
<PAGE>

                                                                  EXHIBIT (k)(8)

                                                               February __, 2007

Eaton Vance Management
255 State Street
Boston, MA 02109

                    FORM OF ADDITIONAL COMPENSATION AGREEMENT

Ladies and Gentlemen:

Reference is made to the Underwriting Agreement dated February __, 2007 (the
"Underwriting Agreement"), by and among Eaton Vance Tax-Managed Global
Diversified Equity Income Fund, a closed-end management investment company (the
"Fund"), Eaton Vance Management ("Eaton Vance" or the "Adviser"), Rampart
Investment Management Company, Inc. (the Sub-Advisor) and each of the respective
Underwriters named therein, with respect to the issue and sale of the Fund's
common shares of beneficial interest, par value $0.01 per share (the "Common
Shares"), as described therein. Reference is also made to (i) the Investment
Advisory Agreement, dated [__________] (the "Investment Advisory Agreement")
between Eaton Vance and the Fund and (ii) the registration statement on Form N-2
regarding the Common Shares of the Fund (the "Registration Statement").
Capitalized terms used herein and not otherwise defined shall have the meanings
given to them in the Underwriting Agreement.

The Adviser hereby confirms its agreement with each Qualifying Underwriter (as
defined in Section 1 hereof) with respect to the additional compensation
referred to in the "Underwriting" section of the Registration Statement, payable
by Eaton Vance to each of the Qualifying Underwriters. Eaton Vance agrees to pay
to each Qualifying Underwriter additional compensation (collectively, the
"Additional Compensation") as provided for in Section 3 hereof; provided,
however, that such Additional Compensation shall not exceed an amount equal to
[___]% per annum of the aggregate average daily gross assets of the Fund
(including assets attributable to any preferred shares of the Fund that may be
outstanding); and provided, further, that such payments shall not exceed the
"Maximum Additional Compensation Amount" (as defined in Section 4 hereof). The
Additional Compensation shall be payable as set forth in Section 3 hereof.

SECTION 1. Qualifying Underwriters. For the purposes of this Additional
Compensation Agreement, each Underwriter (other than Wachovia Capital Markets,
LLC, Citigroup Global Markets Inc., UBS Securities LLC and Morgan Stanley & Co.
Incorporated), which sells Common Shares of the Fund with an aggregate purchase
price to the public of at least $50,000,000 shall be a "Class I Qualifying
Underwriter" and each Underwriter (other than Wachovia Capital Markets, LLC,
Citigroup Global Markets Inc., UBS Securities LLC and Morgan Stanley & Co.
Incorporated) which sells Common Shares of the Fund with an aggregate purchase
price to the public of at least $100,000,000, shall be a "Class II Qualifying
Underwriter"; provided, however, that the amounts required to qualify as a Class
I Qualifying Underwriter or a Class II Qualifying Underwriter may be reduced
with respect to any Underwriter in the sole discretion of Eaton Vance. Class I
Qualifying Underwriters and Class II Qualifying Underwriters are referred to
collectively herein as "Qualifying Underwriters." A Qualifying Underwriter which
qualifies as a Class II Qualifying Underwriter shall not also be a Class I
Qualifying Underwriter. Within 60 days following the Closing Date, the
Qualifying Underwriters shall prepare or cause to be prepared and provide to the
Adviser a chart listing each of the Qualifying Underwriters, which chart shall
indicate the aggregate purchase price to the public of the Common Shares sold by
each Qualifying Underwriter and the Pro Rata Percentage (as defined in Section 2
hereof) of each Qualifying Underwriter and shall be appended as Schedule A to
this Additional Compensation Agreement. Such Schedule A shall be prepared in
good faith by the Qualifying Underwriters and subject to verification by the
Adviser.

<PAGE>

SECTION 2. Pro Rata Percentage. Each Qualifying Underwriter shall be assigned a
"Pro Rata Percentage," the numerator of which shall equal the aggregate purchase
price to the public of the Common Shares sold by such Underwriter as set forth
on Schedule A hereto and the denominator of which shall equal the aggregate
purchase price to the public of all of the Common Shares purchased by the
Underwriters pursuant to the Underwriting Agreement.

SECTION 3. Payment of Additional Compensation.

     (a) The Adviser shall pay the Additional Compensation, quarterly in
arrears, to each Class I Qualifying Underwriter in an amount equal to the
product of such Qualifying Underwriter's Pro Rata Percentage multiplied by
0.0250% of the aggregate average daily gross assets of the Fund for such
quarter.

     (b) The Adviser shall pay the Additional Compensation, quarterly in
arrears, to each Class II Qualifying Underwriter in an amount equal to the
product of such Qualifying Underwriter's Pro Rata Percentage multiplied by
0.0375% of the aggregate average daily gross assets of the Fund for such
quarter.

     (c) All fees payable hereunder shall be paid to each Qualifying Underwriter
by wire transfer of immediately available funds within 15 days following the end
of each calendar quarter to the bank account designated by such Qualifying
Underwriter. At the time of each payment of Additional Compensation hereunder,
the Adviser shall deliver to each Qualifying Underwriter receiving an
installment of Additional Compensation a statement indicating the amount of the
of the aggregate average daily gross asset value of the Fund for such quarter
(including assets attributable to any preferred shares of the Fund that may be
outstanding) on which such payment was based.

     (d) The initial payments of Additional Compensation hereunder shall be paid
with respect to the calendar quarter ending [__________]. In the event that this
Additional Compensation Agreement terminates prior to the end of a calendar
quarter, the Additional Compensation required to be paid hereunder shall be due
and payable within 15 days following the termination hereof and shall be
pro-rated in respect of the period prior to such termination. Notwithstanding
the foregoing, if any payment hereunder would otherwise fall on a day which is
not a business day, it shall be due on the next day which is a business day. All
fees payable hereunder shall be in addition to any fees paid by the Investment
Adviser pursuant to the Underwriting Agreement.

SECTION 4. Maximum Additional Compensation Amount. The "Maximum Additional
Compensation Amount" payable by the Investment Adviser hereunder shall be [___]%
of the aggregate offering price of the Common Shares. A.G. Edwards & Sons, Inc.
will receive additional compensation which will not exceed [___]% of the
aggregate initial offering price of the Common Shares and [____________________]
will receive additional compensation which will not exceed [___]% of the
aggregate initial offering price of the Common Shares.

SECTION 5. Term. This Additional Compensation Agreement shall continue
coterminously with and so long as the Investment Advisory Agreement, dated
[__________], remains in effect between the Fund and the Adviser, or any similar
investment advisory agreement with a successor in interest or affiliate of the
Adviser remains in effect, as, and to the extent, that such investment advisory
agreement is renewed periodically in accordance with the Investment Company Act
of 1940, as amended. This Additional Compensation Agreement shall terminate on
the earliest to occur of (a) with respect to any Qualifying Underwriter, the
payment by Eaton Vance to such Qualifying Underwriter of the Maximum Additional
Compensation Amount, (b) with respect to the Fund, the dissolution and winding
up of the Fund and (c) with respect to the Fund, the date on which the
Investment Advisory Agreement or other investment


                                       -2-

<PAGE>

advisory agreement between the Fund and the Adviser or any successor in interest
to the Adviser, including but not limited to an affiliate of the Adviser, shall
terminate.

SECTION 6. Not an Investment Adviser. The Adviser acknowledges that the
Underwriters are not providing any advice hereunder as to the value of
securities or regarding the advisability of purchasing or selling any securities
for the Fund. No provision of this Additional Compensation Agreement shall be
considered as creating, nor shall any provision create, any obligation on the
part of any Underwriter, and the Underwriters are not hereby agreeing, to: (i)
furnish any advice or make any recommendations regarding the purchase or sale of
portfolio securities or (ii) render any opinions, valuations or recommendations
of any kind or to perform any such similar services.

SECTION 7. Not Exclusive. Nothing herein shall be construed as prohibiting any
Underwriter or its respective affiliates from acting as such for any other
clients (including other registered investment companies or other investment
advisers).

SECTION 8. No Liability. Eaton Vance agrees that no Underwriter shall have
liability to Eaton Vance or the Fund for any act or omission to act by such
Underwriter in the course of its performance under this Additional Compensation
Agreement, in the absence of gross negligence or willful misconduct on the part
of such Underwriter. Eaton Vance agrees to indemnify and hold harmless each
Underwriter and its respective officers, directors, agents and employees against
any loss or expense arising out of or in connection with such Underwriter's
performance under this Additional Compensation Agreement. This provision shall
survive the termination, expiration or supersession of this Additional
Compensation Agreement.

SECTION 9. Assignment. This Additional Compensation Agreement may not be
assigned by any party without the prior written consent of each other party.

SECTION 10. Amendment; Waiver. No provision of this Additional Compensation
Agreement may be amended or waived except by an instrument in writing signed by
the parties hereto.

SECTION 11. Governing Law. This Additional Compensation Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York.

SECTION 12. Counterparts. This Additional Compensation Agreement may be executed
in any number of counterparts, each of which shall be an original, and all of
which, when taken together, shall constitute one agreement. Delivery of an
executed signature page of this Additional Compensation Agreement by facsimile
transmission shall be effective as delivery of a manually executed counterpart
hereof.


                                       -3-

<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us a counterpart hereof, whereupon this instrument,
along with all counterparts, will become a binding agreement among the Adviser
and the Qualifying Underwriters in accordance with its terms.

                                        Very truly yours,

                                        A.G. EDWARDS & SONS, INC.


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        [______________________________________]


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


CONFIRMED AND ACCEPTED,
as of the date first above written:

EATON VANCE MANAGEMENT


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

<PAGE>

                                   SCHEDULE A

<TABLE>
<CAPTION>
                                                           AGGREGATE
                                                   PURCHASE PRICE TO PUBLIC    PRO RATA
    NAME OF QUALIFYING UNDERWRITER        CLASS      OF COMMON SHARES SOLD    PERCENTAGE
    ------------------------------      --------   ------------------------   ----------
<S>                                     <C>        <C>                        <C>
A.G. Edwards & Sons, Inc.                 [__]             $[______]           [______]

                                          [__]             $[______]           [______]
</TABLE>


                                       -5-

<PAGE>

                            Indemnification Agreement

                                                               February __, 2007

A.G. Edwards & Sons, Inc.
One North Jefferson
St. Louis, Missouri 63103

In connection with the additional compensation payments made to A.G. Edwards &
Sons, Inc. and [         ] (each a "Bank" and together the "Banks") by the
undersigned (the "Company") as set forth in the Additional Compensation
Agreement dated February __, 2007, between the Company and the Banks (the
"Agreement"), in the event that a Bank becomes involved in any capacity in any
claim, suit, action, proceeding, investigation or inquiry (including, without
limitation, any shareholder or derivative action or arbitration proceeding)
(collectively, a "Proceeding") in connection with or arising out of the
Agreement, the Company agrees to indemnify, defend and hold each Bank harmless
to the fullest extent permitted by law, from and against any losses, claims,
damages, liabilities and expenses in connection with or arising out of the
Agreement (a "Covered Claim"), except to the extent that it shall be determined
by a court of competent jurisdiction in a judgment that has become final in that
it is no longer subject to appeal or other review, that such losses, claims,
damages, liabilities and expenses resulted solely from the gross negligence, bad
faith or willful misconduct of a Bank. In addition, in the event that a Bank
becomes involved in any capacity in any Proceeding which relates to a Covered
Claim, the Company will reimburse the Bank for its legal and other expenses
(including the reasonable cost of any investigation and preparation) as such
expenses are incurred by the Bank in connection therewith. If such
indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)
in the proportion appropriate to reflect the relative benefits received or
sought to be received by the Company and its stockholders, on the one hand, and
a Bank, on the other hand, in the matters contemplated by the Agreement or (ii)
if (but only if and to the extent) the allocation provided for is for any reason
held unenforceable, in such proportion as is appropriate to reflect not only the
relative benefits referred to in the Agreement but also the relative fault of
the Company and its stockholders, on the one hand, and the party entitled to
contribution, on the other hand, as well as any other relevant equitable
considerations; provided, that in no event shall the Company contribute less
than the amount necessary to assure that the Banks are not liable for losses,
claims, damages, liabilities and expenses in excess of the amount of fees
actually received by a Bank pursuant to the Agreement. Relative fault shall be
determined by reference to, among other things, whether any alleged untrue
statement or omission or any other alleged conduct relates to information
provided by the Company or other conduct by the Company (or its employees or
other agents), on the one hand, or by each Bank, on the other hand. The Company
will not settle any Proceeding in respect of which indemnity may be sought
hereunder, whether or not a Bank is an actual or potential party to such
Proceeding, without that Bank's prior written consent. For purposes of this
Indemnification Agreement, a Bank shall include each Bank, any of its
affiliates, each other person, if any, controlling the Bank or any of its
affiliates, their respective officers, current and former directors, employees
and agents, and the successors and assigns of all of the foregoing persons. The
foregoing indemnity and contribution agreement shall be in addition to any
rights that any indemnified party may have at common law or otherwise.


                                       -6-

<PAGE>

If any Proceeding is brought against a Bank in respect of which indemnity may be
sought against the Company pursuant to the foregoing paragraph, the Bank shall
promptly notify the Company in writing of the institution of such Proceeding and
the Company shall assume the defense of such Proceeding, including the
employment of counsel reasonably satisfactory to the Bank and payment of all
fees and expenses; provided, however, that the omission to so notify the Company
shall not relieve the Company from any liability which the Company may have to a
Bank or otherwise, unless and only to the extent that, such omission results in
the forfeiture of substantive rights or defenses by the Company. Each Bank shall
have the right to employ its own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of the Bank unless the
employment of such counsel shall have been authorized in writing by the Company
in connection with the defense of such Proceeding or the Company shall not have,
within a reasonable period of time in light of the circumstances, employed
counsel to have charge of the defense of such Proceeding or the Bank shall have
reasonably concluded that there may be defenses available to it which are
different from, additional to or in conflict with those available to the Company
(in which case the Company shall not have the right to direct the defense of
such Proceeding on behalf of a Bank), in any of which events such fees and
expenses shall be borne by the Company and paid as incurred (it being
understood, however, that the Company shall not be liable for the expenses of
more than one separate counsel (in addition to any local counsel) in any one
Proceeding or series of related Proceedings in the same jurisdiction). The
Company shall not be liable for any settlement of any Proceeding effected
without its written consent but if settled with the written consent of the
Company, the Company agrees to indemnify and hold harmless a Bank from and
against any loss or liability by reason of such settlement. Notwithstanding the
foregoing sentence, if at any time a Bank shall have requested the Company to
reimburse the Bank for fees and expenses of counsel as contemplated by the
second sentence of this paragraph, then the Company agrees that it shall be
liable for any settlement of any Proceeding effected without its written consent
if (i) such settlement is entered into more than 60 business days after receipt
by the Company of the aforesaid request, (ii) the Company shall not have
reimbursed a Bank in accordance with such request prior to the date of such
settlement and (iii) the Bank shall have given the Company at least 30 days'
prior notice of its intention to settle.

The Company agrees that neither the Banks nor any of their affiliates,
directors, agents, employees or controlling persons shall have any liability to
the Company or any person asserting claims on behalf of or in right of the
Company in connection with or as a result of a Covered Claim, except to the
extent that it shall be determined by a court of competent jurisdiction in a
judgment that has become final in that it is no longer subject to appeal or
other review that any losses, claims, damages, liabilities or expenses incurred
by the Company resulted solely from the gross negligence, bad faith or willful
misconduct of a Bank in performing the Services.

THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY
KIND OR NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS
AGREEMENT ("CLAIM"), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH BELOW,
NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN ANY COURT OTHER THAN THE
COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK OR IN
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WHICH
COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS,
AND THE COMPANY AND A BANK'S CONSENT TO THE JURISDICTION OF SUCH COURTS AND
PERSONAL SERVICE WITH RESPECT THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL
JURISDICTION, SERVICE AND VENUE IN ANY COURT IN WHICH ANY CLAIM ARISING OUT OF
OR IN ANY WAY RELATING TO THIS AGREEMENT IS BROUGHT BY AND THIRD PARTY AGAINST
UBS SECURITIES OR ANY INDEMNIFIED PARTY. EACH OF THE BANKS AND THE COMPANY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS
AGREEMENT. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM
ARISING OUT OF OR IN ANY


                                       -7-

<PAGE>

WAY RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND
BINDING UPON THE COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE
JURISDICTION OF WHICH THE COMPANY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH
JUDGMENT.


                                       -8-

<PAGE>

     The foregoing Indemnification Agreement shall remain in full force and
effect notwithstanding any termination of the Bank's engagement. This
Indemnification Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the
same agreement.

                                        Very truly yours,

                                        EATON VANCE MANAGEMENT


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


Accepted and agreed to as of
the date first above written:

A.G. EDWARDS & SONS, INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>13
<FILENAME>b63412naexv99wxny.txt
<DESCRIPTION>EX-99.(N) CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<PAGE>
                                                                     Exhibit (n)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Pre-Effective Amendment No. 1 to the Registration
Statement No. 333-138318, as amended, on Form N-2 of our report dated January
12, 2007 relating to the financial statements of Eaton Vance Tax-Managed Global
Diversified Equity Income Fund appearing in the Statement of Additional
Information, which is part of such Registration Statement and to references to
us under the heading "Independent Registered Public Accounting Firm" in the
Prospectus and Statement of Additional Information which are part of such
Registration Statement.



/s/ DELOITTE & TOUCHE L.L.P.
Boston, Massachusetts
January 18, 2007
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(P)
<SEQUENCE>14
<FILENAME>b63412naexv99wxpy.txt
<DESCRIPTION>EX-99.(P) LETTER AGREEMENT WITH EATON VANCE MANAGEMENT
<TEXT>
<PAGE>

                                                                     EXHIBIT (p)

EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, Massachusetts 02109
Telephone: (617) 482-8260
Telecopy: (617) 338-8054

                                January 11, 2007

Eaton Vance Tax-Managed Global Diversified Equity Income Fund
The Eaton Vance Building
255 State Street
Boston, Massachusetts 02109

Ladies and Gentlemen:

With respect to our purchase from you, at the purchase price of $100,000 of
5,000 shares of beneficial interest, net asset value of $20.00 per share
("Initial Shares") in Eaton Vance Tax-Managed Global Diversified Equity Income
Fund, we hereby advise you that we are purchasing such Initial Shares for
investment purposes without any present intention of redeeming or reselling.


                                        Very truly yours,

                                        EATON VANCE MANAGEMENT


                                        By: /s/ William M. Steul
                                            ------------------------------------
                                            William M. Steul
                                            Treasurer and Vice President
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(S)
<SEQUENCE>15
<FILENAME>b63412naexv99wxsy.txt
<DESCRIPTION>EX-99.(S) POWER OF ATTORNEY DATED DECEMBER 11, 2006
<TEXT>
<PAGE>

                                                                     EXHIBIT (s)

                                POWER OF ATTORNEY

We, the undersigned officers and Trustees of Eaton Vance Tax-Managed Global
Diversified Equity Income Fund, a Massachusetts business trust, do hereby
severally constitute and appoint Barbara E. Campbell, Alan R. Dynner, Thomas E.
Faust Jr. or James B. Hawkes, or any of them, to be true, sufficient and lawful
attorneys, or attorney for each of us, to sign for each of us, in the name of
each of us in the capacities indicated below, Registration Statements and any
and all amendments (including post-effective amendments) to such Registration
Statements on Form N-2 filed by Eaton Vance Tax-Managed Global Diversified
Equity Income Fund with the Securities and Exchange Commission in respect of any
class of shares of beneficial interest and other documents and papers relating
thereto.

IN WITNESS WHEREOF we have hereunto set our hands on the dates set opposite our
respective signatures.

<TABLE>
<CAPTION>
        Signature                   Title                   Date
        ---------                   -----                   ----
<S>                        <C>                       <C>


/s/ Duncan W. Richardson   President and Principal   December 11, 2006
- ------------------------   Executive Officer
Duncan W. Richardson


/s/ Barbara E. Campbell    Treasurer and Principal   December 11, 2006
- ------------------------   Accounting Officer
Barbara E. Campbell


/s/ Benjamin C. Esty       Trustee                   December 11, 2006
- ------------------------
Benjamin C. Esty


/s/ James B. Hawkes        Trustee                   December 11, 2006
- ------------------------
James B. Hawkes


/s/ Samuel L. Hayes, III   Trustee                   December 11, 2006
- ------------------------
Samuel L. Hayes, III


/s/ William H. Park        Trustee                   December 11, 2006
- ------------------------
William H. Park


/s/ Ronald A. Pearlman     Trustee                   December 11, 2006
- ----------------------
Ronald A. Pearlman


/s/ Norton H. Reamer       Trustee                   December 11, 2006
- ------------------------
Norton H. Reamer
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
        Signature                   Title                   Date
        ---------                   -----                   ----
<S>                        <C>                       <C>


/s/ Lynn A. Stout          Trustee                   December 11, 2006
- ------------------------
Lynn A. Stout


/s/ Ralph F. Verni         Trustee                   December 11, 2006
- ------------------------
Ralph F. Verni
</TABLE>

</TEXT>
</DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
