Company Press Release

Eaton Vance Global Macro Absolute Return Fund Closing to New Investors

BOSTON, Sept. 27 -- Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), announced today that Eaton Vance Global Macro Absolute Return Fund (Class A: EAGMX, Class C: ECGMX, Class I: EIGMX, Class R: ERGMX) will close to new investors as of the close of business on Friday, October 1, 2010. Shares of the Fund may be purchased thereafter only by (a) existing Fund shareholders and (b) qualified retirement plans and fee-based advisory programs with centralized investment discretion that have selected the Fund as an investment option prior to the closing. Sales of Fund shares may be further restricted or re-opened in the future.

Eaton Vance Global Macro Absolute Return Fund invests in securities, derivatives and other instruments to establish long and short investment positions around the world, with significant exposures to frontier and other emerging markets. The Fund's investment adviser seeks to identify investments in countries and currencies it believes have potential to outperform based on consideration of global economies, markets, political conditions and other factors. Introduced in 2007 utilizing a strategy developed by Eaton Vance in the 1990s, the Fund has grown to become one of the largest and most successful absolute return funds offered to individual investors. As of August 31, 2010, the Fund had net assets of $6.4 billion.

"We are closing the Fund because we believe doing so is in the best interest of shareholders," said Payson Swaffield, chief income investment officer at Eaton Vance. "Investments in frontier markets are an important element of the Fund's investment program that constrain its capacity."

Other Eaton Vance absolute return funds include its Multi-Strategy Absolute Return Fund (Class A: EADDX, Class B: EBDDX, Class C: ECDDX, Class I: EIDDX), the new Global Macro Absolute Return Advantage Fund (Class A: EGRAX, Class C: EGRCX, Class I: EGRIX), and the Option Absolute Return Strategy Fund, expected to launch at the end of this month. Global Macro Absolute Return Advantage Fund is managed by the same team and employs a similar strategy to Global Macro Absolute Return Fund, but differs in two principal respects: first, a reduced exposure to investments in frontier markets, thereby freeing it from capacity constraints that apply to the original product; and second, the targeting of higher levels of potential return and a willingness to accept commensurately higher performance volatility.

"Product development in the absolute return space has been sweeping," said Swaffield. "But few firms match the breadth of capabilities and experience that Eaton Vance brings to this growing category." Unlike traditional stock and bond strategies, absolute return funds benchmark performance primarily against short-term cash instruments and expect to provide returns over the long term that are substantially independent of market movements.

Eaton Vance is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $173.3 billion in assets as of July 31, 2010, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.