BOSTON, Nov. 1, 2016 /PRNewswire/ -- Eaton Vance Tax-Advantaged Bond and Option Strategies Fund (NYSE: EXD) (the "Fund") is a diversified closed-end investment company seeking to provide tax- advantaged income and gains to shareholders. In pursuing its objective, the Fund employs a tax- advantaged short-term, high quality bond strategy and a rules-based option overlay strategy. The Fund's bond strategy consists of investing in a diversified portfolio of short-term, high quality debt obligations, including municipal securities, selected and managed seeking after-tax total return. The Fund's municipal securities investments currently consist primarily of securities that, at time of purchase, are rated in the two highest rating categories (AA or higher by Standard & Poor's Ratings Services ("S&P") or Fitch Ratings ("Fitch") or Aa or higher by Moody's Investors Service, Inc. ("Moody's")), or, if unrated, are determined by the adviser to be of comparable quality. The Fund currently may invest up to 30% of its net assets in municipal securities that are rated A at the time of purchase, or, if unrated, determined by the adviser to be of comparable quality. The Fund has modified its bond strategy to provide that its municipal securities will normally consist of securities rated in the three highest rating categories (those rated A or higher by S&P, Fitch or Moody's) or, if unrated, determined by the adviser to be of comparable quality at the time of purchase. The Fund will not invest more than 50% of its net assets in municipal obligations rated A at the time of purchase or, if unrated, determined by the adviser to be of comparable quality. For purposes of these rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used.