Annual Report October 31, 2022
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Management’s Discussion of Fund Performance†
Economic and Market Conditions
The 12-month period starting November 1, 2021, was dominated by
the ongoing effects of one black swan event -- the COVID-19 pandemic -- and fallout from another -- Russia’s invasion of Ukraine in February 2022.
In the opening months of the period, stock investors as well as
consumers appeared to take a “glass is half full” approach. In both the U.S. and Europe, consumers rushed to spend money saved earlier in the pandemic. Major U.S. equity indexes closed at new all-time highs during the final months of
2021.
But as the new year began, investors appeared to
reevaluate the twin threats of inflation and interest rate hikes, and stock performance turned negative. In February, Russia’s invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy
and food costs. Central banks around the world -- including the U.S. Federal Reserve (the Fed), the Bank of England, and the European Central Bank (ECB) -- initiated their first interest rate hikes in years. In Europe, looming energy shortages
caused by the Russia-Ukraine conflict pushed inflation rates even higher and stock prices lower during the period.
In the U.S., investors began to expect the Fed would raise
interest rates at every policy meeting in 2022 and, in turn, worried that aggressive rate hikes could tip the economy into recession. At its June, July, and September 2022 meetings, the Fed hiked the federal funds rate 0.75% each time -- to a
3.00%-3.25% range -- its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down around the globe.
As the period came to a close in October 2022, however, U.S.
and European stocks delivered positive performance for the first time in months -- driven by a combination of better-than-expected U.S. company earnings; improving investor sentiment that stocks had been oversold during the August-September market
pullback; government measures to address Europe’s energy crisis; and hope that central bank rate hikes would help tame inflation.
Meanwhile in the world’s second-largest economy,
China’s zero-COVID policy severely restricted economic output. The MSCI Golden Dragon Index, a measure of Chinese large-cap and mid-cap stocks, lost more ground in October and was one of the worst-performing major indexes during the period,
declining 42.74%.
Major equity indexes elsewhere also
suffered significant losses. For the period as a whole, the MSCI ACWI Index, a broad measure of global equities, returned -19.96%; the S&P 500® Index, a broad measure of U.S. stocks, returned -14.61%; and the technology-laden Nasdaq
Composite Index returned -28.56%. The MSCI EAFE Index of developed-market international equities returned -23.00%, while the MSCI Emerging Markets Index, dragged down by its China allocation, returned -31.03% during the period.
Fund Performance
For the 12-month period ended October 31, 2022, Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund (the Fund) returned -23.80% at net asset value of its common shares (NAV), underperforming its benchmark, the MSCI World Index (the Index), which returned -18.48%.
The Fund’s use of leverage was the largest single
detractor from performance versus the Index, which does not employ leverage. Leverage had the effect of magnifying the Fund’s overall negative absolute performance during the period.
The Fund’s use of equity index futures contracts, a type
of derivative, was a minor detractor from performance relative to the Index. Within the Fund’s common stock portfolio, the Fund’s strategy of emphasizing dividend-paying stocks resulted in an overweight allocation to European equities
and an underweight allocation to U.S. equities. The Fund hedged these overweight and underweight exposures by short-selling European index futures contracts and buying U.S. index futures contracts. Both the European and U.S. index futures contracts
were no longer in effect as of period-end.
The
Fund’s common stock allocation underperformed the Index and detracted from Fund performance versus the Index as well. Stock selections in the industrials, health care, and information technology sectors hurt Fund returns relative to the Index.
Within industrials, the Fund’s out-of-Index position in warehousing logistics provider GXO Logistics, Inc. (GXO) hurt relative returns versus the Index. Although its business fundamentals remained solid during the period, GXO’s stock
price declined due to investor concerns that future growth might be hurt by a slowdown in the European economy -- where GXO generates the majority of its business -- and by a rising U.S. dollar that lowered the value of overseas revenues.
In contrast, contributors to Index-relative returns within the
Fund’s common stock allocation included stock selections in the financials and consumer discretionary sectors.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal
to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to
eatonvance.com.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Management’s
Discussion of Fund Performance† — continued
The Fund’s allocation to preferred securities
contributed to performance versus the Index as well. The Fund’s preferred allocation -- preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and other debt securities with preferred
characteristics -- outperformed both the Index and the overall preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index (the Preferred Index).
Outperformance versus the Preferred Index was driven largely by
an overweight position in the energy sector where demand grew and commodity prices rose during the period, particularly after Russia -- one of the world’s largest exporters of oil and gas -- invaded Ukraine and its exports were sanctioned by
much of the world. The Fund’s preferred allocation’s performance was also helped by holdings in Canadian banks issued at attractive dividend levels due to market volatility.
Fund Distributions
Pursuant to an exemptive order issued by the Securities and
Exchange Commission (the Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP)
pursuant to which the Fund makes monthly cash distributions to common shareholders. The Fund’s MDP had no effect on the Fund’s investment strategy during the most recent fiscal year and is not expected to have an effect in future
periods, but distributions in excess of Fund returns will cause its per share NAV to erode. Investors should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of its
MDP.
For the period from November 1, 2021 to October 31,
2022, the Fund made monthly distributions of $0.1792 per share. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and
non-dividend distributions, also known as return of capital distributions. The federal income tax character of distributions is determined after the end of the calendar year and reported to shareholders on the Internal Revenue Service’s form
1099-DIV. For additional information, see Note 2 in the Notes to Financial Statements herein.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal
to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to
eatonvance.com.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Performance
Portfolio Manager(s) John H.
Croft, CFA and Derek J.V. DiGregorio of Eaton Vance Management; Christopher M. Dyer, CFA of Eaton Vance Advisers International Ltd.
| %
Average Annual Total Returns1,2 |
Inception
Date |
One
Year |
Five
Years |
Ten
Years |
| Fund
at NAV |
04/30/2004
|
(23.80)%
|
6.34%
|
9.34%
|
| Fund
at Market Price |
—
|
(25.25)
|
6.36
|
10.91
|
|
| MSCI
World Index |
—
|
(18.48)%
|
6.37%
|
8.93%
|
| ICE
BofA Fixed Rate Preferred Securities Index |
—
|
(16.32)
|
0.60
|
3.33
|
| Blended
Index |
—
|
(17.93)
|
5.33
|
7.90
|
| %
Premium/Discount to NAV3 |
|
| |
1.14%
|
| Distributions
4 |
|
| Total
Distributions per share for the period |
$2.150
|
| Distribution
Rate at NAV |
9.78%
|
| Distribution
Rate at Market Price |
9.67
|
| %
Total Leverage5 |
|
| Borrowings
|
22.22%
|
Growth of $10,0002
This graph shows the change in value of a hypothetical
investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal
to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to
eatonvance.com.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
| Sector
Allocation (% of total investments)1 |
| Country
Allocation (% of total investments) |
| Top
10 Holdings (% of total investments)1 |
| Microsoft
Corp. |
3.6%
|
| Alphabet,
Inc., Class C |
2.6
|
| Apple,
Inc. |
2.4
|
| ConocoPhillips
|
2.2
|
| Nestle
S.A. |
2.1
|
| Amazon.com,
Inc. |
2.1
|
| Coca-Cola
Co. (The) |
2.0
|
| EOG
Resources, Inc. |
1.8
|
| Walt
Disney Co. (The) |
1.8
|
| Roche
Holding AG PC |
1.6
|
| Total
|
22.2%
|
Footnotes:
|
1 |
Excludes
cash and cash equivalents. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡
Investment Objectives. The
Fund’s investment objective is to provide a high level of after-tax total return. The Fund’s return is expected to consist primarily of tax-advantaged dividend income and capital appreciation.
Principal Strategies. Under
normal market conditions, the Fund invests at least 80% of its total managed assets in dividend-paying common and preferred stocks of U.S. and foreign issuers that the portfolio managers believe at the time of investment are eligible to pay
dividends that may constitute qualified dividend income and, therefore, qualify for federal income taxation at rates applicable to long-term capital gains. The remainder of the Fund’s portfolio may be invested in stocks and other investments
that pay dividends, distributions or other amounts taxable for federal income tax purposes at rates applicable to ordinary income.
Under normal market conditions, the Fund invests (i) at least
25% of its total managed assets in securities of U.S. issuers; (ii) at least 40% of its total managed assets in securities of non-U.S. issuers, including issuers located in emerging market countries, unless market conditions are not deemed
favorable, in which case the Fund would invest at least 30% of its total managed assets in securities of non-U.S. issuers; and (iii) in issuers located in at least five different countries (including the U.S.). The Fund may also invest up to 30% of
its total assets in securities rated below investment grade.
The Fund also seeks to enhance the level of dividend income it
receives by engaging in dividend capture trading. In seeking to manage exposure to certain sectors and/or markets in connection with its use of dividend capture trading, the Fund may buy and sell equity index futures contracts and may engage in
other types of derivatives to manage such exposures. Additionally, the Fund may also use derivatives for other purposes, such as hedging, to enhance return or as a substitute for the purchase or sale of securities or currencies. Other permitted
derivatives include futures contracts on securities and non-equity indices, options on futures contracts, the purchase of put options and the sale of call options on securities held, equity swaps, interest rate swaps, covered short sales, forward
sales of stocks, forward currency exchange contracts and currency futures contracts. The Fund may invest in the foregoing derivatives without limitation and use of derivatives may be extensive. The Fund may also invest in credit derivatives (credit
default swaps, total return swaps, credit options and other derivative transactions with substantially similar characteristics and risks), provided that the notional value of such derivative instruments entered into for non-hedging purposes does not
exceed 5% of the value of preferred stocks held by the Fund.
The Fund invests a significant portion of its assets in each of
the energy, raw materials, real estate, utilities and financial services sectors. The portfolio managers believe that, during periods of high or rising concern about inflation, investments in common stocks of certain types of issuers whose
businesses are related to ‘‘hard assets’’ can support the Fund’s objective to achieve high after-tax total return.
The Fund may also invest up to 10% of its net assets in
exchange-traded funds (“ETFs”) that invest primarily in preferred stocks.
The Fund employs leverage through borrowings to seek
opportunities for additional income. Leverage may amplify the effect on the Fund’s net asset value of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful.
Principal Risks
Market Discount Risk. As with
any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of
closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.
Market Risk. The value of
investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such
as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and
magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in
reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may
exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. No active trading market may exist for
certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.
Equity Securities Risk. The
value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other
types of stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.
Tax-Sensitive Investing Risk.
The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation,
regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable.
See Endnotes and Additional Disclosures in this report.
6
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Foreign Investment Risk.
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country against a particular country or countries,
organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States
companies are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the
major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or
contractual rights in a foreign country.
Emerging
Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may
be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed
capital markets.
Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally
are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.
Sector Risk. Because the Fund
may, under certain market conditions, invest a significant portion of its assets in the energy, raw materials, real estate, utilities and financial services sectors, the value of Fund shares may be affected by events that adversely affect those
sectors and may fluctuate more than that of a more broadly diversified fund.
Preferred Stock Risk. Although
preferred stocks represent an ownership interest in an issuer, preferred stocks generally do not have voting rights or have limited voting rights and have economic characteristics similar to fixed-income securities. Preferred stocks are subject to
issuer-specific risks generally applicable to equity securities and credit and interest rate risks generally applicable to fixed-income securities. The value of preferred stock generally declines when interest rates rise and may react more
significantly than bonds and other debt instruments to actual or perceived changes in the company’s financial condition or prospects.
Income Risk. The Fund’s
ability to distribute income to shareholders will depend on the yield available on the common and preferred stocks and other hybrid securities and fixed-income securities held by the Fund. Changes in the dividend policies of companies held by the
Fund could make it difficult for the Fund to provide a predictable level of income.
Dividend Capture Trading Risk.
The use of dividend capture strategies will expose the Fund to higher portfolio turnover, increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to
dividend capture trading.
Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in
economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and
income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial
condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize
the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s
operating expenses and adversely affect net asset value.
Interest Rate Risk. In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash
flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with
shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or
maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or maturities of
income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. LIBOR is
used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the
administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR has become increasingly well
defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for
instruments based on LIBOR and changes in the value of such instruments.
See Endnotes and Additional Disclosures in this report.
7
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Lower Rated Investments Risk.
Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or
other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher
non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.
Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in
the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints.
Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be
unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to
honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially
exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
ETF Risk. ETFs are subject to
the risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the
operating expenses of an ETF in which it invests.
Liquidity Risk. The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices.
Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on
the Fund’s performance. These effects may be exacerbated during times of financial or political stress.
Leverage Risk. Certain Fund
transactions may give rise to leverage. Leverage can result from a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. The Fund may be required to segregate liquid assets or
otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to
meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio
securities. The loss on leveraged investments may substantially exceed the initial investment.
Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there
is no guarantee that such decisions will produce the desired results or expected returns. For Funds that are both actively managed and use quantitative investment techniques, the portfolio manager also uses (or portfolio managers also use)
quantitative investment techniques and analyses in making investment decisions for the Fund. For Funds that are both actively managed and use portfolio optimization, the portfolio manager also uses (or portfolio managers also use) quantitative
portfolio optimization and risk management techniques in making investment decisions for the Fund. There can be no assurance that these techniques will achieve the desired results.
Recent Market Conditions. An
outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare
service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in a substantial economic downturn, which may
continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The
impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that
may arise in the future may have similar effects. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing
interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private
sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The
impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service
providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the
Fund.
See Endnotes and Additional Disclosures in this report.
8
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Cybersecurity Risk. With the
increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or
unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which
the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its net asset value, interfere with
Fund shareholders’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.
General Fund Investing Risks.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Potential Conflicts of Interest
As a diversified global financial services firm, Morgan
Stanley, the parent company of the investment adviser, engages in a broad spectrum of activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of the Fund. Morgan Stanley advises clients and
sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor Morgan Stanley funds, programs, accounts or businesses, (other than funds, programs, accounts or
businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. (“Eaton Vance Investment Accounts”)), the “MS Investment Accounts,” and, together with the Eaton Vance Investment
Accounts, the ‘‘Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may overlap or conflict with a Fund’s investment objectives and present conflicts of interest. There
is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.
Material Non-public Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the
investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. Morgan Stanley has established
certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley.
Investments by Morgan Stanley and its Affiliated Investment
Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in
Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a
result, the members of an investment team may face conflicts in the allocation of investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain
Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser
to favor such other accounts. To seek to reduce potential conflicts of interest and to attempt to allocate investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These
policies and procedures are intended to give all clients of the investment adviser, including the Fund(s), fair access to investment opportunities, consistent with the requirements of organizational documents, investment strategies, applicable laws
and regulations, and the fiduciary duties of the investment adviser.
Investments by Separate Investment Departments. The entities and individuals that provide investment-related services for the Fund and certain other Eaton Vance Investment Accounts (the “Eaton Vance Investment Department”) may be different from the
entities and individuals that provide investment-related services to MS Investment Accounts (the “MS Investment Department” and, together with the Eaton Vance Investment Department, the “Investment Departments”). Although
Morgan Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other
Investment Department on certain investment-related matters. A MS Investment Account could trade in advance of a Fund (and vice versa), might complete trades more quickly and efficiently than a Fund, and/or achieve different execution than a Fund on
the same or similar investments made contemporaneously.
Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s
holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and
potentially adverse to, that of a Fund.
Morgan
Stanley’s Investment Banking and Other Commercial Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act
as an advisor to clients, including other investment funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts
that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a Fund.
See Endnotes and Additional Disclosures in this report.
9
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Investment Advisers Act of 1940,
as amended (the “Advisers Act”), the Investment Company Act of 1940, as amended (the “1940 Act”), and the Employee Retirement Income Security Act, as amended (“ERISA”) impose certain requirements designed to
decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition,
the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty
to its clients and in accordance with applicable law.
Important Notice to Shareholders
The following information is a summary of certain changes since
October 31, 2021. This information may not reflect all of the changes that have occurred since you purchased the Fund.
Prior to November 18, 2022, the Fund’s portfolio
management team included Christopher M. Dyer, CFA, Derek J.V. DiGregorio and John H. Croft, CFA. Effective November 18, 2022, the Fund’s portfolio management team includes Christopher M. Dyer, CFA, Derek J.V. DiGregorio and Joseph Mehlman,
CFA. Mr. Mehlman is Vice President of Eaton Vance Management (“EVM”) and a Managing Director at Morgan Stanley Investment Management Inc., an affiliate of EVM. Mr. Mehlman has been employed by the Morgan Stanley organization for more
than five years and manages other Eaton Vance funds.
See Endnotes and Additional Disclosures in this report.
10
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Endnotes and
Additional Disclosures
| †
|
The views expressed in this
report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any
responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund.
This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement,
depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks
discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
| ‡ |
The information contained
herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market
trading. |
| |
|
| 1 |
MSCI World Index is an
unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved
this report, and has no liability hereunder. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE® BofA® indices are not for redistribution or other uses;
provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed
registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 80% MSCI World Index and 20% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. Unless otherwise stated,
index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
|
2 |
Performance
results reflect the effects of leverage. |
|
3 |
The
shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
| 4 |
The Distribution Rate is
based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal
income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End
Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and
provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at
eatonvance. com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund
performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Subsequent distributions
declared, but not reflected in Fund Performance, reflect a decrease of the monthly distribution rate. |
|
5 |
Total
leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater price
volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.
|
| |
Fund profile subject to
change due to active management. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Endnotes and
Additional Disclosures — continued
| |
Additional Information
|
| |
S&P
500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for
use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do
not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market
capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third
party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China,
Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index is an unmanaged index of equities in
the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
| Security
|
Shares
|
Value
|
| Aerospace
& Defense — 1.4% |
| Safran
S.A. |
|
46,192
|
$
5,144,398 |
| |
|
|
$ 5,144,398
|
| Air
Freight & Logistics — 1.1% |
| GXO
Logistics, Inc.(1) |
|
103,028
|
$
3,764,643 |
| |
|
|
$ 3,764,643
|
| Automobiles
— 0.8% |
| Stellantis
NV |
|
219,514
|
$
2,961,588 |
| |
|
|
$ 2,961,588
|
| Banks
— 5.3% |
| Banco
Santander S.A. |
|
2,036,019
|
$
5,280,366 |
| Citigroup,
Inc. |
|
80,575
|
3,695,169
|
| Citizens
Financial Group, Inc. |
|
69,066
|
2,824,799
|
| HDFC
Bank, Ltd. |
|
198,345
|
3,597,729
|
| Standard
Chartered PLC |
|
305,537
|
1,825,503
|
| Toronto-Dominion
Bank (The) |
|
28,520
|
1,825,272
|
| |
|
|
$ 19,048,838
|
| Beverages
— 4.1% |
| Coca-Cola
Co. (The)(2) |
|
153,029
|
$
9,158,786 |
| Diageo
PLC |
|
137,534
|
5,659,862
|
| |
|
|
$ 14,818,648
|
| Biotechnology
— 1.4% |
| CSL,
Ltd. |
|
27,620
|
$
4,944,405 |
| |
|
|
$ 4,944,405
|
| Building
Products — 0.8% |
| Assa
Abloy AB, Class B |
|
140,701
|
$
2,841,045 |
| |
|
|
$ 2,841,045
|
| Capital
Markets — 2.2% |
| State
Street Corp. |
|
72,165
|
$
5,340,210 |
| Stifel
Financial Corp. |
|
42,257
|
2,614,441
|
| |
|
|
$ 7,954,651
|
| Chemicals
— 0.0%(3) |
| Sika
AG |
|
410
|
$
92,445 |
| |
|
|
$ 92,445
|
| Security
|
Shares
|
Value
|
| Consumer
Finance — 0.7% |
| Capital
One Financial Corp. |
|
23,380
|
$
2,478,748 |
| |
|
|
$ 2,478,748
|
| Diversified
Financial Services — 0.6% |
| London
Stock Exchange Group PLC |
|
23,051
|
$
1,998,107 |
| |
|
|
$ 1,998,107
|
| Electric
Utilities — 2.7% |
| Iberdrola
S.A. |
|
462,780
|
$
4,706,136 |
| NextEra
Energy, Inc. |
|
64,194
|
4,975,035
|
| |
|
|
$ 9,681,171
|
| Electrical
Equipment — 2.4% |
| AMETEK,
Inc. |
|
40,490
|
$
5,249,933 |
| Schneider
Electric SE |
|
27,339
|
3,457,189
|
| |
|
|
$ 8,707,122
|
| Electronic
Equipment, Instruments & Components — 5.1% |
| CDW
Corp.(2) |
|
38,211
|
$
6,603,243 |
| Halma
PLC |
|
125,209
|
3,036,228
|
| Keyence
Corp. |
|
5,389
|
2,032,004
|
| Keysight
Technologies, Inc.(1) |
|
14,923
|
2,598,840
|
| TE
Connectivity, Ltd. |
|
32,315
|
3,949,862
|
| |
|
|
$ 18,220,177
|
| Entertainment
— 2.3% |
| Walt
Disney Co. (The)(1)(2) |
|
76,688
|
$
8,170,339 |
| |
|
|
$ 8,170,339
|
| Equity
Real Estate Investment Trusts (REITs) — 1.0% |
| Healthpeak
Properties, Inc.(2) |
|
156,374
|
$
3,710,755 |
| |
|
|
$ 3,710,755
|
| Food
Products — 4.5% |
| Mondelez
International, Inc., Class A |
|
108,460
|
$
6,668,121 |
| Nestle
S.A. |
|
86,976
|
9,468,103
|
| |
|
|
$ 16,136,224
|
| Health
Care Equipment & Supplies — 4.3% |
| Alcon,
Inc. |
|
29,370
|
$
1,788,203 |
| Boston
Scientific Corp.(1)(2) |
|
165,863
|
7,150,354
|
| Intuitive
Surgical, Inc.(1)(2) |
|
19,190
|
4,729,759
|
| Straumann
Holding AG |
|
17,319
|
1,648,272
|
| |
|
|
$ 15,316,588
|
13
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Hotels,
Restaurants & Leisure — 2.7% |
| Compass
Group PLC |
|
340,492
|
$
7,171,379 |
| InterContinental
Hotels Group PLC |
|
45,188
|
2,427,983
|
| |
|
|
$ 9,599,362
|
| Industrial
Conglomerates — 1.2% |
| Siemens
AG |
|
40,214
|
$
4,391,729 |
| |
|
|
$ 4,391,729
|
| Insurance
— 2.9% |
| AIA
Group, Ltd. |
|
412,665
|
$
3,125,851 |
| Allstate
Corp. (The) |
|
18,420
|
2,325,525
|
| AXA
S.A. |
|
100,362
|
2,478,427
|
| RenaissanceRe
Holdings, Ltd. |
|
16,243
|
2,512,467
|
| |
|
|
$ 10,442,270
|
| Interactive
Media & Services — 3.3% |
| Alphabet,
Inc., Class C(1)(2) |
|
126,874
|
$
12,009,893 |
| |
|
|
$ 12,009,893
|
| Internet
& Direct Marketing Retail — 2.6% |
| Amazon.com,
Inc.(1)(2) |
|
92,131
|
$
9,437,900 |
| |
|
|
$ 9,437,900
|
| IT
Services — 4.6% |
| Amadeus
IT Group S.A.(1) |
|
57,408
|
$
2,994,129 |
| Fidelity
National Information Services, Inc.(2) |
|
72,920
|
6,051,631
|
| Global
Payments, Inc. |
|
24,050
|
2,747,953
|
| Visa,
Inc., Class A |
|
23,151
|
4,795,961
|
| |
|
|
$ 16,589,674
|
| Leisure
Products — 1.0% |
| Yamaha
Corp. |
|
96,572
|
$
3,646,004 |
| |
|
|
$ 3,646,004
|
| Life
Sciences Tools & Services — 1.3% |
| Danaher
Corp. |
|
19,133
|
$
4,815,202 |
| |
|
|
$ 4,815,202
|
| Machinery
— 1.8% |
| Graco,
Inc. |
|
32,148
|
$
2,236,858 |
| Ingersoll
Rand, Inc. |
|
84,670
|
4,275,835
|
| |
|
|
$ 6,512,693
|
| Metals
& Mining — 1.2% |
| Anglo
American PLC |
|
86,639
|
$
2,595,202 |
| Security
|
Shares
|
Value
|
| Metals
& Mining (continued) |
| Rio
Tinto, Ltd. |
|
32,651
|
$
1,852,931 |
| |
|
|
$ 4,448,133
|
| Multiline
Retail — 1.5% |
| Dollar
Tree, Inc.(1) |
|
34,789
|
$
5,514,056 |
| |
|
|
$ 5,514,056
|
| Multi-Utilities
— 0.5% |
| CMS
Energy Corp. |
|
31,669
|
$
1,806,716 |
| |
|
|
$ 1,806,716
|
| Oil,
Gas & Consumable Fuels — 5.1% |
| ConocoPhillips
|
|
78,434
|
$
9,889,743 |
| EOG
Resources, Inc. |
|
61,429
|
8,386,287
|
| |
|
|
$ 18,276,030
|
| Personal
Products — 0.5% |
| Kose
Corp. |
|
18,443
|
$
1,840,989 |
| |
|
|
$ 1,840,989
|
| Pharmaceuticals
— 9.0% |
| AstraZeneca
PLC |
|
36,144
|
$
4,240,852 |
| Eli
Lilly & Co.(2) |
|
13,833
|
5,008,791
|
| Novo
Nordisk A/S, Class B |
|
60,303
|
6,556,821
|
| Roche
Holding AG PC |
|
22,146
|
7,348,001
|
| Sanofi
|
|
62,344
|
5,365,187
|
| Zoetis,
Inc. |
|
26,203
|
3,950,888
|
| |
|
|
$ 32,470,540
|
| Professional
Services — 3.1% |
| Recruit
Holdings Co., Ltd. |
|
102,794
|
$
3,163,091 |
| RELX
PLC |
|
187,233
|
5,029,169
|
| Verisk
Analytics, Inc. |
|
16,934
|
3,096,043
|
| |
|
|
$ 11,288,303
|
| Semiconductors
& Semiconductor Equipment — 4.4% |
| ASML
Holding NV |
|
11,681
|
$
5,479,400 |
| Infineon
Technologies AG |
|
145,473
|
3,529,970
|
| Micron
Technology, Inc. |
|
69,446
|
3,757,029
|
| Taiwan
Semiconductor Manufacturing Co., Ltd. ADR |
|
52,098
|
3,206,632
|
| |
|
|
$ 15,973,031
|
| Software
— 6.8% |
| Adobe,
Inc.(1)(2) |
|
12,902
|
$
4,109,287 |
14
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Software
(continued) |
| Intuit,
Inc. |
|
8,524
|
$
3,644,010 |
| Microsoft
Corp.(2) |
|
71,285
|
16,547,387
|
| |
|
|
$ 24,300,684
|
| Specialty
Retail — 1.3% |
| TJX
Cos., Inc. (The) |
|
66,690
|
$
4,808,349 |
| |
|
|
$ 4,808,349
|
| Technology
Hardware, Storage & Peripherals — 3.1% |
| Apple,
Inc.(2) |
|
73,261
|
$
11,233,842 |
| |
|
|
$ 11,233,842
|
| Textiles,
Apparel & Luxury Goods — 1.0% |
| LVMH
Moet Hennessy Louis Vuitton SE |
|
5,797
|
$
3,657,876 |
| |
|
|
$ 3,657,876
|
| Trading
Companies & Distributors — 0.9% |
| Ashtead
Group PLC |
|
64,381
|
$
3,353,801 |
| |
|
|
$ 3,353,801
|
| Wireless
Telecommunication Services — 1.2% |
| Vodafone
Group PLC |
|
3,628,026
|
$
4,235,364 |
| |
|
|
$ 4,235,364
|
Total
Common Stocks
(identified cost $319,754,128) |
|
|
$366,642,333
|
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Banks
— 10.3% |
| Australia
& New Zealand Banking Group, Ltd., 6.75% to 6/15/26(4)(5)(6) |
$
|
240
|
$ 230,050
|
| Banco
Bilbao Vizcaya Argentaria S.A., 6.125% to 11/16/27(5)(6) |
|
1,400
|
1,078,582
|
| Banco
Mercantil del Norte S.A./Grand Cayman: |
|
|
|
| 7.50%
to 6/27/29(4)(5)(6) |
|
1,480
|
1,157,480
|
| 7.625%
to 1/10/28(4)(5)(6) |
|
380
|
312,531
|
| Bank
of America Corp.: |
|
|
|
| 3.846%
to 3/8/32, 3/8/37(6) |
|
125
|
100,301
|
| Series
AA, 6.10% to 3/17/25(5)(6) |
|
1,445
|
1,395,429
|
| Series
TT, 6.125% to 4/27/27(5)(6) |
|
1,682
|
1,593,695
|
| Bank
of Nova Scotia (The), 8.625% to 10/27/27, 10/27/82(6) |
|
1,300
|
1,307,951 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Banks
(continued) |
| Barclays
PLC: |
|
|
|
| 6.125%
to 12/15/25(5)(6) |
$
|
997
|
$
866,144 |
| 7.75%
to 9/15/23(5)(6) |
|
2,105
|
1,986,594
|
| 8.00%
to 3/15/29(5)(6) |
|
450
|
404,259
|
| BNP
Paribas S.A.: |
|
|
|
| 4.625%
to 2/25/31(4)(5)(6) |
|
462
|
320,513
|
| 7.75%
to 8/16/29(4)(5)(6) |
|
1,475
|
1,394,369
|
| Citigroup,
Inc.: |
|
|
|
| Series
M, 6.30% to 5/15/24(5)(6) |
|
2,097
|
1,963,316
|
| Series
W, 4.00% to 12/10/25(5)(6) |
|
702
|
593,892
|
| Credit
Suisse Group AG: |
|
|
|
| 5.25%
to 2/11/27(4)(5)(6) |
|
461
|
327,310
|
| 9.75%
to 6/23/27(4)(5)(6) |
|
2,171
|
2,068,154
|
| HSBC
Holdings PLC: |
|
|
|
| 4.60%
to 12/17/30(5)(6) |
|
1,485
|
983,367
|
| 6.00%
to 5/22/27(5)(6) |
|
200
|
162,540
|
| ING
Groep NV, 6.50% to 4/16/25(5)(6) |
|
934
|
852,089
|
| JPMorgan
Chase & Co., Series KK, 3.65% to 6/1/26(5)(6) |
|
2,204
|
1,829,210
|
| Lloyds
Banking Group PLC, 7.50% to 6/27/24(5)(6) |
|
2,447
|
2,338,754
|
| Natwest
Group PLC: |
|
|
|
| 4.60%
to 6/28/31(5)(6) |
|
371
|
240,465
|
| 8.00%
to 8/10/25(5)(6) |
|
1,880
|
1,776,365
|
| PNC
Financial Services Group, Inc. (The), Series V, 6.20% to 9/15/27(5)(6) |
|
925
|
878,473
|
| Societe
Generale S.A., 5.375% to 11/18/30(4)(5)(6) |
|
1,201
|
872,949
|
| Standard
Chartered PLC, 4.75% to 1/14/31(4)(5)(6) |
|
2,304
|
1,538,765
|
| SVB
Financial Group., Series C, 4.00% to 5/15/26(5)(6) |
|
2,007
|
1,406,999
|
| Toronto-Dominion
Bank (The), 8.125% to 10/31/27, 10/31/82(6) |
|
875
|
887,031
|
| Truist
Financial Corp., Series Q, 5.10% to 3/1/30(5)(6) |
|
333
|
293,064
|
| UBS
Group AG, 6.875% to 8/7/25(5)(6)(7) |
|
1,506
|
1,432,769
|
| UniCredit
SpA, 7.296% to 4/2/29, 4/2/34(4)(6) |
|
1,385
|
1,176,215
|
| Wells
Fargo & Co., Series BB, 3.90% to 3/15/26(5)(6) |
|
1,504
|
1,277,836
|
| Zions
Bancorp NA, 5.80% to 6/15/23(5)(6) |
|
2,020
|
1,909,229
|
| |
|
|
$ 36,956,690
|
| Capital
Markets — 0.8% |
| AerCap
Holdings NV, 5.875% to 10/10/24, 10/10/79(6) |
$
|
965
|
$
869,619 |
| Charles
Schwab Corp. (The), Series I, 4.00% to 6/1/26(5)(6) |
|
2,237
|
1,841,946
|
| |
|
|
$ 2,711,565
|
| Diversified
Financial Services — 0.6% |
| American
AgCredit Corp., Series QIB, 5.25% to 6/15/26(4)(5)(6) |
$
|
1,901
|
$
1,746,544 |
15
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Diversified
Financial Services (continued) |
| Goldman
Sachs Group, Inc. (The), Series V, 4.125% to 11/10/26(5)(6) |
$
|
373
|
$
293,271 |
| |
|
|
$ 2,039,815
|
| Electric
Utilities — 0.9% |
| Dominion
Energy, Inc., Series C, 4.35% to 1/15/27(5)(6) |
$
|
700
|
$
582,603 |
| Edison
International, Series B, 5.00% to 12/15/26(5)(6) |
|
168
|
136,500
|
| Emera,
Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(6) |
|
970
|
907,796
|
| Southern
California Edison Co., Series E, 8.639%, (3 mo. USD LIBOR + 4.199%), 12/5/22(8) |
|
720
|
707,561
|
| Southern
Co. (The), Series B, 4.00% to 10/15/25, 1/15/51(6) |
|
990
|
863,270
|
| |
|
|
$ 3,197,730
|
| Food
Products — 0.6% |
| Land
O' Lakes, Inc., 8.00%(4)(5) |
$
|
2,085
|
$
2,069,811 |
| |
|
|
$ 2,069,811
|
| Independent
Power and Renewable Electricity Producers — 0.2% |
| Algonquin
Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(6) |
$
|
1,039
|
$
838,993 |
| |
|
|
$ 838,993
|
| Insurance
— 1.7% |
| Corebridge
Financial, Inc., 6.875% to 9/15/27, 12/15/52(4)(6) |
$
|
1,375
|
$
1,242,164 |
| Liberty
Mutual Group, Inc.: |
|
|
|
| 4.125%
to 9/15/26, 12/15/51(4)(6) |
|
1,668
|
1,253,243
|
| 4.30%,
2/1/61(4) |
|
2,075
|
1,227,051
|
| Prudential
Financial, Inc., 5.125% to 11/28/31, 3/1/52(6) |
|
546
|
466,764
|
| QBE
Insurance Group, Ltd., 5.875% to 5/12/25(4)(5)(6) |
|
2,316
|
2,114,168
|
| |
|
|
$ 6,303,390
|
| Multi-Utilities
— 0.5% |
| Centerpoint
Energy, Inc., Series A, 6.125% to 9/1/23(5)(6) |
$
|
1,822
|
$
1,712,331 |
| |
|
|
$ 1,712,331
|
| Oil
and Gas — 0.2% |
| Petroleos
Mexicanos, 6.50%, 3/13/27 |
$
|
1,025
|
$
900,755 |
| |
|
|
$ 900,755
|
| Oil,
Gas & Consumable Fuels — 0.8% |
| DCP
Midstream, L.P., Series A, 7.375% to 12/15/22(5)(6) |
$
|
904
|
$
892,750 |
| EnLink
Midstream Partners, L.P., Series C, 6.00% to 12/15/22(5)(6) |
|
1,478
|
1,138,947 |
| Security
|
Principal
Amount
(000's omitted) |
Value
|
| Oil,
Gas & Consumable Fuels (continued) |
| Odebrecht
Oil & Gas Finance, Ltd., 0.00%(4)(5) |
$
|
1,757
|
$
3,075 |
| Plains
All American Pipeline, L.P., Series B, 6.125% to 12/5/22(5)(6) |
|
1,020
|
857,310
|
| |
|
|
$ 2,892,082
|
| Pipelines
— 0.2% |
| Energy
Transfer, L.P., Series A, 6.25% to 2/15/23(5)(6) |
$
|
1,064
|
$
886,295 |
| |
|
|
$ 886,295
|
Total
Corporate Bonds
(identified cost $69,754,985) |
|
|
$ 60,509,457
|
| Exchange-Traded
Funds — 0.8% |
| Security
|
Shares
|
Value
|
| Equity
Funds — 0.8% |
| Global
X U.S. Preferred ETF |
|
70,816
|
$
1,390,118 |
| iShares
Preferred & Income Securities ETF |
|
47,573
|
1,451,452
|
Total
Exchange-Traded Funds
(identified cost $3,292,511) |
|
|
$ 2,841,570
|
| Security
|
Shares
|
Value
|
| Banks
— 1.4% |
| AgriBank
FCB, 6.875% to 1/1/24(6) |
|
16,581
|
$
1,647,737 |
| Farm
Credit Bank of Texas, 6.75% to 9/15/23(4)(6) |
|
1,501
|
149,725
|
| First
Republic Bank: |
|
|
|
| Series
M, 4.00% |
|
65,618
|
984,926
|
| Series
N, 4.50% |
|
17,645
|
297,142
|
| JPMorgan
Chase & Co.: |
|
|
|
| Series
JJ, 4.55% |
|
39,546
|
720,133
|
| Series
LL, 4.625% |
|
31,200
|
578,448
|
| Truist
Financial Corp., 5.25% |
|
14,434
|
304,124
|
| Wells
Fargo & Co., Series L, 7.50% (Convertible) |
|
202
|
235,437
|
| |
|
|
$ 4,917,672
|
| Capital
Markets — 1.1% |
| Affiliated
Managers Group, Inc., 4.75% |
|
86,433
|
$
1,477,140 |
| KKR
Group Finance Co. IX, LLC, 4.625% |
|
72,950
|
1,271,518
|
| Stifel
Financial Corp., Series D, 4.50% |
|
88,925
|
1,439,696
|
| |
|
|
$ 4,188,354
|
16
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Portfolio of
Investments — continued
| Security
|
Shares
|
Value
|
| Electric
Utilities — 0.4% |
| SCE
Trust III, Series H, 5.75% to 3/15/24(6) |
|
32,549
|
$
629,498 |
| SCE
Trust IV, Series J, 5.375% to 9/15/25(6) |
|
14,476
|
259,699
|
| SCE
Trust V, Series K, 5.45% to 3/15/26(6) |
|
27,041
|
518,646
|
| SCE
Trust VI, 5.00% |
|
2,458
|
42,155
|
| |
|
|
$ 1,449,998
|
| Equity
Real Estate Investment Trusts (REITs) — 0.3% |
| SITE
Centers Corp., Series A, 6.375% |
|
49,475
|
$
992,468 |
| |
|
|
$ 992,468
|
| Insurance
— 0.6% |
| Allstate
Corp. (The), Series H, 5.10% |
|
15,177
|
$
298,228 |
| American
Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(6) |
|
53,853
|
1,247,235
|
| Arch
Capital Group, Ltd., Series G, 4.55% |
|
32,167
|
564,853
|
| |
|
|
$ 2,110,316
|
| Oil,
Gas & Consumable Fuels — 0.7% |
| NuStar
Energy, L.P., Series B, 9.126%, (3 mo. USD LIBOR + 5.643%)(8) |
|
114,848
|
$
2,439,372 |
| |
|
|
$ 2,439,372
|
| Pipelines
— 0.4% |
| Energy
Transfer, L.P.: |
|
|
|
| Series
C, 7.375% to 5/15/23(6) |
|
44,000
|
$
985,600 |
| Series
E, 7.60% to 5/15/24(6) |
|
19,280
|
444,018
|
| |
|
|
$ 1,429,618
|
| Real
Estate Management & Development — 0.4% |
| Brookfield
Property Partners, L.P.: |
|
|
|
| Series
A, 5.75% |
|
5,299
|
$
80,174 |
| Series
A-1, 6.50% |
|
52,225
|
869,546
|
| Series
A2, 6.375% |
|
34,695
|
565,529
|
| |
|
|
$ 1,515,249
|
| Telecommunications
— 0.3% |
| United
States Cellular Corp., 5.50% |
|
67,525
|
$
1,152,652 |
| |
|
|
$ 1,152,652
|
Total
Preferred Stocks
(identified cost $24,861,433) |
|
|
$ 20,195,699
|
| Short-Term
Investments — 2.7% |
| Security
|
Shares
|
Value
|
| Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%(9) |
|
9,569,181
|
$
9,569,181 |
Total
Short-Term Investments
(identified cost $9,569,181) |
|
|
$ 9,569,181
|
Total
Investments — 127.6%(10)
(identified cost $427,232,238) |
|
|
$459,758,240
|
| Other
Assets, Less Liabilities — (27.6)% |
|
|
$
(99,310,021) |
| Net
Assets — 100.0% |
|
|
$360,448,219
|
| The
percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
|
(1) |
Non-income
producing security. |
|
(2) |
All or
a portion of this security was on loan at October 31, 2022 pursuant to the Liquidity Agreement (see Note 7). The aggregate market value of securities on loan at October 31, 2022 was $68,043,906. |
|
(3) |
Amount
is less than 0.05%. |
|
(4) |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31,
2022, the aggregate value of these securities is $19,204,117 or 5.3% of the Fund's net assets. |
|
(5) |
Perpetual
security with no stated maturity date but may be subject to calls by the issuer. |
|
(6) |
Security
converts to variable rate after the indicated fixed-rate coupon period. |
|
(7) |
Security
exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2022, the aggregate value of these securities is $1,432,769 or 0.4% of the Fund's net assets.
|
|
(8) |
Variable
rate security. The stated interest rate represents the rate in effect at October 31, 2022. |
|
(9) |
May be
deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2022. |
|
(10) |
The
Fund has granted a security interest in all the Fund's investments, unless otherwise pledged, in connection with the Liquidity Agreement (see Note 7). |
17
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Portfolio of
Investments — continued
| Country
Concentration of Portfolio |
| Country
|
Percentage
of
Total Investments |
Value
|
| United
States |
59.0%
|
$271,107,046
|
| United
Kingdom |
11.3
|
51,870,703
|
| Switzerland
|
6.1
|
28,123,119
|
| France
|
4.9
|
22,690,908
|
| Spain
|
3.1
|
14,059,213
|
| Japan
|
2.3
|
10,682,088
|
| Netherlands
|
2.0
|
9,293,077
|
| Australia
|
2.0
|
9,141,554
|
| Germany
|
1.7
|
7,921,699
|
| Denmark
|
1.4
|
6,556,821
|
| Canada
|
1.3
|
5,767,043
|
| India
|
0.8
|
3,597,729
|
| Taiwan
|
0.7
|
3,206,632
|
| Hong
Kong |
0.7
|
3,125,851
|
| Sweden
|
0.6
|
2,841,045
|
| Bermuda
|
0.5
|
2,512,467
|
| Mexico
|
0.5
|
2,370,766
|
| Italy
|
0.3
|
1,176,215
|
| Ireland
|
0.2
|
869,619
|
| Brazil
|
0.0
(1) |
3,075
|
| Exchange-Traded
Funds |
0.6
|
2,841,570
|
| Total
Investments |
100.0%
|
$459,758,240
|
|
(1) |
Amount
is less than 0.05%. |
| Abbreviations:
|
| ADR
|
– American
Depositary Receipt |
| LIBOR
|
– London
Interbank Offered Rate |
| PC
|
– Participation
Certificate |
| Currency
Abbreviations: |
| USD
|
– United
States Dollar |
18
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Statement of Assets
and Liabilities
| |
October
31, 2022 |
| Assets
|
|
| Unaffiliated
investments, at value (identified cost $417,663,057) — including $68,043,906 of securities on loan |
$
450,189,059 |
| Affiliated
investment, at value (identified cost $9,569,181) |
9,569,181
|
| Foreign
currency, at value (identified cost $15,858) |
15,838
|
| Interest
and dividends receivable |
1,111,531
|
| Dividends
receivable from affiliated investment |
32,752
|
| Receivable
for investments sold |
2,835,568
|
| Receivable
from the transfer agent |
135,546
|
| Tax
reclaims receivable |
522,715
|
| Total
assets |
$464,412,190
|
| Liabilities
|
|
| Liquidity
Agreement borrowings |
$
103,000,000 |
| Payable
for investments purchased |
14,529
|
| Payable
to affiliates: |
|
| Investment
adviser fee |
324,731
|
| Trustees'
fees |
3,074
|
| Accrued
foreign capital gains taxes |
95,935
|
| Accrued
expenses |
525,702
|
| Total
liabilities |
$103,963,971
|
| Net
Assets |
$360,448,219
|
| Sources
of Net Assets |
|
| Common
shares, $0.01 par value, unlimited number of shares authorized |
$
163,881 |
| Additional
paid-in capital |
326,423,177
|
| Distributable
earnings |
33,861,161
|
| Net
Assets |
$360,448,219
|
| Common
Shares Issued and Outstanding |
16,388,138
|
| Net
Asset Value Per Common Share |
|
| Net
assets ÷ common shares issued and outstanding |
$
21.99 |
19
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
| |
Year
Ended |
| |
October
31, 2022 |
| Investment
Income |
|
| Dividend
income (net of foreign taxes withheld of $1,219,680) |
$
14,142,141 |
| Dividend
income from affiliated investments |
54,646
|
| Interest
income |
3,758,447
|
| Other
income |
283,053
|
| Total
investment income |
$
18,238,287 |
| Expenses
|
|
| Investment
adviser fee |
$
4,554,521 |
| Trustees’
fees and expenses |
34,224
|
| Custodian
fee |
190,943
|
| Transfer
and dividend disbursing agent fees |
18,170
|
| Legal
and accounting services |
89,148
|
| Printing
and postage |
150,070
|
| Interest
expense and fees |
1,783,330
|
| Miscellaneous
|
45,181
|
| Total
expenses |
$
6,865,587 |
| Deduct:
|
|
| Waiver
and/or reimbursement of expenses by affiliate |
$
3,745 |
| Total
expense reductions |
$
3,745 |
| Net
expenses |
$
6,861,842 |
| Net
investment income |
$
11,376,445 |
| Realized
and Unrealized Gain (Loss) |
|
| Net
realized gain (loss): |
|
| Investment
transactions |
$
22,826,527 |
| Investment
transactions - affiliated investment |
863,570
|
| Proceeds
from securities litigation settlements |
312,541
|
| Futures
contracts |
(893,589)
|
| Foreign
currency transactions |
(96,646)
|
| Forward
foreign currency exchange contracts |
247,770
|
| Net
realized gain |
$
23,260,173 |
| Change
in unrealized appreciation (depreciation): |
|
| Investments
(including net increase in accrued foreign capital gains taxes of $95,935) |
$
(152,225,554) |
| Investments
- affiliated investment |
(554,211)
|
| Foreign
currency |
(73,012)
|
| Net
change in unrealized appreciation (depreciation) |
$(152,852,777)
|
| Net
realized and unrealized loss |
$(129,592,604)
|
| Net
decrease in net assets from operations |
$(118,216,159)
|
20
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Statements of Changes
in Net Assets
| |
Year
Ended October 31, |
| |
2022
|
2021
|
| Increase
(Decrease) in Net Assets |
|
|
| From
operations: |
|
|
| Net
investment income |
$
11,376,445 |
$
7,405,992 |
| Net
realized gain |
23,260,173
|
22,983,200
|
| Net
change in unrealized appreciation (depreciation) |
(152,852,777)
|
138,609,052
|
| Net
increase (decrease) in net assets from operations |
$(118,216,159)
|
$168,998,244
|
| Distributions
to shareholders |
$
(35,062,920) |
$
(28,655,436) |
| Capital
share transactions: |
|
|
| Proceeds
from shelf offering, net of offering costs (see Note 5) |
$
9,121,556 |
$
12,092,982 |
| Reinvestment
of distributions |
790,386
|
226,214
|
| Net
increase in net assets from capital share transactions |
$
9,911,942 |
$
12,319,196 |
| Net
increase (decrease) in net assets |
$(143,367,137)
|
$152,662,004
|
| Net
Assets |
|
|
| At
beginning of year |
$
503,815,356 |
$
351,153,352 |
| At
end of year |
$
360,448,219 |
$503,815,356
|
21
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
| |
Year
Ended |
| |
October
31, 2022 |
| Cash
Flows From Operating Activities |
|
| Net
decrease in net assets from operations |
$
(118,216,159) |
| Adjustments
to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
|
| Investments
purchased |
(277,303,863)
|
| Investments
sold |
298,553,719
|
| Increase
in short-term investments, net |
(7,349,260)
|
| Net
amortization/accretion of premium (discount) |
346,033
|
| Increase
in interest and dividends receivable |
(46,980)
|
| Decrease
in dividends receivable from affiliated investment |
48,581
|
| Increase
in receivable from the transfer agent |
(59,160)
|
| Increase
in tax reclaims receivable |
(142,274)
|
| Decrease
in payable to affiliate for investment adviser fee |
(102,195)
|
| Increase
in payable to affiliate for Trustees' fees |
765
|
| Increase
in accrued expenses |
213,898
|
| Net
change in unrealized (appreciation) depreciation from investments |
152,779,765
|
| Net
realized gain from investments |
(23,690,097)
|
| Net
cash provided by operating activities |
$
25,032,773 |
| Cash
Flows From Financing Activities |
|
| Cash
distributions paid |
$
(34,272,534) |
| Proceeds
from shelf offering, net of offering costs |
9,251,186
|
| Net
cash used in financing activities |
$
(25,021,348) |
| Net
increase in cash |
$
11,425 |
| Cash
at beginning of year (including foreign currency) |
$
4,413 |
| Cash
at end of year (including foreign currency) |
$
15,838 |
| Supplemental
disclosure of cash flow information: |
|
| Noncash
financing activities not included herein consist of: |
|
| Reinvestment
of dividends and distributions |
$
790,386 |
| Cash
paid for interest and fees on borrowings |
1,528,076
|
22
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
| |
Year
Ended October 31, |
| |
2022
|
2021
|
2020
|
2019
|
2018
|
| Net
asset value — Beginning of year |
$
31.370 |
$
22.390 |
$
23.850 |
$
22.180 |
$
24.600 |
| Income
(Loss) From Operations |
|
|
|
|
|
| Net
investment income(1) |
$
0.698 |
$
0.471 |
$
0.361 |
$
0.441 |
$
0.447 |
| Net
realized and unrealized gain (loss) |
(7.943)
|
10.303
|
0.098
|
3.389
|
(0.724)
|
| Total
income (loss) from operations |
$
(7.245) |
$
10.774 |
$
0.459 |
$
3.830 |
$
(0.277) |
| Less
Distributions |
|
|
|
|
|
| From
net investment income |
$
(0.698) |
$
(0.846) |
$
(0.338) |
$
(0.407) |
$
(0.319) |
| From
net realized gain |
(1.452)
|
(0.974)
|
(1.597)
|
(1.753)
|
(1.841)
|
| Total
distributions |
$
(2.150) |
$
(1.820) |
$
(1.935) |
$
(2.160) |
$
(2.160) |
| Premium
from common shares sold through shelf offering (see Note 5)(1) |
$
0.015 |
$
0.026 |
$
0.016 |
$
— |
$
0.017 |
| Net
asset value — End of year |
$
21.990 |
$
31.370 |
$
22.390 |
$
23.850 |
$
22.180 |
| Market
value — End of year |
$
22.240 |
$
32.340 |
$
19.740 |
$
26.290 |
$
21.690 |
| Total
Investment Return on Net Asset Value(2) |
(23.80)%
|
49.45%
|
2.57%
|
18.21%
|
(1.50)%
|
| Total
Investment Return on Market Value(2) |
(25.25)%
|
74.75%
|
(17.96)%
|
33.25%
|
(4.65)%
|
| Ratios/Supplemental
Data |
|
|
|
|
|
| Net
assets, end of year (000’s omitted) |
$360,448
|
$503,815
|
$351,153
|
$359,796
|
$333,771
|
| Ratios
(as a percentage of average daily net assets): |
|
|
|
|
|
| Expenses excluding interest and fees
|
1.18%
|
1.15%
|
1.24%
|
1.28%
|
1.27%
|
| Interest
and fee expense |
0.41%
|
0.14%
|
0.50%
|
1.06%
|
0.82%
|
| Total
expenses |
1.59%
(3) |
1.29%
|
1.74%
|
2.34%
|
2.09%
|
| Net
investment income |
2.63%
|
1.63%
|
1.58%
|
1.95%
|
1.83%
|
| Portfolio
Turnover |
52%
|
29%
|
60%
|
48%
|
56%
|
| Senior
Securities: |
|
|
|
|
|
| Total
amount outstanding (in 000’s) |
$103,000
|
$103,000
|
$103,000
|
$118,000
|
$118,000
|
| Asset
coverage per $1,000(4) |
$
4,500 |
$
5,891 |
$
4,409 |
$
4,049 |
$
3,829 |
|
(1) |
Computed
using average shares outstanding. |
|
(2) |
Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
|
|
(3) |
Includes
a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended October 31, 2022). |
|
(4) |
Calculated
by subtracting the Fund’s total liabilities (not including the borrowings payable/notes payable) from the Fund’s total assets, and dividing the result by the borrowings payable/notes payable balance in thousands. |
23
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements
1 Significant Accounting Policies
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
(the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level
of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund pursues its objective by investing primarily in dividend-paying common and preferred stocks.
The following is a summary of significant accounting policies
of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting
Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask
prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or
closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service
that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as
industry and economic events.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to,
reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as
industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a
remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Futures contracts
are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign futures contracts as described below. Forward foreign currency exchange
contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific
settlement periods and the Fund's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.
Foreign Securities, Futures Contracts and Currencies. Foreign securities, futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model
to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign futures contracts generally is determined as of
the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign
futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign futures contracts that meet certain criteria, the Fund’s
Trustees have approved the use of a fair value service that values such securities and foreign futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments
that have a strong correlation to the fair-valued securities and foreign futures contracts.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection
with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or
are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to
receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not
limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or
relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or
entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has
passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends,
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
interest and capital
gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for
previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended October 31, 2022, the Fund received
approximately $283,000 for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to
the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or
accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal and Other Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is
necessary.
In addition to the requirements of the
Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized
appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are
included in net realized gain (loss) on investments.
As
of October 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to
examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized
gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of
Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
G Indemnifications—Under the Fund’s organizational documents, its officers and Trustees may be indemnified against
certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have
personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon
request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder
for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under
these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H Futures
Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker,
either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in
the value of the underlying security or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund
may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty,
guaranteeing counterparty performance.
I Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the
contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S.
dollar.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
2 Distributions to Shareholders and Income Tax
Information
Subject to its Managed Distribution Plan, the
Fund intends to make monthly distributions from its net investment income, net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and other sources. The Fund intends to distribute all or substantially
all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only
distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax
purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.
The tax character of distributions declared for the years ended
October 31, 2022 and October 31, 2021 was as follows:
| |
Year
Ended October 31, |
| |
2022
|
2021
|
| Ordinary
income |
$11,391,484
|
$13,327,176
|
| Long-term
capital gains |
$23,671,436
|
$15,328,260
|
As of October 31, 2022, the
components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed
long-term capital gains |
$
1,581,271 |
| Net
unrealized appreciation |
31,826,767
|
| Other
temporary differences |
453,123
|
| Distributable
earnings |
$33,861,161
|
The cost and unrealized appreciation
(depreciation) of investments of the Fund at October 31, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate
cost |
$
427,763,630 |
| Gross
unrealized appreciation |
$
62,363,210 |
| Gross
unrealized depreciation |
(30,368,600)
|
| Net
unrealized appreciation |
$
31,994,610 |
3 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.85% of the Fund's average daily gross assets and
is payable monthly. Gross assets, as defined in the Fund's investment advisory agreement, means total assets of the Fund, 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 of 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 Fund's investment objectives and policies, and/or (iv) any other means. Accrued expenses includes
other liabilities other than indebtedness attributable to leverage. For the year ended October 31, 2022, the Fund's investment adviser fee amounted to $4,554,521. Effective April 26, 2022, the Fund may invest in a money market fund, the
Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of
Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended October 31,
2022, the investment adviser fee paid was reduced by $3,745 relating to the Fund's investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an
affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
Pursuant to an investment sub-advisory agreement, EVM has
delegated the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for
sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Trustees and officers of the Fund who are members of
EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
4 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, aggregated $277,318,392 and $299,416,855, respectively, for the year ended October 31, 2022.
5 Common Shares of Beneficial Interest and Shelf
Offering
Common shares issued by the Fund pursuant to its
dividend reinvestment plan for the years ended October 31, 2022 and October 31, 2021 were 29,937 and 7,334, respectively.
In November 2013, the Board of Trustees initially approved a
share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the
prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund
for the years ended October 31, 2022 and October 31, 2021.
Pursuant to a registration statement filed with the SEC, the
Fund is authorized to issue up to an additional 3,044,665 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from
time to time and in varying amounts and offering methods at a net price at or above the Fund’s net asset value per common share. During the years ended October 31, 2022 and October 31, 2021, the Fund sold 295,798 and 373,843 common shares,
respectively, and received proceeds (net of offering costs) of $9,121,556 and $12,092,982, respectively, through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $244,239 for the year ended October 31,
2022 and $412,953 for the year ended October 31, 2021. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM,
is the distributor of the Fund’s shares and is entitled to receive a sales commission from the Fund of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Fund was informed that the sales commissions
retained by EVD during the years ended October 31, 2022 and October 31, 2021 were $18,427 and $24,430, respectively.
6 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2022, there were no obligations outstanding under these financial
instruments.
In the normal course of pursuing its
investment objective, the Fund is subject to the following risks:
Equity Price Risk: During the year ended October 31, 2022, the
Fund entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.
Foreign Exchange Risk: During the year ended October 31, 2022,
the Fund engaged in forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates.
The Fund enters into forward foreign currency exchange
contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which
would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2022, the Fund had no open derivatives with credit-related contingent features in a net liability position.
The over-the-counter (OTC) derivatives in which the Fund
invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement
(“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
the Fund and a
counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement,
the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA
Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions
against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated
percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under an
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty.
Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing
cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as
collateral, if any, are identified as such in the Portfolio of Investments.
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2022 was as follows:
| Risk
|
Derivative
|
Realized
Gain (Loss)
on Derivatives Recognized
in Income(1) |
Change
in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income |
| Equity
Price |
Futures
contracts |
$
(893,589) |
$
— |
| Foreign
Exchange |
Forward
foreign currency exchange contracts |
247,770
|
—
|
| Total
|
$(645,819)
|
$ —
|
|
(1) |
Statement
of Operations location: Net realized gain (loss): Futures contracts and Forward foreign currency exchange contracts, respectively. |
The average notional cost of futures contracts and average
notional amounts of other derivative contracts outstanding during the year ended October 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long |
Futures
Contracts — Short |
Forward
Foreign Currency
Exchange Contracts* |
| $6,056,000
|
$6,011,000
|
$919,000
|
| *
|
The
average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
7 Liquidity Agreement
Effective August 28, 2020, the Fund entered into a Liquidity
Agreement (the Agreement) with State Street Bank and Trust Company (SSBT) that allows the Fund to borrow or otherwise access up to $121 million through securities lending transactions, direct loans from SSBT or a combination of both. The Fund has
granted to SSBT a security interest in all its cash, securities and other financial assets, unless otherwise pledged, to secure the payment and performance of its obligations under the Agreement. Pursuant to the terms of the Agreement, the Fund has
made its securities available for securities lending transactions by SSBT acting as securities lending agent for the Fund. Securities lending transactions are required to be secured with cash collateral received from the securities borrowers equal
at all times to at least 100%, 102% or 105% of the market value of the securities loaned, depending on the type of security. The market value of securities loaned is determined daily and any additional required collateral is delivered to SSBT on the
next business day. The Fund is subject to the possible delay in the recovery of loaned securities. Pursuant to the Agreement, SSBT has provided indemnification to the Fund in the event of default by a securities borrower with respect to security
loans. However, the Fund retains all risk of loss and gains associated with securities purchased using cash received under the Agreement. The Fund is entitled to receive from securities borrowers all substitute interest, dividends and other
distributions paid with respect to the securities on loan. The Fund may instruct SSBT to recall a security on loan at any time. At October 31, 2022, the value of the securities loaned and the value of the cash collateral received by SSBT, which
exceeded the value of the securities loaned, amounted to $68,043,906 and $70,254,237, respectively.
Interest on borrowings outstanding under the Agreement is
charged at a rate equal to 1-month LIBOR plus 0.50%, payable monthly. SSBT retains all net fees that may arise in connection with securities lending transactions. If the value of securities available to lend falls below a prescribed level, the
interest rate may be increased. If the Fund utilizes less than 50% of the commitment amount, it will be charged a monthly non-usage fee of 0.25% per annum on the unused portion of the commitment. The Agreement may be terminated by the Fund upon 90
days’ prior written notice to SSBT. If certain asset coverage and collateral requirements or other covenants are not met, the Agreement could be deemed in default and result in termination. At October 31, 2022, the Fund had borrowings
outstanding under the Agreement of $103 million at an annual interest rate of 3.80%, which are shown as Liquidity Agreement borrowings on the Statement of Assets and Liabilities. The carrying amount of the borrowings at October 31, 2022 approximated
its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2022. For the year ended October 31, 2022, the aggregate average borrowings under
the Agreement and the average annual interest rate (excluding fees) were $103,000,000 and 1.72%, respectively.
8 Investments in Affiliated Issuers and Funds
The Fund invested in issuers that may be deemed to be
affiliated with Morgan Stanley. At October 31, 2022, the value of the Fund's investment in affiliated issuers and funds was $9,569,181, which represents 2.7% of the Fund's net assets. Transactions in affiliated issuers and funds by the Fund for the
year ended October 31, 2022 were as follows:
| Name
|
Value,
beginning
of period |
Purchases
|
Sales
proceeds |
Net
realized
gain (loss) |
Change
in
unrealized
appreciation
(depreciation) |
Value,
end
of period |
Dividend
income |
Units/Shares,
end of period |
| Common
Stocks |
| Mitsubishi
UFJ Financial Group, Inc. |
$4,100,508
|
$
— |
$
(4,409,905) |
$
863,608 |
$
(554,211) |
$
— |
$
— |
—
|
| Short-Term
Investments |
| Cash
Reserves Fund |
2,219,959
|
44,960,150
|
(47,180,071)
|
(38)
|
—
|
—
|
1,334
|
—
|
| Liquidity
Fund |
—
|
80,042,299
|
(70,473,118)
|
—
|
—
|
9,569,181
|
53,312
|
9,569,181
|
| Total
|
|
|
|
$863,570
|
$(554,211)
|
$9,569,181
|
$54,646
|
|
9 Fair Value Measurements
Under generally accepted accounting principles for fair value
measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| •
|
Level 1 – quoted prices
in active markets for identical investments |
| •
|
Level 2 – other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| •
|
Level 3
– significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
In
cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs
or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At October 31, 2022, the hierarchy of inputs used in valuing
the Fund's investments, which are carried at value, were as follows:
| Asset
Description |
Level
1 |
Level
2 |
Level
3 |
Total
|
| Common
Stocks: |
|
|
|
|
| Communication
Services |
$
20,180,232 |
$
4,235,364 |
$
— |
$
24,415,596 |
| Consumer
Discretionary |
19,760,305
|
19,864,830
|
—
|
39,625,135
|
| Consumer
Staples |
15,826,907
|
16,968,954
|
—
|
32,795,861
|
| Energy
|
18,276,030
|
—
|
—
|
18,276,030
|
| Financials
|
23,616,631
|
18,305,983
|
—
|
41,922,614
|
| Health
Care |
25,654,994
|
31,891,741
|
—
|
57,546,735
|
| Industrials
|
18,623,312
|
27,380,422
|
—
|
46,003,734
|
| Information
Technology |
69,245,677
|
17,071,731
|
—
|
86,317,408
|
| Materials
|
—
|
4,540,578
|
—
|
4,540,578
|
| Real
Estate |
3,710,755
|
—
|
—
|
3,710,755
|
| Utilities
|
6,781,751
|
4,706,136
|
—
|
11,487,887
|
| Total
Common Stocks |
$221,676,594
|
$144,965,739*
|
$ —
|
$366,642,333
|
| Corporate
Bonds |
$
— |
$
60,509,457 |
$
— |
$
60,509,457 |
| Exchange-Traded
Funds |
2,841,570
|
—
|
—
|
2,841,570
|
| Preferred
Stocks: |
|
|
|
|
| Communication
Services |
1,152,652
|
—
|
—
|
1,152,652
|
| Energy
|
3,868,990
|
—
|
—
|
3,868,990
|
| Financials
|
9,418,880
|
1,797,462
|
—
|
11,216,342
|
| Real
Estate |
2,507,717
|
—
|
—
|
2,507,717
|
| Utilities
|
1,449,998
|
—
|
—
|
1,449,998
|
| Total
Preferred Stocks |
$ 18,398,237
|
$ 1,797,462
|
$ —
|
$ 20,195,699
|
| Short-Term
Investments |
$
9,569,181 |
$
— |
$
— |
$
9,569,181 |
| Total
Investments |
$252,485,582
|
$207,272,658
|
$ —
|
$459,758,240
|
| *
|
Includes
foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Notes to Financial
Statements — continued
10 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to
reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets
typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may
be adversely affected by fluctuations in currency exchange rates.
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and
economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market
in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund
invests.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Report of Independent
Registered Public Accounting Firm
To the
Trustees and Shareholders of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the “Fund”), including the portfolio of investments, as of October 31, 2022, the related statements of operations and cash flows for the year then
ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and
financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The
Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one
or more Eaton Vance investment companies since 1959.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Federal Tax
Information (Unaudited)
The
Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their
investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, capital gains
dividends and 163(j) interest dividends.
Qualified Dividend
Income. For the fiscal year ended October 31, 2022, the Fund designates approximately $16,693,273, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend
income eligible for the reduced tax rate of 15%.
Dividends Received Deduction.
Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2022 ordinary income dividends, 35.50%
qualifies for the corporate dividends received deduction.
Capital Gains Dividends. The
Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2022, $23,610,242 or, if subsequently determined to be different, the net capital gain of such year.
163(j) Interest Dividends. For
the fiscal year ended October 31, 2022, the Fund designates 6.24% of distributions from net investment income as a 163(j) interest dividend.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Dividend Reinvestment
Plan
The Fund offers a dividend reinvestment plan (Plan) pursuant to
which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you
will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV per Share is equal to or less than the
market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on
the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Fund’s transfer agent re-register your Shares in your name or you will not be
able to participate.
The Agent’s service fee for
handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all
of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held
in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Application for
Participation in Dividend Reinvestment Plan
This form is for shareholders who hold
their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in
the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment
is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
| |
| Please
print exact name on account |
|
| |
| Shareholder
signature |
Date
|
| |
| Shareholder
signature |
Date
|
| Please
sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign. |
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO
RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should
be mailed to the following address:
Eaton Vance Tax-Advantaged Global Dividend
Opportunities Fund
c/o American Stock Transfer & Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of
its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton
Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board
and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information
applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying
portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices,
over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment
strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with
respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the
financial results and condition of the adviser and sub-adviser to each fund;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section,
further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Board of
Trustees’ Contract Approval — continued
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other mutual funds and investment accounts, as applicable;
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique
environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the
adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance
Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the
nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment
advisory agreement and sub-advisory agreement.
During the
various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the
funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques
employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and
received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the
Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the
contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material
factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory
agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with
respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the
Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Advantaged Global Dividend
Opportunities Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Eaton Vance
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Board of
Trustees’ Contract Approval — continued
Advisers
International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each
agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the
Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.
The Board considered the Adviser’s and the
Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio
management, investment research, and similar services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and
coordinating activities in implementing the investment strategies of the Fund. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect
to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board
considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as tax efficiency and special considerations relevant to investing in particular foreign markets or
industries. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by
investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the
Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well
as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other
risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the
Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements, monitoring and assessing trading price discounts and premiums and adhering to the
requirements of securities exchanges.
The Board
considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals,
disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in
recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or
overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety
of asset classes and investment disciplines.
After
consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Fund
Performance
The Board compared the Fund’s
investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the
one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted
that the performance of the Fund was higher than its primary, secondary and custom benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,
2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to
comparable funds.
After considering the foregoing
information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Board of
Trustees’ Contract Approval — continued
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard
to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.
The Board also considered direct or indirect fall-out benefits
received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result
of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all
Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon
the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered in the same manner
as an open-end fund and that, notwithstanding that the Fund is authorized to issue additional common shares through a shelf offering, the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board
did not find that the implementation of breakpoints in the advisory fee schedule is warranted at this time.
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Management and
Organization
Fund
Management. The Board of Trustees of the Fund (the “Board”) is responsible for the overall management and supervision of the affairs of the Fund. The Board members 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. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her
successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on
the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the
Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the Securities and Exchange Commission, then such retirement and resignation will not become effective until such time as action has been taken for
the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Board
member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC,
“EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries
of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 135 funds in the Eaton Vance fund complex (including both funds
and portfolios in a hub and spoke structure).
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustee
|
Thomas
E. Faust Jr.
1958 |
Class
II
Trustee |
Until
2024.
3 years.
Since 2007. |
Chairman
of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC
and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, and EV, which are affiliates of the Fund.
Other Directorships. Formerly, Director of EVC
(2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees
|
Mark
R. Fetting
1954 |
Class
II
Trustee |
Until
2024.
3 years
Since 2016. |
Private investor.
Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President
(2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia
E. Frost
1961 |
Class
I
Trustee |
Until
2023.
3 years.
Since 2014. |
Private investor.
Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates
(investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other
Directorships. None. |
George
J. Gorman
1952 |
Chairperson
of the Board
and Class III
Trustee |
Until
2025.
3 years. Chairperson of the Board since 2021 and Trustee since 2014. |
Principal
at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Management and
Organization — continued
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees
(continued) |
Valerie
A. Mosley
1960 |
Class
I
Trustee |
Until
2023.
3 years.
Since 2014. |
Chairwoman
and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at
Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and
financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith
Quinton
1958 |
Class
II
Trustee |
Until
2024.
3 years.
Since 2018. |
Private investor,
researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)
(2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus
L. Smith
1966 |
Class
III
Trustee |
Until
2025.
3 years.
Since 2018. |
Private investor
and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management
(investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support
tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan
J. Sutherland
1957 |
Class
III
Trustee |
Until
2025.
3 years.
Since 2015. |
Private investor.
Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015).
Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition
company) (since 2021). |
Scott
E. Wennerholm
1959 |
Class
I
Trustee |
Until
2023.
3 years.
Since 2016. |
Private investor.
Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy
A. Wiser(1)
1967 |
Class
I
Trustee |
Until
2023.
3 years.
Since 2022. |
Formerly,
Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees |
Edward
J. Perkin
1972 |
President
|
Since
2014 |
Vice
President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre
E. Walsh
1971 |
Vice
President and
Chief
Legal Officer |
Since
2009 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
James
F. Kirchner
1967 |
Treasurer
|
Since
2007 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
October 31, 2022
Management and
Organization — continued
| Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s)
During Past Five Years |
| Principal
Officers who are not Trustees (continued) |
Nicholas
Di Lorenzo
1987 |
Secretary
|
Since
2022 |
Formerly,
associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard
F. Froio
1968 |
Chief
Compliance
Officer |
Since
2017 |
Vice
President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).
|
(1) Ms. Wiser began serving as a Trustee effective April 4, 2022.
| Privacy
Notice |
April 2021
|
| FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
| |
|
| What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■ investment
experience and risk tolerance
■ checking account number and wire transfer instructions |
| |
|
| How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
Reasons
we can share your
personal information |
Does
Eaton Vance
share? |
Can
you limit
this sharing? |
| For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
| For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
| For
joint marketing with other financial companies |
No
|
We
don’t share |
| For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes
|
Yes
|
| For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No
|
| For
our affiliates’ everyday business purposes — information about your creditworthiness |
No
|
We
don’t share |
| For
our investment management affiliates to market to you |
Yes
|
Yes
|
| For
our affiliates to market to you |
No
|
We
don’t share |
| For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our
sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
| Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy
Notice — continued |
April 2021
|
| Who
we are |
| Who
is providing this notice? |
Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
|
| What
we do |
How
does Eaton Vance
protect my personal
information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance
collect my personal
information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information
to market to you
■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|
| Definitions
|
Investment
Management
Affiliates |
Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
| Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market.
|
| Other
important information |
| Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial
intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase
Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under "Closed-End Funds & Term Trusts."
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
