N-CSRS 1 d173318dncsrs.htm EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21519

 

 

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2021

Date of Reporting Period

 

 

 


Table of Contents
Item 1.

Reports to Stockholders


Table of Contents

LOGO

 

 

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund (ETO)

Semiannual Report

April 30, 2021

 

 

 

LOGO


Table of Contents

 

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (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, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.1425 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.

The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


Table of Contents

Semiannual Report April 30, 2021

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

 

Table of Contents

  

Performance

     2  

Fund Profile

     3  

Endnotes and Additional Disclosures

     4  

Financial Statements

     5  

Annual Meeting of Shareholders

     22  

Joint Special Meeting of Shareholders

     23  

Board of Trustees’ Contract Approval

     24  

Officers and Trustees

     30  

Privacy Notice

     31  

Important Notices

     33  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Performance1,2

 

Portfolio Managers Michael A. Allison, CFA and John H. Croft, CFA of Eaton Vance Management; Christopher M. Dyer, CFA of Eaton Vance Advisers International Ltd.

 

% Average Annual Total Returns    Inception Date      Six Months     One Year      Five Years      Ten Years  

Fund at NAV

     04/30/2004        36.28     59.17      15.45      11.24

Fund at Market Price

            50.96       51.66        15.35        12.08  

 

MSCI World Index

            29.10     45.33      14.02      9.92

ICE BofA Fixed Rate Preferred Securities Index

            4.38       10.65        5.91        6.32  

Blended Index

            23.85       37.83        12.48        9.31  
% Premium/Discount to NAV3                                       
                –2.34
Distributions4                                       

Total Distributions per share for the period

              $ 0.855  

Distribution Rate at NAV

                5.79

Distribution Rate at Market Price

                5.93  
% Total Leverage5                                       

Borrowings

                18.20

 

 

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. 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.

 

  2  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Fund Profile

 

 

Common Stock Sector Allocation (% of total investments)

 

 

LOGO

Country Allocation (% of total investments)

 

 

LOGO

Top 10 Holdings (% of total investments)6

 

 

Alphabet, Inc., Class C

     3.8

Microsoft Corp.

     3.3  

Amazon.com, Inc.

     3.1  

Apple, Inc.

     1.9  

ASML Holding NV

     1.7  

Facebook, Inc., Class A

     1.6  

Boston Scientific Corp.

     1.4  

Mondelez International, Inc., Class A

     1.4  

Bank of New York Mellon Corp. (The)

     1.4  

AMETEK, Inc.

     1.3  

Total

     20.9
 

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Endnotes and Additional Disclosures

 

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.

 

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.

 

6 

Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective July 1, 2021, the portfolio managers of the Fund will be John H. Croft, Christopher M. Dyer and Derek J.V. DiGregorio.

 

 

  4  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Portfolio of Investments (Unaudited)

 

 

Common Stocks — 99.5%

 

Security   Shares     Value  
Aerospace & Defense — 0.8%  

Safran S.A.(1)

    23,923     $ 3,571,911  
      $ 3,571,911  
Banks — 7.3%  

Bank of New York Mellon Corp. (The)

    154,648     $ 7,713,842  

Citigroup, Inc.

    73,723       5,252,026  

HDFC Bank, Ltd.(1)

    145,949       2,774,205  

ING Groep NV

    439,180       5,610,516  

Mitsubishi UFJ Financial Group, Inc.(2)

    747,791       3,978,320  

Svenska Handelsbanken AB, Class A

    314,165       3,638,114  

Wells Fargo & Co.(3)

    105,796       4,766,110  
      $ 33,733,133  
Beverages — 2.1%  

Coca-Cola Co. (The)

    77,021     $ 4,157,593  

Diageo PLC

    121,215       5,441,507  
      $ 9,599,100  
Biotechnology — 1.0%  

CSL, Ltd.

    21,917     $ 4,578,339  
      $ 4,578,339  
Building Products — 1.6%  

Assa Abloy AB, Class B

    153,515     $ 4,376,647  

Kingspan Group PLC

    31,620       2,812,442  
      $ 7,189,089  
Chemicals — 0.0%(4)  

Sika AG

    410     $ 122,452  
      $ 122,452  
Construction & Engineering — 0.0%  

Abengoa S.A., Class A(1)(5)

    103,700     $ 0  

Abengoa S.A., Class B(1)(5)

    1,072,295       0  
      $ 0  
Construction Materials — 1.1%  

CRH PLC

    104,402     $ 4,926,125  
      $ 4,926,125  
Security   Shares     Value  
Diversified Financial Services — 2.2%  

Berkshire Hathaway, Inc., Class B(1)

    25,756     $ 7,081,612  

ORIX Corp.

    200,007       3,228,886  
      $ 10,310,498  
Electric Utilities — 1.9%  

Iberdrola S.A.

    321,830     $ 4,349,194  

NextEra Energy, Inc.

    59,426       4,606,109  
      $ 8,955,303  
Electrical Equipment — 3.0%  

AMETEK, Inc.

    56,438     $ 7,615,180  

Schneider Electric SE

    39,317       6,273,253  
      $ 13,888,433  
Electronic Equipment, Instruments & Components — 5.2%  

CDW Corp.

    32,978     $ 5,880,967  

Halma PLC

    89,454       3,196,423  

Keyence Corp.

    7,464       3,583,113  

Murata Manufacturing Co., Ltd.

    31,329       2,490,887  

TE Connectivity, Ltd.

    36,289       4,879,782  

Zebra Technologies Corp., Class A(1)

    8,333       4,064,337  
      $ 24,095,509  
Entertainment — 2.3%  

Nintendo Co., Ltd.

    5,108     $ 2,930,218  

Walt Disney Co. (The)(1)

    40,328       7,501,815  
      $ 10,432,033  
Equity Real Estate Investment Trusts (REITs) — 1.2%  

American Tower Corp.

    10,710     $ 2,728,587  

Equity Residential

    37,899       2,813,243  
      $ 5,541,830  
Food Products — 3.2%  

Mondelez International, Inc., Class A

    128,970     $ 7,842,666  

Nestle S.A.

    56,538       6,746,718  
      $ 14,589,384  
Health Care Equipment & Supplies — 4.8%  

Alcon, Inc.(1)

    65,600     $ 4,927,264  

Boston Scientific Corp.(1)(3)

    184,827       8,058,457  

Intuitive Surgical, Inc.(1)

    6,325       5,471,125  

Straumann Holding AG

    2,705       3,865,910  
      $ 22,322,756  
 

 

  5   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Health Care Providers & Services — 1.0%  

Anthem, Inc.

    11,647     $ 4,418,755  
      $ 4,418,755  
Hotels, Restaurants & Leisure — 0.8%  

Compass Group PLC(1)

    180,590     $ 3,928,604  
      $ 3,928,604  
Industrial Conglomerates — 1.1%  

DCC PLC

    56,504     $ 4,902,796  
      $ 4,902,796  
Insurance — 2.4%  

Allstate Corp. (The)

    33,953     $ 4,305,240  

Aviva PLC

    580,281       3,208,110  

AXA S.A.

    124,734       3,523,115  
      $ 11,036,465  
Interactive Media & Services — 7.4%  

Alphabet, Inc., Class C(1)(3)

    9,041     $ 21,789,895  

Facebook, Inc., Class A(1)(3)

    28,502       9,265,430  

Tencent Holdings, Ltd.

    38,473       3,069,068  
      $ 34,124,393  
Internet & Direct Marketing Retail — 3.8%  

Amazon.com, Inc.(1)(3)

    5,119     $ 17,749,723  
      $ 17,749,723  
IT Services — 4.2%  

Amadeus IT Group S.A.(1)

    75,938     $ 5,171,228  

Fidelity National Information Services, Inc.

    28,674       4,384,255  

Global Payments, Inc.

    13,548       2,907,807  

Visa, Inc., Class A

    30,910       7,219,339  
      $ 19,682,629  
Leisure Products — 1.1%  

Yamaha Corp.

    94,312     $ 5,147,127  
      $ 5,147,127  
Life Sciences Tools & Services — 0.6%  

Lonza Group AG

    4,240     $ 2,695,428  
      $ 2,695,428  
Security   Shares     Value  
Machinery — 3.9%  

Alstom S.A.(1)

    73,581     $ 4,018,376  

Ingersoll Rand, Inc.(1)

    70,776       3,497,042  

Sandvik AB

    95,005       2,349,421  

SMC Corp.

    6,354       3,692,163  

Stanley Black & Decker, Inc.

    22,556       4,663,904  
      $ 18,220,906  
Metals & Mining — 1.7%  

Anglo American PLC

    92,787     $ 3,934,208  

Rio Tinto, Ltd.

    42,111       3,914,003  
      $ 7,848,211  
Mortgage Real Estate Investment Trusts (REITs) — 0.5%  

AGNC Investment Corp.

    136,471     $ 2,446,925  
      $ 2,446,925  
Multi-Utilities — 0.5%  

CMS Energy Corp.

    35,615     $ 2,293,250  
      $ 2,293,250  
Oil, Gas & Consumable Fuels — 2.0%  

Chevron Corp.(3)

    21,918     $ 2,259,088  

EOG Resources, Inc.

    53,907       3,969,712  

Phillips 66

    40,276       3,258,731  
      $ 9,487,531  
Personal Products — 1.0%  

Unilever PLC

    77,626     $ 4,547,105  
      $ 4,547,105  
Pharmaceuticals — 6.7%  

AstraZeneca PLC

    34,370     $ 3,658,476  

Eli Lilly & Co.

    25,444       4,650,400  

Novo Nordisk A/S, Class B

    67,722       4,995,679  

Roche Holding AG PC

    14,431       4,706,751  

Sanofi

    61,977       6,497,809  

Zoetis, Inc.

    37,420       6,474,783  
      $ 30,983,898  
Professional Services — 2.8%  

Recruit Holdings Co., Ltd.

    103,837     $ 4,681,749  

RELX PLC

    225,739       5,856,901  

Verisk Analytics, Inc.(3)

    13,721       2,582,292  
      $ 13,120,942  
 

 

  6   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Semiconductors & Semiconductor Equipment — 6.0%  

ASML Holding NV

    14,481     $ 9,400,218  

Infineon Technologies AG

    145,473       5,833,545  

Micron Technology, Inc.(1)(3)

    73,086       6,290,512  

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

    54,763       6,393,032  
      $ 27,917,307  
Software — 5.7%  

Dassault Systemes SE

    20,068     $ 4,655,223  

Intuit, Inc.

    8,121       3,347,151  

Microsoft Corp.(3)

    73,375       18,503,708  
      $ 26,506,082  
Specialty Retail — 2.5%  

Lowe’s Cos., Inc.

    24,544     $ 4,816,760  

TJX Cos., Inc. (The)

    92,194       6,545,774  
      $ 11,362,534  
Technology Hardware, Storage & Peripherals — 2.3%  

Apple, Inc.(3)

    81,885     $ 10,764,602  
      $ 10,764,602  
Textiles, Apparel & Luxury Goods — 3.8%  

adidas AG(1)

    24,329     $ 7,514,275  

LVMH Moet Hennessy Louis Vuitton SE

    9,720       7,322,563  

VF Corp.(3)

    29,448       2,581,412  
      $ 17,418,250  

Total Common Stocks
(identified cost $313,703,112)

 

  $ 460,459,358  
Corporate Bonds — 15.4%

 

Security   Principal
Amount
(000’s omitted)
    Value  
Automobiles — 0.2%  

General Motors Financial Co., Inc., Series C,
5.70% to 9/30/30(6)(7)

  $ 706     $ 790,720  
      $ 790,720  
Banks — 8.7%  

Banco Mercantil del Norte S.A./Grand Cayman:

   

7.50% to 6/27/29(6)(7)(8)

  $ 1,480     $ 1,642,963  

7.625% to 1/10/28(6)(7)(8)

    380       422,072  
Security   Principal
Amount
(000’s omitted)
    Value  
Banks (continued)  

Bank of America Corp., Series AA,
6.10% to 3/17/25(6)(7)

  $ 1,445     $ 1,621,211  

Barclays PLC,
7.75% to 9/15/23(6)(7)

    2,105       2,320,762  

BNP Paribas S.A.,
4.625% to 2/25/31(6)(7)(8)

    419       426,333  

Citigroup, Inc., Series M,
6.30% to 5/15/24(6)(7)

    2,800       3,019,513  

Comerica, Inc.,
5.625% to 7/1/25(6)(7)

    1,001       1,115,235  

Credit Suisse Group AG:

   

4.50% to 9/3/30(6)(7)(8)

    1,023       979,523  

7.50% to 7/17/23(6)(7)(8)

    1,838       1,970,887  

HSBC Holdings PLC:

   

6.375% to 9/17/24(6)(7)

    1,393       1,521,853  

6.875% to 6/1/21(6)(7)

    1,527       1,530,359  

Huntington Bancshares, Inc., Series F,
5.625% to 7/15/30(6)(7)

    1,005       1,173,589  

ING Groep NV,
6.50% to 4/16/25(6)(7)

    2,945       3,285,589  

JPMorgan Chase & Co., Series X,
6.10% to 10/1/24(6)(7)

    1,924       2,095,957  

Lloyds Banking Group PLC,
7.50% to 6/27/24(6)(7)

    2,447       2,770,224  

Natwest Group PLC, 8.00% to 8/10/25(6)(7)

    1,880       2,218,438  

Regions Financial Corp., Series D,
5.75% to 6/15/25(6)(7)

    1,751       1,956,742  

Societe Generale S.A.,
5.375% to 11/18/30(6)(7)(8)

    2,154       2,245,545  

Standard Chartered PLC:

   

4.75% to 1/14/31(6)(7)(8)

    204       207,228  

7.75% to 4/2/23(6)(7)(8)

    1,765       1,930,186  

SVB Financial Group,
4.10% to 2/15/31(6)(7)

    2,007       2,023,307  
Truist Financial Corp.:  

Series P, 4.95% to 9/1/25(6)(7)

    502       553,455  

Series Q, 5.10% to 3/1/30(6)(7)

    1,221       1,361,500  

Zions Bancorp NA,
5.80% to 6/15/23(6)(7)

    2,020       2,090,700  
      $ 40,483,171  
Capital Markets — 1.5%  

AerCap Holdings NV, 5.875% to 10/10/24,
10/10/79(7)

  $ 965     $ 1,008,715  

Charles Schwab Corp. (The), Series I,
4.00% to 6/1/26(6)(7)

    2,237       2,304,244  

State Street Corp., Series F, 3.780%(6)

    749       752,820  

UBS Group AG,
6.875% to 8/7/25(6)(7)(9)

    2,421       2,758,369  
      $ 6,824,148  
Diversified Financial Services — 0.4%  

Discover Financial Services, Series D,
6.125% to 6/23/25(6)(7)

  $ 1,118     $ 1,264,737  

Textron Financial Corp., 1.929%, (3 mo. USD LIBOR + 1.735%), 2/15/67(8)(10)

    553       449,313  
      $ 1,714,050  
 

 

  7   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Electric Utilities — 1.4%  

Emera, Inc., Series 16-A,
6.75% to 6/15/26, 6/15/76(7)

  $ 970     $ 1,124,565  

Sempra Energy, 4.875% to 10/15/25(6)(7)

    2,400       2,631,456  

Southern California Edison Co., Series E, 6.25% to 2/1/22(6)(7)

    720       734,580  

Southern Co. (The), Series B:

   

4.00% to 10/15/25, 1/15/51(7)

    990       1,059,300  

5.50% to 3/15/22, 3/15/57(7)

    808       830,198  
      $ 6,380,099  
Food Products — 0.6%  

Land O’ Lakes, Inc., 8.00%(6)(8)

  $ 2,898     $ 3,086,370  
      $ 3,086,370  
Gas Utilities — 0.4%  

NiSource, Inc., 5.65% to 6/15/23(6)(7)

  $ 1,785     $ 1,867,556  
      $ 1,867,556  
Insurance — 0.3%  

QBE Insurance Group, Ltd.,
5.875% to 5/12/25(6)(7)(8)

  $ 1,253     $ 1,361,071  
      $ 1,361,071  
Multi-Utilities — 0.6%  

Centerpoint Energy, Inc., Series A,
6.125% to 9/1/23(6)(7)

  $ 2,330     $ 2,485,819  

Dominion Resources, Inc.,
5.75% to 10/1/24, 10/1/54(7)

    275       302,675  
      $ 2,788,494  
Oil, Gas & Consumable Fuels — 1.1%  

DCP Midstream, L.P., Series A,
7.375% to 12/15/22(6)(7)

  $ 980     $ 899,150  

EnLink Midstream Partners, L.P., Series C,
6.00% to 12/15/22(6)(7)

    3,189       2,216,355  

Odebrecht Oil & Gas Finance, Ltd., 0.00%(6)(8)

    2,260       29,942  

Plains All American Pipeline, L.P., Series B,
6.125% to 11/15/22(6)(7)

    2,595       2,160,337  
      $ 5,305,784  
Pipelines — 0.2%  

Energy Transfer Operating, L.P., Series A,
6.25% to 2/15/23(6)(7)

  $ 1,064     $ 904,400  
      $ 904,400  

Total Corporate Bonds
(identified cost $70,152,375)

 

  $ 71,505,863  
Exchange-Traded Funds — 0.5%

 

Security   Shares     Value  
Equity Funds — 0.5%  

Global X U.S. Preferred ETF

    39,775     $ 1,023,808  

iShares Preferred & Income Securities ETF

    26,700       1,033,290  
      $ 2,057,098  

Total Exchange-Traded Funds
(identified cost $2,029,451)

 

  $ 2,057,098  
Preferred Stocks — 5.8%

 

Security   Shares     Value  
Banks — 2.1%  

AgriBank FCB, 6.875% to 1/1/24(7)

    16,581     $ 1,811,474  

CoBank ACB, Series F, 6.25% to 10/1/22(7)

    16,600       1,788,650  

Farm Credit Bank of Texas,
6.75% to 9/15/23(7)(8)

    2,500       275,000  

Huntington Bancshares, Inc., Series D, 6.25%

    30,100       763,035  

Signature Bank, Series A, 5.00%

    100,000       2,565,000  

Texas Capital Bancshares, Inc., 6.50%

    13,153       334,086  

Wells Fargo & Co.:

   

Series L, 7.50% (Convertible)

    889       1,274,666  

Series Z, 4.75%

    39,947       1,027,837  
      $ 9,839,748  
Capital Markets — 0.1%  

Affiliated Managers Group, Inc., 4.75%

    18,675     $ 478,640  
      $ 478,640  
Electric Utilities — 0.4%  

SCE Trust III, Series H, 5.75% to 3/15/24(7)

    35,476     $ 901,090  

SCE Trust IV, Series J, 5.375% to 9/15/25(7)

    14,476       363,348  

SCE Trust V, Series K, 5.45% to 3/15/26(7)

    27,041       689,816  
      $ 1,954,254  
Equity Real Estate Investment Trusts (REITs) — 0.3%  

SITE Centers Corp., Series A, 6.375%

    49,475     $ 1,309,108  
      $ 1,309,108  
Food Products — 0.6%  

Dairy Farmers of America, Inc., 7.875%(8)

    22,100     $ 2,221,050  

Ocean Spray Cranberries, Inc., Series A, 6.25%(8)

    6,085       566,666  
      $ 2,787,716  
 

 

  8   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Insurance — 0.7%  

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(7)

    63,473     $ 1,781,053  

Athene Holding, Ltd., Series C,
6.375% to 6/30/25(7)

    48,920       1,377,587  
      $ 3,158,640  
Oil, Gas & Consumable Fuels — 0.6%  

NuStar Energy, L.P., Series B,
7.625% to 6/15/22(7)

    128,725     $ 2,677,480  
      $ 2,677,480  
Pipelines — 0.3%  

Energy Transfer Operating, L.P.:

   

Series C, 7.375% to 5/15/23(7)

    44,000     $ 1,057,320  

Series E, 7.60% to 5/15/24(7)

    19,280       468,118  
      $ 1,525,438  
Real Estate Management & Development — 0.5%  
Brookfield Property Partners, L.P.:  

Series A, 5.75%

    5,394     $ 127,838  

Series A-1, 6.50%

    52,225       1,328,082  

Series A2, 6.375%

    34,695       876,395  
      $ 2,332,315  
Wireless Telecommunication Services — 0.2%  

United States Cellular Corp., 5.50%

    32,000     $ 818,560  
      $ 818,560  

Total Preferred Stocks
(identified cost $26,664,650)

 

  $ 26,881,899  
Short-Term Investments — 1.4%

 

Description   Units     Value  

Eaton Vance Cash Reserves Fund, LLC,
0.10%(11)

    6,668,554     $ 6,668,554  

Total Short-Term Investments
(identified cost $6,668,554)

 

  $ 6,668,554  

Total Investments — 122.6%(12)
(identified cost $419,218,142)

 

  $ 567,572,772  

Other Assets, Less Liabilities — (22.6)%

 

  $ (104,535,480

Net Assets — 100.0%

 

  $ 463,037,292  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

  (1) 

Non-income producing security.

 

  (2) 

Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021 (see Note 7).

 

  (3) 

All or a portion of this security was on loan at April 30, 2021 pursuant to the Liquidity Agreement (see Note 6). The aggregate market value of securities on loan at April 30, 2021 was $81,972,788.

 

  (4) 

Amount is less than 0.05%.

 

  (5) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

 

  (6) 

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

 

  (7) 

Security converts to variable rate after the indicated fixed-rate coupon period.

 

  (8) 

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 April 30, 2021, the aggregate value of these securities is $17,814,149 or 3.8% of the Fund’s net assets.

 

  (9) 

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 April 30, 2021, the aggregate value of these securities is $2,758,369 or 0.6% of the Fund’s net assets.

 

(10) 

Variable rate security. The stated interest rate represents the rate in effect at April 30, 2021.

 

(11) 

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2021.

 

(12) 

The Fund has granted a security interest in all the Fund’s investments, unless otherwise pledged, in connection with the Liquidity Agreement (see Note 6).

 

 

  9   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Country Concentration of Portfolio

 

Country   Percentage of
Total Investments
    Value  

United States

    56.7   $ 321,841,851  

United Kingdom

    9.0       51,173,180  

France

    6.8       38,534,128  

Switzerland

    5.9       33,653,084  

Japan

    5.2       29,732,463  

Netherlands

    3.2       18,296,323  

Germany

    2.4       13,347,820  

Sweden

    1.8       10,364,182  

Australia

    1.7       9,853,413  

Spain

    1.7       9,520,422  

Ireland

    1.5       8,747,282  

Taiwan

    1.1       6,393,032  

Denmark

    0.9       4,995,679  

China

    0.5       3,069,068  

India

    0.5       2,774,205  

Mexico

    0.4       2,065,035  

Canada

    0.2       1,124,565  

Brazil

    0.0 (1)      29,942  

Exchange-Traded Funds

    0.4       2,057,098  

Total Investments

    100.0   $ 567,572,772  

 

(1)  

Amount is less than 0.05%.

Abbreviations:

 

ADR     American Depositary Receipt
LIBOR     London Interbank Offered Rate
PC     Participation Certificate
USD     United States Dollar
 

 

  10   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    April 30, 2021  

Unaffiliated investments, at value including $81,972,788 of securities on loan (identified cost, $409,003,291)

   $ 556,925,898  

Affiliated investments, at value (identified cost, $10,214,851)

     10,646,874  

Dividends and interest receivable

     1,795,116  

Dividends receivable from affiliated investments

     76,670  

Tax reclaims receivable

     342,428  

Total assets

   $ 569,786,986  
Liabilities

 

Liquidity Agreement borrowings

   $ 103,000,000  

Payable for investments purchased

     3,073,872  

Payable to affiliates:

  

Investment adviser fee

     391,180  

Trustees’ fees

     2,235  

Accrued expenses

     282,407  

Total liabilities

   $ 106,749,694  

Net Assets

   $ 463,037,292  
Sources of Net Assets

 

Common shares, $0.01 par value, unlimited number of shares authorized, 15,681,226 shares issued and outstanding

   $ 156,812  

Additional paid-in capital

     304,199,108  

Distributable earnings

     158,681,372  

Net Assets

   $ 463,037,292  
Net Asset Value

 

($463,037,292 ÷ 15,681,226 common shares issued and outstanding)

   $ 29.53  

 

  11   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

April 30, 2021

 

Dividends (net of foreign taxes, $167,223)

   $ 4,167,593  

Interest

     1,968,958  

Dividends from affiliated investments (net of foreign taxes, $8,474)

     77,954  

Total investment income

   $ 6,214,505  
Expenses

 

Investment adviser fee

   $ 2,233,632  

Trustees’ fees and expenses

     13,585  

Custodian fee

     95,057  

Transfer and dividend disbursing agent fees

     8,890  

Legal and accounting services

     49,951  

Printing and postage

     63,069  

Interest expense and fees

     327,405  

Miscellaneous

     15,455  

Total expenses

   $ 2,807,044  

Net investment income

   $ 3,407,461  
Realized and Unrealized Gain (Loss)

 

Net realized gain (loss) —

 

Investment transactions (net of foreign capital gains taxes of $950)

   $ 20,113,906  

Proceeds from securities litigation settlements

     2,191  

Foreign currency transactions

     (912

Net realized gain

   $ 20,115,185  

Change in unrealized appreciation (depreciation) —

 

Investments

   $ 101,717,813  

Investments — affiliated investments

     45,167  

Foreign currency

     5,762  

Net change in unrealized appreciation (depreciation)

   $ 101,768,742  

Net realized and unrealized gain

   $ 121,883,927  

Net increase in net assets from operations

   $ 125,291,388  

 

  12   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

April 30, 2021
(Unaudited)

    

Year Ended

October 31, 2020

 

From operations —

     

Net investment income

   $ 3,407,461      $ 5,625,023  

Net realized gain

     20,115,185        22,098,029  

Net change in unrealized appreciation (depreciation)

     101,768,742        (21,516,891

Net increase in net assets from operations

   $ 125,291,388      $ 6,206,161  

Distributions to shareholders

   $ (13,407,448    $ (30,122,784

Capital share transactions —

     

Proceeds from shelf offering, net of offering costs (see Note 5)

   $      $ 14,850,007  

Reinvestment of distributions

            423,725  

Net increase in net assets from capital share transactions

   $      $ 15,273,732  

Net increase (decrease) in net assets

   $ 111,883,940      $ (8,642,891
Net Assets

 

At beginning of period

   $ 351,153,352      $ 359,796,243  

At end of period

   $ 463,037,292      $ 351,153,352  

 

  13   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities   

Six Months Ended

April 30, 2021

 

Net increase in net assets from operations

   $ 125,291,388  

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

  

Investments purchased

     (86,684,121

Investments sold

     98,686,033  

Increase in short-term investments, net

     (1,544,771

Net amortization/accretion of premium (discount)

     79,875  

Increase in dividends and interest receivable

     (524,435

Increase in dividends receivable from affiliated investments

     (76,277

Increase in tax reclaims receivable

     (49,362

Increase in payable to affiliate for investment adviser fee

     49,223  

Increase in payable to affiliate for Trustees’ fees

     180  

Increase in accrued expenses

     57,551  

Net change in unrealized (appreciation) depreciation from investments

     (101,762,980

Net realized gain from investments

     (20,114,856

Net cash provided by operating activities

   $ 13,407,448  
Cash Flows From Financing Activities

 

Cash distributions paid

   $ (13,407,448

Net cash used in financing activities

   $ (13,407,448

Net increase/decrease in cash

   $  

Cash at beginning of period

   $  

Cash at end of period

   $  
Supplemental disclosure of cash flow information:

 

Cash paid for interest and fees on borrowings

   $ 328,882  

 

  14   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Financial Highlights

 

 

    Six Months Ended
April 30, 2021
(Unaudited)
    Year Ended October 31,  
    2020     2019     2018     2017     2016  
             

Net asset value — Beginning of period

  $ 22.390     $ 23.850     $ 22.180     $ 24.600     $ 21.790     $ 24.050  
Income (Loss) From Operations

 

Net investment income(1)

  $ 0.217     $ 0.361     $ 0.441     $ 0.447     $ 0.490     $ 0.822 (2) 

Net realized and unrealized gain (loss)

    7.778       0.098       3.389       (0.724     4.480       (0.922

Total income (loss) from operations

  $ 7.995     $ 0.459     $ 3.830     $ (0.277   $ 4.970     $ (0.100
Less Distributions

 

From net investment income

  $ (0.855 )*    $ (0.338   $ (0.407   $ (0.319   $ (0.475   $ (0.778

From net realized gain

          (1.597     (1.753     (1.841     (1.685     (1.382

Total distributions

  $ (0.855   $ (1.935   $ (2.160   $ (2.160   $ (2.160   $ (2.160

Premium from common shares sold through shelf offering (see Note 5)(1)

  $     $ 0.016     $     $ 0.017     $     $  

Net asset value — End of period

  $ 29.530     $ 22.390     $ 23.850     $ 22.180     $ 24.600     $ 21.790  

Market value — End of period

  $ 28.840     $ 19.740     $ 26.290     $ 21.690     $ 24.850     $ 20.670  

Total Investment Return on Net Asset Value(3)

    36.28 %(4)      2.57     18.21     (1.50 )%      23.92     0.25

Total Investment Return on Market Value(3)

    50.96 %(4)      (17.96 )%      33.25     (4.65 )%      31.96     1.69
Ratios/Supplemental Data

 

Net assets, end of period (000’s omitted)

  $ 463,037     $ 351,153     $ 359,796     $ 333,771     $ 357,756     $ 316,478  

Ratios (as a percentage of average daily net assets):

           

Expenses excluding interest and fees

    1.17 %(5)      1.24     1.28     1.27     1.30     1.32

Interest and fee expense

    0.15 %(5)      0.50     1.06     0.82     0.61     0.39

Total expenses

    1.32 %(5)      1.74     2.34     2.09     1.91     1.71

Net investment income

    1.61 %(5)      1.58     1.95     1.83     2.10     3.67 %(2) 

Portfolio Turnover

    17 %(4)      60     48     56     60     63

Senior Securities:

 

Total amount outstanding (in 000’s)

  $ 103,000     $ 103,000     $ 118,000     $ 118,000     $ 118,000     $ 118,000  

Asset coverage per $1,000(6)

  $ 5,496     $ 4,409     $ 4,049     $ 3,829     $ 4,032     $ 3,682  

 

(1)  

Computed using average shares outstanding.

 

(2) 

Net investment income per share includes special dividends which amounted to $0.230 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.65% for the year ended October 31, 2016.

 

(3) 

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.

 

(4) 

Not annualized.

 

(5) 

Annualized.

 

(6) 

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.

 

*

A portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end.

 

  15   See Notes to Financial Statements.


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Notes to Financial Statements (Unaudited)

 

 

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 Global or Global Select Market generally 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.

Foreign Securities and Currencies. Foreign securities 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 generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities 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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects 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, 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. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. 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.

 

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Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Notes to Financial Statements (Unaudited) — continued

 

 

D  Federal 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.

As of April 30, 2021, 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  Interim Financial Statements — The interim financial statements relating to April 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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 cost and unrealized appreciation (depreciation) of investments of the Fund at April 30, 2021, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 419,930,136  

Gross unrealized appreciation

   $ 152,927,992  

Gross unrealized depreciation

     (5,285,356

Net unrealized appreciation

   $ 147,642,636  

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Notes to Financial Statements (Unaudited) — continued

 

 

of 0.85% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. For the six months ended April 30, 2021, the Fund’s investment adviser fee amounted to $2,233,632. 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, effective March 1, 2021, an indirect wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new sub-advisory agreement with EVAIL, which took effect on March 1, 2021. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves 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 six months ended April 30, 2021, 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 $89,107,865 and $98,648,064, respectively, for the six months ended April 30, 2021.

5  Common Shares of Beneficial Interest and Shelf Offering

The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended April 30, 2021. Common shares issued by the Fund pursuant to its dividend reinvestment plan for the year ended October 31, 2020 were 19,198.

Pursuant to a registration statement filed with and declared effective on May 31, 2018 by the SEC, the Fund is authorized to issue up to an additional 1,746,559 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 six months ended April 30, 2021, the Fund did not sell any common shares through its shelf offering. During the year ended October 31, 2020, the Fund sold 577,400 common shares and received proceeds (net of offering costs) of $14,850,007 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $244,597 for the year ended October 31, 2020. 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 year ended October 31, 2020 were $30,001.

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 six months ended April 30, 2021 and the year ended October 31, 2020.

6  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 as collateral for security loans. 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 April 30, 2021, 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 $81,972,788 and $84,413,990, 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 either SSBT or the Fund upon 360 days’ prior written notice to the other

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Notes to Financial Statements (Unaudited) — continued

 

 

party and after the second anniversary of the Agreement, 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 April 30, 2021, the Fund had borrowings outstanding under the Agreement of $103 million at an annual interest rate of 0.61%, which are shown as Liquidity Agreement borrowings on the Statement of Assets and Liabilities. The carrying amount of the borrowings at April 30, 2021 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 8) at April 30, 2021. For the six months ended April 30, 2021, the aggregate average borrowings under the Agreement and the average annual interest rate (excluding fees) were $103,000,000 and 0.64%, respectively.

7  Investments in Affiliated Issuers and Funds

The Fund invested in issuers that may be deemed to be affiliated with Morgan Stanley. At April 30, 2021, the value of the Fund’s investment in affiliated issuers and funds was $10,646,874, which represents 2.3% of the Fund’s net assets. Transactions in affiliated issuers and funds by the Fund for the six months ended April 30, 2021 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
    Shares/
Units, end
of period
 

Common Stocks

 

Mitsubishi UFJ Financial Group, Inc.(1)

  $     $     $     $         —     $ 45,167     $ 3,978,320     $ 76,267       747,791  

Short-Term Investments

 

Eaton Vance Cash Reserves Fund, LLC

    5,123,783       48,447,866       (46,903,095                 6,668,554       1,687       6,668,554  
                    $     $ 45,167     $ 10,646,874     $ 77,954          

 

(1)  

May be deemed to be an affiliated issuer as of March 1, 2021 (see Note 3).

8 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)

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.

 

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Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Notes to Financial Statements (Unaudited) — continued

 

 

At April 30, 2021, 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

   $ 38,557,140      $ 5,999,286      $         —      $ 44,556,426  

Consumer Discretionary

     31,693,669        23,912,569               55,606,238  

Consumer Staples

     12,000,259        16,735,330               28,735,589  

Energy

     9,487,531                      9,487,531  

Financials

     31,565,755        25,961,266               57,527,021  

Health Care

     29,073,520        35,925,656               64,999,176  

Industrials

     18,358,418        42,535,659        0        60,894,077  

Information Technology

     74,635,492        34,330,637               108,966,129  

Materials

            12,896,788               12,896,788  

Real Estate

     5,541,830                      5,541,830  

Utilities

     6,899,359        4,349,194               11,248,553  

Total Common Stocks

   $ 257,812,973      $ 202,646,385 **     $ 0      $ 460,459,358  

Corporate Bonds

   $      $ 71,505,863      $      $ 71,505,863  

Exchange-Traded Funds

     2,057,098                      2,057,098  

Preferred Stocks

           

Communication Services

     818,560                      818,560  

Consumer Staples

            2,787,716               2,787,716  

Energy

     4,202,918                      4,202,918  

Financials

     9,601,904        3,875,124               13,477,028  

Real Estate

     3,641,423                      3,641,423  

Utilities

     1,954,254                      1,954,254  

Total Preferred Stocks

   $ 20,219,059      $ 6,662,840      $      $ 26,881,899  

Short-Term Investments

   $      $ 6,668,554      $      $ 6,668,554  

Total Investments

   $ 280,089,130      $ 287,483,642      $ 0      $ 567,572,772  

 

*

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

 

**

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.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2021 is not presented.

9  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.

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 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, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Annual Meeting of Shareholders (Unaudited)

 

 

The Fund held its Annual Meeting of Shareholders on February 11, 2021. The following action was taken by the shareholders:

Proposal 1:  The election of Thomas E. Faust Jr., Mark R. Fetting, William H. Park and Keith Quinton as Class II Trustees of the Fund, each for a three-year term ending in 2024.

 

Nominee for Trustee

   Number of Shares  
   For      Withheld  

Thomas E. Faust Jr.

     10,943,913        1,973,759  

Mark R. Fetting

     10,952,565        1,965,107  

William H. Park

     10,928,426        1,989,246  

Keith Quinton

     10,949,968        1,967,704  

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Joint Special Meeting of Shareholders (Unaudited)

 

 

The Fund held a Joint Special Meeting of Shareholders (the “Special Meeting”) with certain other Eaton Vance closed-end funds on January 7, 2021 for the following purpose: approval of a new investment advisory agreement with EVM (“Proposal 1”) and approval of a new investment sub-advisory agreement with EVAIL (“Proposal 2”). The shareholder meeting results are as follows:

 

     Number of Shares(1)  
      For      Against      Abstain(2)      Broker
Non-Votes
(2)
 

Proposal 1

     7,406,896        173,245        349,767        0  

Proposal 2

     7,395,982        178,306        355,620        0  

 

(1) 

Fractional shares were voted proportionately.

 

(2)

All shares that were voted and votes to abstain were counted towards establishing a quorum, as were broker non-votes. (Broker non-votes are shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter.) Abstentions and broker non-votes had the effect of a negative vote on Proposal 1 and Proposal 2. Broker non-votes were not expected with respect to Proposal 1 and Proposal 2 because brokers are required to receive instructions from the beneficial owners or persons entitled to vote in order to submit proxies.

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (“ETO”).

At a meeting held on November 10, 2020 (the “November Meeting”), the Board of Trustees (each, a “Board” and, collectively, the “Board”) of each closed-end Fund (each, a “Fund” and, collectively, the “Funds”(1)) managed by Eaton Vance Management (“Eaton Vance”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds or Eaton Vance, voted to approve a new investment advisory agreement between each Fund and Eaton Vance (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between Eaton Vance and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”(2) and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below). The Board’s evaluative process is more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by Eaton Vance, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendations. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including, but not limited to, information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from Eaton Vance and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by Eaton Vance and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020 and November 10, 2020.

The Contract Review Committee again met with senior representatives of Eaton Vance, the Sub-Advisers, and Morgan Stanley at its meeting on November 10, 2020, to further discuss the approval of the New Agreements. The representatives from Eaton Vance, the Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered Eaton Vance’s, the Sub-Adviser’s and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

 

   

Information about the material terms and conditions, and expected impact, of the Transaction that relate to the Funds, including the expected impact on the businesses conducted by Eaton Vance and the Sub-Advisers with respect to the Funds and, with respect to those Funds (including ETO) that have shares registered under the Securities Act of 1933, as amended, pursuant to shelf registration statements, Eaton Vance Distributors, Inc. as the distributor of those shares;

 

   

Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

 

   

A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction, including with respect to the solicitation of shareholder approval of the New Agreements;

 

(1) 

References to the Funds do not include Eaton Vance Floating-Rate Income Plus Fund.

(2) 

With respect to certain of the Funds, Eaton Vance is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Eaton Vance Advisers International Ltd. (“EVAIL”) or Parametric Portfolio Associates LLC, each an affiliate of Eaton Vance (together, the “Sub-Advisers”). ETO is sub-advised by EVAIL. Accordingly, references to the “Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

 

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Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Board of Trustees’ Contract Approval — continued

 

 

   

A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

 

   

A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

 

   

Information with respect to the potential impact of the Transaction on personnel and/or other resources of Eaton Vance and its affiliates, including the Sub-Advisers, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at Eaton Vance and its affiliates, including the Sub-Advisers;

 

   

Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

 

   

Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

 

   

Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

 

   

Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

 

   

Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of Eaton Vance and its affiliates, including the Sub-Advisers, as they relate to the Funds;

 

   

Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

 

   

Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements

 

   

A representation that, after the Closing, all of the Funds will continue to be advised by Eaton Vance and their current Sub-Adviser, as applicable, and will continue under the “Eaton Vance” brand;

 

   

Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and Eaton Vance (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between Eaton Vance and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

 

   

Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

 

   

A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by Eaton Vance and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

 

   

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 as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

 

   

A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

 

   

In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by Eaton Vance in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

 

   

Comparative information concerning the fees charged and services provided by Eaton Vance and the 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 of Eaton Vance and the Sub-Adviser with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

 

   

Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Closing, as well as each of the Funds’ investment strategies and policies;

 

   

The procedures and processes used to determine the fair value of Fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

 

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Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Board of Trustees’ Contract Approval — continued

 

 

   

Information regarding any contemplated changes to the policies and practices of Eaton Vance and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

 

   

Information regarding the impact on trading and access to capital markets associated with the Funds’ post-Closing affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about Eaton Vance and the Sub-Advisers

 

   

Information about the financial results and condition of Eaton Vance and the Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

 

   

Confirmation that there are no immediately contemplated post-Closing changes to 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 post-Closing;

 

   

The Code of Ethics of Eaton Vance and its affiliates, including the Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

 

   

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

   

Information concerning the resources devoted to compliance efforts undertaken by Eaton Vance and its affiliates, including the Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

 

   

Information concerning the business continuity and disaster recovery plans of Eaton Vance and its affiliates, including the Sub-Advisers;

 

   

A description of Eaton Vance’s oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

 

   

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance and its affiliates;

 

   

Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by Eaton Vance and/or administrator to each of the Funds;

 

   

Information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters;

 

   

Confirmation that Eaton Vance intends to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

 

   

Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

 

   

Confirmation that Eaton Vance and Morgan Stanley will continue to keep the Board apprised of developments as the Transaction progresses and prior to and, as applicable, following the Closing;

 

   

Confirmation that the current senior management team at Eaton Vance has indicated its strong support of the Transaction; and

 

   

Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of Eaton Vance and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board 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 reports and participated in presentations provided by Eaton Vance and its affiliates, including the Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation 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 the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by Eaton Vance and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by Eaton Vance and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of Eaton Vance and the Sub-Advisers, and that Morgan Stanley and Eaton Vance have advised the Board that, following the Closing, there is not expected to be any diminution in the nature, extent and quality of services provided by

 

  26  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Board of Trustees’ Contract Approval — continued

 

 

Eaton Vance and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and Eaton Vance and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Closing, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and Eaton Vance’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for Eaton Vance, the Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered Eaton Vance’s and the Sub-Advisers’ management capabilities, investment processes and investment performance in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of Eaton Vance’s and, as applicable, Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of Eaton Vance and other factors, including the reputation and resources of Eaton Vance to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and Eaton Vance regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds 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 Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from Eaton Vance and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which Eaton Vance or its affiliates may be subject in managing the Funds and in connection with the Transaction. The Board considered the deep experience of Eaton Vance and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Funds. In this regard, the Board considered, among other things, Eaton Vance’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 Eaton Vance and relevant affiliates thereof, including the Sub-Advisers. 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 Eaton Vance 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 also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of Eaton Vance and the Sub-Advisers, the Board noted information regarding the impact of the Transaction, as well as Eaton Vance’s and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for Eaton Vance, the Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by Eaton Vance 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. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanations from Eaton Vance concerning the Fund’s relative performance versus the peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, Eaton Vance and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by Eaton Vance and its affiliates, including the Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of Eaton Vance and its affiliates, including the Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by Eaton Vance and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

 

  27  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Board of Trustees’ Contract Approval — continued

 

 

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, 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, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by Eaton Vance in response to inquiries from the Contract Review Committee. The Board considered that the New Agreement does not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by Eaton Vance and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services Eaton Vance and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to Eaton Vance and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by Eaton Vance and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by Eaton Vance and relevant affiliates thereof, including the Sub-Advisers, in providing investment advisory and administrative services to the Funds 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 Eaton Vance and its affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by Eaton Vance and its affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and Eaton Vance are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from Eaton Vance and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by Eaton Vance and its affiliates, including the Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to Eaton Vance and its affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by Eaton Vance and its affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by Eaton Vance and its affiliates in connection with services provided pursuant to the Current Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of Eaton Vance and its affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which Eaton Vance and its affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds 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. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of Eaton Vance and its affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and Eaton Vance are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by Eaton Vance, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by Eaton Vance. The Board also considered the

 

  28  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Board of Trustees’ Contract Approval — continued

 

 

fact that the Funds are not continuously offered in the same manner as an open-end fund and that, notwithstanding that certain Funds (including ETO) are authorized to issue additional common shares through a shelf offering, the Funds’ assets may not increase materially in the foreseeable future.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

 

  29  


Table of Contents

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

April 30, 2021

 

Officers and Trustees

 

 

Officers

 

Edward J. Perkin

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

 

 

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

 

 

*

Interested Trustee

 

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Table of Contents

Eaton Vance Funds

 

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.com

 

Please 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
   
      

 

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Table of Contents

Eaton Vance Funds

 

Privacy Notice — continued    April 2021

 

 

Page 2     

 

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 information

 

We 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 you

 

State 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.

 

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Table of Contents

Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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 “Individual Investors — Closed-End Funds”.

 

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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

Fund Offices

Two International Place

Boston, MA 02110

 


Table of Contents

LOGO

 

LOGO

7738    4.30.21


Table of Contents
Item 2.

Code of Ethics

Not required in this filing.

 

Item 3.

Audit Committee Financial Expert

Not required in this filing.

 

Item 4.

Principal Accountant Fees and Services

Not required in this filing.

 

Item 5.

Audit Committee of Listed Registrants

Not required in this filing.


Table of Contents
Item 6.

Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

 

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

 

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

 

Item 10.

Submission of Matters to a Vote of Security Holders

No material changes.

 

Item 11.

Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the Registrant’s most recent fiscal year end.

 

Item 13.

Exhibits

 

(a)(1)

   Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

   Treasurer’s Section 302 certification.

(a)(2)(ii)

   President’s Section 302 certification.

(b)

   Combined Section 906 certification.

(c)

   Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section  19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.


Table of Contents

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

 

By:  

/s/ Edward J. Perkin

  Edward J. Perkin
  President
Date:   June 24, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   June 24, 2021

 

By:  

/s/ Edward J. Perkin

  Edward J. Perkin
  President
Date:   June 24, 2021