<SEC-DOCUMENT>0000940394-20-000779.txt : 20200414
<SEC-HEADER>0000940394-20-000779.hdr.sgml : 20200414
<ACCEPTANCE-DATETIME>20200414172516
ACCESSION NUMBER:		0000940394-20-000779
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200414
DATE AS OF CHANGE:		20200414
EFFECTIVENESS DATE:		20200414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
		CENTRAL INDEX KEY:			0001322435
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220692
		FILM NUMBER:		20792010

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>etw497final.htm
<DESCRIPTION>EATON VANCE TAX-MANAGED GLOBLA BUY-WRITE OPPORTUNITIES FUND 497 DTD 4-14-2020
<TEXT>
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<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0 0">Prospectus Supplement</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0 0 12pt">(To Prospectus dated April 14, 2020)</P>

<P STYLE="font: 18pt NewsGoth Dm BT,sans-serif; margin: 0; text-align: center">Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund</P>

<P STYLE="font: 14pt NewsGoth Lt BT,sans-serif; margin: 0 0 12pt; text-align: center">Up to 6,405,910 Common Shares</P>

<P STYLE="font: 9pt/115% NewsGoth XCn BT,sans-serif; margin: 0 0 10pt">Important Note. Beginning on January 1, 2021, as permitted
by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s annual and semi-annual shareholder
reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be
made available on the Fund&rsquo;s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be
notified by mail each time a report is posted and provided with a website address to access the report.</P>

<P STYLE="font: 9pt/115% NewsGoth XCn BT,sans-serif; margin: 3pt 0">If you already elected to receive shareholder reports electronically,
you will not be affected by this change and you need not take any action. If you hold shares at the Fund&rsquo;s transfer agent,
American Stock Transfer &amp; Trust Company, LLC (&ldquo;AST&rdquo;), you may elect to receive shareholder reports and other communications
from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer
or bank), you must contact your financial intermediary to sign up.</P>

<P STYLE="font: 9pt/115% NewsGoth XCn BT,sans-serif; margin: 3pt 0">You may elect to receive all future Fund shareholder reports
in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your
shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your
financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds
held through your financial intermediary, as applicable.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 3pt 0 6pt">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the
&ldquo;Fund,&rdquo; &ldquo;we,&rdquo; or &ldquo;our&rdquo;) is a diversified, closed-end management investment company, which commenced
operations on September 30, 2005. Our primary investment objective is to provide current income and gains, with a secondary objective
of capital appreciation.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 3pt 0 6pt">The Fund has entered into a distribution agreement dated April
12, 2018 (the &ldquo;Distribution Agreement&rdquo;) with Eaton Vance Distributors, Inc. (the &ldquo;Distributor&rdquo;) relating
to the common shares of beneficial interest (the &ldquo;Common Shares&rdquo;) offered by this Prospectus Supplement and the accompanying
Prospectus dated April 14, 2020. The Distributor has entered into a dealer agreement, dated April 12, 2018, (the &ldquo;Dealer
Agreement&rdquo;) with UBS Securities LLC (the &ldquo;Dealer&rdquo;) with respect to the Fund relating to the Common Shares offered
by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Dealer Agreement, we may offer
and sell our Common Shares, $0.01 par value per share, from time to time through the Dealer as sub-placement agent for the offer
and sale of the Common Shares. Under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund may
not sell any Common Shares at a price below the current net asset value of such Common Shares, exclusive of any distributing commission
or discount.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Our Common Shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;)
under the symbol &ldquo;ETW.&rdquo; As of April 9, 2020, the last reported sale price for our Common Shares on the NYSE was $8.03
per share.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Sales of our Common Shares, if any, under this Prospectus Supplement
and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at the market&rdquo;
as defined in Rule 415 under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), including sales made directly
on the NYSE or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Fund will compensate the Distributor with respect to sales of
the Common Shares at a commission rate of 1% of the gross proceeds of the sale of Common Shares. The Distributor will compensate
the Dealer out of this commission at a certain percentage rate of the gross proceeds of the sale of Common Shares sold under the
Dealer Agreement, with the exact amount of such compensation to be mutually agreed upon by the Distributor and the Dealer from
time to time. In connection with the sale of the Common Shares on the Fund&rsquo;s behalf, the Distributor may be deemed to be
an &ldquo;underwriter&rdquo; within the meaning of the 1933 Act and the compensation of the Dealer may be deemed to be underwriting
commissions or discounts.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">The Common
Shares have traded both at a premium and a discount to net asset value (&ldquo;NAV&rdquo;). </FONT><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">The
Fund cannot predict whether Common Shares will trade in the future at a premium or discount to NAV. The provisions of the 1940
Act generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal
or exceed the NAV per share of a company&rsquo;s common stock (calculated within 48 hours of pricing). The Fund&rsquo;s issuance
of Common Shares may have an adverse effect on prices in the secondary market for the Fund&rsquo;s Common Shares by increasing
the number of Common Shares available, which may put downward pressure on the market price for the Fund&rsquo;s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&rsquo;
risk of loss.</FONT></P>

<P STYLE="font: 9pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Investing in our securities involves certain risks. You could lose
some or all of your investment. See &ldquo;Investment Objectives, Policies and Risks&rdquo; beginning on page 25 of the accompanying
Prospectus. You should consider carefully these risks together with all of the other information contained in this Prospectus Supplement
and the accompanying Prospectus before making a decision to purchase our securities.</P>

<P STYLE="font: 9pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this Prospectus Supplement or the accompanying Prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 9pt NewsGoth Dm BT,sans-serif; margin: 0; text-align: center">Prospectus Supplement dated April 14, 2020</P>


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<P STYLE="font: 9pt/115% NewsGoth Lt BT,sans-serif; margin: 6pt 0">This Prospectus Supplement, together with the accompanying Prospectus,
sets forth concisely information about the Fund that you should know before investing. You should read this Prospectus Supplement
and the accompanying Prospectus, which contain important information, before deciding whether to invest in our securities. You
should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information
(&ldquo;SAI&rdquo;), dated April 14, 2020 as supplemented from time to time, containing additional information about the Fund,
has been filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and is incorporated by reference in its entirety
into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the
SAI are part of a &ldquo;shelf&rdquo; registration statement that we filed with the SEC. This Prospectus Supplement describes the
specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement is
inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may request a free
copy of the SAI, the table of contents of which is on page 58 of the accompanying Prospectus, a free copy of our annual and semi-annual
reports to shareholders (when available), obtain other information or make shareholder inquiries, by calling toll-free 1-800-262-1122
or by writing to the Fund at Two International Place, Boston, Massachusetts 02110. The Fund&rsquo;s SAI and annual and semi-annual
reports also are available free of charge on our website at http://www.eatonvance.com and on the SEC&rsquo;s website (http://www.sec.gov).
You may obtain these documents, after paying a duplication fee, by electronic request at the following email address: publicinfo@sec.gov.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Our securities do not represent a deposit or obligation of, and are
not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board or any other government agency.</P>


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<P STYLE="font: 10pt/115% NewsGoth Dm BT,sans-serif; margin: 0 0 3pt">TABLE OF CONTENTS</P>

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<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 0 0 6pt">You should rely only on the information contained in, or incorporated
by reference into, this Prospectus Supplement and the accompanying Prospectus in making your investment decisions. The Fund has
not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not making an offer to sell the securities in any jurisdiction where the offer or sale is
not permitted. You should assume that the information in this Prospectus Supplement and the accompanying Prospectus is accurate
only as of the dates on their covers. The Fund&rsquo;s business, financial condition and prospects may have changed since the date
of its description in this Prospectus Supplement or the date of its description in the accompanying Prospectus.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 93%"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif; font-size: 9pt; line-height: 93%">Prospectus Supplement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 93%"><FONT STYLE="font-size: 9pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 87%; padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Prospectus Supplement Summary&#9;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Capitalization&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Summary of Fund Expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Market and Net Asset Value Information&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Use of Proceeds&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Plan of Distribution&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Legal Matters&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Available Information&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: right; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 93%"><FONT STYLE="font-size: 9pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 93%"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif; font-size: 9pt; line-height: 93%">Prospectus</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 93%"><FONT STYLE="font-size: 9pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Prospectus Summary&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Summary of Fund Expenses&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Financial Highlights and Investment Performance&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">The Fund&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Use of Proceeds&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Investment Objectives, Policies and Risks&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Management of the Fund&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Plan of Distribution&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Distributions&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Federal Income Tax Matters&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Dividend Reinvestment Plan&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Description of Capital Structure&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Custodian and Transfer Agent&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Legal Opinions&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Reports to Shareholders&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Independent Registered Public Accounting Firm&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Additional Information&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">57</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">Table of Contents for the Statement of Additional Information&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">58</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; line-height: 93%"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 9pt; line-height: 93%">The Fund&rsquo;s Privacy Policy&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-size: 9pt">59</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 0 0 6pt">Until May 9, 2020 (25 days after the date of this Prospectus Supplement),
all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required to deliver
the Prospectus and this Prospectus Supplement. This requirement is in addition to the dealers&rsquo; obligation to deliver the
Prospectus and this Prospectus Supplement when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>


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<P STYLE="font: 10pt/115% NewsGoth Dm BT,sans-serif; margin: 0 0 10pt; text-align: center">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">This Prospectus Supplement, the accompanying Prospectus and the SAI
contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified by the words &ldquo;may,&rdquo;
&ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;plan,&rdquo;
&ldquo;anticipate,&rdquo; and similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all forward-looking statements involve risks
and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several
factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at
which our shares will trade in the public markets and other factors discussed in our periodic filings with the SEC.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Investment Objectives, Policies and Risks&rdquo;
section of the accompanying Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus
Supplement or the accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying Prospectus,
as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no
obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement, the
accompanying Prospectus and the SAI are excluded from the safe harbor protection provided by section 27A of the 1933 Act.</P>

<P STYLE="font: 9pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Currently known risk factors that could cause actual results to differ
materially from our expectations include, but are not limited to, the factors described in the &ldquo;Investment Objectives, Policies
and Risks&rdquo; section of the accompanying Prospectus. We urge you to review carefully that section for a more detailed discussion
of the risks of an investment in our securities.</P>


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<P STYLE="font: 12pt/115% NewsGoth Dm BT,sans-serif; margin: 6pt 0">Prospectus Supplement Summary</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0"><I>The following summary is qualified in its entirety by reference
to the more detailed information included elsewhere in this Prospectus Supplement and in the accompanying Prospectus and in the
SAI.</I></P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">THE FUND</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company, <FONT STYLE="color: windowtext">which commenced operations on September
30, 2005. The Fund seeks to </FONT>provide current income and gains, with a secondary objective of capital appreciation. Investments
are based on Eaton Vance Management&rsquo;s (&ldquo;Eaton Vance&rdquo; or the &ldquo;Adviser&rdquo;) and Parametric Portfolio Associates
LLC&rsquo;s (&ldquo;Parametric&rdquo; or the &ldquo;Sub-Adviser&rdquo;) internal research and proprietary modeling techniques and
software. An investment in the Fund may not be appropriate for all investors. There is no assurance that the Fund will achieve
its investment objectives.</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">THE ADVISER AND SUB-ADVISER</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Eaton Vance acts as the Fund&rsquo;s investment adviser under an
Investment Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;). The Adviser&rsquo;s principal office is located at Two International
Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals and institutions
since 1924 and of investment companies since 1931. As of January 31, 2020, Eaton Vance and its affiliates managed approximately
$518.2 billion of fund and separate account assets on behalf of clients, including approximately $138.7 billion in equity assets.
Eaton Vance has engaged its affiliate Parametric, an indirect wholly-owned subsidiary of Eaton Vance Corp., as the sub-adviser
to the Fund. Parametric managed approximately $320.8 billion in assets as of January 31, 2020. Eaton Vance is a wholly-owned subsidiary
of Eaton Vance Corp., a publicly-held holding company, which through its subsidiaries and affiliates engages primarily in investment
management, administration and marketing activities.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Under the general supervision of the Fund&rsquo;s Board, the Adviser
is responsible for managing the Fund&rsquo;s overall investment program and executing the Fund&rsquo;s options strategy. The Adviser
also is responsible for providing the Sub-Adviser with research support and supervising the performance of the Sub-Adviser. The
Sub-Adviser is responsible for structuring and managing the Fund&rsquo;s common stock portfolio, including tax-loss harvesting
(i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset capital
gains realized by the Fund) and other tax-management techniques, relying in part on the fundamental research and analytical judgments
of the Adviser. The Adviser will furnish to the Fund investment advice and office facilities, equipment and personnel for servicing
the investments of the Fund. The Adviser will compensate all Trustees and officers of the Fund who are members of the Adviser&rsquo;s
organization, and will also compensate all other Adviser personnel who provide research and investment services to the Fund. In
return for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation under the Advisory Agreement
an annual fee in the amount of 1.00% of the average daily gross assets of the Fund. Gross assets of the Fund means total assets
of the Fund, including any form of investment leverage that the Fund may in the future determine to utilize, minus all accrued
expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to any future
investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility/commercial
paper program or the issuance of debt securities), (ii) the issuance of preferred shares or other similar preference securities,
(iii) the reinvestment of collateral received for securities loaned in accordance with the Fund&rsquo;s investment objectives and
policies and/or (iv) any other means. During any future periods in which the Fund is using leverage, the fees paid to the Adviser
for investment advisory services will be higher than if the Fund did not use leverage because the fees paid will be calculated
on the basis of the Fund&rsquo;s gross assets, including proceeds from any borrowings and from the issuance of preferred shares.
Under the Sub-Advisory Agreement between Eaton Vance and Parametric, Eaton Vance (and not the Fund) pays Parametric a portion of
the advisory fee for sub-advisory services provided to the Fund.</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">THE OFFERING</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Fund has entered into a distribution agreement dated April 12,
2018 (the &ldquo;Distribution Agreement&rdquo;) with Eaton Vance Distributors, Inc. (the &ldquo;Distributor&rdquo;) relating to
the common shares of beneficial interest (the &ldquo;Common Shares&rdquo;), offered by this Prospectus Supplement and the accompanying
Prospectus dated April 14, 2020 (the &ldquo;Offering&rdquo;). The Distributor has entered into a dealer agreement dated April 12,
2018 (the &ldquo;Dealer Agreement&rdquo;) with UBS Securities LLC (the &ldquo;Dealer&rdquo;) with respect to the Fund relating
to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the
Dealer Agreement, the Fund may offer and sell up to 6,405,910 Common Shares, par value $0.01 per Common Share, from time to time
through the Dealer as sub-placement agent for the offer and sale of the Common Shares.</P>


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<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Offerings of the Common Shares will be subject to the provisions
of the 1940 Act, which generally require that the public offering price of common shares of a closed-end investment company (exclusive
of distribution commissions and discounts) must equal or exceed the net asset value per share of the company&rsquo;s common shares
(calculated within 48 hours of pricing), absent shareholder approval or under certain other circumstances.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Sales of the Common Shares, if any, under this Prospectus Supplement
and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at the market&rdquo;
as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange (&ldquo;NYSE&rdquo;) or
sales made to or through a market maker other than on an exchange. The Common Shares may not be sold through agents, underwriters
or dealers without delivery or deemed delivery of a Prospectus and an accompanying Prospectus Supplement describing the method
and terms of the offering of Common Shares.</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">LISTING AND SYMBOL</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Fund&rsquo;s currently outstanding Common Shares are listed
on the NYSE under the symbol &ldquo;ETW.&rdquo; Any new Common Shares offered and sold hereby are expected to be listed on the
NYSE and trade under this symbol. The net asset value of the Common Shares on April 9, 2020 was $8.62 per share. As of April 9,
2020, the last reported sale price for the Common Shares was $8.03.</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">USE OF PROCEEDS</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Fund currently intends to invest substantially all of the net
proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in accordance with its investment objectives and
policies as described in the accompanying Prospectus under &ldquo;Investment Objectives, Policies and Risks&rdquo; within three
months of receipt of such proceeds. Such investments may be delayed up to three months if suitable investments are unavailable
at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments. Pending
such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with
remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns
and reduce the Fund&rsquo;s distribution to the holders of Common Shares (&ldquo;Common Shareholders&rdquo;) or result in a distribution
consisting principally of a return of capital.</P>

<P STYLE="font: 12pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Capitalization</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">We may offer and sell up to 6,405,910 of our Common Shares, $0.01
par value per share, from time to time through the Dealer as sub-placement agent under this Prospectus Supplement and the accompanying
Prospectus. Of the 6,405,910 Common Shares, 435,555 have been issued and 5,970,355 are unsold. In addition, the Fund has registered,
and may take down, additional shares at a later date. There is no guarantee that there will be any sales of our Common Shares pursuant
to this Prospectus Supplement and the accompanying Prospectus. The table below assumes that we will sell 5,970,355 Common Shares
at a price of $8.03 per share (the last reported sale price per share of our Common Shares on the NYSE on April 9, 2020). Actual
sales, if any, of our Common Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less than
$8.03 per share, depending on the market price of our Common Shares at the time of any such sale. To the extent that the market
price per share of our Common Shares on any given day is less than the net asset value per share on such day, we will instruct
the Dealer not to make any sales on such day.</P>


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<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The following table sets forth our capitalization:</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">&bull; on a historical basis as of December 31, 2019 (audited);
and</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0 12pt">&bull; on a pro forma as adjusted basis to reflect the assumed
sale of 5,970,355 Common Shares at $8.03 per share (the last reported sale price for our Common Shares on the NYSE on April 9,
2020), in an offering under this Prospectus Supplement and the accompanying Prospectus, after deducting the assumed commission
of $479,420 (representing an estimated commission to the Distributor of 1.00% of the gross proceeds of the sale of Common Shares,
of which a certain percentage will be paid to the Dealer in connection with sales of Common Shares effected in this Offering).</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">As of<BR>
December 31, 2019<BR>
(audited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Pro Forma<BR>
(unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Actual</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>As adjusted</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$1,125,503,234</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$1,172,965,765</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$0.01 par value per share of common shares outstanding</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$1,074,606</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$1,134,309</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Additional paid-in capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$388,525,958</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$435,988,489</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Distributable earnings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$735,902,670</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$735,842,967</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$1,125,503,234</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$1,172,965,765</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Net asset value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$ 10.47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$ 10.34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Common shares issued and outstanding</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">107,460,587</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">113,430,942</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Summary of Fund Expenses</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0 12pt">The purpose of the table below is to help you understand all
fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The table shows Fund expenses as a percentage
of net assets attributable to Common Shares for the year ended December 31, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding: 3pt 5.5pt 3pt 2.9pt; font: 9pt/10pt NewsGoth XCn BT"><U>Common Shareholder transaction expenses</U></TD>
    <TD STYLE="width: 34%; padding: 3pt 5.5pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">Sales load paid by you (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center">1%<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">Offering expenses (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center">None<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">Dividend reinvestment plan fees</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center">$5.00<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><U>Annual expenses</U></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt">
        <P STYLE="font: 9pt/10pt NewsGoth XCn BT; margin: 3pt 0 0; text-align: center">Percentage of net assets</P>
        <P STYLE="font: 9pt/10pt NewsGoth XCn BT; margin: 0 0 3pt; text-align: center"><U>attributable to Common Shares</U><SUP>(4)</SUP></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">Investment adviser fee</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center">1.00%<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">Other expenses</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><U>0.10</U>%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">Total annual Fund operating expenses</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center">1.10%</TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">EXAMPLE</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0 0 12pt">The following example illustrates the expenses that Common Shareholders
would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 1.10% of net assets attributable to Common
Shares in years 1 through 10; (ii) a sales load of 1.00%; (iii) a 5% annual return; and (iv) all distributions are reinvested at
NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">1 Year</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">3 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">5 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">10 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$21</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$45</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$70</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$143</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 12pt 0 6pt">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Fund&rsquo;s Common Shares. For
more complete descriptions of certain of the Fund&rsquo;s costs and expenses, see &ldquo;Management of the Fund.&rdquo; In addition,
while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&rsquo;s dividend reinvestment
plan may receive Common Shares purchased or issued at a price or value different from NAV. See &ldquo;Distributions&rdquo; and
&ldquo;Dividend Reinvestment Plan.&rdquo; The example does not include estimated offering costs, which would cause the expenses
shown in the example to increase.</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">The example should not be considered a representation of past or
future expenses, and the Fund&rsquo;s actual expenses may be greater or less than those shown. Moreover, the Fund&rsquo;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0 0 6pt">___________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD>Represents the estimated commission with respect to the Fund&rsquo;s Common Shares being sold in this Offering. There is no
guarantee that there will be any sales of the Fund&rsquo;s Common Shares pursuant to this Prospectus Supplement and the accompanying
Prospectus. Actual sales of the Fund&rsquo;s Common Shares under this Prospectus Supplement and the accompanying Prospectus, if
any, may be less than as set forth under &ldquo;Capitalization&rdquo; above. In addition, the price per share of any such sale
may be greater or less than the price set forth under &ldquo;Capitalization&rdquo; above, depending on market price of the Fund&rsquo;s
Common Shares at the time of any such sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(2)</SUP></FONT></TD><TD>Eaton Vance will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Fund&rsquo;s registration statement (including this Prospectus Supplement, the accompanying Prospectus
and the SAI), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing,
mailing or other distribution of this Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated
filing fees, NYSE listing fees, and legal and auditing fees associated with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(3)</SUP></FONT></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD>Stated as percentage of average net assets attributable to Common Shares for the year ended December 31, 2019.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(5)</SUP></TD><TD>The <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; vertical-align: baseline">investment</FONT> adviser fee paid by the
Fund to the Adviser is based on the average daily gross assets of the Fund, including all assets attributable to any form of investment
leverage that the Fund may utilize. Accordingly, if the Fund were to utilize investment leverage in the future, the <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; vertical-align: baseline">investment
</FONT>adviser fee will increase as a percentage of net assets.</TD></TR></TABLE>

<P STYLE="font: 12pt NewsGoth Dm BT,sans-serif; margin: 12pt 0 6pt">Market and Net Asset Value Information</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Our Common Shares are listed on the NYSE under the symbol &ldquo;ETW.&rdquo;
Our Common Shares commenced trading on the NYSE in 2005.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Our Common Shares have traded both at a premium and a discount to
net asset value or NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV. The provisions
of the 1940 Act generally require that the public offering price of Common Shares (less any underwriting commissions and discounts)
must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated within 48 hours of pricing). Our issuance
of Common Shares may have an adverse effect on prices in the secondary market for our Common Shares by increasing the number of
Common Shares available, which may put downward pressure on the market price for our Common Shares. Shares of Common Stock of closed-end
investment companies frequently trade at a discount from NAV. See &ldquo;Prospectus Summary&mdash;Special Risk Considerations&mdash;Discount
from or premium to NAV&rdquo; on page 13 of the accompanying Prospectus.</P>


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<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0 12pt">The following table sets forth for the period indicated the
high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Fund&rsquo;s Common Shares were trading as of the same date. NAV is determined no less frequently
than daily, generally on each day of the week that the NYSE is open for trading. See &ldquo;Determination of Net Asset Value&rdquo;
on page 23 of the accompanying SAI for information as to the determination of the Fund&rsquo;s net asset value.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif">Market Price</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif">NAV per Share on Date of Market Price</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif">NAV Premium/(Discount) on Date of Market Price</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 17%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: left"><U>Fiscal Quarter Ended</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><U>High </U></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; white-space: nowrap; vertical-align: bottom; width: 11%; padding: 3pt 5.4pt; text-align: center"><U>Low</U></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><U>High </U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><U>Low</U></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><U>High </U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 23%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><U>Low</U></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">March 31, 2020</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">$10.55</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">$5.53</TD>
    <TD STYLE="vertical-align: top; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">$10.56</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">$7.61</TD>
    <TD STYLE="vertical-align: top; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">(0.09)%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">(27.33)%</TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 12pt 0 6pt">The last reported sale price, NAV and percentage premium/(discount)
to NAV per Common Share on April 9, 2020, were $8.03, $8.62 and (6.84)%, respectively.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 12pt 0 6pt">As of April 9, 2020, the net assets of the Fund were $926,441,872.
The following table provides information about our outstanding Common Shares as of April 9, 2020:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Title of Class</U></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Amount Authorized</U></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Amount Held by the Fund or for its Account</U></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Amount Outstanding</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">107,486,624</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt/115% NewsGoth Dm BT,sans-serif; margin: 0 0 6pt">Use of Proceeds</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Sales of our Common Shares, if any, under this Prospectus Supplement
and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at the market&rdquo;
as defined in Rule 415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through a market maker
other than on an exchange. There is no guarantee that there will be any sales of our Common Shares pursuant to this Prospectus
Supplement and the accompanying Prospectus. Actual sales, if any, of our Common Shares under this Prospectus Supplement and the
accompanying Prospectus may be less than as set forth below in this paragraph. In addition, the price per share of any such sale
may be greater or less than the price set forth in this paragraph, depending on the market price of our Common Shares at the time
of any such sale. As a result, the actual net proceeds we receive may be more or less than the amount of net proceeds estimated
in this Prospectus Supplement. Assuming the sale of all of the Common Shares offered under this Prospectus Supplement and the accompanying
Prospectus, at the last reported sale price of $8.03 per share for our Common Shares on the NYSE as of April 9, 2020, we estimate
that the net proceeds of this Offering will be approximately $47,462,531 after deducting the estimated sales load and the estimated
offering expenses payable by the Fund, if any.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Subject to the remainder of this section, the Fund currently intends
to invest substantially all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in accordance
with its investment objectives and policies as described in the accompanying Prospectus under &ldquo;Investment Objectives, Policies
and Risks&rdquo; within three months of receipt of such proceeds. Such investments may be delayed up to three months if suitable
investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of
suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market
instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use
of proceeds could lower returns and reduce the Fund&rsquo;s distribution to Common Shareholders or result in a distribution consisting
principally of a return of capital.</P>


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<P STYLE="font: 12pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Plan of Distribution</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Under the Dealer Agreement between the Distributor and the Dealer,
upon written instructions from the Distributor, the Dealer will use its reasonable best efforts, to sell, as sub-placement agent,
the Common Shares under the terms and subject to the conditions set forth in the Dealer Agreement. The Dealer&rsquo;s solicitation
will continue until the Distributor instructs the Dealer to suspend the solicitations and offers. The Distributor will instruct
the Dealer as to the amount of Common Shares to be sold by the Dealer. The Distributor may instruct the Dealer not to sell Common
Shares if the sales cannot be effected at or above the price designated by the Distributor in any instruction. To the extent that
the market price per share of the Fund&rsquo;s Common Shares on any given day is less than the net asset value per share on such
day, the Distributor will instruct the Dealer not to make any sales on such day. The Distributor or the Dealer may suspend the
offering of Common Shares upon proper notice and subject to other conditions.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Dealer will provide written confirmation to the Distributor
following the close of trading on the day on which Common Shares are sold under the Dealer Agreement. Each confirmation will include
the number of shares sold on the preceding day, the net proceeds to the Fund and the compensation payable by the Distributor to
the Dealer in connection with the sales.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Fund will compensate the Distributor with respect to sales of
the Common Shares at a commission rate of 1.00% of the gross proceeds of the sale of Common Shares. The Distributor will compensate
the Dealer for its services in acting as sub-placement agent in the sale of Common Shares out of this commission at a certain percentage
rate of the gross proceeds of the sale of Common Shares sold under the Dealer Agreement, with the exact amount of such compensation
to be mutually agreed upon by the Distributor and the Dealer from time to time. There is no guarantee that there will be any sales
of the Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales, if any, of the Common
Shares under this Prospectus Supplement and the accompanying Prospectus may be conducted at a price that is greater or less than
the last reported sale price set forth in this Prospectus Supplement, depending on the market price of Common Shares at the time
of any such sale. Eaton Vance will pay the expenses of the Offering (other than the applicable commissions).</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Settlement for sales of Common Shares will occur on the second trading
day following the date on which such sales are made, in return for payment of the net proceeds to the Fund. There is no arrangement
for funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Distributor has agreed to provide indemnification and contribution
to the Dealer against certain civil liabilities, including liabilities under the 1933 Act.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Dealer Agreement will remain in full force and effect unless
terminated by either party upon 5 days&rsquo; written notice to the other party.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The principal business address of the Dealer is 1285 Avenue of the
Americas, New York, NY 10019.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">The Dealer and its affiliates hold or may hold in the future, directly
or indirectly, investment interests in the Distributor and its funds. The interests held by the Dealer or its affiliates are not
attributable to, and no investment discretion is held by, the Dealer or its affiliates.</P>

<P STYLE="font: 12pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Legal Matters</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares will
be passed upon for the Fund by internal counsel for Eaton Vance.</P>


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<P STYLE="font: 12pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">Available Information</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">We are subject to the informational requirements of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and the 1940 Act and are required to file reports, including
annual and semi-annual reports, proxy statements and other information with the SEC. These documents are available on the SEC&rsquo;s
EDGAR system.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">This Prospectus Supplement, the accompanying Prospectus and the
SAI do not contain all of the information in our registration statement, including amendments, exhibits, and schedules that the
Fund has filed with the SEC (File No. 333-220692). Statements in this Prospectus Supplement and the accompanying Prospectus about
the contents of any contract or other document are not necessarily complete and in each instance reference is made to the copy
of the contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all
respects by this reference.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">Additional information about us can be found in our registration
statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov)
that contains our registration statement, other documents incorporated by reference, and other information we have filed electronically
with the SEC, including proxy statements and reports filed under the Exchange Act.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0">&nbsp;</P>
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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: NewsGoth BT, Sans-Serif; font-size: 9pt; font-weight: normal; color: windowtext"><IMG SRC="tmgbwofpro_101.jpg" ALT="" STYLE="height: 36px; width: 180px"></FONT></P>

<P STYLE="font: 9pt/18pt NewsGoth BT, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">BASE PROSPECTUS</FONT></P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Up to 12,811,820 Shares</P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund</P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">Common Shares</P>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0">Important Note.&nbsp; Beginning on January 1, 2021,
as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s annual and semi-annual
shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports
will be made available on the Fund&#8217;s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you
will be notified by mail each time a report is posted and provided with a website address to access the report.</P>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0">If you already elected to receive shareholder reports
electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund&#8217;s
transfer agent, American Stock Transfer &amp; Trust Company, LLC (&#8220;AST&#8221;), you may elect to receive shareholder reports
and other communications from the Fund electronically by contacting AST.&nbsp; If you own your shares through a financial intermediary
(such as a broker-dealer or bank), you must contact your financial intermediary to sign up.</P>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0">You may elect to receive all future Fund shareholder
reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies
of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact
your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive
paper copies of your shareholder reports.&nbsp; Your election to receive reports in paper will apply to all funds held with AST
or to all funds held through your financial intermediary, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Objectives and Policies</B></FONT>. Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the &#8220;Fund&#8221;) is a diversified,
closed-end management investment company, which commenced operations on September 30, 2005. The Fund&#8217;s primary investment
objective is to provide current income and gains, with a secondary objective of capital appreciation. In pursuing its investment
objectives, the Fund will evaluate returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Adviser and Sub-Adviser.</B></FONT> The Fund&#8217;s investment adviser is Eaton Vance Management (&#8220;Eaton Vance&#8221; or
the &#8220;Adviser&#8221;). As of January 31, 2020, Eaton Vance and its affiliates managed approximately $518.2 billion of fund
and separate account assets on behalf of clients, including approximately $138.7 billion in equity assets. Eaton Vance has engaged
its affiliate Parametric Portfolio Associates LLC (&#8220;Parametric&#8221; or the &#8220;Sub-Adviser&#8221;) as the sub-adviser
to the Fund. Parametric managed approximately $320.8 billion in assets as of January 31, 2020. Eaton Vance is responsible for managing
the Fund&#8217;s overall investment program and executing the Fund&#8217;s options strategy. Eaton Vance is also responsible for
providing research support to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric is responsible for
structuring and managing the Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions
that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other
tax-management techniques, relying in part on the fundamental research and analytical judgments of the Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Offering</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> The Fund may offer, from time to time,
in one or more offerings (each, an &#8220;Offering&#8221;), the Fund&#8217;s common shares of beneficial interest, $0.01 par value
(&#8220;Common Shares&#8221;). Common Shares may be offered at prices and on terms to be set forth in one or more supplements to
this Prospectus (each, a &#8220;Prospectus Supplement&#8221;). You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will identify
any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable offering
price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its underwriters,
or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale. The Fund may
not sell any Common Shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method
and terms of the particular Offering of the Common Shares. <I>(continued on inside cover page)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>The Common Shares have traded both at a premium and a discount
to net asset value (&#8220;NAV&#8221;). The Fund cannot predict whether Common Shares will trade in the future at a premium or
discount to NAV. The provisions of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) generally require
that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV
per share of a company&#8217;s common stock (calculated within 48 hours of pricing). The Fund&#8217;s issuance of Common Shares
may have an adverse effect on prices in the secondary market for the Fund&#8217;s Common Shares by increasing the number of Common
Shares available, which may put downward pressure on the market price for the Fund&#8217;s Common Shares. Shares of common stock
of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217; risk of loss.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investing in shares involves certain risks. See &#8220;Investment
Objectives, Policies and Risks&#8221; beginning at page 25.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Neither the Securities and Exchange Commission (&#8220;SEC&#8221;)
nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">(continued from previous page)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Contents</B></FONT>. Under normal market conditions, the Fund&#8217;s investment program consists primarily of (1) owning a diversified
portfolio of common stocks, a segment of which (the &#8220;U.S. Segment&#8221;) holds stocks of U.S. issuers and a segment of which
(the &#8220;International Segment&#8221;) holds stocks of non-U.S. issuers, and (2) selling on a continuous basis call options
on broad-based domestic stock indices on at least 80% of the value of the U.S. Segment and call options on broad-based foreign
country and/or regional stock indices on at least 80% of the value of the International Segment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under normal market conditions, the Fund invests at least 80%
of its total assets in a diversified portfolio of common stocks of domestic and foreign issuers. The U.S. Segment is expected to
represent approximately 50% to 60% of the value of the Fund&#8217;s stock portfolio and the International Segment is expected to
represent approximately 40% to 50% of the Fund&#8217;s stock portfolio. These percentages may vary significantly over time depending
upon the Adviser&#8217;s evaluation of market circumstances and other factors. Under normal market conditions, the Fund invests
a substantial portion of its total assets in the securities of non-U.S. issuers, including American Depositary Receipts (&#8220;ADRs&#8221;),
Global Depositary Receipts (&#8220;GDRs&#8221;) and European Depositary Receipts (&#8220;EDRs&#8221;). An issuer will be considered
to be located outside of the United States if it is domiciled in, derives a significant portion of its revenue from, or its primary
trading venue is outside the U.S.&nbsp; Securities of an issuer domiciled outside of the United States may trade in the form of
depositary receipts. The Fund may invest up to 15% of its total assets in securities in emerging markets issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For the U.S. Segment, the Fund intends to write index call
options on the Standard &amp; Poor&#8217;s 500<SUP>&reg;</SUP> Composite Stock Price Index (the &#8220;S&amp;P 500<SUP>&reg;</SUP>&#8221;)
and the NASDAQ-100 Index (the &#8220;NASDAQ-100&#8221;). For the International Segment, the Fund intends to write index call options
on broad-based foreign country and/or regional stock indices that the Adviser believes are collectively representative of the International
Segment. Over time, the indices on which the Fund writes call options may vary as a result of changes in the availability and liquidity
of various listed index options, the Adviser&#8217;s evaluation of equity market conditions and other factors. Due to tax considerations,
the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and each index on which it
has outstanding options positions to less than 70% on an ongoing basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund seeks to generate current earnings from option premiums
and, to a lesser extent, from dividends on stocks held. The Fund seeks to generate gains from option premiums and from the sale
of equity securities it holds in its portfolio. The Fund employs a variety of tax-management techniques and strategies as described
herein, seeking in part to minimize the Fund&rsquo;s ordinary income and its net realized short-term capital gains in excess of
net realized long-term capital losses. To the extent that the Fund&rsquo;s ordinary income and net realized short-term gains over
net realized long-term losses exceed Fund expenses, dividends with respect to such amounts when paid to Common Shareholders will
be taxable as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, at least 80% of the value of
the Fund&#8217;s total assets is subject to written index call options. Writing index call options involves a tradeoff between
the option premiums received and reduced participation in potential future stock price appreciation of the Fund&#8217;s portfolio
of common stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exchange
Listing</B></FONT>. As of April 9, 2020, the Fund had 107,486,624 Common Shares outstanding. The Fund&#8217;s Common Shares are
traded on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;ETW.&#8221; As of April 9, 2020, the last reported
sales price of a Common Share of the Fund on the NYSE was $8.03. Common Shares offered and sold pursuant to this Registration Statement
will also be listed on the NYSE and trade under this symbol.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s net asset value and distribution rate will vary
and may be affected by numerous factors, including changes in stock prices, option premiums, market interest rates, dividend rates
and other factors. An investment in the Fund may not be appropriate for all investors. There is no assurance that the Fund will
achieve its investment objectives.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, together with any applicable Prospectus Supplement,
sets forth concisely information you should know before investing in the shares of the Fund. Please read and retain this Prospectus
for future reference. A Statement of Additional Information (&#8220;SAI&#8221;) dated April 14, 2020, has been filed with the SEC
and is incorporated by reference into this Prospectus. You may request a free copy of the SAI, the table of contents of which is
on page 58 of this Prospectus, a free copy of our annual and semi-annual reports to shareholders (when available), obtain other
information or make shareholder inquiries, by calling toll-free 1-800-262-1122 or by writing to the Fund at Two International Place,
Boston, Massachusetts 02110. The Fund&#8217;s SAI and annual and semi-annual reports also are available free of charge on our website
at http://www.eatonvance.com and on the SEC&#8217;s website (http://www.sec.gov). You may obtain these documents, after paying
a duplication fee, by electronic request at the following email address: publicinfo@sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s shares do not represent a deposit or obligation
of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the
Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">You should rely only on the information contained or incorporated
by reference in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not
making an offer of these securities in any state where the offer is not permitted. You should not assume that the information contained
in this Prospectus is accurate as of any date other than the date on the front of this Prospectus.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 3pt; padding-bottom: 3pt">Prospectus Summary &#9;</TD>
    <TD STYLE="width: 7%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Summary of Fund Expenses &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Financial Highlights and Investment Performance &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Fund &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Use of Proceeds &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Investment Objectives, Policies and Risks &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Management of the Fund &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Plan of Distribution &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Distributions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Federal Income Tax Matters &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Dividend Reinvestment Plan &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Description of Capital Structure &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Custodian and Transfer Agent &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Legal Opinions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Reports to Shareholders &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Additional Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Table of Contents for the Statement of Additional Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Fund&#8217;s Privacy Policy &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">59</TD></TR>
</TABLE>

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, any accompanying Prospectus Supplement and the
SAI contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified by the words &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;plan,&#8221;
&#8220;anticipate,&#8221; and similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking statements involve risks
and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several
factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at
which our shares will trade in the public markets and other factors discussed in our periodic filings with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &#8220;Investment Objectives, Policies and Risks&#8221;
section of this Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus or any accompanying
Prospectus Supplement are made as of the date of this Prospectus or the accompanying Prospectus Supplement, as the case may be.
Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update
any forward-looking statement. The forward-looking statements contained in this Prospectus, any accompanying prospectus supplement
and the SAI are excluded from the safe harbor protection provided by section 27A of the Securities Act of 1933, as amended (the
&#8220;1933 Act&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &#8220;Investment Objectives,
Policies and Risks&#8221; section of this Prospectus. We urge you to review carefully that section for a more detailed discussion
of the risks of an investment in our securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Prospectus dated April 14, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">Prospectus Summary</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>The following summary is qualified in its entirety by reference
to the more detailed information included elsewhere in this Prospectus, in any related Prospectus Supplement, and in the SAI</I>.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE FUND</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the
&#8220;Fund&#8221;) is a diversified, closed-end management investment company, which commenced operations on September 30, 2005.
The Fund seeks to provide current income and gains, with a secondary objective of capital appreciation. Investments are based on
Eaton Vance Management&#8217;s (&#8220;Eaton Vance&#8221; or the &#8220;Adviser&#8221;) and Parametric Portfolio Associates LLC&#8217;s
(&#8220;Parametric&#8221; or a &#8220;Sub-Adviser&#8221;) internal research and proprietary modeling techniques and software. An
investment in the Fund may not be appropriate for all investors. There is no assurance that the Fund will achieve its investment
objectives.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE OFFERING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may offer, from time to time, in one or more offerings
(each, an &#8220;Offering&#8221;), up to 12,811,820 of the Fund&#8217;s common shares of beneficial interest, $0.01 par value (&#8220;Common
Shares&#8221;), on terms to be determined at the time of the Offering. The Common Shares may be offered at prices and on terms
to be set forth in one or more Prospectus Supplements. You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by the Fund, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will
identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable
offering price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its
underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale.
See &#8220;Plan of Distribution.&#8221; The Fund may not sell any of Common Shares through agents, underwriters or dealers without
delivery of a Prospectus Supplement describing the method and terms of the particular Offering of Common Shares.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVES AND POLICIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s primary investment objective is to provide current
income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate
returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. There can be no assurance that the
Fund will achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund&#8217;s investment program
consists primarily of (1) owning a diversified portfolio of common stocks, a segment of which (the &#8220;U.S. Segment&#8221;)
holds stocks of U.S. issuers and a segment of which (the &#8220;International Segment&#8221;) holds stocks of non-U.S. issuers,
and (2) selling on a continuous basis call options on broad-based domestic stock indices on at least 80% of the value of the U.S.
Segment and call options on broad-based foreign country and/or regional stock indices on at least 80% of the value of the International
Segment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under normal market conditions, the Fund invests at least 80%
of its total assets in a diversified portfolio of common stocks of domestic and foreign issuers. The U.S. Segment is expected to
represent approximately 50% to 60% of the value of the Fund&#8217;s stock portfolio and the International Segment is expected to
represent approximately 40% to 50% of the Fund&#8217;s stock portfolio. These percentages may vary significantly over time depending
upon the Adviser&#8217;s evaluation of market circumstances and other factors. Under normal market conditions, the Fund invests
a substantial portion of its total assets in the securities of non-U.S. issuers, including American Depositary Receipts (&#8220;ADRs&#8221;),
Global Depositary Receipts (&#8220;GDRs&#8221;) and European Depositary Receipts (&#8220;EDRs&#8221;). An issuer will be considered
to be located outside of the United States if it is domiciled in, derives a significant portion of its revenue from, or its primary
trading venue is outside the U.S. Securities of an issuer domiciled outside of the United States may trade in the form of depositary
receipts. The Fund may invest up to 15% of its total assets in securities in emerging markets issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For the U.S. Segment, the Fund intends to write index
call options on the Standard &amp; Poor&#8217;s 500<SUP>&reg;</SUP> Composite Stock Price Index (the &#8220;S&amp;P
500<SUP>&reg;</SUP>&#8221;) and the NASDAQ-100 Index (the &#8220;NASDAQ-100&#8221;). For the International Segment, the Fund
intends to write index call options on broad-based foreign country and/or regional stock indices that the Adviser believes
are collectively representative of the International Segment. Over time, the indices on which the Fund writes call options
may vary as a result of changes in the availability and liquidity of various index options, the Adviser&#8217;s evaluation of
equity market conditions and other factors. Due to tax considerations, the Fund intends to limit the overlap between its
stock portfolio holdings (and any subset thereof) and each index on which it has outstanding options positions to less than
70% on an ongoing basis. The Fund normally expects that its assets will be invested across a broad range of industries and
market sectors. The Fund may not invest 25% or more of its total assets in the securities of issuers in any single industry
or group of industries. The Fund may invest a portion of its assets in stocks of mid-capitalization companies. Eaton Vance
generally considers mid-capitalization companies to be those companies having market capitalizations within the range of
capitalizations for the S&amp;P MidCap 400 Index (&#8220;S&amp;P MidCap 400&#8221;). As of March 31, 2020, the median market
capitalization of companies in the S&amp;P MidCap 400 was approximately $2.9 billion.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund seeks to generate current earnings in part by employing
an options strategy of writing (selling) index call options. Under normal market conditions, at least 80% of the value of the Fund&#8217;s
total assets is subject to written index call options. Writing index call options involves a tradeoff between the option premiums
received and reduced participation in potential future price appreciation of the Fund&#8217;s portfolio of common stocks. The Fund
seeks to generate current earnings from option premiums and, to a lesser extent, from dividends on stocks held. The Fund seeks
to generate gains from option premiums and from the sale of equity securities it holds in its portfolio.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund generally intends to sell stock index call options that
are exchange-listed and &#8220;European style,&#8221; meaning that the options may be exercised only on the expiration date of
the option. To implement its options program most effectively, the Fund may also sell index options that trade in over-the-counter
(&#8220;OTC&#8221;) markets. Index options differ from options on individual securities in that index options (i) typically are
settled in cash rather than by delivery of securities (meaning the exercise of an index option does not involve the actual purchase
or sale of securities) and (ii) reflect price fluctuations in a group of securities or segments of the securities market rather
than price fluctuations in a single security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As the seller of index call options, the Fund will receive cash
(the premiums) from option purchasers. The purchaser of an index call option has the right to any appreciation in the value of
the applicable index over a fixed price (the exercise price) as of a specified date in the future (the option valuation date).
Generally, the Fund intends to sell call options that are slightly &#8220;out-of-the-money&#8221; (i.e., the exercise price generally
will be slightly above the current level of the applicable index when the option is sold). The Fund may also sell index options
that are more substantially &#8220;out-of-the-money.&#8221; Such options that are more substantially &#8220;out-of-the-money&#8221;
provide greater potential for the Fund to realize capital appreciation on its portfolio stocks, but generally would pay a lower
premium than options that are slightly &#8220;out-of-the-money.&#8221; By selling index options, the Fund will, in effect, sell
the potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received.
If, at expiration, an index call option sold by the Fund is exercised, the Fund will pay the purchaser the difference between the
cash value of the applicable index and the exercise price of the option. The premium, the exercise price and the market value of
the applicable index will determine the gain or loss realized by the Fund as the seller of the index call option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s policies, under normal market conditions, to
invest at least 80% of its total assets in a diversified portfolio of common stocks of domestic and foreign issuers and that at
least 80% of the value of the Fund&#8217;s total assets is subject to written index call options are non-fundamental policies and
may be changed by the Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;) without Common Shareholder approval following the
provision of 60 days&#8217; prior written notice to Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the Adviser
and Sub-Adviser intend to employ a variety of techniques and strategies generally designed to minimize and defer the federal income
taxes incurred by shareholders in connection with their investment in the Fund as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The S&amp;P 500<SUP>&reg; </SUP> is an unmanaged index of
500 stocks maintained and published by Standard &amp; Poor&#8217;s that is market-capitalization weighted and generally representative
of the performance of larger stocks traded in the United States. The NASDAQ-100 is an unmanaged index maintained by the Nasdaq
Stock Market, Inc. (&#8220;Nasdaq&#8221;) that includes 100 of the largest domestic and international non-financial companies listed
on the Nasdaq based upon market capitalization. The NASDAQ-100 reflects companies across a range of major industry groups, including
computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Compared to the S&amp;P 500<SUP>&reg;</SUP>,
the NASDAQ-100 has a substantially higher weighting in technology-oriented industries. It is not possible to invest directly in
an index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT SELECTION STRATEGIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance is responsible for managing the Fund&#8217;s overall
investment program and executing the Fund&#8217;s options strategy. Eaton Vance is also responsible for providing research support
to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric is responsible for structuring and managing the
Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. Parametric has developed specialized programs
and systems that are designed to provide for efficient implementation of the Fund&#8217;s strategies. The Fund&#8217;s investments
are actively managed, and securities may be bought or sold on a daily basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser believes that a strategy of owning a portfolio of
common stocks and selling covered call options (a &#8220;buy-write strategy&#8221;) can provide current income and gains and attractive
risk-adjusted returns. The Fund will sell only &#8220;covered&#8221; call options. An index call option is considered covered if
the Fund maintains with its custodian assets determined to be liquid (in accordance with procedures established by the Board) in
an amount at least equal to the contract value of the index. An index call option also is covered if the Fund holds a call on the
same index as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the
call written, or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Fund in
segregated assets determined to be liquid (in accordance with procedures established by the Board). Compared to selling call options
on individual stocks, the Adviser believes that selling index call options can achieve better tax and transactional efficiency
because exchange-listed options on broad-based securities indices may qualify as &#8220;section 1256 contracts&#8221; as defined
in the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), subject to favorable tax treatment, and because the
markets for index options may be deeper and more liquid than options on individual stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance further believes that a strategy of owning a portfolio
of domestic and foreign common stocks in conjunction with writing index call options should generally provide returns that are
superior to owning the same stocks without an associated call option writing program under three different stock market scenarios:
(1) down-trending equity markets; (2) flat market conditions; and (3) moderately rising equity markets. In the Adviser&#8217;s
opinion, only in more strongly rising equity markets would the buy-write strategy generally be expected to underperform the stock-only
portfolio. For these purposes, the Adviser considers more strongly rising equity market conditions to exist whenever the current
annual rate of return of U.S. or non-U.S. common stocks exceeds the long-term historical average of global stock market returns.
The Adviser considers moderately rising equity market conditions to exist whenever current annual returns on U.S. and non-U.S.
common stocks are positive, but do not exceed the long-term historical average of global stock market returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To avoid being subject to the &#8220;straddle rules&#8221; under
federal income tax law, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and
each index on which it has outstanding options positions to less than 70% on an ongoing basis. Under the &#8220;straddle rules,&#8221;
&#8220;offsetting positions with respect to personal property&#8221; generally are considered to be straddles. In general, investment
positions will be offsetting if there is a substantial diminution in the risk of loss from holding one position by reason of holding
one or more other positions. The Fund expects that the index call options it writes will not be considered straddles because its
stock holdings will be sufficiently dissimilar from the components of the indices on which it has outstanding options positions
under applicable guidance established by the Internal Revenue Service (&#8220;IRS&#8221;). Under certain circumstances, however,
the Fund may enter into options transactions or certain other investments that may constitute positions in a straddle. Parametric
will consider a variety of factors in constructing and maintaining the Fund&#8217;s stock portfolio, including, but not limited
to, stock performance ratings as determined by the Adviser, stock dividend yields, overlap between the Fund&#8217;s stock portfolio
holdings and the indices on which it has outstanding options positions, projected tracking of the U.S. Segment and the International
Segment versus their respective benchmarks, realization of loss harvesting opportunities and other tax management considerations.
The Adviser&#8217;s evaluation of the future performance potential of individual stocks will be one among several considerations
in portfolio construction and will not, on a standalone basis, be determinative of portfolio construction. The Adviser&#8217;s
ratings of the stocks held by the Fund will be based primarily on fundamental research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s index option strategy is designed to produce
current cash flow from options premiums and to moderate the volatility of the Fund&#8217;s returns. This index option strategy
is of a hedging nature and is not designed to speculate on equity market performance. The Adviser believes that the Fund&#8217;s
index option strategy will moderate the volatility of the Fund&#8217;s returns because the option premiums received will help to
mitigate the impact of downward price movements in the stocks held by the Fund, while the Fund&#8217;s obligations under the index
calls written will effectively limit the Fund&#8217;s ability to participate in upward price movements in portfolio stocks beyond
certain levels.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to sell on a continuous basis call options
on broad-based domestic stock indices on at least 80% of the value of the U.S. Segment and call options on broad-based foreign
country and/or regional stock indices on at least 80% of the value of the International Segment. Under normal conditions, at least
80% of the value of the Fund&#8217;s total assets are subject to written index call options. The Adviser does not intend to sell
index call options representing amounts greater than the value of the Fund&#8217;s common stock portfolio (i.e., take a &#8220;naked&#8221;
position). The Adviser generally intends to sell index options that are exchange-listed and &#8220;European style,&#8221; meaning
that the options may be exercised only on the expiration date of the option. To implement its options program most effectively,
the Fund may also sell index options that trade in OTC markets. Index options are typically settled in cash and provide that the
holder of the option has the right to receive an amount of cash determined by the excess of the exercise-settlement value of the
index over the exercise price of the option. The exercise-settlement value of the index is calculated based on opening sales prices
of the component index stocks on the option valuation date, which is the last business day before the expiration date. Generally,
the Adviser intends to sell index call options that are slightly &#8220;out-of-the-money,&#8221; meaning that option exercise prices
generally will be slightly above the current level of the index at the time the options are written. The Fund may also sell index
options that are more substantially &#8220;out-of-the-money.&#8221; Such options that are more substantially &#8220;out-of-the-money&#8221;
provide greater potential for the Fund to realize capital appreciation on its portfolio stocks but generally would pay a lower
premium than options that are slightly &#8220;out-of-the-money.&#8221; The Adviser expects to follow a primary options strategy
of selling index call options with a remaining maturity of between approximately one and three months and maintaining its short
call option positions until approximately their option valuation date, at which time replacement call option positions with a remaining
maturity within this range are written.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the
Adviser and Sub-Adviser intend to employ a variety of techniques and strategies generally designed to minimize and defer the federal
income taxes incurred by Common Shareholders in connection with their investment in the Fund. These include: (1) selling index
call options that qualify for treatment as &#8220;section 1256 contracts&#8221; as defined in the Code, on which capital gains
and losses are generally treated as 60% long-term and 40% short-term, regardless of holding period; (2) limiting the overlap between
the Fund&#8217;s stock portfolio holdings (and any subset thereof) and each index on which it has outstanding options positions
to less than 70% on an ongoing basis so that the Fund&#8217;s stock holdings and index call options are not subject to the &#8220;straddle
rules;&#8221; (3) engaging in a systematic program of tax-loss harvesting in the Fund&#8217;s stock portfolio, periodically selling
stock positions that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the
Fund; and (4) managing the sale of appreciated stock positions so as to minimize the Fund&#8217;s net realized short-term capital
gains in excess of net realized long-term capital losses. The Fund seeks to offset the 40% of gains on index options treated as
short-term against Fund expenses and realized losses on other investments allocable against short-term gains. When an appreciated
security is sold, the Fund intends to select for sale the share lots resulting in the most favorable tax treatment, generally those
with holding periods sufficient to qualify for long-term capital gains treatment that have the highest cost basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Options on broad-based equity indices that trade on a national
securities exchange registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) or a domestic board of trade
designated as a contract market by the Commodity Futures Trading Commission generally qualify for treatment as &#8220;section
1256 contracts.&#8221; Options on broad-based equity indices that trade on other exchanges, boards of trade or markets designated
by the U.S. Secretary of Treasury also qualify for treatment as &#8220;section 1256 contracts.&#8221; Because comparatively fewer
exchanges, boards and markets outside the U.S. have to date received the necessary designation, most foreign-traded stock index
options do not currently qualify for treatment as &#8220;section 1256 contracts.&#8221; OTC options do not qualify for treatment
as &#8220;section 1256 contracts.&#8221; With respect to the International Segment, the Fund generally intends to sell options
on broad-based foreign country and/or regional stock indices that are listed for trading in the United States or which otherwise
qualify as &#8220;section 1256 contracts.&#8221; Options on foreign indices that are listed for trading in the United States or
which otherwise qualify as &#8220;section 1256 contracts&#8221; may trade in substantially lower volumes and with substantially
wider bid-ask spreads than other options contracts on the same or similar indices that trade on other markets outside the United
States or in OTC markets. To implement its options program most effectively, the Fund may sell index options that do not qualify
as &#8220;section 1256 contracts,&#8221; including OTC options. Gain or loss on index options not qualifying as &#8220;section
1256 contracts&#8221; would be realized upon disposition, lapse or settlement of the positions, and would generally be treated
as short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund seeks to earn and distribute &#8220;qualified
dividend income.&#8221; Qualified dividend income received by an individual is taxed at the rates applicable to long-term capital
gain. In order for a dividend received by Fund shareholders to be qualified dividend income, the Fund must meet holding period
and other requirements with respect to the dividend-paying stock in its portfolio and the shareholder must meet holding period
and other requirements with respect to the Fund&#8217;s shares. A dividend will not be treated as qualified dividend income (at
either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61
days during the 121-day period beginning at the date which is 60 days before the date on which such share becomes ex-dividend with
respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before
such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">related payments with respect to positions in substantially similar
or related property, (3) if the recipient elects to have the dividend income treated as investment interest (for purposes of the
limitation on deductibility of investment interest), or (4) if the dividend is received from a foreign corporation that is (a)
not eligible for the benefits of a comprehensive income tax treaty with the U.S. (with the exception of dividends paid on stock
of such a foreign corporation readily tradable on an established securities market in the U.S.) or (b) treated as a passive foreign
investment company. Payments in lieu of dividends, such as payments pursuant to securities lending arrangements, also do not qualify
to be treated as qualified dividend income. In general, distributions of investment income reported by the Fund as derived from
qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual provided the shareholder
meets the holding period and other requirements described above with respect to the Fund&#8217;s shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may seek to enhance the level of tax-advantaged dividend
income it receives by emphasizing higher-yielding stocks in its stock portfolio and by engaging in dividend capture trading. In
a dividend capture trade, the Fund sells a stock on or shortly after the stock&#8217;s ex-dividend date and uses the sale proceeds
to purchase one or more other stocks that are expected to pay dividends before the next dividend payment on the stock being sold.
Through this practice, the Fund may receive more dividend payments over a given time period than if it held a single stock. In
order for dividends received by the Fund to qualify for favorable tax treatment, the Fund must comply with the holding period and
other requirements set forth in the preceding paragraph. By complying with applicable holding period and other requirements while
engaging in dividend capture trading, the Fund may be able to enhance the level of tax-advantaged dividend income it receives because
it will receive more dividend payments qualifying for favorable treatment during the same time period than if it simply held its
portfolio stocks. The use of dividend capture trading strategies will expose the Fund to increased trading costs and potentially
higher short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing policies relating to investments in common stocks
and options writing are the Fund&#8217;s primary investment policies. In addition to its primary investment policies, the Fund
may invest to a limited extent in other types of securities and engage in certain other investment practices. See &#8220;Investment
Objectives, Policies and Risks&#8212;Additional Investment Practices.&#8221; In addition to writing index call options, the Fund
may write call options on up to 20% of the value of its total assets on futures contracts based upon broad-based securities indices.
The Fund&#8217;s use of such options on index futures would be substantially similar to its use of options directly on indices.
The Fund may also invest up to 20% of its total assets in other derivative instruments acquired for hedging, risk management and
investment purposes (to gain exposure to securities, securities markets, markets indices and/or currencies consistent with its
investment objectives and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative
instruments acquired for non-hedging purposes. To seek to protect against price declines in securities holdings with large accumulated
gains, the Fund may use various hedging techniques (such as the purchase and sale of futures contracts on stocks and stock indices
and options thereon, equity swaps, covered short sales, forward sales of stocks and the purchase and sale of forward currency exchange
contracts and currency futures). By using these techniques rather than selling appreciated securities, the Fund can, within certain
limitations, reduce its exposure to price declines in the securities without realizing substantial capital gains under current
tax law. Derivative instruments may also be used by the Fund to enhance returns or as a substitute for the purchase or sale of
securities. As a general matter, dividends received on hedged stock positions are characterized as ordinary income and are not
eligible for favorable tax treatment. Dividends received on securities with respect to which the Fund is obligated to make related
payments (pursuant to short sales or otherwise) will be treated as fully taxable ordinary income (i.e., income other than tax-advantaged
dividends). In addition, use of derivatives may give rise to short-term capital gains and other income that would not qualify for
favorable tax treatment. See &#8220;Investment Objectives, Policies and Risks.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LISTING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-weight: normal">As of April 9, 2020, The
Fund had 107,486,624 Common Shares outstanding. The Fund&#8217;s Common Shares are traded on the New York Stock Exchange (&#8220;NYSE&#8221;)
under the symbol &#8220;ETW.&#8221; As of April 9, 2020, the last reported sale price of a Common Share of the Fund on the NYSE
was $8.03. Common Shares offered and sold pursuant to this Registration Statement will also be listed on the NYSE and trade under
this symbol.</FONT></P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT ADVISER, ADMINISTRATOR AND SUB-ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Eaton Vance, a wholly-owned subsidiary of Eaton Vance Corp.,
is the Fund&#8217;s investment adviser and administrator. As of January 31, 2020, Eaton Vance and its affiliates managed approximately
$518.2 billion of fund and separate account assets on behalf of clients, including approximately $138.7 billion in equity assets.
Eaton Vance has engaged Parametric, an indirect, wholly-owned subsidiary of Eaton Vance Corp., as a sub-adviser to the Fund. Parametric
managed approximately $320.8 billion in assets as of January 31, 2020. Eaton Vance is responsible for managing the Fund&#8217;s
overall investment program and executing the Fund&#8217;s options strategy. Eaton Vance also is responsible for providing research
support to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric is responsible for structuring and managing
the Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. See &#8220;Management of the Fund.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may directly solicit offers to purchase Common Shares,
or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such Offering, name
any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Fund must pay to such agent(s).
Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters may be customers
of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then resell
such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">underwriters, the underwriting syndicate may reclaim selling
concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering if the syndicate repurchases previously
distributed Common Shares in transactions to cover syndicate short positions, in stabilization transactions or otherwise. Any of
these activities may stabilize or maintain the market price of Common Shares above independent market levels. Any such underwriters
are not required to engage in these activities and may end any of these activities at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Fund in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DISTRIBUTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to an exemptive order issued by the Securities and Exchange
Commission (&#8220;Order&#8221;), the Fund is authorized to distribute long-term capital gains to shareholders more frequently
than once per year. Pursuant to the Order, the Fund&#8217;s Board of Trustees approved a Managed Distribution Plan (&#8220;MDP&#8221;)
pursuant to which the Fund makes monthly cash distributions to Common Shareholders, stated in terms of a fixed amount per common
share. Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of these distributions
or from the terms of the MDP. The MDP is subject to regular periodic review by the Fund&#8217;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 is treated as
a non-dividend distribution for tax purposes and is not subject to current tax. A return of capital reduces a shareholder&#8217;s
tax cost basis in fund shares. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance
and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; 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&#8217;s distributions for tax purposes will be reported to shareholders on Form
1099-DIV for each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to its MDP, the Fund makes monthly distributions to Common
Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists
of the Fund&#8217;s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized
gains on stock investments. 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 substantial return of capital component. The Fund&#8217;s distribution rate may
be adjusted from time-to-time. The Board may modify this distribution policy at any time without obtaining the approval of Common
Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect automatically to reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Distributions&#8221;
and &#8220;Dividend Reinvestment Plan.&#8221;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DIVIDEND REINVESTMENT PLAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has established a dividend reinvestment plan (the &#8220;Plan&#8221;).
Under the Plan, a Common Shareholder may elect to have all dividend and capital gain distributions automatically reinvested in
additional Common Shares either purchased in the open market or newly issued by the Fund if the Common Shares are trading at or
above their net asset value. Common Shareholders may elect to participate in the Plan by completing the dividend reinvestment plan
application form. Common Shareholders who do not elect to participate in the Plan will receive all distributions in cash paid by
check mailed directly to them by American Stock Transfer &amp; Trust Company, LLC, as dividend paying agent. Common Shareholders
who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee to determine whether or
how they may participate in the Plan. See &#8220;Dividend Reinvestment Plan.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CLOSED-END STRUCTURE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Closed-end funds differ from open-end management investment companies
(commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities exchange
and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities that are redeemable
at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds
are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally
can stay more fully invested in securities consistent with the closed-end fund&#8217;s investment objectives and policies. In addition,
in comparison to open-end funds, closed-end funds have greater flexibility in the employment of financial leverage and in the ability
to make certain types of investments, including investments in illiquid securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">However, common shares of closed-end funds frequently trade at
a discount from their net asset value. Since inception, the market price of the Common Shares has fluctuated and at times traded
below the Fund&#8217;s NAV, and at times has traded above NAV. In recognition of this possibility that the Common Shares might
trade at a discount to net asset value and that any such discount may not be in the interest of Common Shareholders, the Fund&#8217;s
Board, in consultation with Eaton Vance, from time to time may review possible actions to reduce any such discount. The Board might
consider open market repurchases or tender offers for Common Shares at net asset value. There can be no assurance that the Board
will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at
a price equal to or close to net asset value per Common Share. The Board might also consider the conversion of the Fund to an open-end
mutual fund. The Board believes, however, that the closed-end structure is desirable, given the Fund&#8217;s investment objectives
and policies. Investors should assume, therefore, that it is highly unlikely that the Board would vote to convert the Fund to an
open-end investment company.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SPECIAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or you may lose
part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Discount
From or Premium to NAV.</B></FONT> The Offering will be conducted only when Common Shares of the Fund are trading at a price equal
to or above the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions. As with any security, the market
value of the Common Shares may increase or decrease from the amount initially paid for the Common Shares. The Fund&#8217;s Common
Shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies
frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may
decrease.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary
Market for the Common Shares.</B></FONT> The issuance of Common Shares through the Offering may have an adverse effect on the secondary
market for the Common Shares. The increase in the amount of the Fund&#8217;s outstanding Common Shares resulting from the Offering
may put downward pressure on the market price for the Common Shares of the Fund. Common Shares will not be issued pursuant to the
Offering at any time when Common Shares are trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share
plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; Common Shares may be issued under the plan at a discount to the
market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Fund may
also issue Common Shares of the Fund that are sold through transactions effected on the NYSE. The increase in the amount of the
Fund&#8217;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Fund&#8217;s per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
and Market Risk. </B></FONT>An investment in Common Shares is subject to investment risk, including the possible loss of the entire
principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund,
which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other
market investments, may move up or down, sometimes rapidly and unpredictably. Because the Fund intends to sell index call options
on a continuous basis on at least 80% of the value of its total assets, the Fund&#8217;s appreciation potential from equity market
performance will be limited. The Common Shares at any point in time may be worth less than the original investment, even after
taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The value of investments held by the Fund may increase or decrease
in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The
frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund
may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions.
Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases
or increases in short-term interest rates, could cause high volatility in markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Issuer
Risk. </B></FONT>The value of securities held by the Fund may decline for a number of reasons that directly relate to the issuer,
such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity
Risk. </B></FONT>Under normal market conditions, the Fund invests at least 80% of its total assets in a diversified portfolio of
common stocks, which are a type of equity investment. The value of equity investments and related instruments may decline in response
to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity
price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; and
other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock
market declines, the value of the Fund&#8217;s equity securities will also likely decline. Although stock prices can rebound, there
is no assurance that values will return to previous levels. Preferred stocks and other hybrid securities in which the Fund may
invest may also be sensitive to changes in interest rates; when interest rates rise, their value will generally fall. Hybrid securities
generally possess characteristics common to both equity and debt securities. Preferred stocks, convertible securities, and certain
debt obligations are types of hybrid securities. Hybrid securities generally have a preference over common stock in the event of
the issuer&#8217;s liquidation and perpetual or near perpetual terms at time of issuance. Hybrid securities generally do not have
voting rights or have limited voting rights. Because hybrid securities have both debt and equity characteristics, their values
vary in response to many factors, including general market and economic conditions, issuer-specific events, changes in interest
rates, credit spreads and the credit quality of the issuer, and, for convertible securities, factors affecting the securities into
which they convert.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investment Risk. </B></FONT>Investments in foreign issuers could be affected by factors not present in the United States, including
expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available
financial and other information, and potential difficulties in enforcing contractual obligations. Because foreign issuers may not
be subject to uniform accounting, auditing and financial reporting standards, practices and requirements and regulatory measures
comparable to those in the United States, there may be less publicly available information about such foreign issuers. Settlements
of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than
in the United States, which could affect the liquidity of the Fund&#8217;s assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Foreign issuers may become subject to sanctions imposed by the
United States or another country, which could result in the immediate freeze of the foreign issuers&#8217; assets or securities.
The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit the Fund&#8217;s
ability to buy, sell, receive or deliver the securities. Trading in certain foreign markets is also subject to liquidity risks.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Political events in foreign countries may cause market disruptions.
In June 2016, the United Kingdom (&#8220;UK&#8221;) voted in a referendum to leave the European Union (&#8220;EU&#8221;) (&#8220;Brexit&#8221;).
Effective January 31, 2020, the UK ceased to be a member of the EU following a period of impasse within the UK Parliament, and
the holding of an early general election in December 2019 to break the deadlock. The European Parliament and UK Government are
expected to focus attention on the nature of the UK&#8217;s future relationship with the EU during an agreed transitional period.
There is significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible
political, regulatory, economic, and market outcomes in the UK, EU and beyond are difficult to predict. Brexit may cause greater
market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence,
and increased likelihood of a recession in the UK. If one or more additional countries leave the EU or the EU dissolves, the world&#8217;s
securities markets likely will be significantly disrupted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As an alternative to holding foreign-traded investments, the
Fund may invest in U.S. dollar-denominated investments of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter
market including depositary receipts, such as ADRs, GDRs and EDRs which evidence ownership of shares of a foreign issuer and are
alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue
to be subject to many of the risks associated with investing directly in foreign securities. These risks include the political
and economic risks of the underlying issuer&#8217;s country, as well as in the case of depositary receipts traded on foreign markets,
currency risk. Depositary receipts may be sponsored or unsponsored. Unsponsored depositary receipts are established without the
participation of the issuer. As a result, available information concerning the issuer of an unsponsored depository receipt may
not be as current as for sponsored depositary receipts, and the prices of unsponsored depositary receipts may be more volatile
than if such instruments were sponsored by the issuer. Unsponsored depositary receipts may involve higher expenses, may not pass
through voting or other shareholder rights and may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Since the Fund may invest in securities denominated or quoted
in currencies other than the U.S. dollar, the value of foreign assets and currencies as measured in U.S. dollars may be affected
favorably or unfavorably by changes in foreign currency rates and exchange control regulations, application of foreign tax laws
(including withholding tax), governmental administration of economic or monetary policies (in the U.S. or abroad), and relations
between nations and trading.&nbsp; Foreign currencies also are subject to settlement, custodial and other operational risks. Currency
exchange rates can be affected unpredictably by intervention, or the failure to intervene, by U.S. or foreign governments or central
banks or by currency controls or political developments in the United States or abroad.&nbsp; If the U.S. dollar rises in value
relative to a foreign currency, a security denominated in that foreign currency will be worth less in U.S. dollars. If the U.S.
dollar decreases in value relative to a foreign currency, a security denominated in that foreign currency will be worth more in
U.S. dollars.&nbsp; A devaluation of a currency by a country&#8217;s government or banking authority will have a significant impact
on the value of any investments denominated in that currency.&nbsp; Costs are incurred in connection with conversions between currencies.&nbsp;
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Emerging
Market Investments Risk. </B></FONT>The Fund may invest up to 15% of its total assets in securities of issuers located in emerging
markets. The risks of foreign investments can be more significant in emerging markets. Emerging markets may offer higher potential
for gains and losses than investments in the developed markets of the world. Political and economic structures in emerging market
countries generally lack the social, political and economic stability of developed countries, which may affect the value of the
Fund&#8217;s investments in these countries and also the ability of the Fund to access markets in such countries. Governmental
actions can have a significant effect on the economic conditions in emerging market countries, which also may adversely affect
the value and liquidity of the Fund&#8217;s investments. The laws of emerging market countries relating to the limited liability
of corporate shareholders, fiduciary duties of officers and directors, and bankruptcy of state enterprises are generally less developed
than or different from such laws in the United States. It may be more difficult to obtain a judgment in the courts of these countries
than it is in the United States. Disruptions due to work stoppages and trading improprieties in foreign securities markets have
caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Also, investments in issuers domiciled in countries with emerging
capital markets may involve certain additional risks that do not generally apply to investments in issuers in more developed capital
markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for
such investments, as compared to investments in comparable issuers in more developed capital markets; (ii) uncertain national policies
and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation or
high rates of inflation; (iii) possible significant fluctuations in exchange rates, differing legal systems and the existence or
possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable
to such investments; (iv) national policies that may limit investment opportunities; and (v) the lack or relatively early development
of legal structures governing private and foreign investments and private property. Trading practices in emerging markets also
may be less developed, resulting in inefficiencies relative to trading in more developed markets, which may result in increased
transaction costs.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency
Risk. </B></FONT>Since the Fund invests in securities denominated or quoted in currencies other than the U.S. dollar, the Fund
is affected by changes in foreign currency exchange rates (and exchange control regulations) which affect the value of investments
in the Fund and the accrued income and appreciation or depreciation of the investments in U.S. dollars. Changes in foreign currency
exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund&#8217;s assets denominated in that currency
and the Fund&#8217;s return on such assets as well as any temporary uninvested reserves in bank deposits in foreign currencies.
In addition, the Fund will incur costs in connection with conversions between various currencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may attempt to protect against adverse changes in the
value of the U.S. dollar in relation to a foreign currency by entering into a forward contract for the purchase or sale of the
amount of foreign currency invested or to be invested, or by buying or selling a foreign currency option or futures contract for
such amount. Such strategies may be employed before the Fund purchases a foreign security traded in the currency which the Fund
anticipates acquiring or between the date the foreign security is purchased or sold and the date on which payment therefor is made
or received. Seeking to protect against a change in the value of a foreign currency in the foregoing manner does not eliminate
fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Furthermore, such
transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to
the position taken. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had
not entered into such contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risk
of Selling Index Call Options. </B></FONT>Under normal market conditions, at least 80% of the value of the Fund&#8217;s total assets
is subject to written index call options. The purchaser of an index call option has the right to any appreciation in the value
of the index over the exercise price of the call option as of the valuation date of the option. Because their exercise is settled
in cash, sellers of index call options such as the Fund cannot provide in advance for their potential settlement obligations by
acquiring and holding the underlying securities. The Fund intends to mitigate the risks of its written index call positions by
holding a diversified portfolio of domestic and foreign stocks similar to those of the indices on which it writes call options.
However, the Fund does not intend to acquire and hold a portfolio of exactly the same stocks as the indices on which it writes
call options. Due to tax considerations, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset
thereof) and each index on which it has outstanding options positions to less than 70% on an ongoing basis. Consequently, the Fund
bears the risk that the performance of the Fund&#8217;s stock portfolio will vary from the performance of the indices on which
it writes call options. For example, the Fund will suffer a loss if the S&amp;P 500<SUP>&reg; </SUP> appreciates substantially
above the exercise price of S&amp;P 500<SUP>&reg; </SUP> call options written by the Fund while the securities held by the Fund
in the U.S. Segment in the aggregate fail to appreciate as much or decline in value of the life of the written option. Index options
written by the Fund are priced on a daily basis. Their value may be affected by changes in the price and dividend rates of the
underlying common stocks in such index, changes in actual or perceived volatility of such index and the remaining time to the options&#8217;
expiration. The trading price of index call options may also be affected by liquidity considerations and the balance of purchase
and sale orders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A decision as to whether, when and how to use options involves
the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market
behavior or unexpected events. As the writer of index call options, the Fund will forgo, during the option&#8217;s life, the opportunity
to profit from increases in the value of the applicable index above the sum of the option premium received and the exercise price
of the call option, but retains the risk of loss, minus the option premium received, should the value of the applicable index decline.
When a call option is exercised, the Fund will be required to deliver an amount of cash determined by the excess of the value of
the applicable index at contract termination over the exercise price of the option. Thus, the exercise of index call options sold
by the Fund may require the Fund to sell portfolio securities to generate cash at inopportune times or for unattractive prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">With respect to the International Segment, the Fund generally
intends to sell options on broad-based foreign country and/or regional stock indices that are listed for trading in the United
States or which otherwise qualify as &#8220;section 1256 contracts.&#8221; Options on foreign indices that are listed for trading
in the United States or which otherwise qualify as &#8220;section 1256 contracts&#8221; may trade in substantially lower volumes
and with substantially wider bid-ask spreads than other options contracts on the same or similar indices that trade on other markets
outside the U.S. or in OTC markets. To implement its options program most effectively, the Fund may sell index options that do
not qualify as &#8220;section 1256 contracts,&#8221; including OTC options. Gain or loss on index options not qualifying as &#8220;section
1256 contracts&#8221; would be realized upon disposition, lapse or settlement of the positions and would generally be treated
as short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The trading price of options may be adversely affected if the
market for such options becomes less liquid or smaller. The Fund may close out a call option by buying the option instead of letting
it expire or be exercised. There can be no assurance that a liquid market will exist when the Fund seeks to close out a call option
position by buying the option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there
may be insufficient rading interest in certain options; (ii) restrictions may be
imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions
may be imposed with respect to</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt
normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation (the &#8220;OCC&#8221;)
may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons,
decide or be compelled to discontinue the trading of options (or a particular class or series of options) at some future date.
If trading were discontinued, the secondary market on that exchange (or in that class or series of options) would cease to exist.
However, outstanding options on that exchange that had been issued by the OCC as a result of trades on that exchange would continue
to be exercisable in accordance with their terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The hours of trading for options may not conform to the hours
during which common stocks held by the Fund are traded. To the extent that the options markets close before the markets for securities,
significant price and rate movements can take place in the securities markets that would not be reflected concurrently in the options
markets. Index call options are marked to market daily and their value may be substantially affected by changes in the value and
dividend rates of the securities represented in the underlying index, changes in interest rates, changes in the actual or perceived
volatility of the associated index and the remaining time to the options&#8217; expiration, as well as trading conditions in the
options market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To implement its options program most effectively, the Fund may
sell index options that trade in OTC markets. Participants in these markets are typically not subject to credit evaluation and
regulatory oversight as are members of &#8220;exchange based&#8221; markets. By engaging in index option transactions in these
markets, the Fund may take a credit risk with regard to parties with which it trades and also may bear the risk of settlement default.
These risks may differ materially from those involved in exchange-traded transactions, which generally are characterized by clearing
organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to
intermediaries. Transactions entered into directly between two counterparties generally do not benefit from these protections,
which in turn may subject the Fund to the risk that a counterparty will not settle a transaction in accordance with agreed terms
and conditions because of a dispute over the terms of the contract or because of a credit or liquidity problem. Such &#8220;counterparty
risk&#8221; is increased for contracts with longer maturities when events may intervene to prevent settlement. The ability of the
Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties
or their financial capabilities, and the absence of a regulated market to facilitate a settlement, may increase the potential for
losses to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax
Risk.</B></FONT> Reference is made to &#8220;Federal Income Tax Matters&#8221; for an explanation of the federal income tax consequences
and attendant risks of investing in the Fund. Although the Fund generally seeks to minimize and defer the federal income taxes
incurred by Common Shareholders in connection with their investment in the Fund, there can be no assurance that it will be successful
in this regard. Market conditions may limit the Fund&#8217;s ability to generate tax losses or to generate income taxed at favorable
tax rates. The Fund&#8217;s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment
or to sell a security in order to create tax losses. The Fund&#8217;s ability to utilize various tax-management techniques may
be curtailed or eliminated in the future by tax legislation, regulation or interpretations. Distributions paid on the Common Shares
may be characterized variously as net investment income (taxable at ordinary income rates), qualified dividends and capital gains
dividends (each taxable at long-term capital gains rates) or return of capital (not currently taxable). The ultimate tax characterization
of the Fund&#8217;s distributions made in a calendar year may not finally be determined until after the end of that calendar year.
Distributions to a Common Shareholder that are return of capital will be tax free to the amount of the Common Shareholder&#8217;s
current tax basis in his or her Common Shares, with any distribution amounts exceeding such basis treated as capital gain on a
deemed sale of Common Shares. Common Shareholders are required to reduce their tax basis in Common Shares by the amount of tax-free
return of capital distributions received, thereby increasing the amount of capital gain (or decreasing the amount of capital loss)
to be recognized upon a later disposition of the Common Shares. In order for Fund distributions of qualified dividend income to
be taxable at favorable long-term capital gains rates, the Fund must meet holding period and other requirements with respect to
the dividend-paying stock in its portfolio and a Common Shareholder must meet certain prescribed holding period and other requirements
with respect to his or her Common Shares. If positions held by the Fund were treated as &#8220;straddles&#8221; for federal income
tax purposes, dividends on such positions would not constitute qualified dividend income subject to favorable income tax treatment.
Gain or loss on positions in a straddle are subject to special (and generally disadvantageous) rules as described under &#8220;Federal
Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of Investing in Smaller and Mid-Sized Companies. </B></FONT>The Fund may make investments in stocks of companies whose market capitalization
is considered middle sized or &#8220;mid-cap.&#8221; Smaller and mid-sized companies often are newer or less established companies
than larger companies. Investments in smaller and mid-sized companies carry additional risks because earnings of these companies
tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and
the management of such companies may be dependent upon one or a few key people. The market movements of equity securities of smaller
and mid-sized companies may be more abrupt or </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">erratic than the market movements of equity securities of
larger, more established companies or the stock market in general. Historically, smaller and mid-sized companies have sometimes
gone through extended periods when they did not perform as well as larger companies. In addition, equity securities of smaller
and mid-sized companies generally are less liquid than those of larger companies. This means that the Fund could have greater difficulty
selling such securities at the time and price that the Fund would like.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of &#8220;Growth&#8221; Stock Investing. </B></FONT>The Fund expects to invest substantially in stocks with &#8220;growth&#8221;
characteristics. Growth stocks can react differently to issuer, political, market and economic developments than the market as
a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other
types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types
of stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate Risk. </B></FONT>The premiums from writing index call options and amounts available for distribution from the Fund&#8217;s
options activity may decrease in declining interest rate environments. The value of the Fund&#8217;s common stock investments may
also be influenced by changes in interest rates. Higher yielding stocks and stocks of issuers whose businesses are substantially
affected by changes in interest rates may be particularly sensitive to interest rate risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dividend
Capture Trading Risk.</B></FONT> The use of dividend capture strategies will expose the Fund to higher portfolio turnover, increased
trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks
subject to dividend capture trading.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives
Risk. </B></FONT>In addition to writing index call options, the risks of which are described above, the Fund may invest up to 20%
of its total assets in other derivative investments acquired for hedging, risk management and investment purposes, provided that
no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments acquired for non-hedging purposes.
Other derivatives instruments may include exchange-listed and over-the-counter put and call options on securities, equity and fixed-income
indices and other instruments; futures contracts and options thereon; and various transactions such as swaps, caps, floors or collars.
The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument
underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage
in the Fund, which represents non-cash exposure to the underlying assets, index, rate or instrument. Leverage can increase both
the risk and return potential of the Fund. Derivative risks may be more significant when they are used to enhance return or as
a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Derivatives for
hedging purposes may not reduce risk if they are not sufficiently correlated to the position being hedged. Use of derivatives involves
the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior
or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the
underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value,
may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If
a derivative&#8217;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience
delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially
exceed the initial investment.&nbsp; A derivative investment also involves the risks relating to the asset, index, rate or instrument
underlying the investment. There can be no assurance that the use of derivative instruments will be advantageous to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
Risk.</B></FONT> The Fund may invest up to 15% of its total assets in investments for which there is no readily available trading
market or which are otherwise illiquid. The Fund may not be able to readily dispose of such investments at prices that approximate
those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund
may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. In addition,
the limited liquidity could affect the market price of the investments, thereby adversely affecting the Fund's net asset value
and ability to make dividend distributions. The financial markets in general have previously, and may in the future experience
periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were
suddenly and substantially below traditional measures of intrinsic value. During such periods, it may be possible to sell some
securities only at arbitrary prices and with substantial losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation
Risk. </B></FONT>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon
can decline.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial
Leverage Risk.</B></FONT> Although the Fund has no current intention to do so, the Fund is authorized and reserves the flexibility
to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance of debt securities. In the
event that the Fund determines in the future to utilize investment leverage, there can be no assurance that such a leveraging strategy
will be successful during any period in which it is employed. Leverage creates risks for Common Shareholders, including the likelihood
of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in distribution rates
on any preferred shares or fluctuations in borrowing costs may affect the return to Common Shareholders. To the extent the returns
derived from investments purchased with proceeds received from leverage exceeds the cost of leverage, the Fund&#8217;s distributions
may be greater than if leverage had not been used. Conversely, if the returns from the investments purchased with such proceeds
are not sufficient to cover the cost of leverage, the amount available for distribution to Common Shareholders will be less than
if leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine to maintain the
Fund&#8217;s leveraged position if it deems such action to be appropriate. The costs of an offering of preferred shares and/or
a borrowing program would be borne by Common Shareholders and consequently would result in a reduction of the net asset value of
Common Shares. In addition, the advisory fee paid to Eaton Vance is calculated on the basis of the Fund&#8217;s average daily gross
assets, including any form of investment leverage utilized by the Fund, including proceeds from the issuance of preferred shares
and/or borrowings, so such fees will be higher when leverage is utilized. In this regard, holders of preferred shares do not bear
the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets
purchased with the proceeds of the preferred shares offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Fund&#8217;s use of derivative instruments exposes the Fund to special risks. See &#8220;Investment
Objectives, Policies and Risks&#8212;Additional Investment Practices&#8221; and &#8220;Investment Objectives, Policies, and Risks&#8212;Risk
Considerations.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sector
Risk.</B> The Fund may invest a significant portion of its assets in securities of issuers in any single sector of the economy
(a broad based economic segment that may include many distinct industries) if companies in that sector meet the Fund's investment
criteria. If the Fund is focused in a sector, it may present more risks than if it were broadly diversified over numerous sectors
of the economy. This may make the Fund more susceptible to adverse economic, political, or regulatory occurrences affecting these
sectors. As the percentage of the Fund's assets invested in a particular sector increases, so does the potential for fluctuation
in the net asset value of Common Shares.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Technology
Risk. </B></FONT>The technology industries can be significantly affected by obsolescence of existing technology, short product
cycles, falling prices and profits, competition from new market entrants, and general economic conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Management
Risk.</B></FONT> The Fund is subject to management risk because it is an actively managed portfolio. Eaton Vance, Parametric and
the individual portfolio managers will use internal research and proprietary modeling techniques and software in making investment
decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund&#8217;s strategy seeks
to take advantage of certain quantitative and behavioral market characteristics identified by the adviser and/or sub-adviser, utilizing
a systematic, rules-based investment process. A systematic investment process is dependent on the adviser&#8217;s and sub-adviser&#8217;s
skill in developing and maintaining that process.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Recent
Market Events.</B></FONT> An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December
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, and in March 2020, a declaration of a national emergency in the United States. The
impact of this coronavirus may last for an extended period of time and result in a substantial economic downturn.&nbsp; 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, and other epidemics and pandemics that
may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual
companies and the market in general in significant and unforeseen ways.&nbsp; Any such impact could adversely affect the Fund&#8217;s
performance or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
The effects of the outbreak may also cause issuers of securities held by the Fund to reduce, delay or eliminate previously anticipated
dividend payments, which may adversely affect the Fund&#8217;s distribution rate. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT>&nbsp; With the increased use of technologies by Fund service providers to conduct business, such as the Internet,
the Fund is susceptible to operational, information security and related risks. The Fund relies on communications technology, systems,
and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit
the Fund&#8217;s ability to use these technologies. In general, cyber incidents can result from deliberate attacks or unintentional
events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221;
or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational
disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing
denial-of-service attacks on websites. A denial-of-service attack is an effort to make network services unavailable to intended
users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service
providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation,
during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct
by employees and agents, natural disasters, or other foreseeable and unforeseeable events. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because technology is consistently changing, new ways to carry
out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for,
or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability to plan for or respond to a cyber attack.
Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience,
cyber incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent
release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse
effect on the Fund&#8217;s business operations or performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund uses third party service providers who are also heavily
dependent on computers and technology for their operations. Cybersecurity failures by or breaches of the Fund&#8217;s investment
adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the
issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may
result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its NAV, or cause
violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation
costs, litigation costs, or additional compliance costs. While many of the Fund&#8217;s service providers have established business
continuity plans and risk management systems intended to identify and mitigate cyber attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have not been identified. The Fund cannot control the cybersecurity
plans and systems put in place by service providers to the Fund and issuers in which the Fund invests.&nbsp; The Fund and its shareholders
could be negatively impacted as a result. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the
world have previously resulted, and may continue to result in market volatility and may have long-term effects on the United States
and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot
predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial
markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to
the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-takeover
Provisions.</B></FONT> The Fund&#8217;s Agreement and Declaration of Trust includes provisions that could have the effect of limiting
the ability of other persons or entities to acquire control of the Fund or to change the composition of its Board. These provisions
may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing
the expenses of the Fund and interfering with the normal operation of the Fund. See &#8220;Description of Capital Structure - Certain
Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&#8221;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Summary of Fund Expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">The purpose of the table below is to help you understand
all fees and expenses that you, as a holder of Common Shares (&#8220;Common Shareholder&#8221;), would bear directly or indirectly.
The table shows Fund expenses as a percentage of net assets attributable to Common Shares for the year ended December 31, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Common Shareholder transaction expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Sales load paid by you (as a percentage of offering price)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 89pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">--<FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Offering expenses (as a percentage of offering price)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 89pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">None<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Dividend reinvestment plan fees</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 89pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$5.00<SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Annual expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Percentage of net assets<BR>
attributable to Common Shares<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; vertical-align: bottom"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.15in; width: 50%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Investment adviser fee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 84.6pt; text-align: center; width: 25%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1.00%<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 84.6pt; text-align: center; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.15in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Other expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 84.6pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>0.10</U>%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 84.6pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 10.75pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Total annual Fund operating expenses</FONT></TD>
    <TD STYLE="vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt; padding-left: 84.6pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1.10%</FONT></TD>
    <TD STYLE="vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt; padding-left: 84.6pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>The Adviser will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Fund&#8217;s registration statement (including this Prospectus and the SAI), the preparation, review
and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution
of the Prospectus, SAI and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated
with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">Stated as a percentage of average net assets attributable to Common Shares for the
year ended December 31, 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(5)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">The investment adviser fee paid by the Fund to the Adviser is based on the average
daily gross assets of the Fund, including all assets attributable to any form of investment leverage that the Fund may utilize.
Accordingly, if the Fund were to utilize investment leverage in the future, the investment adviser fee will increase as a percentage
of net assets.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">EXAMPLE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following Example illustrates the expenses that Common
Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 1.10% of net assets attributable
to Common Shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1 Year</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">3 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">5 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">10 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$11</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$35</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$61</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$134</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Fund&#8217;s Common Shares. For
more complete descriptions of certain of the Fund&#8217;s costs and expenses, see &#8220;Management of the Fund.&#8221; In addition,
while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&#8217;s dividend reinvestment
plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distributions&#8221; and
&#8220;Dividend Reinvestment Plan.&#8221; The example does not include sales load or estimated offering costs, which would cause
the expenses shown in the example to increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>The example should not be considered a representation of past
or future expenses, and the Fund&#8217;s actual expenses may be greater or less than those shown. Moreover, the Fund&#8217;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example.</B></P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights and Investment Performance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FINANCIAL HIGHLIGHTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">This table details the financial performance of the Common
Shares, including total return information showing how much an investment in the Fund has increased or decreased each period. This
information has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm. The report of Deloitte
&amp; Touche LLP and the Fund&#8217;s financial statements are incorporated by reference and included in the Fund&#8217;s annual
report, which are available upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">Selected data for a Common Share outstanding during the
periods stated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended December 31,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 35%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2019</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2018</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;9.690</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.590</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.710</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.560</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.290</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.129</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.141</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.135</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.163</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.183</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.523</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.950)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.850</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.155</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.255</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total income (loss) from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1.652</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.809)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1.985</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.318</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.438</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.142)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.129)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.149)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.155)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.183)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.089)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.550)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.641)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.413)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.956)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.013)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.985)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.872)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.092)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.105)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.168)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.168)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Premium from common shares sold through shelf offering<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.001</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.470</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;9.690</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.590</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.710</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.560</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.370</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;9.530</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.920</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.070</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.230</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">18.05%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(7.72)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">19.28%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3.46%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3.92%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">18.88%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(11.76)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">30.47%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.14%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.59%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,125,503</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,040,883</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,236,915</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,139,577</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,230,445</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; vertical-align: baseline">:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.09%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.09%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.09%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.26%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.27%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.20%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.50%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.50%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">4%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">7%</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: right; text-indent: -13.5pt"><FONT STYLE="vertical-align: baseline">(See
related footnotes.)</FONT></P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights (continued)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2013</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;13.130</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.370</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.220</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;13.320</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;13.840</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.233</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.173</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.223</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.198</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.160</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.095</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.754</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.084</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.088)</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.792</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total income from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.328</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1.927</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1.307</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.110</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.952</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.242)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.189)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.233)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.194)</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.167)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&#8212;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.019)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.926)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.979)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(0.935)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.016)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.286)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.168)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.168)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.168)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.210)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;(1.472)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.001</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;0.011</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.290</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;13.130</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.370</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.220</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;13.320</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;11.020</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.100</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.690</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;10.280</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;12.250</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2.97%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.46%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.46%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2.21%</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8.24%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.19%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">25.26%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.53%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(6.50)%</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.81)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,308,077</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,397,576</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,317,270</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,309,944</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;1,427,841</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; vertical-align: baseline">:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.08%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.08%</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.09%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.80%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.37%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.77%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.53%</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.23%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17%</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12%</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Computed using average shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>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&#8217;s dividend reinvestment
plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits,
which were earned on cash deposit balances, were discontinued by the custodian.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">TRADING AND NAV INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s Common Shares have traded both at a premium
and a discount to NAV. The Fund cannot predict whether its shares will trade in the future at a premium or discount to NAV. The
provisions of the 1940 Act generally require that the public offering price of Common Shares (less any underwriting commissions
and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within 48 hours of pricing).
The issuance of Common Shares may have an adverse effect on prices in the secondary market for the Fund&#8217;s Common Shares by
increasing the number of Common Shares available, which may put downward pressure on the market price for the Fund&#8217;s Common
Shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See &#8220;Risk Considerations
- Discount from or Premium to NAV.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund's Board of Trustees has authorized the
Fund to repurchase up to 10% of its outstanding common shares as of the day of the prior calendar year-end 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. The results of the share repurchase program are disclosed in the Fund's annual and semi-annual reports to shareholders.
See &#8220;Description of Capital Structure --Repurchase of Common Shares and Other Discount Measures.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table sets forth for each of the periods indicated
the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Fund&#8217;s Common Shares were trading as of such date.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Market Price</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV per Share on Date of Market Price </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV Premium/(Discount) on Date of Market Price</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 22%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>Fiscal Quarter Ended</B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>High </B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>Low</B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>High </B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>Low</B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 15%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>High </B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 16%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2020</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.55</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5.53</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.56</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">7.61</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">(0.09)%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">(27.33)%</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2019</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.44</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.49</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.49</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.86</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">(0.48)%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">(3.75)%</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2019</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.85</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.36</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.27</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.88</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">(4.09)%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">(5.26)%</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2019</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.05</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.30</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.44</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.83</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">(3.74)%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">(5.39)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2019</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.95</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.22</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.06</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.55</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">(1.09)%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">(3.46)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.04</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8.67</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.21</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9.25</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">7.40%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">(6.27)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.27</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.81</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.22</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.01</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">9.35%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">7.27%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.11</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.35</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.20</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.99</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">8.13%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">3.28%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.50</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.36</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.00</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.95</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 24pt 3pt 5.4pt; text-align: center; line-height: 10pt">4.17%</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding: 3pt 27.2pt 3pt 5.4pt; text-align: center; line-height: 10pt">3.74%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The last reported sale price, NAV per share and percentage
premium/(discount) to NAV per share of the Common Shares as of April 9, 2020 were $8.03, $8.62 and (6.84)%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of April 9, 2020, the Fund had net assets of $926,441,872.
The following table provides information about our outstanding Common Shares as of April 9, 2020:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Authorized</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Held by the Fund for its Account</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Outstanding</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">107,486,624</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">The Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Fund is a diversified, closed-end management investment
company registered under the 1940 Act. The Fund was organized as a Massachusetts business trust on March 30, 2005 pursuant to an
Agreement and Declaration of Trust governed by the laws of The Commonwealth of Massachusetts. The Fund&#8217;s principal office
is located at Two International Place, Boston, Massachusetts 02110, and its telephone number is 1-800-262-1122.</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Use of Proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to the remainder of this section, and unless otherwise
specified in a Prospectus Supplement, the Fund currently intends to invest substantially all of the net proceeds of any sales of
Common Shares pursuant to this Prospectus in accordance with its investment objectives and policies as described under &#8220;Investment Objectives, Policies and Risks&#8221; within three months of receipt of such proceeds. Such
investments may be delayed up to three months if suitable investments are unavailable at the time or for other reasons, such as
market volatility and lack of liquidity in the markets of suitable investments. Pending such investment, the Fund anticipates that
it will invest the proceeds in short-term money market instruments, securities with remaining maturities of less than one year,
cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Fund&#8217;s distribution
to Common Shareholders or result in a distribution consisting principally of a return
of capital.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">INVESTMENT OBJECTIVES, POLICIES AND RISKS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s primary investment objective is to provide current
income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate
returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund&#8217;s investment program
consists primarily of (1) owning a diversified portfolio of common stocks, a segment of which (the &#8220;U.S. Segment&#8221;)
holds stocks of U.S. issuers and a segment of which (the &#8220;International Segment&#8221;) holds stocks of non-U.S. issuers,
and (2) selling on a continuous basis call options on broad-based domestic stock indices on at least 80% of the value of the U.S.
Segment and call options on broad-based foreign country and/or regional stock indices on at least 80% of the value of the International
Segment.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PRIMARY INVESTMENT POLICIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>General
Composition of the Fund.</B></FONT> Under normal market conditions, the Fund invests at least 80% of its total assets in a diversified
portfolio of common stocks of domestic and foreign issuers. The U.S. Segment is expected to represent approximately 50% to 60%
of the value of the Fund&#8217;s stock portfolio and the International Segment is expected to represent approximately 40% to 50%
of the Fund&#8217;s stock portfolio. These percentages may vary significantly over time depending upon the Adviser&#8217;s evaluation
of market circumstances and other factors. Under normal market conditions, the Fund invests a substantial portion of its total
assets in the securities of non-U.S. issuers, including American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts
(&#8220;GDRs&#8221;) and European Depositary Receipts (&#8220;EDRs&#8221;). An issuer will be considered to be located outside
of the United States if it is domiciled in, derives a significant portion of its revenue from, or its primary trading venue is
outside the U.S. Securities of an issuer domiciled outside of the United States may trade in the form of depositary receipts. The
Fund may invest up to 15% of its total assets in securities in emerging markets issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For the U.S. Segment, the Fund intends to write index call
options on the Standard &amp; Poor&#8217;s 500<SUP>&reg; </SUP> Composite Stock Price Index (the &#8220;S&amp;P 500<SUP>&reg;</SUP>&#8221;)
and the NASDAQ-100 Index (the &#8220;NASDAQ-100&#8221;). For the International Segment, the Fund intends to write index call options
on broad-based foreign country and/or regional stock indices that the Adviser believes are collectively representative of the
International Segment. Over time, the indices on which the Fund writes call options may vary as a result of changes in the availability
and liquidity of various index options, the Adviser&#8217;s evaluation of equity market conditions and other factors. Due to tax
considerations, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and each index
on which it has outstanding options positions to less than 70% on an ongoing basis. The Fund normally expects that its assets
will be invested across a broad range of industries and market sectors. The Fund may not invest 25% or more of its total assets
in the securities of issuers in any single industry or group of industries. The Fund may invest a portion of its assets in stocks
of mid-capitalization companies. Eaton Vance generally considers mid-capitalization companies to be those companies having market
capitalizations within the range of capitalizations for the S&amp;P MidCap 400 Index (&#8220;S&amp;P MidCap 400&#8221;). As of
March 31, 2020, the median market capitalization of companies in the S&amp;P MidCap 400 was approximately $2.9 billion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund seeks to generate current earnings in part by employing
an options strategy of writing (selling) index call options. Under normal market conditions, at least 80% of the value of the Fund&#8217;s
total assets are subject to written index call options. Writing index call options involves a tradeoff between the option premiums
received and reduced participation in potential future price appreciation of the Fund&#8217;s portfolio of common stocks. The Fund
seeks to generate current earnings from option premiums and, to a lesser extent, from dividends on stocks held. The Fund seeks
to generate gains from option premiums and from the sale of equity securities it holds in its portfolio.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund generally intends to sell stock index call options that
are exchange-listed and &#8220;European style,&#8221; meaning that the options may be exercised only on the expiration date of
the option. To implement its options program most effectively, the Fund may also sell index options that trade in over-the-counter
(&#8220;OTC&#8221;) markets. Index options differ from options on individual securities in that index options (i) typically are
settled in cash rather than by delivery of securities (meaning the exercise of an index option does not involve the actual purchase
or sale of securities) and (ii) reflect price fluctuations in a group of securities or segments of the securities market rather
than price fluctuations in a single security. Generally, the Fund intends to sell call options that are slightly &#8220;out-of-the-money&#8221;
(i.e., the exercise price generally will be slightly above the current level of the applicable index when the option is sold).
The Fund may also sell index options that are more substantially &#8220;out-of-the-money.&#8221; Such options that are more substantially
&#8220;out-of-the-money&#8221; provide greater potential for the Fund to realize capital appreciation on its portfolio stocks but
generally would pay a lower premium than options that are slightly &#8220;out-of-the-money.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As the seller of index call options, the Fund will receive cash
(the premium) from options purchasers. The purchaser of an index option has the right to receive from the option seller any appreciation
in the value of the applicable index over a fixed price (the exercise price) as of a specified date in the future (the option valuation
date). The exercise-settlement value of the applicable index is generally calculated based on opening sales prices of the component
index stocks on the option valuation date, which is the last business day before the expiration date. By writing index call options,
the Fund will, in effect, sell the potential appreciation in the value of the applicable index above the exercise price in exchange
for the option premium received. If, at expiration, an index call option sold by the Fund is exercised, the Fund will pay the purchaser
the difference between the cash value of the applicable index and the exercise price of the option. The premium, the exercise price
and the market value of the applicable index will determine the gain or loss realized by the Fund as the seller of the index call
option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to maintain high turnover in index call options,
based on the Adviser&#8217;s intent to sell index call options on at least 80% of the value of its total assets and the Fund&#8217;s
initial expectation to roll forward its options positions approximately every one to three months. For its stock holdings, the
Fund&#8217;s annual portfolio turnover rate is expected to exceed that of the indices on which the Fund writes call options due
to turnover in connection with the Fund&#8217;s tax loss harvesting, gain matching, dividend capture and other strategies. On an
overall basis, the Fund&#8217;s annual turnover rate may exceed 100%. A high turnover rate (100% or more) necessarily involves
greater trading costs to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s policies, under normal market conditions, to
invest at least 80% of its total assets in a diversified portfolio of common stocks of domestic and foreign issuers and that at
least 80% of the value of the Fund&#8217;s total assets is subject to written index call options are non-fundamental policies and
may, be changed by the Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;) without Common Shareholder approval following the
provision of 60 days&#8217; prior written notice to Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the Adviser
and Sub-Adviser intend to employ a variety of techniques and strategies generally designed to minimize and defer the federal income
taxes incurred by shareholders in connection with their investment in the Fund as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The S&amp;P 500<SUP>&reg; </SUP> is an unmanaged index of
500 stocks maintained and published by Standard &amp; Poor&#8217;s that is market-capitalization weighted and generally representative
of the performance of larger stocks traded in the United States. The NASDAQ-100 is an unmanaged index maintained by the Nasdaq
Stock Market, Inc. (&#8220;Nasdaq&#8221;) that includes 100 of the largest domestic and international non- financial companies
listed on the Nasdaq based upon market capitalization. The NASDAQ-100 reflects companies across a range of major industry groups,
including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Compared to the S&amp;P
500<SUP>&reg;</SUP>, the NASDAQ-100 has a substantially higher weighting in technology oriented industries. It is not possible
to invest directly in an index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Strategy. </B></FONT>Eaton Vance is responsible for managing the Fund&#8217;s overall investment program and executing the Fund&#8217;s
options strategy. Eaton Vance is also responsible for providing research support to the Sub-Adviser and supervising the performance
of the Sub-Adviser. Parametric is responsible for structuring and managing the Fund&#8217;s common stock portfolio, including tax-loss
harvesting (i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset
capital gains realized by the Fund) and other tax-management techniques, relying in part on the fundamental research and analytical
judgments of the Adviser. Parametric has developed specialized programs and systems that are designed to provide for efficient
implementation of the Fund&#8217;s strategies. The Fund&#8217;s investments are actively managed, and securities may be bought
or sold on a daily basis. See &#8220;Management of the Fund.&#8221;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser believes that a strategy of owning a portfolio of
common stocks and selling covered call options (a &#8220;buy-write strategy&#8221;) can provide current income and gains and attractive
risk-adjusted returns. Compared to selling call options on individual stocks, the Adviser believes that selling index call options
can achieve better tax and transactional efficiency because exchange-listed options on broad-based securities indices may qualify
as &#8220;section 1256 contracts&#8221; as defined in the Code, subject to favorable tax treatment and because the markets for
index options may be deeper and more liquid than options on individual stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance further believes that a strategy of owning a portfolio
of domestic and foreign common stocks in conjunction with writing index call options should generally provide returns that are
superior to owning the same stocks without an associated call option writing program under three different stock market scenarios:
(1) down-trending equity markets; (2) flat market conditions; and (3) moderately rising equity markets. In the Adviser&#8217;s
opinion, only in more strongly rising equity markets would the buy-write strategy generally be expected to underperform the stock-only
portfolio. For these purposes, the Adviser considers more strongly rising equity market conditions to exist whenever the current
annual rate of return of U.S. or non-U.S. common stocks exceeds the long-term historical average of global stock market returns.
The Adviser considers moderately rising equity market conditions to exist whenever current annual returns on U.S. and non-U.S.
common stocks are positive, but do not exceed the long-term historical average of global stock market returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To avoid being subject to the &#8220;straddle rules&#8221; under
federal income tax law, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and
each index on which it has outstanding options positions to less than 70% on an ongoing basis. Under the &#8220;straddle rules,&#8221;
&#8220;offsetting positions with respect to personal property&#8221; generally are considered to be straddles. In general, investment
positions will be offsetting if there is a substantial diminution in the risk of loss from holding one position by reason of holding
one or more other positions. The Fund expects that the index call options it writes will not be considered straddles because its
stock holdings will be sufficiently dissimilar from the components of the indices on which it has outstanding options positions
under applicable guidance established by the IRS. Under certain circumstances, however, the Fund may enter into options transactions
or certain other investments that may constitute positions in a straddle. Parametric will consider a variety of factors in constructing
and maintaining the Fund&#8217;s stock portfolio, including, but not limited to, stock performance ratings as determined by the
Adviser, stock dividend yields, overlap between the Fund&#8217;s stock holdings and the indices on which it has outstanding options
positions, projected tracking of the U.S. Segment and the International Segment versus their respective benchmarks, realization
of loss harvesting opportunities and other tax management considerations. The Adviser&#8217;s evaluation of the future performance
potential of individual stocks will be one among several considerations in portfolio construction and will not, on a standalone
basis, be determinative of portfolio construction. The Adviser&#8217;s stock ratings will be based primarily on fundamental research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s index option strategy is designed to produce
current cash flow from option premiums and to moderate the volatility of the Fund&#8217;s returns. This index option strategy is
of a hedging nature and is not designed to speculate on equity market performance. The Adviser believes that the Fund&#8217;s index
option strategy will moderate the volatility of the Fund&#8217;s returns because the option premiums received will help to mitigate
the impact of downward price movements in the stocks held by the Fund, while the Fund&#8217;s obligations under index calls written
will effectively limit the Fund&#8217;s ability to participate in upward price movements in portfolio stocks beyond certain levels.
The Adviser expects to follow a primary options strategy of selling index call options with a remaining maturity of between approximately
one and three months and maintaining its short call options positions until approximately their expiration date, at which time
replacement call option positions with a remaining maturity within this range are written. The Adviser does not intend to sell
index call options representing amounts greater than the value of the Fund&#8217;s common stock portfolio (i.e., take a &#8216;naked&#8217;
position).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing policies relating to investment in common stocks
and index options writing are the Fund&#8217;s primary investment policies. In addition to its primary investment policies, the
Fund may invest to a limited extent in other types of securities and engage in certain other investment practices. See &#8220;Investment
Objectives, Policies and Risks&#8212;Additional Investment Practices.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to writing index call options, the Fund may write
call options on up to 20% of the value of its total assets on futures contracts based upon broad-based securities indices. The
Fund&#8217;s use of such options on index futures would be substantially similar to its use of options directly on indices. The
Fund may also invest up to 20% of its total assets in other derivative instruments acquired for hedging, risk management and investment
purposes (to gain exposure to securities, securities markets, markets indices and/or currencies consistent with its investment
objectives and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments
acquired for non-hedging purposes. Derivative instruments may be used in order to help protect against a decline in the value of
its portfolio securities. Derivative instruments may also be used by the Fund to enhance returns or as a substitute for the purchase
or sale of securities.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax-Managed
Investing. </B></FONT>Taxes are a major influence on the net after-tax returns that investors receive on their taxable investments.
There are generally five potential sources of returns for a Common Shareholder: (1) appreciation or depreciation in the value of
the Common Shares; (2) distributions of qualified dividend income; (3) distributions of other investment income and net short-term
capital gains; (4) distributions of long-term capital gains (and long-term capital gains retained by the Fund); and (5) distributions
of return of capital. These different sources of investment returns are subject to widely varying federal income tax treatment.
Distributions of other investment income (i.e., non-qualified dividend income) and net realized short-term gains are taxed currently
as ordinary income. Distributions of qualified dividend income and net realized long-term gains (whether distributed or retained
by the Fund) are taxed at the rates applicable to long-term capital gain, provided that holding period requirements (described
below) and other requirements are met. Taxes on distributions of capital gains are determined by how long a Fund owned (or is treated
as having owned) the investments that generated the gains, rather than how long a Common Shareholder has owned his or her shares
in the Fund. Generally, return from appreciation and depreciation in the value of Common Shares and distributions characterized
as return of capital result in adjustment of a Common Shareholder&#8217;s federal income tax basis in his or her Common Shares
and accordingly are not taxable until the Common Shareholder sells his or her Common Shares. Upon sale, a capital gain or loss
equal to the difference between the net proceeds of such sale and the Common Shareholder&#8217;s adjusted tax basis is realized.
Capital gain is considered long-term and is generally taxed at the rates applicable to long-term capital gain if the Common Shareholder
has held his or her shares more than one year. Otherwise, capital gain is considered short-term gain and is taxed accordingly.
The after-tax returns achieved by a Common Shareholder will be substantially influenced by the mix of different types of returns
subject to varying federal income tax treatment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the
Adviser and Sub-Adviser intend to employ a variety of techniques and strategies designed to generally skew the mix of Fund returns
to the types of returns that are most advantageously taxed, thereby seeking to minimize and defer the federal income taxes incurred
by Common Shareholders in connection with their investment in the Fund. Such techniques and strategies are expected to include:
(1) employing a call options strategy consisting primarily of selling index call options that qualify for treatment as &#8220;section
1256 contracts&#8221;, on which capital gains and losses are generally treated as 60% long-term and 40% short-term, regardless
of holding period; (2) limiting the overlap between the Fund&#8217;s stock portfolio holdings (and any subset thereof) and each
index on which it has outstanding options positions to less than 70% on an ongoing basis so that the Fund&#8217;s stock portfolio
holdings and index call options are not subject to the &#8220;straddle rules;&#8221; (3) engaging in a systematic program of tax-loss
harvesting in the Fund&#8217;s stock portfolio, periodically selling stock positions that have depreciated in value to realize
capital losses that can be used to offset capital gains realized by the Fund; and (4) managing the sale of appreciated stock positions
so as to minimize the Fund&#8217;s net realized short-term capital gains in excess of net realized long-term capital losses. The
Fund seeks to offset the 40% of gains on index options treated as short-term against Fund expenses and realized losses on other
investments allocable against short-term gains. When an appreciated security is sold, the Fund generally intends to select for
sale the share lots resulting in the most favorable tax treatment, generally those with holding periods sufficient to qualify for
long-term capital gains treatment that have the highest cost basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund seeks to earn and distribute &#8220;qualified
dividend income.&#8221; Qualified dividend income received by an individual is taxed at the rates applicable to long-term capital
gain. In order for a dividend received by Fund shareholders to be qualified dividend income, the Fund must meet holding period
and other requirements with respect to the dividend-paying stock in its portfolio and the shareholder must meet holding period
and other requirements with respect to the Fund&#8217;s shares. A dividend will not be treated as qualified dividend income (at
either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61
days during the 121-day period beginning at the date which is 60 days before the date on which such share becomes ex-dividend with
respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before
such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make
related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the
dividend income treated as investment interest (for purposes of the limitation on deductibility of investment interest), or (4)
if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax
treaty with the U.S. (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established
securities market in the U.S.) or (b) treated as a passive foreign investment company. Payments in lieu of dividends, such as payments
pursuant to securities lending arrangements, also do not qualify to be treated as qualified dividend income. In general, distributions
of investment income reported by the Fund as derived from qualified dividend income will be treated as qualified dividend income
by a shareholder taxed as an individual provided the shareholder meets the applicable holding period and other requirements with
respect to the Fund&#8217;s shares.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may seek to enhance the level of tax-advantaged dividend
income it receives by emphasizing higher-yielding stocks in its stock portfolio and by engaging in dividend capture trading. In
a dividend capture trade, the Fund sells a stock on or shortly after the stock&#8217;s ex-dividend date and uses the sale proceeds
to purchase one or more other stocks that are expected to pay dividends before the next dividend payment on the stock being sold.
Through this practice, the Fund may receive more dividend payments over a given time period than if it held a single stock. In
order for dividends received by the Fund to qualify for favorable tax treatment, the Fund must comply with the holding period and
other requirements set forth in the preceding paragraph. By complying with the applicable holding period and other requirements
while engaging in dividend capture trading, the Fund may be able to enhance the level of tax-advantaged dividend income it receives
because it will receive more dividend payments qualifying for favorable treatment during the same time period than if it simply
held portfolio stocks. The use of dividend capture trading strategies will expose the Fund to increased trading costs and potentially
higher short-term capital gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To seek to protect against price declines in securities holdings
with large accumulated gains, the Fund may use various hedging techniques (such as the sale of futures contracts on stocks and
stock indices and options thereon, equity swaps, covered short sales and forward sales of stocks). By using these techniques rather
than selling appreciated securities, the Fund can, within certain limitations, reduce its exposure to price declines in the securities
without realizing substantial capital gains under current tax law. Derivative instruments may also be used by the Fund to enhance
returns or as a substitute for the purchase or sale of securities. As a general matter, dividends received on hedged stock positions
are characterized as ordinary income and are not eligible for favorable tax treatment. Dividends received on securities with respect
to which the Fund is obligated to make related payments (pursuant to short sales or otherwise) will be treated as fully taxable
ordinary income (i.e., income other than tax-advantaged qualified dividend income). In addition, use of derivatives may give rise
to short-term capital gains and other income that would not qualify for favorable tax treatment. As indicated above, in addition
to writing index call options, the Fund may write call options on up to 20% of the value of its total assets on futures contracts
based upon broad-based securities indices. The Fund&#8217;s use of such options on index futures would be substantially similar
to its use of options directly on indices. The Fund may also invest up to 20% of its total assets in other derivative instruments
acquired for hedging, risk management and investment purposes (to gain exposure to securities, securities markets, markets indices
and/or currencies consistent with its investment objectives and policies), provided that no more than 10% of the Fund&#8217;s total
assets may be invested in such derivative instruments acquired for non-hedging purposes. See &#8220;Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Options on broad-based equity indices that trade on a national
securities exchange registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) or a domestic board of trade
designated as a contract market by the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) generally qualify for treatment
as &#8220;section 1256 contracts.&#8221; Options on broad-based equity indices that trade on other exchanges, boards of trade
or markets designated by the U.S. Secretary of Treasury also qualify for treatment as &#8220;section 1256 contracts.&#8221; Because
comparatively fewer exchanges, boards and markets outside the United States have to date received the necessary designation, most
foreign-traded stock index options do not currently qualify for treatment as &#8220;section 1256 contracts.&#8221; With respect
to the International Segment, the Fund generally intends to sell options on broad-based foreign country and/or regional stock
indices that are listed for trading in the United States or which otherwise qualify as &#8220;section 1256 contracts.&#8221; Options
on foreign indices that are listed for trading in the United States or which otherwise qualify as &#8220;section 1256 contracts&#8221;
may trade in substantially lower volumes and with substantially wider bid-ask spreads than other options contracts on the same
or similar indices that trade on other markets outside the United States. To implement its options program most effectively, the
Fund may sell index options that do not qualify as &#8220;section 1256 contracts.&#8221; Gain or loss on index options not qualifying
as &#8220;section 1256 contracts&#8221; would be realized upon disposition, lapse or settlement of the positions and would generally
be treated as short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Common
Stocks. </B></FONT>Under normal market conditions, the Fund invests at least 80% of its total assets in a diversified portfolio
of common stocks of domestic and foreign issuers. Common stock represents an equity ownership interest in the issuing corporation.
Holders of common stock generally have voting rights in the issuer and are entitled to receive common stock dividends when, as
and if declared by the corporation&#8217;s board of directors. Common stock normally occupies the most subordinated position in
an issuer&#8217;s capital structure. Returns on common stock investments consist of any dividends received plus the amount of appreciation
or depreciation in the value of the stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although common stocks have historically generated higher average
returns than fixed-income securities over the long term and particularly during periods of high or rising concerns about inflation,
common stocks also have experienced significantly more volatility in returns and may not maintain their real value during inflationary
periods. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the
Fund. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may
depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for many reasons, including changes
in investors&#8217; perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting
the issuers occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and
borrowing costs increase.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investments. </B></FONT>The Fund will have substantial exposure to foreign investments. An issuer will be considered to be located
in a country other than the United States if it is domiciled in, derives a significant portion of its revenues from, or its primary
trading venue is outside the U.S. Investment in securities of non-U.S. issuers involves special risks, including that non-U.S.
issuers may be subject to less rigorous accounting and reporting requirements than U.S. issuers, less rigorous regulatory requirements,
differing legal systems and laws relating to creditors&#8217; rights, the potential inability to enforce legal judgments and the
potential for political, social and economic adversity. The willingness and ability of sovereign issuers to pay principal and interest
on government securities depends on various economic factors, including among others the issuer&#8217;s balance of payments, overall
debt level, and cash flow considerations related to the availability of tax or other revenues to satisfy the issuer&#8217;s obligations.
The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers. Foreign
settlement procedures and trade regulations may involve certain risks (such as delay in the payment or delivery of securities and
interest or in the recovery of assets held abroad) and expenses not present in the settlement of domestic investments. Investments
may include securities issued by the governments of lesser-developed countries, which are sometimes referred to as &#8220;emerging
markets.&#8221; There may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls,
confiscatory taxation, political or financial instability, armed conflict and diplomatic developments which could affect the value
of the Fund&#8217;s investments in certain foreign countries. Foreign issuers may become subject to sanctions imposed by the United
States or another country, which could result in the immediate freeze of the foreign issuers&#8217; assets or securities. The imposition
of such sanctions could impair the market value of the securities of such foreign issuers and limit the Fund&#8217;s ability to
buy, sell, receive or deliver the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As an alternative to holding foreign-traded securities, the Fund
may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market
(including depositary receipts, which evidence ownership in underlying foreign securities). Dividends received with respect to
stock of a foreign corporation may qualify for the reduced rates of federal income taxation applicable to qualified dividend income
only if such corporation satisfies the requirements to be a &#8220;qualified foreign corporation.&#8221; The Fund may invest in
ADRs, EDRs and GDRs. ADRs, EDRs and GDRs are certificates evidencing ownership of shares of foreign issuers and are alternatives
to purchasing directly the underlying foreign securities in their national markets and currencies. However, they continue to be
subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk
as well as the political and economic risks of the underlying issuer&#8217;s country. ADRs, EDRs and GDRs may be sponsored or unsponsored.
Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses,
may not pass through voting or other shareholder rights, and may be less liquid than sponsored receipts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because foreign companies are not subject to uniform accounting,
auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there
may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most
foreign debt markets are less than in the United States and securities of some foreign companies are less liquid and more volatile
than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges,
broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may
be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions
or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition, with respect
to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability,
or diplomatic developments, which could affect investments in those countries. Moreover, individual foreign economies may differ
favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital
reinvestment, resource self-sufficiency and balance of payments position. Foreign securities markets, while growing in volume and
sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Emerging
Markets. </B></FONT>The Fund may invest up to 15% of its total assets in securities of issuers located in emerging markets. The
risks of foreign investments described above apply to an even greater extent to investments in emerging markets. The securities
markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities markets
of the United States and developed foreign markets. Disclosure and regulatory standards in many respects are less stringent than
in the United States and developed foreign markets. There also may be a lower level of monitoring and regulation of securities
markets in emerging market countries, and enforcement of existing regulations may be extremely limited. Many emerging market countries
have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations
in inflation rates have had</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">and may continue to have very negative effects on the economies
and securities markets of certain emerging market countries. Economies in emerging markets generally are heavily dependent upon
international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls,
managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the countries with which
they trade. The economies of these countries also have been and may continue to be adversely affected by economic conditions in
the countries in which they trade. The economies of countries with emerging markets may also be predominantly based on only a few
industries or dependent on revenues from particular commodities. In addition, custodial services and other costs relating to investment
in foreign markets may be more expensive in emerging markets than in many developed foreign markets, which could reduce the Fund&#8217;s
income from such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Index
Options Generally. </B></FONT>The Fund will pursue its objectives in part by selling on a continuous basis index options on at
least 80% of each of the U.S. Segment and the International Segment. Under normal market circumstances, at least 80% of the value
of the Fund&#8217;s total assets is subject to written index call options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund generally intends to sell index options that are exchange-listed
and &#8220;European style,&#8221; meaning that the options may be exercised only on the expiration date of the option. To implement
its options program most effectively, the Fund may also sell index options that trade in OTC markets. Index options differ from
options on individual securities in that index options (i) typically are settled in cash rather than by delivery of securities
(meaning the exercise of an index option does not involve the actual purchase or sale of securities) and (ii) reflect price fluctuations
in a group of securities or segments of the securities market rather than price fluctuations in a single security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">U.S. listed options contracts are originated and standardized
by the OCC. Currently, United States listed index options are available on approximately 89 indexes, with new listings added periodically.
In the United States, the Fund generally intends to sell index call options that are issued, guaranteed and cleared by the OCC.
The Fund may also sell index call options in the U.S. and outside the U.S. that are not issued, guaranteed or cleared by the OCC,
including OTC options. The Adviser believes that there exists sufficient liquidity in the index options markets to fulfill the
Fund&#8217;s requirements to implement its strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To implement its options program most effectively, the Fund may
sell index options that trade in OTC markets. Participants in these markets are typically not subject to credit evaluation and
regulatory oversight as are members of &#8220;exchanged based&#8221; markets. By engaging in index option transactions in these
markets, the Fund may take a credit risk with regard to parties with which it trades and also may bear the risk of settlement default.
These risks may differ materially from those involved in exchange-traded transactions, which generally are characterized by clearing
organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to
intermediaries. Transactions entered into directly between two counterparties generally do not benefit from these protections,
which in turn may subject the Fund to the risk that a counterparty will not settle a transaction in accordance with agreed terms
and conditions because of a dispute over the terms of the contract or because of a credit or liquidity problem. Such &#8220;counterparty
risk&#8221; is increased for contracts with longer maturities when events may intervene to prevent settlement. The ability of the
Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties
or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for
losses to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Selling
Index Call Options. </B></FONT>The Fund&#8217;s index option strategy is designed to produce current cash flow from options premiums
and to moderate the volatility of the Fund&#8217;s returns. This index option strategy is of a hedging nature, and is not designed
to speculate on equity market performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As the seller of index call options, the Fund will receive cash
(the premium) from the purchasers thereof. The purchaser of an index option has the right to any appreciation in the value of the
applicable index over a fixed price (the exercise price) as of a specified date in the future (the option valuation date). Generally,
the Fund intends to sell index call options that are slightly &#8220;out-of-the-money&#8221; (i.e., the exercise price generally
will be slightly above the current level of the applicable index when the option is sold). The Fund may also sell index options
that are more substantially &#8220;out-of-the-money.&#8221; Such options that are more substantially &#8220;out-of-the-money&#8221;
provide greater potential for the Fund to realize capital appreciation on its portfolio stocks but generally would pay a lower
premium than options that are slightly &#8220;out-of-the-money.&#8221; The Fund will, in effect, sell the potential appreciation
in the value of the applicable index above the exercise price in exchange for the option premium received. If, at expiration, an
index call option sold by the Fund is exercised, the Fund will pay the purchaser the difference between the cash value of the applicable
index and the exercise price of the option. The premium, the exercise price and the market value of the applicable index will determine
the gain or loss realized by the Fund as the seller of the index call option.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Prior to expiration, the Fund may close an option position by
making an offsetting market purchase of identical option contracts (same type, underlying index, exercise price and expiration).
The cost of closing transactions and payments in settlement of exercised options will reduce the net option premiums available
for distribution to Common Shareholders by the Fund. The reduction in net option premiums due to a rise in stock prices should
generally be offset, at least in part, by appreciation in the value of the Fund&#8217;s common stock portfolio and by the opportunity
to realize higher premium income from selling new index options at higher exercise prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In certain extraordinary market circumstances, to limit the risk
of loss on the Fund&#8217;s index option strategy, the Fund may enter into &#8220;spread&#8221; transactions by purchasing index
call options with higher exercise prices than those of index call options written. The Fund will only engage in such transactions
when Eaton Vance believes that certain extraordinary events temporarily have depressed equity prices and substantial short-term
appreciation of such prices is expected. By engaging in spread transactions in such circumstances the Fund will reduce the limitation
imposed on its ability to participate in such recovering equity markets that exist if the Fund only writes index call options.
The premiums paid to purchase such call options are expected to be lower than the premiums earned from the call options written
at lower exercise prices. However, the payment of these premiums will reduce amounts available for distribution from the Fund&#8217;s
option activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will sell only &#8220;covered&#8221; call options. An
index call option is considered covered if the Fund maintains with its custodian assets determined to be liquid (in accordance
with procedures established by the Board) in an amount at least equal to the contract value of the index. An index call option
also is covered if the Fund holds a call on the same index as the call written where the exercise price of the call held is (i)
equal to or less than the exercise price of the call written, or (ii) greater than the exercise price of the call written, provided
the difference is maintained by the Fund in segregated assets determined to be liquid (in accordance with procedures established
by the Board).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If an option written by the Fund expires unexercised,
the Fund realizes on the expiration date a capital gain equal to the premium received by the Fund at the time the option was
written. If an option written by the Fund that is not a &#8220;section 1256 contract&#8221; is cash settled, the Fund
generally realizes a capital gain if the cash payment made by the Fund upon exercise is less than the premium received from
writing the option and a capital loss if the cash payment made is more than the premium received, such capital gain or loss
will be treated as short-term capital gain or loss. If the written option is repurchased, the Fund generally realizes upon
the closing purchase transaction a capital gain if the cost of repurchasing the option is less than the premium received from
writing the option and a capital loss if the cost of repurchasing the option is more than the premium received, subject to
certain exceptions, such gain or loss generally will be short-term For written index options that qualify as &#8220;section
1256 contracts,&#8221; the Fund&#8217;s gains and losses thereon generally will be treated as 60% long-term and 40%
short-term capital gain or loss, regardless of holding period, although certain foreign currency gains and losses from such
contracts may be treated as ordinary in character. In addition, the Fund generally will be required to &#8220;mark to
market&#8221; (i.e., treat as sold for fair market value) each &ldquo;section 1256 contract&rdquo; at the close of each taxable year (and
on October 31 of each year for excise tax purposes) and to adjust the amount of gain or loss subsequently realized to reflect
the gain or loss previously taken into account under the "mark to market&rdquo; rules. Gain or loss on index options not
qualifying as &#8220;section 1256 contracts&#8221; would be realized upon disposition, lapse or exercise of the positions and
would generally be treated as short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The principal factors affecting the market value of an option
contract include supply and demand in the options market, interest rates, the current market price of the underlying index in relation
to the exercise price of the option, the actual or perceived volatility associated with the underlying index, and the time remaining
until the expiration date. Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement
of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market
value of the option written. A written option is valued at the closing price on the exchange on which it is traded or, if not traded
on an exchange or no closing price is available, at the mean between the last bid and asked prices or otherwise at fair value as
determined by the Board of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The transaction costs of buying and selling options consist primarily
of commissions (which are imposed in opening, closing and exercise transactions), but may also include margin and interest costs
in particular transactions. The impact of transaction costs on the profitability of a transaction may often be greater for options
transactions than for transactions in the underlying securities because these costs are often greater in relation to option premiums
than in relation to the prices of underlying securities. Transaction costs may be especially significant for less liquid option
contracts and in option strategies calling for multiple purchases and sales of options over short periods of time or concurrently.
Transaction costs associated with the Fund&#8217;s options strategy will vary depending on market circumstances and other factors.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">There are three items of information needed to identify a
particular index option contract: (1) the expiration month, (2) the exercise (or strike) price and (3) the type (i.e., call or
put). For example, a January 2005 1200 strike S&amp;P 500<SUP>&reg; </SUP> call option provides the option holder the right to
receive $100 multiplied by the positive difference between the January option exercise-settlement value of the S&amp;P 500<SUP>&reg;
</SUP> (determined on January 20, 2005 based on opening sales prices of the component index stocks on that date) and 1200. A call
option whose exercise price is above the current price of the underlying index is called &#8220;out-of-the-money&#8221; and a call
option whose exercise price is below the current price of the underlying index is called &#8220;in-the-money.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following is a conceptual example of the returns that
may be achieved from a buy-write investment strategy that consists of holding a portfolio of stocks whose performance matches the
S&amp;P 500<SUP>&reg; </SUP> and selling S&amp;P 500<SUP>&reg; </SUP> call options on the full value of the stock position. This
example is not meant to represent the performance of actual option contracts or the Fund. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A holder of a portfolio of common stocks writes (sells) January
2005 1200 strike S&amp;P 500<SUP>&reg; </SUP> call options on December 17, 2004 when the S&amp;P 500<SUP>&reg; </SUP> is at 1198.63.
The options writer receives $14.41 (1.20%) per option written. Assume that the portfolio of stocks held by the options writer matches
the performance of the S&amp;P 500<SUP>&reg; </SUP> over the period until the January exercise-settlement value of the S&amp;P
500<SUP>&reg; </SUP> is determined on January 20, 2005.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the example, the return over the period until option expiration
earned by the holder of a portfolio of stocks whose performance matches the S&amp;P 500<SUP>&reg; </SUP> and who writes S&amp;P
500<SUP>&reg; </SUP> index call options on the full value of the portfolio position and maintains the options position until expiration
will be as follows: (1) if the S&amp;P 500<SUP>&reg; </SUP> declines 1.20%, the option will expire worthless and the holder will
have a net return during the period the call option position is outstanding of zero (option premium offsets loss in stock portfolio);
(2) if the S&amp;P 500<SUP>&reg; </SUP> is flat, the option will again expire worthless and the holder will have a net return over
the period of 1.20% (option premium plus no gain or loss on portfolio); (3) if the S&amp;P 500<SUP>&reg; </SUP> rises 0.11%, the
option will again expire with no value and the holder will have a net return over the period of 1.31% (option premium plus 0.11%
portfolio return); and (4) if the index rises more than 0.11%, the exercise of the option would limit portfolio gain over the period
to 0.11% and total net return to 1.31%. If the index value at exercise exceeds the exercise price, returns over the period from
the position are capped at 1.31%. On an annualized basis, before accounting for the costs of the options transactions, in this
example option premiums increase returns by approximately 12.9% in down, flat and moderately up markets; annualized returns in
this example for the buy-write strategy, before accounting for the costs of the options transactions, are capped at approximately
14.1% in a strong up market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As demonstrated in the example, writing index call options
can lower the variability of potential return outcomes and can enhance returns in three of four market performance scenarios (down,
flat or moderately up). Only when the level of the index at option expiration exceeds the sum of the premium received and the option
exercise price would the buy-write strategy be expected to provide lower returns than the stock portfolio-only alternative. The
amount of downside protection afforded by the buy-write strategy in declining market scenarios is limited, however, to the amount
of option premium received. If an index declines by an amount greater than the option premium, a buy-write strategy consisting
of owning all of the stocks in the index and writing index options on the full value thereof would generate an investment loss.
The Fund&#8217;s returns from implementing a buy-write strategy using index options will also be substantially affected by the
performance of the of the Fund&#8217;s stock portfolio versus the indices on which it writes call options. Also, the Fund's returns
from its buy-write strategy will be affected by the level of premiums available on the indices on which the Fund writes call options.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ADDITIONAL INVESTMENT PRACTICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to its primary investment strategies as described
above, the Fund may engage in the following investment practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Selling
Options on Index Futures. </B></FONT>In addition to writing index call options, the Fund may write call options on up to 20% of
the value of its total assets on futures contracts based upon broad-based securities indices. The Fund&#8217;s use of such options
on index futures would be substantially similar to its use of options directly on indices and involves substantially similar risks.
Such options generally operate in the same manner as options written directly on the underlying indices. An index futures contract
is a contract to buy or sell units of an index at a specified price future date a price agreed upon when the contract is made.
A call option on an index futures contract, in return for the premium paid to the seller, gives the buyer the right to assume a
position in an index futures contract at the specified exercise price at any time during the life of the contract. Upon exercise
of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied
by delivery of the accumulated balance in the writer&#8217;s futures margin account which represents the amount by which the market
price of the index futures contract, at exercise, exceeds the exercise price of the call option on the index future. If an option
exercised on the last trading day prior to its expiration date, the settlement</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">will be made entirely in cash equal to the difference between
the exercise price of the option and the closing level of the index on which the future is based on the expiration date. As in
the case of written call options on indices, the Fund may enter into closing purchase transactions to close out options written
on index futures at any time prior to expiration. Options on index futures contracts may qualify as &#8220;section 1256 contracts&#8221;
for federal income tax purposes. To the extent that any option on index futures contract written by the Fund is a &#8220;section
1256 contract&#8221; under the Code, the contract will be marked-to-market annually and any gain or loss will be treated as 60%
long-term and 40% short-term, regardless of the holding period of such contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Currency Transactions. </B></FONT>The value of foreign assets as measured in U.S. dollars may be affected favorably or unfavorably
by changes in foreign currency rates and exchange control regulations. Currency exchange rates can also be affected unpredictably
by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political
developments in the United States or abroad. The Fund may engage in transactions to hedge against changes in foreign currencies,
and will use such hedging techniques when the Adviser deems appropriate. Foreign currency exchange transactions may be conducted
on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative
currency transactions. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or
a basket of currencies. Settlement must be made in a designated currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Forward foreign currency exchange contracts are individually
negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. Such contracts may be used
when a security denominated in a foreign currency is purchased or sold, or when the receipt in a foreign currency of dividend or
interest payments on such a security is anticipated. A forward contract can then &#8220;lock in&#8221; the U.S. dollar price of
the security or the U.S. dollar equivalent of such dividend or interest payment, as the case may be. Additionally, when the Adviser
believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter
into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some
or all of the securities held that are denominated in such foreign currency. The precise matching of the forward contract amounts
and the value of the securities involved will not generally be possible. In addition, it may not be possible to hedge against long-term
currency changes. Cross-hedging may be performed by using forward contracts in one currency (or basket of currencies) to hedge
against fluctuations in the value of securities denominated in a different currency if the Adviser determines that there is an
established historical pattern of correlation between the two currencies (or the basket of currencies and the underlying currency).
Use of a different foreign currency magnifies exposure to foreign currency exchange rate fluctuations. Forward contracts may also
be used to shift exposure to foreign currency exchange rate changes from one currency to another. Short-term hedging provides a
means of fixing the dollar value of only a portion of portfolio assets. Income or gains earned on any of the Fund&#8217;s foreign
currency transactions generally will be treated as fully taxable income (i.e. income other than tax-advantaged dividends).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currency transactions are subject to the risk of a number of
complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading
in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies
underlying the derivative currency transactions. As a result, available information may not be complete. In an over-the-counter
trading environment, there are no daily price fluctuation limits. There may be no liquid secondary market to close out options
purchased or written, or forward contracts entered into, until their exercise, expiration or maturity. There is also the risk of
default by, or the bankruptcy of, the financial institution serving as counterparty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>When-Issued
Securities and Forward Commitments. </B></FONT>Securities may be purchased on a &#8220;forward commitment&#8221; or &#8220;when-issued&#8221;
basis (meaning securities are purchased or sold with payment and delivery taking place in the future beyond normal settlement times)
in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. However,
the yield on a comparable security when the transaction is consummated may vary from the yield on the security at the time that
the forward commitment or when-issued transaction was made. From the time of entering into the transaction until delivery and payment
is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward
commitment or when-issued transactions, if the seller or buyer, as the case may be, fails to consummate the transaction, the counterparty
may miss the opportunity of obtaining a price or yield considered to be advantageous. Forward commitment or when-issued transactions
may be expected to occur a month or more before delivery is due. However, no payment or delivery is made until payment is received
or delivery is made from the other party to the transaction. Forward commitment or when-issued transactions are not entered into
for the purpose of investment leverage.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Restricted
Securities. </B>Securities held by the Fund may be legally restricted as to resale (such as those issued in private placements),
including commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act and securities eligible for resale pursuant to Rule
144A thereunder, and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States pursuant to
Regulation S thereunder. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund
may incur additional expense when disposing of restricted securities, including all or a portion of the cost to register the securities.
The Fund also may acquire securities through private placements under which it may agree to contractual restrictions on the resale
of such securities that are in addition to applicable legal restrictions. In addition, if the Adviser or Sub-Adviser receives
material non-public information about the issuer, the Fund may as a result be unable to sell the securities. Restricted securities
may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale.
It may be difficult to sell restricted securities at a price representing fair value until such time as the securities may be
sold publicly. Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the
issuer, the Fund could find it more difficult to sell such securities when the Adviser or Sub-Adviser believes it advisable to
do so or may be able to sell such securities only at prices lower than if such securities were more widely held. Holdings of restricted
securities may increase the level of Fund illiquidity if eligible buyers become uninterested in purchasing them. Restricted securities
may involve a high degree of business and financial risk, which may result in substantial losses.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illiquid
Investments.</B></FONT> The Fund may invest up to 15% of its total assets in investments for which there is no readily available
trading market or that are otherwise illiquid. It may be difficult to sell illiquid investments at a price representing their
fair value until such time as such investments may be sold publicly. Where registration is required, a considerable period may
elapse between a decision by the Fund to sell the investments and the time when it would be permitted to sell. Thus, the Fund
may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may also acquire
investments through private placements under which it may agree to contractual restrictions on the resale of such investments.
Such restrictions might prevent their sale at a time when such sale would otherwise be desirable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At times, a portion of the Fund&#8217;s assets may be invested
in investments as to which the Fund, by itself or together with other accounts managed by the Adviser and its affiliates, holds
a major portion or all of such investments. Under adverse market or economic conditions or in the event of adverse changes in the
financial condition of the issuer, the Fund could find it more difficult to sell such investments when the Adviser or Sub-Adviser
believes it advisable to do so or may be able to sell such investments only at prices lower than if such investments were more
widely held. It may also be more difficult to determine the fair value of such investments for purposes of computing the Fund&#8217;s
net asset value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
Derivative Instruments. </B></FONT>In addition to the intended strategy of selling index call options, the Fund may invest up to
20% of its total assets in other derivative instruments (which are instruments that derive their value from another instrument,
security or index) acquired for hedging, risk management and investment purposes (to gain exposure to securities, securities markets,
markets indices and/or currencies consistent with its investment objectives and policies), provided that no more than 10% of the
Fund&#8217;s total assets may be invested in such derivative instruments acquired for non-hedging purposes. These strategies may
be executed through the use of derivative contracts in the United States or abroad. As described more specifically below, the Fund
may purchase and sell derivative contracts based on equity and fixed-income indices and other instruments, purchase and sell futures
contracts and options thereon, and enter into various transactions such as swaps, caps, floors or collars. In an equity collar,
the Fund simultaneously writes a call option and purchases a put option on the same instrument. In addition, derivatives may also
include new techniques, instruments or strategies that are permitted as regulatory changes occur. Derivative instruments may be
used by the Fund to enhance returns or as a substitute for the purchase or sale of securities. The Fund&#8217;s transactions in
derivative instruments involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest
rates, the other financial instruments&#8217; prices; the inability to close out a position; default by the counterparty; imperfect
correlation between a position and the desired hedge; tax constraints on closing out positions; and portfolio management constraints
on securities subject to such transactions. The loss on derivative instruments (other than purchased options) may substantially
exceed the Fund&#8217;s initial investment in these instruments. In addition, the Fund may lose the entire premium paid for purchased
options that expire before they can be profitably exercised by the Fund. Transaction costs will be incurred in opening and closing
positions in derivative instruments. There can be no assurance that the use of derivative instruments will be advantageous to the
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Swaps.</B></FONT>
Swap contracts may be purchased or sold to hedge against fluctuations in securities prices, interest rates or market conditions,
to change the duration of the overall portfolio, or to mitigate default risk. In a standard &#8220;swap&#8221; transaction, two
parties agree to exchange the returns (or differentials in rates of return) to be exchanged or &#8220;swapped&#8221; between the
parties, which returns are calculated with respect to a &#8220;notional amount,&#8221; i.e., the return on or increase in value
of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; of securities representing a
particular index.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Equity swaps</I>. Equity swaps involve the exchange by the
Fund with another party of their respective returns as calculated on a notional amount of an equity index basket of equity securities,
or individual equity security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Interest rate swaps, caps and floors</I>. Interest rate swaps
are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an asset in
return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate floor
entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of
interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles
the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest
on a notional principal amount from the party selling such interest rate cap. The Fund will enter into interest rate and total
return swaps only on a net basis, i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case
may be, only the net amount of the two payments. Interest rate swaps involve the exchange by the Fund with another party of their
respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating-rate payments). If the
other party to an interest rate swap defaults, the Fund&#8217;s risk of loss consists of the net amount of payments that the Fund
is contractually entitled to receive. The net amount of the excess, if any, of the Fund&#8217;s obligations over its entitlements
will be maintained in a segregated account by the Fund&#8217;s custodian. The Fund will not enter into any interest rate swap unless
the claims-paying ability of the other party thereto is considered to be investment grade by the Adviser. If there is a default
by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may use interest rate swaps for risk management purposes
only and not as a speculative investment and would typically use interest rate swaps to shorten the average interest rate reset
time of the Fund&#8217;s holdings. The use of interest rate swaps is a highly specialized activity which involves investment techniques
and risks different from those associated with ordinary portfolio securities transactions. If the Adviser is incorrect in its forecasts
of market values, interest rates and other applicable factors, the investment performance of the Fund would be unfavorably affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Total
return swaps.</I></FONT> As stated above, the Fund will enter into total return swaps only on a net basis. Total return swaps are
contracts in which one party agrees to make payments of the total return from the underlying asset(s), which may include securities,
baskets of securities, or securities indices during the specified period, in return for payments equal to a fixed or floating-rate
of interest or the total return from other underlying asset(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
and Options on Futures. </B></FONT>The Fund may purchase and sell various kinds of financial futures contracts and options thereon
to seek to hedge against changes in interest rates or for other risk management purposes. Futures contracts may be based on various
debt securities, securities indices or currencies. Such transactions involve a risk of loss or depreciation due to unanticipated
adverse changes in securities prices, which may exceed the Fund&#8217;s initial investment in these contracts. The Fund will only
purchase or sell futures contracts or related options in compliance with the rules of the CFTC. These transactions involve transaction
costs. There can be no assurance that Eaton Vance&#8217;s use of futures will be advantageous to the Fund. Sales of futures contracts
and related options generally result in realization of short-term or long-term capital gain depending on the period for which the
investment is held. To the extent that any futures contract or options on futures contract held by the Fund is a &#8220;section
1256 contract&#8221; under the Code, the contract will be marked-to-market annually and any gain or loss will be treated as 60%
long-term and 40% short-term, regardless of the holding period for such contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Short
Sales. </B></FONT>The Fund may sell a security short if it owns at least an equal amount of the security sold short or another
security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a
short sale against-the-box). In a short sale against-the-box, the short seller is exposed to the risk of being forced to deliver
stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be
recognized on the delivered stock. The Fund expects normally to close its short sales against-the-box by delivering newly acquired
stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Short sales against-the-box can be a tax-efficient alternative
to the sale of an appreciated securities position. The ability to use short sales against-the-box as a tax-efficient management
technique with respect to holdings of appreciated securities is limited to circumstances in which the hedging transaction is closed
out not later than thirty days after the end of the Fund&#8217;s taxable year in which the transaction was initiated, and the underlying
appreciated securities position is held unhedged for at least the next sixty days after the hedging transaction is closed. Not
meeting these requirements would trigger the recognition of gain on the underlying appreciated securities position under the federal
tax laws applicable to constructive sales.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Securities
Lending. </B></FONT>The Fund may seek to earn income by lending portfolio securities to broker-dealers or other institutional borrowers.
As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the securities loaned if the
borrower of the securities fails financially. Loans will be made only to organizations whose credit quality or claims paying ability
is considered by the Adviser to be at least investment grade and when the expected returns, net of administrative expenses and
any finders&#8217; fees, justifies the attendant risk. Securities loans currently are required to be secured continuously by collateral
in cash, cash equivalents (such as money market instruments) or other liquid securities held by the custodian and maintained in
an amount at least equal to the market value of the securities loaned. The financial condition of the borrower will be monitored
by the Adviser on an ongoing basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Borrowings.
</B></FONT>The Fund may borrow money to the extent permitted under the 1940 Act as interpreted, modified or otherwise permitted
by the regulatory authority having jurisdiction. Although it does not currently intend to do so, the Fund may in the future from
time to time borrow money to add leverage to the portfolio. The Fund may also borrow money for temporary administrative purposes
or to meet temporary cash needs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reverse
Repurchase Agreements. </B></FONT>The Fund may enter into reverse repurchase agreements. Under a reverse repurchase agreement,
the Fund transfers possession of a portfolio instrument to a counterparty, such as a bank or broker-dealer, in return for cash.
At the same time, the Fund agrees to repurchase the instrument at an agreed-upon time and price, which reflects an interest payment.
The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement,
which would increase earned income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In the event of the insolvency of the counterparty to a reverse
repurchase agreement, recovery of the securities sold by the Fund may be delayed. In a reverse repurchase agreement, the counterparty&#8217;s
insolvency may result in a loss equal to the amount by which the value of the securities sold by the Fund exceeds the repurchase
price payable by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">When the Fund enters into a reverse repurchase agreement, any
fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds
may be invested would affect the market value of the Fund&#8217;s assets. As a result, such transactions may increase fluctuations
in the market value of the Fund&#8217;s assets. While there is a risk that large fluctuations in the market value of the Fund&#8217;s
assets could affect net asset value, this risk is not significantly increased by entering into reverse repurchase agreements, in
the opinion of the Adviser. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing
funds, they constitute a form of leverage and may be subject to leverage risks. The SEC views reverse repurchase transactions as
collateralized borrowings. Such agreements will be treated as subject to investment restrictions regarding borrowings. If the Fund
reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement
will lower the Fund&#8217;s cash available for distribution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Turnover. </B></FONT>The Fund will buy and sell securities to seek to accomplish its investment objectives. Portfolio turnover
generally involves expense to the Fund, including brokerage commissions and other transaction costs on the sale of securities and
reinvestment in other securities. The Fund expects to maintain high turnover in index call options, based on the Adviser&#8217;s
intent to sell index call options on at least 80% of the value of its total assets. For its stock holdings, the Fund&#8217;s annual
portfolio turnover rate is expected to exceed that of the S&amp;P 500<SUP>&reg; </SUP> and the NASDAQ-100 due to turnover in connection
with the Fund&#8217;s tax loss harvesting, gain matching, dividend capture and other strategies. On an overall basis, the Fund&#8217;s
annual turnover rate may exceed 100%. A high turnover rate (100% or more) necessarily involves greater trading expenses to the
Fund. The portfolio turnover rate for the Fund for the fiscal years ended December 31, 2019 and 2018 were 2% and 4%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Temporary
Investments</B></FONT>. During unusual market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents
temporarily, which may be inconsistent with its investment objectives, principal strategies and other policies. Cash equivalents
are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and
short-term U.S. government obligations. In moving to a substantial temporary investments position and in transitioning from such
a position back into conformity with the Fund&#8217;s normal investment policies, the Fund may incur transaction costs that would
not be incurred if the Fund had remained fully invested in accordance with such normal policies. The transition to and from a substantial
temporary investments position may also result in the Fund having to sell common stocks and/or close out options positions and
then later purchase common stocks and open new options positions in circumstances that might not otherwise be optimal. The Fund&#8217;s
investment in such temporary investments under unusual market circumstances may not be in furtherance of the Fund&#8217;s investment
objectives.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Discount
From or Premium to NAV.</B></FONT> The Offering will be conducted only when Common Shares of the Fund are trading at a price equal
to or above the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions. As with any security, the market
value of the Common Shares may increase or decrease from the amount initially paid for the Common Shares. The Fund&#8217;s Common
Shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies
frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may
decrease.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary
Market for the Common Shares.</B></FONT> The issuance of Common Shares through the Offering may have an adverse effect on the secondary
market for the Common Shares. The increase in the amount of the Fund&#8217;s outstanding Common Shares resulting from the Offering
may put downward pressure on the market price for the Common Shares of the Fund. Common Shares will not be issued pursuant to the
Offering at any time when Common Shares are trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share
plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; Common Shares may be issued under the plan at a discount to the
market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Fund may
also issue Common Shares of the Fund that are sold through transactions effected on the NYSE. The increase in the amount of the
Fund&#8217;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Fund&#8217;s per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
and Market Risk.</B></FONT> An investment in Common Shares is subject to investment risk, including the possible loss of the entire
principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund,
which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other
market investments, may move up or down, sometimes rapidly and unpredictably. Because the Fund intends, under normal market conditions,
to sell index call options on at least 80% of the value of its total assets, the Fund&#8217;s appreciation potential from equity
market performance will be limited. The Common Shares at any point in time may be worth less than the original investment, even
after taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The value of investments held by the Fund may increase or
decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets.
The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the
Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions.
Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases
or increases in short-term interest rates, could cause high volatility in markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Issuer
Risk.</B></FONT> The value of securities held by the Fund may decline for a number of reasons that directly relate to the issuer,
such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity
Risk. </B></FONT>Under normal market conditions, the Fund invests at least 80% of its total assets in a diversified portfolio of
common stocks, which are a type of equity investment. The value of equity investments and related instruments may decline in response
to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity
price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; and
other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock
market declines, the value of the Fund&#8217;s equity securities will also likely decline. Although stock prices can rebound, there
is no assurance that values will return to previous levels. Preferred stocks and other hybrid securities in which the Fund may
invest may also be sensitive to changes in interest rates; when interest rates rise, their value will generally fall. Hybrid securities
generally possess characteristics common to both equity and debt securities. Preferred stocks, convertible securities, and certain
debt obligations are types of hybrid securities. Hybrid securities generally have a preference over common stock in the event of
the issuer&#8217;s liquidation and </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">perpetual or near perpetual terms at time of issuance. Hybrid
securities generally do not have voting rights or have limited voting rights. Because hybrid securities have both debt and equity
characteristics, their values vary in response to many factors, including general market and economic conditions, issuer-specific
events, changes in interest rates, credit spreads and the credit quality of the issuer, and, for convertible securities, factors
affecting the securities into which they convert.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investment Risk. </B></FONT>Investments in foreign issuers could be affected by factors not present in the United States, including
expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available
financial and other information, and potential difficulties in enforcing contractual obligations. Because foreign issuers may not
be subject to uniform accounting, auditing and financial reporting standards, practices and requirements and regulatory measures
comparable to those in the United States, there may be less publicly available information about such foreign issuers. Settlements
of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than
in the United States, which could affect the liquidity of the Fund&#8217;s assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Foreign issuers may become subject to sanctions imposed by the
United States or another country, which could result in the immediate freeze of the foreign issuers&#8217; assets or securities.
The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit the Fund&#8217;s
ability to buy, sell, receive or deliver the securities. Trading in certain foreign markets is also subject to liquidity risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Political events in foreign countries may cause market disruptions.
In June 2016, the United Kingdom (&#8220;UK&#8221;) voted in a referendum to leave the European Union (&#8220;EU&#8221;) (&#8220;Brexit&#8221;).
Effective January 31, 2020, the UK ceased to be a member of the EU following a period of impasse within the UK Parliament, and
the holding of an early general election in December 2019 to break the deadlock. The European Parliament and UK Government are
expected to focus attention on the nature of the UK&#8217;s future relationship with the EU during an agreed transitional period.
There is significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible
political, regulatory, economic, and market outcomes in the UK, EU and beyond are difficult to predict. Brexit may cause greater
market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence,
and increased likelihood of a recession in the UK. If one or more additional countries leave the EU or the EU dissolves, the world&#8217;s
securities markets likely will be significantly disrupted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As an alternative to holding foreign-traded investments, the
Fund may invest in U.S. dollar-denominated investments of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter
market including depositary receipts, such as ADRs, GDRs and EDRs which evidence ownership of shares of a foreign issuer and are
alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue
to be subject to many of the risks associated with investing directly in foreign securities. These risks include the political
and economic risks of the underlying issuer&#8217;s country, as well as in the case of depositary receipts traded on foreign markets,
currency risk. Depositary receipts may be sponsored or unsponsored. Unsponsored depositary receipts are established without the
participation of the issuer. As a result, available information concerning the issuer of an unsponsored depository receipt may
not be as current as for sponsored depositary receipts, and the prices of unsponsored depositary receipts may be more volatile
than if such instruments were sponsored by the issuer. Unsponsored depositary receipts may involve higher expenses, may not pass
through voting or other shareholder rights and may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Since the Fund may invest in securities denominated or quoted
in currencies other than the U.S. dollar, the value of foreign assets and currencies as measured in U.S. dollars may be affected
favorably or unfavorably by changes in foreign currency rates and exchange control regulations, application of foreign tax laws
(including withholding tax), governmental administration of economic or monetary policies (in the U.S. or abroad), and relations
between nations and trading.&nbsp; Foreign currencies also are subject to settlement, custodial and other operational risks. Currency
exchange rates can be affected unpredictably by intervention, or the failure to intervene, by U.S. or foreign governments or central
banks or by currency controls or political developments in the United States or abroad.&nbsp; If the U.S. dollar rises in value
relative to a foreign currency, a security denominated in that foreign currency will be worth less in U.S. dollars. If the U.S.
dollar decreases in value relative to a foreign currency, a security denominated in that foreign currency will be worth more in
U.S. dollars.&nbsp; A devaluation of a currency by a country&#8217;s government or banking authority will have a significant impact
on the value of any investments denominated in that currency.&nbsp; Costs are incurred in connection with conversions between currencies.&nbsp;
</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Emerging
Market Investments Risk. </B></FONT>The Fund may invest up to 15% of its total assets in securities of issuers located in emerging
markets. The risks of foreign investments can be more significant in emerging markets. Emerging markets may offer higher potential
for gains and losses than investments in the developed markets of the world. Political and economic structures in emerging market
countries generally lack the social, political and economic stability of developed countries, which may affect the value of the
Fund&#8217;s investments in these countries and also the ability of the Fund to access markets in such countries. Governmental
actions can have a significant effect on the economic conditions in emerging market countries, which also may adversely affect
the value and liquidity of the Fund&#8217;s investments. The laws of emerging market countries relating to the limited liability
of corporate shareholders, fiduciary duties of officers and directors, and bankruptcy of state enterprises are generally less developed
than or different from such laws in the United States. It may be more difficult to obtain a judgment in the courts of these countries
than it is in the United States. Disruptions due to work stoppages and trading improprieties in foreign securities markets have
caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Also, investments in issuers domiciled in countries with emerging
capital markets may involve certain additional risks that do not generally apply to investments in issuers in more developed capital
markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for
such investments, as compared to investments in comparable issuers in more developed capital markets; (ii) uncertain national policies
and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation or
high rates of inflation; (iii) possible significant fluctuations in exchange rates, differing legal systems and the existence or
possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable
to such investments; (iv) national policies that may limit investment opportunities; and (v) the lack or relatively early development
of legal structures governing private and foreign investments and private property. Trading practices in emerging markets also
may be less developed, resulting in inefficiencies relative to trading in more developed markets, which may result in increased
transaction costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency
Risk.</B></FONT> Since the Fund invests in securities denominated or quoted in currencies other than the U.S. dollar, the Fund
is affected by changes in foreign currency exchange rates (and exchange control regulations) which affect the value of investments
in the Fund and the accrued income and appreciation or depreciation of the investments in U.S. dollars. Changes in foreign currency
exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund&#8217;s assets denominated in that currency
and the Fund&#8217;s return on such assets as well as any temporary uninvested reserves in bank deposits in foreign currencies.
In addition, the Fund will incur costs in connection with conversions between various currencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may attempt to protect against adverse changes in the
value of the U.S. dollar in relation to a foreign currency by entering into a forward contract for the purchase or sale of the
amount of foreign currency invested or to be invested, or by buying or selling a foreign currency option or futures contract for
such amount. Such strategies may be employed before the Fund purchases a foreign security traded in the currency which the Fund
anticipates acquiring or between the date the foreign security is purchased or sold and the date on which payment therefor is made
or received. Seeking to protect against a change in the value of a foreign currency in the foregoing manner does not eliminate
fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Furthermore, such
transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to
the position taken. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had
not entered into such contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risk
of Selling Index Call Options. </B></FONT>Under normal market conditions, at least 80% of the value of the Fund&#8217;s total
assets is subject to written index call options. The purchaser of an index call option has the right to any appreciation in the
value of the index over the exercise price of the call option as of the valuation date of the option. Because their exercise is
settled in cash, sellers of index call options such as the Fund cannot provide in advance for their potential settlement obligations
by acquiring and holding the underlying securities. The Fund intends to mitigate the risks of its written index call positions
by holding a diversified portfolio of domestic and foreign stocks similar to those of the indices on which it writes call options.
However, the Fund does not intend to acquire and hold a portfolio of exactly the same stocks as the indices on which it writes
call options. Due to tax considerations, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset
thereof) and each index on which it has outstanding options positions to less than 70% on an ongoing basis. Consequently, the
Fund bears the risk that the performance of the Fund&#8217;s stock portfolio will vary from the performance of the indices on
which it writes call options. For example, the Fund will suffer a loss if the S&amp;P 500<SUP>&reg; </SUP> appreciates substantially
above the exercise price of S&amp;P 500<SUP>&reg; </SUP> call options written by the Fund while the securities held by the Fund
in the U.S. Segment in the aggregate fail to appreciate as much or decline in value over the life of the written option. Index
options written by the Fund are priced on a daily basis. Their value may be affected by changes in the price and dividend rates
of the underlying common stocks in such index, changes in actual or perceived volatility of such index and the remaining time
to the options&#8217; expiration. The trading price of index call options may also be affected by liquidity considerations and
the balance of purchase and sale orders.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A decision as to whether, when and how to use options involves
the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market
behavior or unexpected events. As the writer of index call options, the Fund will forgo, during the option&#8217;s life, the opportunity
to profit from increases in the value of the applicable index above the sum of the option premium received and the exercise price
of the call option, but retains the risk of loss, minus the option premium received, should the value of the applicable index decline.
When a call option is exercised, the Fund will be required to deliver an amount of cash determined by the excess of the value of
the applicable index at contract termination over the exercise price of the option. Thus, the exercise of index call options sold
by the Fund may require the Fund to sell portfolio securities to generate cash at inopportune times or for unattractive prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">With respect to the International Segment, the Fund generally
intends to sell options on broad-based foreign country and/or regional stock indices that are listed for trading in the United
States or which otherwise qualify as &#8220;section 1256 contracts.&#8221; Options on foreign indices that are listed for trading
in the U.S. or which otherwise qualify as &#8220;section 1256 contracts&#8221; may trade in substantially lower volumes and with
substantially wider bid-ask spreads than other options contracts on the same or similar indices that trade on other markets outside
the United States or in OTC markets. To implement its options program most effectively, the Fund may sell index options that do
not qualify as &#8220;section 1256 contracts,&#8221; including OTC options. Gain or loss on index options not qualifying as &#8220;section
1256 contracts&#8221; would be realized upon disposition, lapse or exercise of the positions and would generally be treated as
short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The trading price of options may be adversely affected if the
market for such options becomes less liquid or smaller. The Fund may close out a call option by buying the option instead of letting
it expire or be exercised. There can be no assurance that a liquid market will exist when the Fund seeks to close out a call option
position by buying the option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there
may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions
or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular
classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the
facilities of an exchange or the OCC may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges
could, for economic or other reasons, decide or be compelled to discontinue the trading of options (or a particular class or series
of options) at some future date. If trading were discontinued, the secondary market on that exchange (or in that class or series
of options) would cease to exist. However, outstanding options on that exchange that had been issued by the OCC as a result of
trades on that exchange would continue to be exercisable in accordance with their terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The hours of trading for options may not conform to the hours
during which common stocks held by the Fund are traded. To the extent that the options markets close before the markets for securities,
significant price and rate movements can take place in the securities markets that would not be reflected concurrently in the options
markets. index call options are marked to market daily and their value may be substantially affected by changes in the value of
and dividend rates of the securities represented in the underlying index, changes in interest rates, changes in the actual or perceived
volatility of the associated index and the remaining time to the options&#8217; expiration, as well as trading conditions in the
options market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To implement its options program most effectively, the Fund may
sell index options that trade in OTC markets. Participants in these markets are typically not subject to credit evaluation and
regulatory oversight as are members of &#8220;exchange based&#8221; markets. By engaging in index option transactions in these
markets, the Fund may take a credit risk with regard to parties with which it trades and also may bear the risk of settlement default.
These risks may differ materially from those involved in exchange-traded transactions, which generally are characterized by clearing
organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to
intermediaries. Transactions entered into directly between two counterparties generally do not benefit from these protections,
which in turn may subject the Fund to the risk that a counterparty will not settle a transaction in accordance with agreed terms
and conditions because of a dispute over the terms of the contract or because of a credit or liquidity problem. Such &#8220;counterparty
risk&#8221; is increased for contracts with longer maturities when events may intervene to prevent settlement. The ability of the
Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties
or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for
losses to the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax
Risk.</B></FONT> Reference is made to &#8220;Federal Income Tax Matters&#8221; for an explanation of the federal income tax consequences
and attendant risks of investing in the Fund. Although the Fund generally seeks to minimize and defer the federal income taxes
incurred by Common Shareholders in connection with their investment in the Fund, there can be no assurance that it will be successful
in this regard. Market conditions may limit the Fund&#8217;s ability to generate tax losses or to generate income taxed at favorable
tax rates. The Fund&#8217;s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment
or to sell a security in order to create tax losses. The Fund&#8217;s ability to utilize various tax-management techniques may
be curtailed or eliminated in the future by tax legislation, regulation or interpretations. Distributions paid on the Common Shares
may be characterized variously as net investment income (taxable at ordinary income rates), qualified dividends and capital gains
dividends (each taxable at long-term capital gains rates) or return of capital (not currently taxable). The ultimate tax characterization
of the Fund&#8217;s distributions made in a calendar year may not finally be determined until after the end of that calendar year.
Distributions to a Common Shareholder that are return of capital will be tax free to the amount of the Common Shareholder&#8217;s
current tax basis in his or her Common Shares, with any distribution amounts exceeding such basis treated as capital gain on a
deemed sale of Common Shares. Common Shareholders are required to reduce their tax basis in Common Shares by the amount of tax-free
return of capital distributions received, thereby increasing the amount of capital gain (or decreasing the amount of capital loss)
to be recognized upon a later disposition of the Common Shares. In order for Fund distributions of qualified dividend income to
be taxable at favorable long-term capital gains rates, the Fund must meet holding period and other requirements with respect to
the dividend-paying stock in its portfolio and a Common Shareholder must meet certain prescribed holding period and other requirements
with respect to his or her Common Shares. If positions held by the Fund were treated as &#8220;straddles&#8221; for federal income
tax purposes, dividends on such positions would not constitute qualified dividend income subject to favorable income tax treatment.
Gain or loss on positions in a straddle are subject to special (and generally disadvantageous) rules as described under &#8220;Federal
Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of Investing in Smaller and Mid-Sized Companies. </B></FONT>The Fund may make investments in stocks of companies whose market capitalization
is considered middle sized or &#8220;mid-cap.&#8221; Smaller and mid-sized companies often are newer or less established companies
than larger companies. Investments in smaller and mid-sized companies carry additional risks because earnings of these companies
tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and
the management of such companies may be dependent upon one or a few key people. The market movements of equity securities of smaller
and mid-sized companies may be more abrupt or erratic than the market movements of equity securities of larger, more established
companies or the stock market in general. Historically, smaller and mid-sized companies have sometimes gone through extended periods
when they did not perform as well as larger companies. In addition, equity securities of smaller and mid-sized companies generally
are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling such securities
at the time and price that the Fund would like.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of &#8220;Growth&#8221; Stock Investing.</B></FONT> The Fund expects to invest substantially in stocks with &#8220;growth&#8221;
characteristics. Growth stocks can react differently to issuer, political, market and economic developments than the market as
a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other
types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types
of stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate Risk.</B></FONT> The premiums from writing index call options and amounts available for distribution from the Fund&#8217;s
options activity may decrease in declining interest rate environments. The value of the Fund&#8217;s common stock investments may
also be influenced by changes in interest rates. Higher yielding stocks and stocks of issuers whose businesses are substantially
affected by changes in interest rates may be particularly sensitive to interest rate risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dividend
Capture Trading Risk.</B></FONT> The use of dividend capture strategies will expose the Fund to higher portfolio turnover, increased
trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks
subject to dividend capture trading.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives
Risk. </B></FONT>In addition to writing index call options, the risks of which are described above, the Fund may invest up to 20%
of its total assets in other derivative investments acquired for hedging, risk management and investment purposes, provided that
no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments acquired for non-hedging purposes.
Other derivatives instruments may include exchange-listed and over-the-counter put and call options on securities, equity and fixed-income
indices and other instruments; futures contracts and options thereon; and various transactions such as swaps, caps, floors or collars.
The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument
underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage
in the Fund, which represents non-cash exposure to the underlying assets, index, rate or instrument. Leverage can increase both
the risk and return potential of the Fund. Derivative risks may be more significant when they are used to enhance return or as
a substitute for a cash</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">investment position, rather than solely to hedge the risk of
a position held by the Fund. Derivatives for hedging purposes may not reduce risk if they are not sufficiently correlated to the
position being hedged. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful
in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for
hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter
markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value
of the underlying instrument. If a derivative&#8217;s counterparty is unable to honor its commitments, the value of Fund shares
may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss
on derivative transactions may substantially exceed the initial investment.&nbsp; A derivative investment also involves the risks
relating to the asset, index, rate or instrument underlying the investment. There can be no assurance that the use of derivative
instruments will be advantageous to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
Risk.</B></FONT> The Fund may invest up to 15% of its total assets in investments for which there is no readily available trading
market or which are otherwise illiquid. The Fund may not be able to readily dispose of such investments at prices that approximate
those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund
may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. In addition,
the limited liquidity could affect the market price of the investments, thereby adversely affecting the Fund's net asset value
and ability to make dividend distributions. The financial markets in general have previously, and may in the future experience
periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were
suddenly and substantially below traditional measures of intrinsic value. During such periods, it may be possible to sell some
securities only at arbitrary prices and with substantial losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation
Risk.</B></FONT> Inflation risk is the risk that the value of assets or income from investment will be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon
can decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial
Leverage Risk.</B></FONT> Although the Fund has no current intention to do so, the Fund is authorized and reserves the flexibility
to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance of debt securities. In the
event that the Fund determines in the future to utilize investment leverage, there can be no assurance that such a leveraging strategy
will be successful during any period in which it is employed. Leverage creates risks for Common Shareholders, including the likelihood
of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in distribution rates
on any preferred shares or fluctuations in borrowing costs may affect the return to Common Shareholders. To the extent the returns
derived from investments purchased with proceeds received from leverage exceeds the cost of leverage, the Fund&#8217;s distributions
may be greater than if leverage had not been used. Conversely, if the returns from the investments purchased with such proceeds
are not sufficient to cover the cost of leverage, the amount available for distribution to Common Shareholders will be less than
if leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine to maintain the
Fund&#8217;s leveraged position if it deems such action to be appropriate. The costs of an offering of preferred shares and/or
a borrowing program would be borne by Common Shareholders and consequently would result in a reduction of the net asset value of
Common Shares. In addition, the advisory fee paid to Eaton Vance is calculated on the basis of the Fund&#8217;s average daily gross
assets, including any form of investment leverage utilized by the Fund, including proceeds from the issuance of preferred shares
and/or borrowings, so such fees will be higher when leverage is utilized. In this regard, holders of preferred shares do not bear
the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets
purchased with the proceeds of the preferred shares offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Fund&#8217;s use of derivative instruments exposes the Fund to special risks. See &#8220;Investment
Objectives, Policies and Risks&#8212;Additional Investment Practices&#8221; and &#8220;Investment Objectives, Policies, and Risks&#8212;Risk
Considerations.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Sector Risk.</B> The Fund may invest a significant portion
of its assets in securities of issuers in any single sector of the economy (a broad based economic segment that may include many
distinct industries) if companies in that sector meet the Fund's investment criteria. If the Fund is focused in a sector, it may
present more risks than if it were broadly diversified over numerous sectors of the economy. This may make the Fund more susceptible
to adverse economic, political, or regulatory occurrences affecting these sectors. As the percentage of the Fund's assets invested
in a particular sector increases, so does the potential for fluctuation in the net asset value of Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Technology
Risk.</B></FONT> The technology industries can be significantly affected by obsolescence of existing technology, short product
cycles, falling prices and profits, competition from new market entrants, and general economic conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Management
Risk.</B></FONT> The Fund is subject to management risk because it is an actively managed portfolio. Eaton Vance, Parametric and
the individual portfolio managers will use internal research and proprietary modeling techniques and software in making investment
decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund&#8217;s strategy seeks
to take advantage of certain quantitative and behavioral market characteristics identified by the adviser and/or sub-adviser, utilizing
a systematic, rules-based investment process. A systematic investment process is dependent on the adviser&#8217;s and sub-adviser&#8217;s
skill in developing and maintaining that process.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Recent
Market Events.</B></FONT> An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December
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, and in March 2020, a declaration of a national emergency in the United States. The
impact of this coronavirus may last for an extended period of time and result in a substantial economic downturn.&nbsp; 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, and other epidemics and pandemics that
may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual
companies and the market in general in significant and unforeseen ways.&nbsp; Any such impact could adversely affect the Fund&#8217;s
performance or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
The effects of the outbreak may also cause issuers of securities held by the Fund to reduce, delay or eliminate previously anticipated
dividend payments, which may adversely affect the Fund&#8217;s distribution rate. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT>&nbsp; With the increased use of technologies by Fund service providers to conduct business, such as the Internet,
the Fund is susceptible to operational, information security and related risks. The Fund relies on communications technology, systems,
and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit
the Fund&#8217;s ability to use these technologies. In general, cyber incidents can result from deliberate attacks or unintentional
events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221;
or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational
disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing
denial-of-service attacks on websites. A denial-of-service attack is an effort to make network services unavailable to intended
users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service
providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation,
during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct
by employees and agents, natural disasters, or other foreseeable and unforeseeable events. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because technology is consistently changing, new ways to carry
out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for,
or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability to plan for or respond to a cyber attack.
Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience,
cyber incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent
release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse
effect on the Fund&#8217;s business operations or performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund uses third party service providers who are also heavily
dependent on computers and technology for their operations. Cybersecurity failures by or breaches of the Fund&#8217;s investment
adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the
issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may
result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its NAV, or cause
violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation
costs, litigation costs, or additional compliance costs. While many of the Fund&#8217;s service providers have established business
continuity plans and risk management systems intended to identify and mitigate cyber attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have not been identified. The Fund cannot control the cybersecurity
plans and systems put in place by service providers to the Fund and issuers in which the Fund invests.&nbsp; The Fund and its shareholders
could be negatively impacted as a result. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the
world have previously resulted, and may continue to result in market volatility and may have long-term effects on the United States
and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot
predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial
markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to
the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-takeover
Provisions.</B></FONT> The Fund&#8217;s Agreement and Declaration of Trust includes provisions that could have the effect of limiting
the ability of other persons or entities to acquire control of the Fund or to change the composition of its Board. These provisions
may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing
the expenses of the Fund and interfering with the normal operation of the Fund. See &#8220;Description of Capital Structure - Certain
Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&#8221;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Management of the Fund</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BOARD OF TRUSTEES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The management of the Fund, including general supervision of
the duties performed by the Adviser under the Advisory Agreement (as defined below) and the Sub-Adviser under the Sub-Advisory
Agreement (as defined below), is the responsibility of the Fund&#8217;s Board under the laws of The Commonwealth of Massachusetts
and the 1940 Act.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Eaton Vance acts as the Fund&#8217;s investment adviser under
an Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;). The Adviser&#8217;s principal office is located at Two
International Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals
and institutions since 1924 and of investment funds since 1931. As of January 31, 2020, Eaton Vance and its affiliates managed
approximately $518.2 billion of fund and separate account assets on behalf of clients, including approximately $138.7 billion in
equity assets. Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp., a publicly-held holding company, which through its
subsidiaries and affiliates engages primarily in investment management, administration and marketing activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Fund&#8217;s Board, Eaton
Vance is responsible for managing the Fund&#8217;s overall investment program and executing the Fund&#8217;s options strategy.
Eaton Vance is also responsible for providing the Sub-Adviser with research support and supervising the performance of the Sub-Adviser.
As described below under the caption &#8220;The Sub-Adviser,&#8221; Parametric is responsible for structuring and managing the
Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. The Adviser will furnish to the Fund investment
advice and office facilities, equipment and personnel for servicing the investments of the Fund. The Adviser will compensate all
Trustees and officers of the Fund who are members of the Adviser&#8217;s organization and will also compensate all other Adviser
personnel who provide research and investment services to the Fund. In return for these services, facilities and payments, the
Fund has agreed to pay the Adviser as compensation under the Advisory Agreement an annual fee in the amount of 1.00% of the average
daily gross assets of the Fund. Gross assets of the Fund means total assets of the Fund, including any form of investment leverage
that the Fund may in the future determine to utilize, minus all accrued expenses incurred in the normal course of operations, but
not excluding any liabilities or obligations attributable to any future investment leverage obtained through (i) indebtedness of
any type (including, without limitation, borrowing through a credit facility/commercial paper program or the issuance of debt securities),
(ii) the issuance of preferred shares or other similar preference securities, (iii) the reinvestment of collateral received for
securities loaned in accordance with the Fund&#8217;s investment objectives and policies and/or (iv) any other means. During any
future periods in which the Fund is using leverage, the fees paid to Eaton Vance for investment advisory services will be higher
than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund&#8217;s gross assets, including
proceeds from any borrowings and from the issuance of preferred shares. The Fund is responsible for all expenses not expressly
stated by another party (such as the expenses required to be paid pursuant to an agreement with the investment adviser or administrator).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&#8217;s semiannual shareholder report contains information
regarding the basis for the Trustees&#8217; approval of the Fund&#8217;s Advisory Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Michael A. Allison is responsible for managing the Fund&#8217;s
overall investment program and executing the Fund&#8217;s options strategy, and also provides the Sub-Adviser with research support
and supervises the performance of the Sub-Adviser. Mr. Allison is a Vice President of Eaton Vance, is a member of Eaton Vance&#8217;s
Equity Strategy Committee and has been portfolio manager of the Fund since June 2015. Mr. Allison has managed other Eaton Vance
portfolios for more than five years.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE SUB-ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance has engaged its affiliate Parametric as a sub-adviser
to the Fund. Parametric is responsible for structuring and managing the Fund&#8217;s common stock portfolio, including tax-loss
harvesting (i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset
capital gains realized by the Fund) and other tax-management techniques, relying in part on the fundamental research and analytical
judgments of the Adviser. Parametric&#8217;s principal office is located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104. Parametric
is an investment manager that has been providing investment advisory services since its formation in 1987. Headquartered in Seattle,
Parametric has offices in Minneapolis, New York City, Boston and Westport, Connecticut. As of January 31, 2020, Parametric&#8217;s
assets under management totaled approximately $320.8 billion. Parametric is an indirect, wholly-owned subsidiary of EVC.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the terms of the Sub-Advisory Agreement (a &#8220;Sub-Advisory
Agreement&#8221;) between Eaton Vance and Parametric, Eaton Vance (and not the Fund) pays Parametric a portion of the advisory
fee for sub-advisory services provided to the Fund. Pursuant to the terms of the Advisory Agreement, Eaton Vance, upon approval
by the Board, may terminate the Sub-Advisory Agreement, and Eaton Vance may assume full responsibility for the services provided
by Parametric without the need for approval by shareholders of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Thomas Seto is the Parametric portfolio manager responsible for
the day-to-day structuring and management of the Fund&#8217;s common stock portfolio. Mr. Seto manages two other Eaton Vance closed-end
investment companies that utilize a buy-write investment strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mr. Seto is Head of Investment Management at Parametric and
was previously Director of Portfolio Management at Parametric for more than five years. Mr. Seto has been a portfolio manager of
the Fund since June 2005 and has managed other Eaton Vance portfolios for more than five years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund, the Adviser and the Sub-Adviser have adopted codes
of ethics relating to personal securities transactions (the &#8220;Codes of Ethics&#8221;). The Codes of Ethics permit Adviser
and Sub-Adviser personnel to invest in securities (including securities that may be purchased or held by the Fund) for their own
accounts, subject to certain pre-clearance, reporting and other restrictions and procedures contained in such Codes of Ethics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Additional Information Regarding Portfolio Managers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The SAI provides additional information about the portfolio managers&#8217;
compensation, other accounts managed by the portfolio managers, and the portfolio managers&#8217; ownership of securities in the
Fund. The SAI is available free of charge by calling 1-800-262-1122 or by visiting the Fund&#8217;s website at http://www.eatonvance.com.
The information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this prospectus or the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE ADMINISTRATOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance serves as administrator of the Fund. Under an Amended
and Restated Administrative Services Agreement with the Fund (the &#8220;Administration Agreement&#8221;), Eaton Vance is responsible
for managing the business affairs of the Fund, subject to the supervision of the Fund&#8217;s Board. Eaton Vance furnishes to the
Fund all office facilities, equipment and personnel for administering the affairs of the Fund. Eaton Vance&#8217;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Fund&#8217;s custodian and transfer agent, providing assistance in connection with the Board
and shareholders&#8217; meetings, providing service in connection with any repurchase offers and other administrative services
necessary to conduct the Fund&#8217;s business. Eaton Vance currently receives no compensation for providing administrative services
to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="text-transform: uppercase"><B>Legal Proceedings</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In November 2010, the Fund was named as defendant and a putative
member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of
the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (Tribune) in 2007 when
Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced
by a Litigation Trustee pursuant to Tribune&#8217;s plan of reorganization, seeks to recover payments of the proceeds of the LBO.
In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive
fraudulent conveyance claims arising out of the LBO (the &#8220;SLFC actions&#8221;). The Fund has been named as a defendant in
one of the SLFC actions filed in United States District Court &#8212; District of Massachusetts by Deutsche Bank Trust Co. Americas
seeking to recover the proceeds received in connection with the LBO from former shareholders. The FitzSimons action and the SLFC
actions are now part of a multi-district litigation proceeding in the Southern District of New York. The value of the proceeds
received by the Fund is approximately $891,000 (equal to 0.08% of net assets at December 31, 2019).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund cannot predict the outcome of these proceedings or the
effect, if any, on the Fund&#8217;s net asset value. The attorneys&#8217; fees and costs related to these actions are expensed
by the Fund as incurred.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Plan of Distribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may directly solicit offers to purchase Common Shares,
or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such Offering, name
any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Fund must pay to such agent(s).
Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters may be customers
of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then resell
such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Fund in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified in this Prospectus, will be identified in the applicable
Prospectus Supplement or other offering materials (or a post-effective amendment).</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund or one of the Fund&#8217;s affiliates may loan or pledge
Common Shares to a financial institution or other third party that in turn may sell Common Shares using this Prospectus. Such financial
institution or third party may transfer its short position to investors in Common Shares or in connection with a simultaneous Offering
of other Common Shares offered by this Prospectus or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Distributions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to an exemptive order issued by the Securities and Exchange
Commission (&#8220;Order&#8221;), the Fund is authorized to distribute long-term capital gains to shareholders more frequently
than once per year. Pursuant to the Order, the Fund&#8217;s Board of Trustees approved a Managed Distribution Plan (&#8220;MDP&#8221;)
pursuant to which the Fund makes monthly cash distributions to Common Shareholders, stated in terms of a fixed amount per common
share. Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of these distributions
or from the terms of the MDP. The MDP is subject to regular periodic review by the Fund&#8217;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 is treated as
a non-dividend distribution for tax purposes and is not subject to current tax. A return of capital reduces a shareholder&#8217;s
tax cost basis in fund shares. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance
and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; 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&#8217;s distributions for tax purposes will be reported to shareholders on Form
1099-DIV for each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to its MDP, the Fund makes monthly distributions to Common
Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists
of the Fund&#8217;s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized
gains on stock investments. 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 substantial return of capital component. The Fund&#8217;s distribution rate may
be adjusted from time-to-time. The Board may modify this distribution policy at any time without obtaining the approval of Common
Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund distinguishes between distributions on a tax basis and
a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions
in excess of tax basis earnings and profits be 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect automatically to reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Dividend
Reinvestment Plan.&#8221;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has elected to be treated and intends to qualify
each year as a regulated investment company (&#8220;RIC&#8221;) under the Code. Accordingly, the Fund intends to satisfy certain
requirements relating to sources of its income and diversification of its assets and to distribute substantially all of its net
income (including both investment company taxable income and net tax-exempt interest income) and net short-term and long-term capital
gains, if any, (after reduction by any available capital loss carryforwards) in accordance with the timing requirements imposed
by the Code, so as to maintain its RIC status and to avoid paying federal income or excise tax thereon. If it qualifies for treatment
as a RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject to federal income tax on income
or gains paid to its shareholders in the form of dividends.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify as a RIC for federal income tax purposes, the Fund
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains
from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a qualified publicly traded partnership. The Fund must also distribute to its shareholders
at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for each taxable
year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund must also satisfy certain requirements with respect
to the diversification of its assets. The Fund must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Fund or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Fund&#8217;s assets may be
invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in securities (other than
U.S. Government securities or the securities of other RICs) of any one issuer, or of two or more issuers that the Fund controls
and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified
publicly traded partnerships.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Fund does not qualify as a RIC for any taxable year,
the Fund&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including
distributions of net capital gain (if any), will generally be taxable to the shareholder as ordinary income. Such distributions
may be eligible to be treated as qualified dividend income with respect to shareholders who are individuals, and may be eligible
for the dividends-received deduction in the case of shareholders taxed as corporations, provided certain holding period and other
requirements are met. In order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay
substantial taxes and interest, and make substantial distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At least annually, the Fund intends to distribute any net
capital gain (which is the excess of net long-term capital gain over net short-term capital loss) or, alternatively, to retain
all or a portion of the year&#8217;s net capital gain and pay federal income tax on the retained gain. The Fund is permitted to
designate the retained amount as undistributed capital gain in a timely notice to Common Shareholders, who would then, in turn
(i) be required to include their attributable share of the retained gain in their income for the year as long-term capital gain
(regardless of holding period in the Common Shares) and (ii) will be entitled to a tax credit or refund for the tax paid on their
behalf by the Fund. Common Shareholders of record for the retained capital gain will also be entitled to increase their tax basis
in their Common Shares by the difference between the amount of retained gain included in income and the tax deemed paid by them.
The Fund is not required to, and there can be no assurance that the Fund will, make this designation if it retains all or a portion
of its net taxable gain in a taxable year. Distributions of the Fund&#8217;s net capital gain (&#8220;capital gain distributions&#8221;),
if any, are taxable to Common Shareholders as long-term capital gain, regardless of their holding period in the Common Shares.
Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If, for any calendar year, the Fund&#8217;s total distributions
exceed the Fund&#8217;s current and accumulated earnings and profits, the excess will be treated as a tax-free return of capital
to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares) and thereafter
as gain from the sale of Common Shares (assuming the Common Shares are held as a capital asset). The amount treated as a tax-free
return of capital will reduce the Common Shareholder&#8217;s adjusted basis in his or her Common Shares, thereby increasing his
or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her Common Shares.
A corporation that owns Fund shares generally will only be entitled to the dividends-received deduction to the extent of the amount
of eligible dividends received by the Fund from domestic corporations for the taxable year, and only if holding period and other
requirements are met at the shareholder and Fund levels.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain of the Fund&#8217;s investment practices are subject
to special and complex federal income tax provisions that may, among other things, (i) convert dividends that would otherwise constitute
qualified dividend income into ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate dividends-received
deduction as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions,
(iv) convert long-term capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss or deduction
into a capital loss (the deductibility of which is more limited), (vi) cause the Fund to recognize income or gain without a corresponding
receipt of cash, (vii) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (viii)
adversely alter the characterization of certain complex financial transactions, and (ix) produce income that will not constitute
qualifying income for purposes of the 90% annual gross income requirement described above. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The tax treatment of certain positions entered into by the Fund
(including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be governed
by Section 1256 of the Code (&#8220;Section 1256 Contracts&#8221;). Code Section 1256 generally requires any gain or loss arising
from a Section 1256 Contract to be treated as 60% long-term and 40% short-term capital gain or loss. In addition, the Fund generally
will be required to &#8220;mark to market&#8221; (i.e., treat as sold for fair market value) each Section 1256 Contract at the
close of each taxable year (and on October 31 of each year for excise tax purposes). If a Section 1256 Contract held by the Fund
at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on such sale will be adjusted
to reflect the gain or loss previously taken into account under the &#8220;mark to market&#8221; rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code contains special rules that apply to &#8220;straddles,&#8221;
defined generally as the holding of &#8220;offsetting positions with respect to personal property.&#8221; For example, the straddle
rules normally apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially identical
stock or securities. In general, investment positions will be offsetting if there is a substantial diminution in the risk of loss
from holding one position by reason of holding one or more other positions. Under certain circumstances, the Fund may enter into
options transactions or certain other investments that may constitute positions in a straddle. If two or more positions constitute
a straddle, recognition of a realized loss from one position must generally be deferred to the extent of unrecognized gain in an
offsetting position. In addition, long-term capital gain may be recharacterized as short-term capital gain, or short-term capital
loss as long-term capital loss. Interest and other carrying charges allocable to personal property that is part of a straddle are
not currently deductible but must instead be capitalized. Similarly, &#8220;wash sale&#8221; rules apply to prevent the recognition
of loss by the Fund from the disposition of stock or securities at a loss in a case in which identical or substantially identical
stock or securities (or an option to acquire such property) is or has been acquired within a prescribed period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code allows a taxpayer to elect to offset gains and losses
from positions that are part of a &#8220;mixed straddle.&#8221; A &#8220;mixed straddle&#8221; is any straddle in which one or
more but not all positions are section 1256 contracts. The Fund may be eligible to elect to establish one or more mixed straddle
accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require a daily &#8220;marking to
market&#8221; of all open positions in the account and a daily netting of gains and losses from all positions in the account. At
the end of a taxable year, the annual net gains or losses from the mixed straddle account are recognized for tax purposes. The
net capital gain or loss is treated as 60% long-term and 40% short-term capital gain or loss if attributable to the section 1256
contract positions, or all short-term capital gain or loss if attributable to the non-section 1256 contract positions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may recognize gain (but not loss) from a constructive
sale of certain &#8220;appreciated financial positions&#8221; if the Fund enters into a short sale, offsetting notional principal
contract, or a forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated
financial positions subject to this constructive sale treatment include interests (including options and forward contracts and
short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction is closed out
not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying appreciated
securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss from a short sale of property is generally considered
as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&#8217;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on
the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will
be treated as a long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221; has been
held by the Fund for more than one year. In addition, entering into a short sale may result in suspension of the holding period
of &#8220;substantially identical property&#8221; held by the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss on a short sale will generally not be realized
until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds
a short sale position with respect to securities that has appreciated in value, and it then acquires property that is the same
as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property
as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position
with respect to securities and then enters into a short sale with respect to the same or substantially identical property, the
Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters
into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive
sale rules will be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8220;Qualified dividend income&#8221; received by an individual
is generally taxed at the rates applicable to long-term capital gain. In order for a dividend received by Fund shareholders to
be qualified dividend income, the Fund must meet holding period and other requirements with respect to the dividend-paying stock
in its portfolio and the shareholders must meet holding period and other requirements with respect to the Fund&#8217;s shares.
A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received
with respect to any share of stock held for fewer than 61 days during the 121-day period beginning at the date which is 60 days
before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock,
91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation
(whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or
related property, (3) if the recipient elects to have the dividend income treated as investment interest, or (4) if the dividend
is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the
U.S. (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities
market in the U.S.) or (b) treated as a passive foreign investment company. Payments in lieu of dividends, such as payments pursuant
to securities lending arrangements, also do not qualify to be treated as qualified dividend income. In general, distributions of
investment income properly reported by the Fund as derived from qualified dividend income will be treated as qualified dividend
income by a shareholder taxed as an individual provided the shareholder meets the holding period and other requirements described
above with respect to the Fund&#8217;s shares. Gains on option positions treated as short-term and other short-term gains, interest
income and non-qualified dividends are not eligible for the lower tax rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will inform Common Shareholders of the source and tax
status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selling Common Shareholders will generally recognize gain
or loss in an amount equal to the difference between the Common Shareholder&#8217;s adjusted tax basis in the Common Shares sold
and the sale proceeds. If the Common Shares are held as a capital asset, the gain or loss will be a capital gain or loss. Any loss
on a disposition of Common Shares held for six months or less will be treated as a long-term capital loss to the extent of any
capital gain dividends received with respect to those Common Shares. For purposes of determining whether Common Shares have been
held for six months or less, the holding period is suspended for any periods during which the Common Shareholder&#8217;s risk of
loss is diminished as a result of holding one or more other positions in substantially similar or related property, or through
certain options or short sales. Any loss realized on a sale or exchange of Common Shares will be disallowed to the extent those
Common Shares are replaced by other Common Shares within a period of 61 days beginning 30 days before and ending 30 days after
the date of disposition of the Common Shares (whether through the reinvestment of distributions or otherwise). In that event, the
basis of the replacement Common Shares will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net investment income of certain U.S. individuals, estates
and trusts is subject to a 3.8% Medicare contribution tax. For individuals, the tax is on the lesser of the &#8220;net investment
income&#8221; and the excess of modified adjusted gross income over $200,000 (or $250,000 if married filing jointly). Net investment
income includes, among other things, interest, dividends, and gross income and capital gains derived from passive activities and
trading in securities or commodities. Net investment income is reduced by deductions &#8220;properly allocable&#8221; to this income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in foreign securities may be subject to foreign withholding
taxes or other foreign taxes with respect to income (possibly including, in some cases, capital gains) which may decrease the yield
on such securities. These taxes may be reduced or eliminated under the terms of an applicable tax treaty. Shareholders generally
will not be entitled to claim a credit or deduction with respect to foreign taxes paid by a Fund. In addition, investments in foreign
securities or foreign currencies may increase or accelerate a Fund&#8217;s recognition of ordinary income and may affect the timing
or amount of a Fund&#8217;s distributions.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investor should be aware that, if Common Shares are purchased
shortly before the record date for any taxable distribution (including a capital gain distribution), the purchase price likely
will reflect the value of the distribution and the investor then would receive a taxable distribution that is likely to reduce
the trading value of such Common Shares, in effect resulting in a taxable return of some of the purchase price. Taxable distributions
to certain individuals and certain other non-corporate Common Shareholders, including those who have not provided their correct
taxpayer identification number and other required certifications, may be subject to &#8220;backup&#8221; federal income tax withholding.
Backup withholding is not an additional tax. Any amounts withheld may be credited against the Common Shareholder&#8217;s U.S.
federal income tax liability, provided the appropriate information is furnished to the IRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investor should also be aware that the benefits of the reduced
tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative
minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain foreign entities including foreign entities acting as
intermediaries may be subject to a 30% withholding tax on ordinary dividend income paid under the Foreign Account Tax Compliance
Act (&#8220;FATCA&#8221;). To avoid withholding, foreign financial institutions subject to FATCA must agree to disclose to the
relevant revenue authorities certain information regarding their direct and indirect U.S. owners and other foreign entities must
certify certain information regarding their direct and indirect U.S. owners to the Fund. In addition, the IRS and the Department
of Treasury have issued proposed regulations providing that these withholding rules will not be applicable to the gross proceeds
of share redemptions or capital gain dividends the Fund pays. For more detailed information regarding FATCA withholding and compliance,
please refer to the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing briefly summarizes some of the important federal
income tax consequences to Common Shareholders of investing in Common Shares, reflects the federal tax law as of the date of this
Prospectus and does not address special tax rules applicable to certain types of investors, such as corporate and foreign investors.
Unless otherwise noted, this discussion assumes that an investor is a U.S. person and holds Common Shares as a capital asset. This
discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative
ruling authorities, all of which are subject to change or differing interpretations by the courts or the IRS retroactively or prospectively.
Investors should consult their tax advisors regarding other federal, state or local tax considerations that may be applicable in
their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Dividend Reinvestment Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund offers a dividend reinvestment plan (the &#8220;Plan&#8221;),
pursuant to which a Common Shareholder may elect to have distributions automatically reinvested in Common Shares of the Fund. You
may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate,
you will receive all Fund distributions in cash paid by check mailed directly to you by American Stock Transfer &amp; Trust Company,
LLC (&#8220;AST&#8221; or &#8220;Plan Agent&#8221;), as dividend paying agent. On the distribution payment date, if the net asset
value per Common Share is equal to or less than the market price per Common Share plus estimated brokerage commissions, then new
Common Shares will be issued. The number of Common Shares shall be determined by the greater of the net asset value per Common
Share or 95% of the market price. Otherwise, Common Shares generally will be purchased on the open market by the Plan Agent. Distributions
subject to income tax (if any) are taxable whether or not shares are reinvested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in your name with the Fund&#8217;s transfer agent, AST, or you will
not be able to participate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Plan Agent&#8217;s service fee for handling distributions
will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on page 56. If you withdraw, you will receive shares in your name for all Common
Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent
sell part or all of his or her Common Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage
commissions from the proceeds. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Description of Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is an unincorporated business trust established under
the laws of The Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated and filed with the Secretary of The
Commonwealth on March 30, 2005 (the &#8220;Declaration of Trust&#8221;). The Declaration of Trust provides that the Board may authorize
separate classes of shares of beneficial interest. The Board has authorized an unlimited number of Common Shares. The Fund intends
to hold annual meetings of Common Shareholders in compliance with the requirements of the NYSE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>COMMON SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust permits the Fund to issue an unlimited
number of full and fractional Common Shares. Each Common Share represents an equal proportionate interest in the assets of the
Fund with each other Common Share in the Fund. Common Shareholders will be entitled to the payment of distributions when, as and
if declared by the Board. The 1940 Act or the terms of any future borrowings or issuance of preferred shares may limit the payment
of distributions to the Common Shareholders. Each whole Common Share shall be entitled to one vote as to matters on which it is
entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying
or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding
preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection,
the Board may distribute the remaining assets of the Fund among the Common Shareholders. The Declaration of Trust provides that
Common Shareholders are not liable for any liabilities of the Fund and permits inclusion of a clause to that effect in every agreement
entered into by the Fund and, in coordination with the Fund&#8217;s By-laws, indemnifies shareholders against any such liability.
Although shareholders of an unincorporated business trust established under Massachusetts law may, in certain limited circumstances,
be held personally liable for the obligations of the business trust as though they were general partners, the provisions of the
Fund&#8217;s Declaration of Trust and By-laws described in the foregoing sentence make the likelihood of such personal liability
remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention to issue preferred shares or
to borrow money. However, if at some future time there are any borrowings or preferred shares outstanding, the Fund may not be
permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i) all accrued distributions
on preferred shares or accrued interest on borrowings have been paid and (ii) the value of the Fund&#8217;s total assets (determined
after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities,
is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount
of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to
the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the
Fund obtaining a rating of preferred shares from a nationally recognized statistical rating agency (a &#8220;Rating Agency&#8221;).
These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s
ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its
qualification for taxation as a regulated investment company for federal income tax purposes. If the Fund were in the future to
issue preferred shares or borrow money, it would intend, however, to the extent possible to purchase or redeem preferred shares
or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions
to the holders of the preferred shares in certain circumstances in connection with any potential impairment of the Fund&#8217;s
status as a regulated investment company. See &#8220;Federal Income Tax Matters.&#8221; Depending on the timing of any such redemption
or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the
holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no present intention of offering additional Common
Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current net asset value (exclusive of underwriting discounts
and commissions) except in connection with an offering to existing Common Shareholders or with the consent of a majority of the
outstanding Common Shares. The Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund generally will not issue Common Share certificates.
However, upon written request to the Fund&#8217;s transfer agent, a share certificate will be issued for any or all of the full
Common Shares credited to an investor&#8217;s account. Common Share certificates that have been issued to an investor may be returned
at any time.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT METHODS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because shares of closed-end management investment companies
frequently trade at a discount to their net asset values, the Board has determined that from time-to-time it may be in the interest
of Common Shareholders for the Fund to take corrective actions to reduce trading discounts in the Common Shares. The Board, in
consultation with Eaton Vance, will review at least annually the possibility of open market repurchases and/or tender offers for
the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares,
the liquidity of the assets of the Fund, the effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s
status as a regulated investment company or result in a failure to comply with applicable asset coverage requirements, general
economic conditions and such other events or conditions that may have a material effect on the Fund&#8217;s ability to consummate
such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or, if undertaken,
that such actions will result in the Common Shares trading at a price equal to or approximating their net asset value. In recognition
of the possibility that the Common Shares might trade at a discount to net asset value and that any such discount may not be in
the interest of shareholders, the Board, in consultation with Eaton Vance, from time to time may review possible actions to reduce
any such discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board of Trustees initially approved a share repurchase
program for the Fund on August 6, 2012. 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. Results of the share repurchase program are disclosed in the Fund&#8217;s
annual and semiannual reports to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention of issuing any shares other
than the Common Shares. However, the Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial
interest with preference rights (the &#8220;preferred shares&#8221;) in one or more series, with rights as determined by the Board,
by action of the Board without the approval of the Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the requirements of the 1940 Act, the Fund must, immediately
after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as
defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus
the aggregate liquidation preference of the preferred shares. If the Fund seeks a rating for preferred shares, asset coverage requirements
in addition to those set forth in the 1940 Act may be imposed. The liquidation value of any preferred shares would be expected
to equal their aggregate original purchase price plus redemption premium, if any, together with any accrued and unpaid distributions
thereon (on a cumulative basis), whether or not earned or declared. The terms of any preferred shares, including their distribution
rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law
and the Fund&#8217;s Declaration of Trust) if and when it authorizes preferred shares. The Fund may issue preferred shares that
provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing
procedure, although the terms of such preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution
rate on any preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred
shares and the Fund&#8217;s leverage structure, resulting in a lower rate of return to Common Shareholders than if the Fund were
not so structured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential
liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with
accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is
made to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred
shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Holders of preferred shares, voting as a class, would be entitled
to elect two of the Fund&#8217;s Trustees if any preferred shares are issued. The holders of both the Common Shares and the preferred
shares (voting together as a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining
Trustees of the Fund. Under the 1940 Act, if at any time dividends on the preferred shares are unpaid in an amount equal to two
full years&#8217; dividends thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect
a majority of the Board until all distributions in arrears have been paid or declared and set apart for payment. In addition, if
required by a Rating Agency rating the preferred shares or if the Board determines it to be in the best interests of the Common
Shareholders,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">issuance of the preferred shares may result in more restrictive
provisions than required under the 1940 Act. In this regard, holders of preferred shares may be entitled to elect a majority of
the Board <FONT STYLE="color: windowtext">in other circumstances, for example, if one payment on the preferred shares is in arrears.
The differing rights of the holders of preferred and Common Shares with respect to the election of Trustees do not affect the obligation
of all Trustees to take actions they believe to be consistent with the best interests of the Fund. All such actions must be consistent
with (i) the obligations of the Fund with respect to the holders of preferred shares (which obligations arise primarily from the
contractual terms of the preferred shares, as specified in the Declaration of Trust and By-laws of the Fund) and (ii) the fiduciary
duties owed to the Fund, which include the duties of loyalty and care.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any future issuance of preferred shares, the
Fund likely would seek a credit rating for such preferred shares from a Rating Agency. In such event, as long as preferred shares
are outstanding, the composition of its portfolio will reflect guidelines established by such Rating Agency. Based on previous
guidelines established by Rating Agencies for the securities of other issuers, the Fund anticipates that the guidelines with respect
to any preferred shares would establish a set of tests for portfolio composition and asset coverage that supplement (and in some
cases are more restrictive than) the applicable requirements under the 1940 Act. Although no assurance can be given as to the nature
or extent of the guidelines that may be imposed in connection with obtaining a rating of any preferred shares, the Fund anticipates
that such guidelines would include asset coverage requirements that are more restrictive than those under the 1940 Act, restrictions
on certain portfolio investments and investment practices and certain mandatory redemption requirements relating to any preferred
shares. No assurance can be given that the guidelines actually imposed with respect to any preferred shares by a Rating Agency
would be more or less restrictive than those described in this Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CREDIT FACILITY/COMMERCIAL PAPER PROGRAM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention to borrow money for the purpose
of obtaining investment leverage. If, in the future, the Fund determines to engage in investment leverage using borrowings, the
Fund may enter into definitive agreements with respect to a credit facility/commercial paper program or other borrowing program,
pursuant to which the Fund would expect to be entitled to borrow up to a specified amount. Any such borrowings would constitute
financial leverage. Borrowings under such a facility/commercial paper program would not be expected to be convertible into any
other securities of the Fund. Outstanding amounts would be expected to be prepayable by the Fund prior to final maturity without
significant penalty, and no sinking fund or mandatory retirement provisions would be expected to apply. Outstanding amounts would
be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts
under the facility/program or incur a penalty rate of interest in the event of the occurrence of certain events of default. The
Fund would be expected to indemnify the lenders under the facility/program against liabilities they may incur in connection with
the facility/program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund expects that any such credit facility/program
would contain covenants that, among other things, likely would limit the Fund&#8217;s ability to pay distributions in certain circumstances,
incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations,
and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets
and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and
expenses. The Fund expects that any credit facility/program would have customary covenant, negative covenant and default provisions.
There can be no assurance that the Fund will enter into an agreement for a credit facility/ program on terms and conditions representative
of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such credit facility/program
may in the future be replaced or refinanced by one or more credit facilities having substantially different terms or by the issuance
of preferred shares or debt securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>EFFECTS OF POSSIBLE FUTURE LEVERAGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As discussed above, the Fund has no current intention to issue
preferred shares or to borrow money for the purpose of obtaining investment leverage. In the event that the Fund determines in
the future to utilize investment leverage, there can be no assurance that such a leveraging strategy would be successful during
any period in which it is employed. Leverage creates risks for Common Shareholders, including the likelihood of greater volatility
of net asset value and market price of the Common Shares and the risk that fluctuations in distribution rates on any preferred
shares or fluctuations in borrowing costs may affect the return to Common Shareholders. To the extent that amounts available for
distribution derived from securities purchased with the proceeds of leverage exceed the cost of such leverage, the Fund&#8217;s
distributions would be greater than if leverage had not been used. Conversely, if the amounts available for distribution derived
from securities purchased with leverage proceeds are not sufficient to cover the cost of leverage, distributions to Common Shareholders
would be less than if leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine
to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate. The costs of an offering of preferred shares and/or a borrowing program would be borne by
Common Shareholders and consequently would result in a reduction of the net asset value of Common Shares. See &#8220;Risk Considerations
-- Financial Leverage Risk.&#8221;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the advisory fee paid to Eaton Vance is calculated
on the basis of the Fund&#8217;s average daily gross assets, which includes any form of investment leverage utilized by the Fund,
including proceeds from the issuance of preferred shares and/or borrowings, so such fees would be higher if leverage is utilized.
In this regard, holders of preferred shares would not bear the investment advisory fee. Rather, Common Shareholders would bear
the portion of the investment advisory fee attributable to the assets purchased with the proceeds of the preferred shares offering.
See &#8220;Risk Considerations -- Financial Leverage Risk.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CERTAIN PROVISIONS OF THE DECLARATION OF TRUST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Anti-Takeover Provisions in the Declaration of Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust includes provisions that could have
the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of
its Board and could have the effect of depriving Common Shareholders of an opportunity to sell their Common Shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions may have
the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses
of the Fund and interfering with the normal operation of the Fund. The Board is divided into three classes, with the term of one
class expiring at each annual meeting of shareholders. At each annual meeting, one class of Trustees is elected to a three-year
term. This provision could delay for up to two years the replacement of a majority of the Board. A Trustee may be removed from
office only for cause by a written instrument signed by the remaining Trustees or by a vote of the holders of at least two-thirds
of the class of shares of the Fund that elected such Trustee and are entitled to vote on the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Declaration of Trust requires the favorable
vote of the holders of at least 75% of the outstanding shares of each class of the Fund, voting as a class, then entitled to vote
to approve, adopt or authorize certain transactions with 5%-or-greater holders of a class of shares and their associates, unless
the Board shall by resolution have approved a memorandum of understanding with such holders, in which case normal voting requirements
would be in effect. For purposes of these provisions, a 5%-or-greater holder of a class of shares (a &#8220;Principal Shareholder&#8221;)
refers to any person who, whether directly or indirectly and whether alone or together with its affiliates and associates, beneficially
owns 5% or more of the outstanding shares of any class of beneficial interest of the Fund. The transactions subject to these special
approval requirements are: (i) the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal
Shareholder; (ii) the issuance of any securities of the Fund to any Principal Shareholder for cash; (iii) the sale, lease or exchange
of all or any substantial part of the assets of the Fund to any Principal Shareholder (except assets having an aggregate fair market
value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series
of similar transactions within a twelve-month period); or (iv) the sale, lease or exchange to or with the Fund or any subsidiary
thereof, in exchange for securities of the Fund, of any assets of any Principal Shareholder (except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged
in any series of similar transactions within a twelve-month period).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has determined that provisions with respect to the
Board and the 75% voting requirements described above, which voting requirements are greater than the minimum requirements under
Massachusetts law or the 1940 Act, are in the best interest of Common Shareholders generally. Reference should be made to the Declaration
of Trust on file with the SEC for the full text of these provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CONVERSION TO OPEN-END FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may be converted to an open-end management investment
company at any time if approved by the lesser of (i) two-thirds or more of the Fund&#8217;s then outstanding Common Shares and
preferred shares (if any), each voting separately as a class, or (ii) more than 50% of the then outstanding Common Shares and preferred
shares (if any), voting separately as a class if such conversion is recommended by at least 75% of the Trustees then in office.
If approved in the foregoing manner, conversion of the Fund could not occur until 90 days after the shareholders&#8217; meeting
at which such conversion was approved and would also require at least 30 days&#8217; prior notice to all shareholders. Conversion
of the Fund to an open-end management investment company also would require the redemption of any outstanding preferred shares
and could require the repayment of borrowings, which would eliminate any future leveraged capital structure of the Fund with respect
to the Common Shares. In the event of conversion, the Common Shares would cease to be listed on the NYSE or other national securities
exchange or market system. The Board believes that the closed-end structure is desirable, given the Fund&#8217;s investment objectives
and policies. Investors should assume, therefore, that it is unlikely that the Board would vote to convert the Fund to an open-end
management investment company. Shareholders of an open-end management</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">investment company may require the company to redeem their shares
at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption
charge, if any, as might be in effect at the time of a redemption. If the Fund were to convert to an open-end investment company,
the Fund expects it would pay all such redemption requests in cash, but would likely reserve the right to pay redemption requests
in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage costs in
converting such securities to cash. If the Fund were converted to an open-end fund, it is likely that new Common Shares would be
sold at net asset value plus a sales load.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Custodian and Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&#8220;State Street&#8221;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Fund and will maintain custody of
the securities and cash of the Fund. State Street maintains the Fund&#8217;s general ledger and computes net asset value per share
at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings
with the Fund&#8217;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder
reports and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP>
Avenue, Brooklyn, NY 11219 is the transfer agent and dividend disbursing agent of the Fund.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Legal Opinions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares will
be passed upon for the Fund by internal counsel for Eaton Vance.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will send to Common Shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Fund&#8217;s financial statements and provides other audit, tax and related
services.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Prospectus and the SAI do not contain all of the information
set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement may be obtained
from the SEC upon payment of the fee prescribed by its rules and regulations. The SAI can be obtained without charge by calling
1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Statements contained in this Prospectus as to the contents
of any contract or other documents referred to are not necessarily complete, and, in each instance, reference is made to the copy
of such contract or other document filed as an exhibit to the Registration Statement of which this Prospectus forms a part, each
such statement being qualified in all respects by such reference.</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Table of Contents for the Statement of Additional Information</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-top: 6pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 6pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: gray"><FONT STYLE="color: #000000">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Additional Investment Information and Restrictions &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Trustees and Officers &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Investment Advisory and Other Services &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Determination of Net Asset Value &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Portfolio Trading &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Taxes &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Other Information &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Custodian &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Financial Statements &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">APPENDIX A: Eaton Vance Funds Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">APPENDIX B: Adviser Proxy Voting Policies and Procedures &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">APPENDIX C: Parametric Portfolio Associates LLC Proxy Voting Policies and Procedures &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center">40</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Fund&#8217;s Privacy Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Eaton Vance organization is committed to ensuring your
financial privacy. Each entity listed below has adopted a privacy policy and procedures (&#8220;Privacy Program&#8221;) Eaton Vance
believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your
personal information. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At the time of opening an account, Eaton Vance generally
requires you to provide us with certain information such as name, address, social security number, tax status, account
numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to
satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">On an ongoing basis, in the normal course of servicing
your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton
Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional
advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information
with our affiliates.</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to
prevent unauthorized access to that information. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our
Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our pledge of protecting your personal information applies
to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance
Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited,
Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management&#8217;s Real Estate Investment
Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Privacy Notice supersedes all previously issued privacy
disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For more information about our Privacy Program or about how
your personal information may be used, please call 1-800-262-1122.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt NewsGoth Dm BT,sans-serif; margin: 6pt 0; text-align: center">Up to 12,811,820 Shares</P>

<P STYLE="font: 14pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund</P>

<P STYLE="font: 14pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: 14pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Prospectus April 14, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>Printed on recycled paper.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>
<!-- Field: /Include-Text -->

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<!-- Field: Include-Text; File: T:\Filings with the SEC\497 Supplements\2020\CLOSED END FUNDS\ETW 497 (Annual) dtd 4%2D14%2D20\edgar\tmgbwofsai.htm; Date: 2020%2D04%2D14T16:32:52; Size: 398796 -->
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 4.5in">STATEMENT OF<BR>
ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 4.5in">April 14, 2020</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TAX-MANAGED GLOBAL
BUY-WRITE OPPORTUNITIES FUND</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">1-800-262-1122</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 6pt; padding-bottom: 6pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 6pt; padding-right: 4.5pt; padding-bottom: 6pt; text-align: center; line-height: normal">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Additional Investment Information and Restrictions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Trustees and Officers &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Investment Advisory and Other Services &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Determination of Net Asset Value &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Portfolio Trading &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Taxes &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Other Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Custodian &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Financial Statements &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">APPENDIX A: Eaton Vance Funds Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">APPENDIX B: Adviser Proxy Voting Policies and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">APPENDIX C: Parametric Portfolio Associates LLC Proxy Voting Policies and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: center; line-height: normal">40</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THIS STATEMENT OF ADDITIONAL INFORMATION (&ldquo;SAI&rdquo;)
IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE PROSPECTUS
OF EATON VANCE TAX-MANAGED GLOBAL BUY-WRITE OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) DATED APRIL 14, 2020 (THE &ldquo;PROSPECTUS&rdquo;),
AS SUPPLEMENTED FROM TIME TO TIME, WHICH IS INCORPORATED HEREIN BY REFERENCE. THIS SAI SHOULD BE READ IN CONJUNCTION WITH SUCH
PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED WITHOUT CHARGE BY CONTACTING YOUR FINANCIAL INTERMEDIARY OR CALLING THE FUND AT 1-800-262-1122.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Capitalized terms used in this SAI and not otherwise defined
have the meanings given them in the Fund&rsquo;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION AND
RESTRICTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Primary investment strategies are described in the Prospectus.
The following is a description of the various investment policies that may be engaged in, whether as a primary or secondary strategy,
and a summary of certain attendant risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity
Investments.</B></FONT> As described in the Prospectus, the Fund invests primarily in common stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Preferred
Stocks.</B></FONT> The Fund may invest in preferred stocks of both domestic and foreign issuers. Under normal market conditions,
the Fund expects, with respect to that portion of its total assets invested in preferred stocks, to invest only in preferred stocks
of investment grade quality as determined by S&amp;P, Fitch or Moody&rsquo;s or, if unrated, determined to be of comparable quality
by Eaton Vance. The foregoing credit quality policies apply only at the time a security is purchased, and the Fund is not required
to dispose of a security in the event of a downgrade of an assessment of credit quality or the withdrawal of a rating.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Preferred stock represents an equity interest in a corporation,
company or trust that has a higher claim on the assets and earnings than common stock. Preferred stock usually has limited voting
rights. Preferred stock involves credit risk, which is the risk that a preferred stock will decline in price, or fail to pay dividends
when expected, because the issuer experiences a decline in its financial status. A company&rsquo;s preferred stock generally pays
dividends after the company makes the required payments to holders of its bonds and other debt instruments but before dividend
payments are made to common stockholders. However, preferred stock may not pay scheduled dividends or dividend payments may be
in arrears. The value of preferred stock may react more strongly than bonds and other debt instruments to actual or perceived changes
in the company&rsquo;s financial condition or prospects. Certain preferred stocks may be convertible to common stock. Preferred
stock may be subject to redemption at the option of the issuer at a predetermined price. Because they may make regular income payments,
preferred stocks may be considered fixed-income securities for purposes of a Fund&rsquo;s investment restrictions. In addition
to credit risk, investment in preferred stocks involves certain other risks as more fully described in the Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivative
Instruments.</B></FONT> Generally, derivatives can be characterized as financial instruments whose performance is derived at least
in part from the performance of an underlying reference instrument. Derivative instruments may be acquired in the United States
or abroad and include the various types of exchange-traded and over-the-counter (&ldquo;OTC&rdquo;) instruments described herein
and other instruments with substantially similar characteristics and risks. Depending on the type of derivative instrument and
the Fund&rsquo;s investment strategy, a derivative instrument may be based on a security, instrument, index, currency, commodity,
economic indicator or event (referred to as &ldquo;reference instruments&rdquo;). Fund obligations created pursuant to derivative
instruments may be subject to the requirements described under &ldquo;Asset Coverage&rdquo; herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to writing index call options, the risks of which
are described in the Prospectus, the Fund may invest up to 20% of its total assets in other derivative instruments acquired for
hedging, risk management and investment purposes (to gain exposure to securities, securities markets, markets indices and/or currencies
consistent with the Fund&rsquo;s investment objectives and policies), provided that no more than 10% of the Fund&rsquo;s total
assets may be invested in such derivative instruments acquired for non-hedging purposes. In the course of pursuing these investment
strategies, the Fund may: purchase and sell exchange-listed and over-the-counter put and call options on securities, equity and
fixed-income indices and other instruments; purchase and sell futures contracts and options thereon; and enter into various transactions
such as swaps, caps, floors or collars. In addition, derivatives may include new techniques, instruments or strategies that are
permitted as regulatory changes occur. Foreign exchange traded futures contracts and options thereon may be used only if the Adviser
determines that trading on such foreign exchange does not entail risks, including credit and liquidity risks, that are materially
greater than the risks associated with trading on CFTC-regulated exchanges.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Derivative instruments are subject to a number of risks, including
adverse or unexpected movements in the price of the reference instrument, and counterparty, liquidity, tax, correlation and leverage
risks. Use of derivative instruments may cause the realization of higher amounts of short-term capital gains (generally taxed at
ordinary income tax rates) than if such instruments had not been used. Success in using derivative instruments to hedge portfolio
assets depends on the degree of price correlation between the derivative instruments and the hedged asset. Imperfect correlation
may be caused by several factors, including temporary price disparities among the trading markets for the derivative instrument,
the reference instrument and the Fund&rsquo;s assets. To the extent that a derivative instrument is intended to hedge against an
event that does not occur, the Fund may realize losses. Derivatives permit the Fund to increase or decrease the level of risk,
or change the character of the risk, to which its portfolio is exposed in much the same way as the Fund can increase or decrease
the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities. There can
be no assurance that the use of derivative instruments will benefit the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Options. </I>An option contract is a contract that gives
the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put)
the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise
price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the
option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery
of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to
pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index
option. Options may be &ldquo;covered,&rdquo; meaning that the party required to deliver the reference instrument if the option
is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options
may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices
and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties&rsquo;
obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more
flexible terms negotiated between the buyer and the seller, but generally do not require the parties to post margin and are subject
to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any
independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate
settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be
increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited. OTC options also involve
greater liquidity risk. The staff of the SEC takes the position that certain purchased OTC options, and assets used as cover for
written OTC options, are illiquid. Derivatives on economic indicators generally are offered in an auction format and are booked
and settled as OTC options. Options on futures contracts are discussed herein under &ldquo;Futures and Options Thereon.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a written option expires unexercised, the Fund realizes a
capital gain equal to the premium received at the time the option was written. If a purchased option expires unexercised, the Fund
realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange traded option may
be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, reference instrument, exercise
price, and expiration). A capital gain will be realized from a closing purchase transaction if the cost of the closing option is
less than the premium received from writing the option, or, if it is more, a capital loss will be realized. If the premium received
from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or,
if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option
include supply and demand, the current market price of the reference instrument in relation to the exercise price of the option,
the volatility of the reference instrument, and the time remaining until the expiration date. There can be no assurance that a
closing purchase or sale transaction can be consummated when desired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Straddles are a combination of a call and a put written on the
same reference instrument. A straddle is deemed to be covered when sufficient assets are deposited to meet the Fund&rsquo;s immediate
obligations. The same liquid assets may be used to cover both the call and put options where the exercise price of the call and
put are the same, or the exercise price of the call is higher than that of the put. The Fund may also buy and write call options
on the same reference instrument to cover its obligations. Because such combined options positions involve multiple trades, they
result in higher transaction costs and may be more difficult to open or close. In an equity collar, the Fund simultaneously writes
a call option and purchases a put option on the same instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent that the Fund writes a call option on an instrument
it holds and intends to use such instrument as the sole means of &ldquo;covering&rdquo; its obligation under the call option, the
Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the instrument above
the exercise price during the option period, but, as long as its obligation under such call option continues, has retained the
risk of loss should the value of the reference instrument decline. If the Fund were unable to close out such a call option, it
would not be able to sell the instrument unless the option expired without exercise. Uncovered calls have speculative characteristics
and are riskier than covered calls because there is no instrument or cover held by the Fund that can act as a partial hedge.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The writer of an option has no control over the time when it
may be required to fulfill its obligation under the option. Once an option writer has received an exercise notice, it cannot effect
a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying reference
instrument at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if
the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains
less than or equal to the exercise price (in the case of a call), the Fund will lose the premium it paid for the option. Furthermore,
if trading restrictions or suspensions are imposed on options markets, the Fund may be unable to close out a position.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Futures and Options Thereon</I>. The Fund may engage in transactions
in futures and options on futures. Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery,
and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. No price is paid
upon entering into a futures contract. Rather, upon purchasing or selling a futures contract the Fund is required to deposit collateral
(&ldquo;margin&rdquo;) equal to a percentage (generally less than 10%) of the contract value. Each day thereafter until the futures
position is closed, the Fund will pay additional margin representing any loss experienced as a result of the futures position the
prior day or be entitled to a payment representing any profit experienced as a result of the futures position the prior day. Futures
involve substantial leverage risk. The sale of a futures contract limits the Fund&rsquo;s risk of loss from a decline in the market
value of portfolio holdings correlated with the futures contract prior to the futures contract&rsquo;s expiration date. In the
event the market value of the Fund holdings correlated with the futures contract increases rather than decreases, however, the
Fund will realize a loss on the futures position and a lower return on the Fund holdings than would have been realized without
the purchase of the futures contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The purchase of a futures contract may protect the Fund from
having to pay more for securities as a consequence of increases in the market value for such securities during a period when the
Fund was attempting to identify specific securities in which to invest in a market the Fund believes to be attractive. In the event
that such securities decline in value or the Fund determines not to complete an anticipatory hedge transaction relating to a futures
contract, however, the Fund may realize a loss relating to the futures position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is also authorized to purchase or sell call and put
options on futures contracts including financial futures and stock indices. Generally, these strategies would be used under the
same market and market sector conditions (i.e., conditions relating to specific types of investments) in which the Fund entered
into futures transactions. The Fund may purchase put options or write call options on futures contracts and stock indices in lieu
of selling the underlying futures contract in anticipation of a decrease in the market value of its securities. Similarly, the
Fund can purchase call options, or write put options on futures contracts and stock indices, as a substitute for the purchase of
such futures to hedge against the increased cost resulting from an increase in the market value of securities which the Fund intends
to purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Risks Associated with Futures.</I> The primary risks associated
with the use of futures contracts and options are (a) the imperfect correlation between the change in market value of the instruments
held by the Fund and the price of the futures contract or option; (b) possible lack of a liquid secondary market for a futures
contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements,
which are potentially unlimited; (d) the investment adviser&rsquo;s inability to predict correctly the direction of securities
prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will
default in the performance of its obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>Swap Agreements</I>. Swap agreements are two-party contracts
entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &quot;swap&quot;
transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular
predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged
or &quot;swapped&quot; between the parties are generally calculated with respect to a &quot;notional amount&quot; (<I>i.e.</I>,
the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &quot;basket&quot;
of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to
the agreement on a &ldquo;net basis.&rdquo; Consequently, a party&rsquo;s current obligations (or rights) under a swap agreement
will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions
held by each party to the agreement (the &ldquo;net amount&rdquo;). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Whether the use of swap agreements will be successful will
depend on the investment adviser's ability to predict correctly whether certain types of reference instruments are likely to produce
greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination
and they may have terms of greater than seven days. The Fund&rsquo;s obligations under a swap agreement will be accrued daily (offset
against any amounts owed to the Fund under the swap). Developments in the swaps market, including government regulation, could
adversely affect the Fund&rsquo;s ability to terminate existing swap agreements or to realize amounts to be received under such
agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the
Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances
of the default. To limit the counterparty risk involved in swap agreements, the Fund will only enter into swap agreements with
counterparties that meet certain criteria. Although there can be no assurance that the Fund will be able to do so, the Fund may
be able to reduce or eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or another creditworthy party. The Fund may have limited ability to eliminate
its exposure under a credit default swap if the credit of the reference instrument has declined.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The swaps market was largely unregulated prior to the enactment
of federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;),
which was enacted in 2010 in response to turmoil in the financial markets and other market events. Among other things, the Dodd-Frank
Act sets forth a new regulatory framework for certain OTC derivatives, such as swaps, in which the Fund may invest. The Dodd-Frank
Act requires many swap transactions to be executed on registered exchanges or through swap execution facilities, cleared through
a regulated clearinghouse, and publicly reported. In addition, many market participants are now regulated as swap dealers or major
swap participants, and are, or will be, subject to certain minimum capital and margin requirements and business conduct standards.
The statutory requirements of the Dodd-Frank Act are being implemented primarily through rules and regulations adopted by the SEC
and/or the CFTC. There is a prescribed phase-in period during which most of the mandated rulemaking and regulations are being implemented,
and temporary exemptions from certain rules and regulations have been granted so that current trading practices will not be unduly
disrupted during the transition period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Currently, central clearing is only required for certain market
participants trading certain instruments, although central clearing for additional instruments is expected to be implemented by
the CFTC until the majority of the swaps market is ultimately subject to central clearing. In addition, uncleared OTC swaps will
be subject to regulatory collateral requirements that could adversely affect the Fund&rsquo;s ability to enter into swaps in the
OTC market. These developments could cause the Fund to terminate new or existing swap agreements or to realize amounts to be received
under such instruments at an inopportune time. Until the mandated rulemaking and regulations are implemented completely, it will
not be possible to determine the complete impact of the Dodd-Frank Act and related regulations on the Fund, and the establishment
of a centralized exchange or market for swap transactions may not result in swaps being easier to value or trade. However, it is
expected that swap dealers, major market participants, and swap counterparties will experience other new and/or additional regulations,
requirements, compliance burdens, and associated costs. The Dodd-Frank Act and rules promulgated thereunder may exert a negative
effect on the Fund&rsquo;s ability to meet its investment objective, either through limits or requirements imposed on the Fund
or its counterparties. The swap market could be disrupted or limited as a result of the implementation of this legislation, and
the new requirements may increase the cost of the Fund&rsquo;s investments and of doing business, which could adversely affect
the ability of the Fund to buy or sell OTC derivatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Interest Rate Swaps, Caps and Floors. </I>Interest rate swaps
are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an asset in
return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate floor
entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of
interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles
the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest
on a notional principal amount from the party selling such interest rate cap. The Fund usually will enter into interest rate swap
transactions on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be,
only the net amount of the two payments). The net amount of the excess, if any, of the Fund&rsquo;s obligations over its entitlements
with respect to each interest rate swap will be accrued on a daily basis. If the interest rate swap transaction is entered into
on other than a net basis, the full amount of the Fund&rsquo;s obligations will be accrued on a daily basis. Certain federal income
tax requirements may limit the Fund&rsquo;s ability to engage in certain interest rate transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>OTC Derivatives</I>. OTC derivative instruments involve
an additional risk in that the issuer or counterparty may fail to perform its contractual obligations. Some derivative instruments
are not readily marketable or may become illiquid under adverse market conditions. In addition, during periods of market volatility,
an option or commodity exchange or swap execution facility or clearinghouse may suspend or limit trading in an exchange-traded
derivative instrument, which may make the contract temporarily illiquid and difficult to price. Commodity exchanges may also establish
daily limits on the amount that the price of a futures contract or futures option can vary from the previous day&rsquo;s settlement
price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the closing
out of positions to limit losses. The staff of the SEC takes the position that certain purchased OTC options, and assets used as
cover for written OTC options, are illiquid. The ability to terminate OTC derivative instruments may depend on the cooperation
of the counterparties to such contracts. For thinly traded derivative instruments, the only source of price quotations may be the
selling dealer or counterparty. In addition, certain provisions of the Code limit the use of derivative instruments. Derivatives
permit the Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed
in much the same way as the Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio
by making investments in specific securities. There can be no assurance that the use of derivative instruments will benefit the
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Short
Sales.</B></FONT> The Fund may sell a security short if it owns at least an equal amount of the security sold short or another
security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a
short sale against-the-box). If the price of the security in the short sale decreases, the Fund will realize a profit to the extent
that the short sale price for the security exceeds the market price. If the price of the security increases, the Fund will realize
a loss to the extent that the market price exceeds the short sale price. Selling securities short runs the risk of losing an amount
greater than the initial investment therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Purchasing securities to close out the short position can itself
cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to unlimited risk
with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although the Fund
reserves the right to utilize short sales, the Adviser is under no obligation to utilize short-sales at all.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>When-Issued,
Delayed Delivery and Forward Commitment Transactions.</B></FONT> Securities may be purchased on a &ldquo;forward commitment,&rdquo;
&ldquo;when-issued&rdquo; or &ldquo;delayed delivery&rdquo; basis (meaning securities are purchased or sold with payment and delivery
taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering
into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security
from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until
they are paid for and delivered on the settlement date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">From the time of entering into the transaction until delivery
and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations.
In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate
the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However,
no payment or delivery is made until payment is received or delivery is made from the other party to the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will make commitments to purchase when-issued securities
only with the intention of actually acquiring the securities, but may sell such securities before the settlement date if it is
deemed advisable as a matter of investment strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Real
Estate Investments.</B></FONT> Companies primarily engaged in the real estate industry and other real estate-related investments
may include publicly traded real estate investment trusts (&ldquo;REITs&rdquo;) or real estate operating companies that either
own properties or make construction or mortgage loans, real estate developers, companies with substantial real estate holdings
and other companies whose products and services are related to the real estate industry, such as lodging operators, brokers, property
management companies, building supply manufacturers, mortgage lenders, or mortgage servicing companies. REITs tend to be small
to medium-sized companies, and may include equity REITs and mortgage REITs. The value of a REIT can depend on the structure of
and cash flow generated by the REIT. REITs are pooled investment vehicles that have expenses of their own, so the Fund will indirectly
bear its proportionate share of those expenses. The Fund will not own real estate directly.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Real estate investments are subject to special risks including
changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government
regulations affecting zoning, land use, and rents, and the management skill and creditworthiness of the issuer.&nbsp; Companies
in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws, among others.&nbsp;
Changes in underlying real estate values may have an exaggerated effect to the extent that investments concentrate in particular
geographic regions or property types.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Equity REITs may be affected by changes in the value of the underlying
property owned by the REIT, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage
REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject
to heavy cash flow dependency, defaults by borrowers, and self-liquidations. In addition, equity and mortgage REITs could
possibly fail to qualify for tax-free pass through of income or to maintain their exemptions from registration under the 1940 Act.
The above factors may also adversely affect a borrower&rsquo;s or a lessee&rsquo;s ability to meet its obligations to a REIT. In
the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and
may incur substantial costs associated with protecting its investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Shares of REITs may trade less frequently and, therefore, are
subject to more erratic price movements than securities of larger issuers. REITs are also subject to credit, market, liquidity
and interest rate risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">REITs may issue debt securities to fund their activities.&nbsp;
The value of these debt securities may be affected by changes in the value of the underlying property owned by the REIT, the creditworthiness
of the REIT, interest rates, and tax and regulatory requirements, among other things.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Securities
Lending.</B></FONT> As described in the Prospectus, the Fund may lend a portion of its portfolio securities to broker-dealers or
other institutional borrowers. Loans will be made only to organizations whose credit quality or claims paying ability is considered
by the Adviser to be at least investment grade. All securities loans will be collateralized on a continuous basis by cash, cash
equivalents (such as money market instruments) or U.S. Government securities having a value, marked to market daily, of at least
100% of the market value of the loaned securities. The Fund may receive loan fees in connection with loans that are collateralized
by securities or on loans of securities for which there is special demand. The Fund may also seek to earn income on securities
loans by reinvesting cash collateral in securities consistent with its investment objectives and policies, seeking to invest at
rates that are higher than the &ldquo;rebate&rdquo; rate that it normally will pay to the borrower with respect to such cash collateral.
Any such reinvestment will be subject to the investment policies, restrictions and risk considerations described in the Prospectus
and in this SAI.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities loans may result in delays in recovering, or a failure
of the borrower to return, the loaned securities. The defaulting borrower ordinarily would be liable to the Fund for any losses
resulting from such delays or failures, and the collateral provided in connection with the loan normally would also be available
for that purpose. Securities loans normally may be terminated by either the Fund or the borrower at any time. Upon termination
and the return of the loaned securities, the Fund would be required to return the related cash or securities collateral to the
borrower and it may be required to liquidate longer term portfolio securities in order to do so. To the extent that such securities
have decreased in value, this may result in the Fund realizing a loss at a time when it would not otherwise do so. The Fund also
may incur losses if it is unable to reinvest cash collateral at rates higher than applicable rebate rates paid to borrowers and
related administrative costs. These risks are substantially the same as those incurred through investment leverage and will be
subject to the investment policies, restrictions and risk considerations described in the Prospectus and in this SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will receive amounts equivalent to any interest or other
distributions paid on securities while they are on loan, and the Fund will not be entitled to exercise voting or other beneficial
rights on loaned securities. The Fund will exercise its right to terminate loans and thereby regain these rights whenever the Adviser
considers it to be in the Fund&rsquo;s interest to do so, taking into account the related loss of reinvestment income and other
factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT>&nbsp; With the increased use of technologies by Fund service providers to conduct business, such as the Internet,
the Fund is susceptible to operational, information security and related risks. The Fund relies on communications technology, systems,
and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit
the Fund&rsquo;s ability to use these technologies. In general, cyber incidents can result from deliberate attacks or unintentional
events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through &ldquo;hacking&rdquo;
or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational
disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing
denial-of-service attacks on websites. A denial-of-service attack is an effort to make network services unavailable to intended
users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service
providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation,
during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct
by employees and agents, natural disasters, or other foreseeable and unforeseeable events. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Because technology is consistently changing, new ways to carry
out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for,
or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like
other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience, cyber
incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent
release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse
effect on the Fund&rsquo;s business operations or performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund uses third party service providers who are also heavily
dependent on computers and technology for their operations. Cybersecurity failures by or breaches of the Fund&rsquo;s investment
adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the
issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may
result in financial losses to the Fund, impede Fund trading, interfere with the Fund&rsquo;s ability to calculate its NAV, or cause
violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation
costs, litigation costs, or additional compliance costs. While many of the Fund&rsquo;s service providers have established business
continuity plans and risk management systems intended to identify and mitigate cyber attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have not been identified. The Fund cannot control the cybersecurity
plans and systems put in place by service providers to the Fund and issuers in which the Fund invests.&nbsp; The Fund and its shareholders
could be negatively impacted as a result. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operational
Risk. </B></FONT>The Fund&rsquo;s service providers, including the investment adviser, may experience disruptions or operating
errors that could negatively impact the Fund. While service providers are expected to have appropriate operational risk management
policies and procedures, their methods of operational risk management may differ from the Fund&rsquo;s in the setting of priorities,
the personnel and resources available or the effectiveness of relevant controls. It also is not possible for Fund service providers
to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate
or mitigate their occurrence or effects.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illiquid
Investments. </B></FONT>Illiquid investments include obligations legally restricted as to resale, and may include commercial paper
issued pursuant to Section 4(a)(2) of the 1933 Act and securities eligible for resale pursuant to Rule 144A thereunder. Section
4(a)(2) and Rule 144A obligations may, however, be treated as liquid by the Adviser pursuant to procedures adopted by the Trustees,
which require consideration of factors such as trading activity, availability of market quotations and number of dealers willing
to purchase the security. Even if determined to be liquid, Rule 144A securities may increase the level of portfolio illiquidity
if eligible buyers become uninterested in purchasing such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">It may be difficult to sell illiquid investments at a price representing
fair value until such time as the securities may be sold publicly. It also may be more difficult to determine the fair value of
such investments for purposes of computing the Fund&rsquo;s net asset value. Where registration is required, a considerable period
of time may elapse between a decision to sell the investments and the time when the Fund would be permitted to sell. Thus, the
Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may incur
additional expense when disposing of illiquid investments, including all or a portion of the cost to register the investments.
The Fund also may acquire investments through private placements under which it may agree to contractual restrictions on the resale
of such securities that are in addition to applicable legal restrictions. Such restrictions might prevent the sale of such investments
at a time when such sale would otherwise be desirable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At times, a portion of the Fund&rsquo;s assets may be invested
in investments as to which the Fund, by itself or together with other accounts managed by the Adviser and its affiliates, holds
a major portion or all of such investments. Under adverse market or economic conditions or in the event of adverse changes in the
financial condition of the issuer, the Fund could find it more difficult to sell such investments when the Adviser believes it
advisable to do so or may be able to sell such investments only at prices lower than if such investments were more widely held.
It may also be more difficult to determine the fair value of such investments for purposes of computing the Fund&rsquo;s net asset
value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LIBOR
Transition and Associated Risk.</B></FONT> The London Interbank Offered Rate (&ldquo;LIBOR&rdquo;) is the average offered rate
for various maturities of short-term loans between major international banks who are members of the British Bankers Association
(BBA). LIBOR is the most common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout
global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments
and derivatives) and borrowing arrangements, and to determine dividend rates for preferred shares. However, the use of LIBOR started
to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since
that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in the financial markets
that it measures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In June 2017, the Alternative Reference Rates Committee, a
group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;),
which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR.
The Federal Reserve Bank of New York began publishing the SOFR earlier in 2018, with the expectation that it could be used on a
voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other
alternatives for their markets, including the Sterling Overnight Interbank Average Rate (&ldquo;SONIA&rdquo;) in England.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In July 2017, the Financial Conduct Authority (the &ldquo;FCA&rdquo;),
the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide
the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Various financial industry groups have begun planning for
that transition, but there are obstacles to converting certain longer term securities and transactions to a new benchmark. Transition
planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The
transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine
interest rates. Although the period from the FCA announcement until the end of 2021 is generally expected to be enough time for
market participants to transition to the use of a different benchmark for new securities and transactions, there remains uncertainty
regarding the future utilization of LIBOR and the specific replacement rate or rates. The effectiveness of multiple alternative
reference rates as opposed to one primary reference rate has not been determined. The effectiveness of alternative reference rates
used in new or existing financial instruments and products has also not yet been determined. As such, the potential effect of a
transition away from LIBOR on the Fund or the financial instruments utilized by the Fund cannot yet be determined. The transition
process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on
LIBOR. The transition may also result in a change in (i) the value of certain instruments held by the Fund, (ii) the cost of borrowing
or the dividend rate for preferred shares, or (iii) the effectiveness of related Fund transactions such as hedges, as applicable.
When LIBOR is discontinued, the LIBOR replacement rate may be lower than market expectations, which could have an adverse impact
on the value of preferred and debt-securities with floating or fixed-to-floating rate coupons. Any such effects of the transition
away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. Since the usefulness of LIBOR as a benchmark
could deteriorate during the transition period, these effects could occur prior to the end of 2021.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Asset
Coverage Requirements. </B></FONT>To the extent required by SEC guidelines, if a transaction creates a future obligation of the
Fund to another party the Fund will: (1) cover the obligation by entering into an offsetting position or transaction; and/or (2)
segregate cash and/or liquid securities with a value (together with any collateral posted with respect to the obligation) at least
equal to the marked-to market value of the obligations. Assets used as cover or segregated cannot be sold while the position(s)
requiring cover is open unless replaced with other appropriate assets. The types of transactions that may require asset coverage
include (but are not limited to) reverse repurchase agreements, repurchase agreements, short sales, securities lending, forward
contracts, certain options, forward commitments, futures contracts, when-issued securities, swap agreements, residual interest
bonds, and participation in revolving credit facilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Temporary
Investments. </B></FONT>The Fund may invest in cash equivalents to invest daily cash balances or for temporary defensive purposes.
Cash equivalents are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term
notes and short-term U.S. Government obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Restrictions. </B></FONT>The following investment restrictions of the Fund are designated as fundamental policies and as such cannot
be changed without the approval of the holders of a majority of the Fund&rsquo;s outstanding voting securities, which as used in
this SAI means the lesser of (a) 67% of the shares of the Fund present or represented by proxy at a meeting if the holders of more
than 50% of the outstanding shares are present or represented at the meeting or (b) more than 50% of outstanding shares of the
Fund. As a matter of fundamental policy the Fund may not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Borrow money, except as permitted by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The 1940
Act currently requires that any indebtedness incurred by a closed-end investment company have an asset coverage of at least 300%;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Issue senior securities, as defined in the 1940 Act, other than (a) preferred shares which immediately after issuance will
have asset coverage of at least 200%, (b) indebtedness which immediately after issuance will have asset coverage of at least 300%
or (c) the borrowings permitted by investment restriction (1) above. The 1940 Act currently defines &ldquo;senior security&rdquo;
as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness and any stock
of a class having priority over any other class as to distribution of assets or payment of dividends. Debt and equity securities
issued by a closed-end investment company meeting the foregoing asset coverage provisions are excluded from the general 1940 Act
prohibition on the issuance of senior securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for the clearance of purchases
and sales of securities). The purchase of investment assets with the proceeds of a permitted borrowing or securities offering will
not be deemed to be the purchase of securities on margin;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Underwrite securities issued by other persons, except insofar as it may technically be deemed to be an underwriter under the
Securities Act of 1933, as amended, in selling or disposing of a portfolio investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Make loans to other persons, except by (a) the acquisition of loan interests, debt securities and other obligations in which
the Fund is authorized to invest in accordance with its investment objectives and policies, (b) entering into repurchase agreements
and (c) lending its portfolio securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Purchase or sell real estate, although it may purchase and sell securities which are secured by interests in real estate and
securities of issuers which invest or deal in real estate. The Fund reserves the freedom of action to hold and to sell real estate
acquired as a result of the ownership of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities do
not include futures contracts with respect to securities, securities indices, currencies, interest or other financial instruments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>With respect to 75% of its total assets, invest more than 5% of its total assets in the securities of a single issuer or purchase
more than 10% of the outstanding voting securities of a single issuer, except obligations issued or guaranteed by the U.S. government,
its agencies or instrumentalities and except securities of other investment companies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Invest 25% or more of its total assets in any single industry or group of industries (other than securities issued or guaranteed
by the U.S. government or its agencies or instrumentalities).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may borrow money as a temporary measure for extraordinary
or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require
untimely dispositions of Fund securities. The 1940 Act currently requires that the Fund have 300% asset coverage with respect to
all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For purposes of construing restriction (9), a large economic
or market sector shall not be construed as a group of industries.</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has adopted the following nonfundamental investment
policy which may be changed by the Board without approval of the Fund&rsquo;s shareholders. As a matter of nonfundamental policy,
the Fund may not make short sales of securities or maintain a short position, unless at all times when a short position is open
the Fund either owns an equal amount of such securities or owns securities convertible into or exchangeable, without payment of
any further consideration, for securities of the same issue as, and equal in amount to, the securities sold short.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest more than 10% of its total assets in one
or more other management investment companies (or may invest in affiliated investment companies) to the extent permitted by section
12(d) of the 1940 Act and rules thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Whenever an investment policy or investment restriction set forth
in the Prospectus or this SAI states a requirement with respect to the percentage of assets that may be invested in any security
or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately
after and as a result of the Fund&rsquo;s acquisition of such security or asset. Accordingly, any later increase or decrease resulting
from a change in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined
by the Adviser if the security is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset.
Notwithstanding the foregoing, the Fund must always be in compliance with the borrowing policies set forth above.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">TRUSTEES AND OFFICERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board of Trustees of the Fund (the &ldquo;Board&rdquo;)
is responsible for the overall management and supervision of the affairs of the Fund. The Board members and officers of the Fund
are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last
five years. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her
successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms
of the Fund&rsquo;s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier
of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year
in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance
with Section 16 of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) or any other regulations or guidance
of the Securities and Exchange Commission (&ldquo;SEC&rdquo;), then such retirement and resignation will not become effective until
such time as action has been taken for the Fund to be in compliance therewith. The &ldquo;noninterested Trustees&rdquo; consist
of those Trustees who are not &ldquo;interested persons&rdquo; of the Fund, as that term is defined under the 1940 Act. The business
address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used in this SAI, &ldquo;EVC&rdquo;
refers to Eaton Vance Corp., &ldquo;EV&rdquo; refers to Eaton Vance, Inc., &ldquo;BMR&rdquo; refers to Boston Management and Research
and &ldquo;EVD&rdquo; refers to Eaton Vance Distributors Inc. EVC and EV are the corporate parent and trustee, respectively, of
Eaton Vance and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with
other Eaton Vance affiliates that is comparable to his or her position with Eaton Vance listed below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Fund <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt; text-align: center">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">THOMAS E. FAUST JR.<BR>
1958</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years.<BR>
Since 2007.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp;&nbsp;Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with BMR, Eaton Vance, EVC, EVD and EV, which are affiliates of the Fund.</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of EVC and Hexavest Inc. (investment management firm).</TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Name and Year of Birth</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fund <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Length of Service</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other Directorships Held<BR>
During Last Five Years</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MARK R. FETTING<BR>
1954</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. 3 years.<BR>
Since 2016.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004).&nbsp;&nbsp;Formerly, President of Legg Mason family of funds (2001-2008).&nbsp;&nbsp;Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">CYNTHIA E. FROST<BR>
1961</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Class I<BR>
Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years.<BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995).&nbsp;&nbsp;Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989).&nbsp;&nbsp;Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">GEORGE J. GORMAN<BR>
1952</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2022. 3 years.<BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst &amp; Young LLP (a registered public accounting firm) (1974-2009).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">VALERIE A. MOSLEY<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. 3 years.<BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm).&nbsp;&nbsp;Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012).&nbsp;&nbsp;Former Chief Investment Officer, PG Corbin Asset Management (1990-1992).&nbsp;&nbsp;Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).&nbsp;&nbsp;Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Name and Year of Birth</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fund <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Length of Service</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other Directorships Held<BR>
During Last Five Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">WILLIAM H. PARK<BR>
1947</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chairperson of the Board and Class II<BR>
&nbsp;Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2022. 3 years.<BR>
Chairperson of the Board since 2016 and Trustee since 2003.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group, L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">HELEN FRAME PETERS<BR>
1948<BR>
<BR>
</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. 3 years.<BR>
Since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999).&nbsp;&nbsp;Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">KEITH QUINTON<BR>
1958</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2022. 3 Years. <BR>
Since 2018.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank (since 2016).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MARCUS L. SMITH<BR>
1966</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. 2 Years. <BR>
Since 2018.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Name and Year of Birth</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Fund <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Length of Service</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; text-align: center; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Other Directorships Held<BR>
During Last Five Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">SUSAN J. SUTHERLAND<BR>
1957</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2022. 3 years.<BR>
Since 2015.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher &amp; Flom LLP (law firm) (1982-2013).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">SCOTT E. WENNERHOLM<BR>
1959</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years.<BR>
Since 2016.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011).&nbsp;&nbsp;Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004).&nbsp;&nbsp;Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">159</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Board of Trustees is divided into three classes, each class having a term of three years to expire on the date of the third
annual meeting following its election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes both master and feeder funds in a master-feeder structure. </TD></TR></TABLE>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Principal Officers who are not Trustees</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Fund&nbsp;&nbsp;Position(s)</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">EDWARD J. PERKIN<BR>
1972</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">President</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chief Equity Investment Officer and Vice President of Eaton Vance and BMR. &nbsp;Officer of 23 registered investment companies managed by Eaton Vance or BMR. Also Vice President of Calvert Research and Management (&ldquo;CRM&rdquo;) since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MAUREEN A. GEMMA<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President, Secretary and Chief Legal Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 159 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">JAMES F. KIRCHNER<BR>
1967</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Treasurer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2013</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 159 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">RICHARD F. FROIO<BR>
1968</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Chief Compliance Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR since 2017.&nbsp;&nbsp;Officer of 159 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has general oversight responsibility with respect to
the business and affairs of the Fund. The Board has engaged an investment adviser and (if applicable) a sub-adviser(s) (collectively
the &ldquo;adviser&rdquo;) to manage the&nbsp;Fund and an administrator to administer the&nbsp;Fund and is responsible for overseeing
such adviser and administrator and other service providers to the Fund. The Board is currently composed of eleven Trustees, including
ten Trustees who are not &ldquo;interested persons&rdquo; of the&nbsp;Fund, as that term is defined in the 1940 Act (each a &ldquo;noninterested
Trustee&rdquo;). In addition to six regularly scheduled meetings per year, the Board holds special meetings or informal conference
calls to discuss specific matters that may require action prior to the next regular meeting. As discussed below, the Board has
established six committees to assist the Board in performing its oversight responsibilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has appointed a noninterested Trustee to serve in the
role of Chairperson. The Chairperson&rsquo;s primary role is to participate in the preparation of the agenda for meetings of the
Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board.
The Chairperson also presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and
other Board members generally between meetings. The Chairperson may perform such other functions as may be requested by the Board
from time to time. In addition, the Board may appoint a noninterested Trustee to serve in the role of Vice-Chairperson. The Vice-Chairperson
has the power and authority to perform any or all of the duties and responsibilities of the Chairperson in the absence of the Chairperson
and/or as requested by the Chairperson. Except for any duties specified herein or pursuant to the Fund&rsquo;s Declaration of Trust
or By-laws, the designation of Chairperson or Vice-Chairperson does not impose on such noninterested Trustee any duties, obligations
or liability that is greater than the duties, obligations or liability imposed on such person as a member of the Board, generally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is subject to a number of risks, including, among others,
investment, compliance, operational, and valuation risks. Risk oversight is part of the Board&rsquo;s general oversight of the
Fund and is addressed as part of various activities of the Board and its Committees. As part of its oversight of the Fund, the
Board directly, or through a Committee, relies on and reviews reports from, among others, Fund management, the adviser, the administrator,
the principal underwriter, the Chief Compliance Officer (the &ldquo;CCO&rdquo;), and other Fund service providers responsible for
day-to-day oversight of Fund investments, operations and compliance to assist the Board in identifying and understanding the nature
and extent of risks and determining whether, and to what extent, such risks can or should be mitigated. The Board also interacts
with the CCO and with senior personnel of the adviser, administrator, principal underwriter and other Fund service providers and
provides input on risk management issues during meetings of the Board and its Committees. Each of the adviser, administrator, principal
underwriter and the other Fund service providers has its own, independent interest and responsibilities in risk management, and
its policies and methods for carrying out risk management functions will depend, in part, on its individual priorities, resources
and controls. It is not possible to identify all of the risks that may affect the&nbsp;Fund or to develop processes and controls
to eliminate or mitigate their occurrence or effects. Moreover, it is necessary to bear certain risks (such as investment-related
risks) to achieve the&nbsp;Fund&rsquo;s goals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board, with the assistance of management and with input from
the Board's various committees, reviews investment policies and risks in connection with its review of Fund performance. The Board
has appointed a Fund CCO who oversees the implementation and testing of the Fund compliance program and reports to the Board regarding
compliance matters for the Fund and its principal service providers. In addition, as part of the Board&rsquo;s periodic review
of the advisory, subadvisory (if applicable), distribution and other service provider agreements, the Board may consider risk management
aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board approves and
periodically reviews valuation policies and procedures applicable to valuing the&nbsp;Fund&rsquo;s shares. The administrator, the
investment adviser and the sub-adviser (if applicable) are responsible for the implementation and day-to-day administration of
these valuation policies and procedures and provides reports to the Audit Committee of the Board and the Board regarding these
and related matters. In addition, the Audit Committee of the Board or the Board receives reports periodically from the independent
public accounting firm for the Fund regarding tests performed by such firm on the valuation of all securities, as well as with
respect to other risks associated with mutual funds. Reports received from service providers, legal counsel and the independent
public accounting firm assist the Board in performing its oversight function.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s Declaration of Trust&nbsp;does not set forth
any specific qualifications to serve as a Trustee. The Charter of the Governance Committee also does not set forth any specific
qualifications, but does set forth certain factors that the Committee may take into account in considering noninterested Trustee
candidates. In general, no one factor is decisive in the selection of an individual to join the Board. Among the factors the Board
considers when concluding that an individual should serve on the Board are the following: (i) knowledge in matters relating to
the mutual fund industry; (ii) experience as a director or senior officer of public companies; (iii) educational background; (iv)
reputation for high ethical standards and professional integrity; (v) specific financial, technical or other expertise, and the
extent to which such expertise would complement the Board members&rsquo; existing mix of skills, core competencies and qualifications;
(vi) perceived ability to contribute to the ongoing functions of the Board, including the ability and commitment to attend meetings
regularly and work collaboratively with other members of the Board; (vii) the ability to qualify as a noninterested Trustee for purposes of the 1940 Act and any other actual or
potential conflicts of interest involving the individual and the Fund; and (viii) such other factors as the Board determines to
be relevant in light of the existing composition of the Board.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Among the attributes or skills common to all Board members are
their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the
other members of the Board, management, sub-advisers, other service providers, counsel and independent registered public accounting
firms, and to exercise effective and independent business judgment in the performance of their duties as members of the Board.
Each Board member&rsquo;s ability to perform his or her duties effectively has been attained through the Board member&rsquo;s business,
consulting, public service and/or academic positions and through experience from service as a member of the Boards of the Eaton
Vance family of funds (&ldquo;Eaton Vance Fund Boards&rdquo;) (and/or in other capacities, including for any predecessor funds),
public companies, or non-profit entities or other organizations as set forth below. Each Board member&rsquo;s ability to perform
his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other
life experiences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In respect of each current member of the Board, the individual&rsquo;s
substantial professional accomplishments and experience, including in fields related to the operations of registered investment
companies, were a significant factor in the determination that the individual should serve as a member of the Board. The following
is a summary of each Board member&rsquo;s particular professional experience and additional considerations that contributed to
the Board&rsquo;s conclusion that he or she should serve as a member of the Board:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Thomas
E. Faust Jr.</I></FONT>&nbsp; Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007.&nbsp; He has served as
Chairman and Chief Executive Officer of EVC since 2007 and as President of EVC since 2006. He is also Director and President of
EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp; Mr. Faust has served as a Director
of Hexavest Inc. since 2012.&nbsp; From 2016 through 2019, Mr. Faust served as a Director of SigFig Wealth Management LLC.&nbsp;
Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and Chief Investment
Officer of Eaton Vance from 1985-2007.&nbsp; He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts
Institute of Technology and an MBA from Harvard Business School.&nbsp; Mr. Faust has been a Chartered Financial Analyst since 1988.&nbsp;
He is a Trustee and Vice Chairman of the Board of Wellesley College and a Trustee and member of the executive committee of the
Boston Symphony Orchestra, Inc. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mark
R. Fetting.</I></FONT> Mr. Fetting has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson of the
Ad Hoc Committee for Closed-End Fund Matters. He has over 30 years of experience in the investment management industry as an executive
and in various leadership roles. From 2000 through 2012, Mr. Fetting served in several capacities at Legg Mason, Inc., including
most recently serving as President, Chief Executive Officer, Director and Chairman from 2008 to his retirement in 2012. He also
served as a Director/Trustee and Chairman of the Legg Mason family of funds from 2008-2012 and Director/Trustee of the Royce family
of funds from 2001-2012. From 2001 through 2008, Mr. Fetting also served as President of the Legg Mason family of funds. From 1991
through 2000, Mr. Fetting served as Division President and Senior Officer of Prudential Financial Group, Inc. and related companies.
Early in his professional career, Mr. Fetting was a Vice President at T. Rowe Price and served in leadership roles within the firm&rsquo;s
mutual fund division from 1981-1987. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Cynthia E. Frost</I>. Ms. Frost has served as a member of
the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Portfolio Management Committee. From 2000 through 2012, Ms.
Frost was the Chief Investment Officer of Brown University, where she oversaw the evaluation, selection and monitoring of the third
party investment managers who managed the university&rsquo;s endowment. From 1995 through 2000, Ms. Frost was a Portfolio Strategist
for Duke Management Company, which oversaw Duke University&rsquo;s endowment. Ms. Frost also served in various investment and consulting
roles at Cambridge Associates from 1989-1995, Bain and Company from 1987-1989 and BA Investment Management Company from 1983-1985.
She serves as a member of the investment committee of The MCNC Endowment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>George
J. Gorman</I></FONT>. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Audit Committee. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst &amp; Young LLP, including as a Senior
Partner in the Asset Management Group (from 1988) specializing in managing engagement teams responsible for auditing mutual funds
registered with the SEC, hedge funds and private equity funds. Mr. Gorman also has experience serving as an independent trustee
of other mutual fund complexes, including the Bank of America Money Market Funds Series Trust from 2011-2014 and the Ashmore Funds
from 2010-2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Valerie
A. Mosley.</I></FONT>&nbsp; Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson
of the Governance Committee.&nbsp; She currently owns and manages a consulting and investment firm, Valmo Ventures, and is a Director
of Progress Investment Management Company, a manager of emerging managers.&nbsp; From 1992 through 2012, Ms. Mosley served in
several capacities at Wellington Management Company, LLP, an investment management firm, including as a Partner, Senior Vice President,
Portfolio Manager and Investment Strategist.&nbsp; Ms. Mosley also served as Chief Investment Officer at PG Corbin Asset Management
from 1990-1992 and worked in institutional corporate bond sales at Kidder Peabody from 1986-1990.&nbsp; She is also a Director
of Groupon, Inc., an</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> e-commerce provider, and a Director of Dynex Capital, Inc. (&ldquo;Dynex&rdquo;), a mortgage
REIT, where she serves on the board&rsquo;s Investment Committee, Compensation Committee and chairs the Nominating &amp; Corporate
Governance Committee. It has been publicly announced that Ms. Mosley recently notified Dynex of her decision not to stand for re-election
to the company&rsquo;s Board of Directors. Ms. Mosley will continue to serve as a Director of Dynex until the company&rsquo;s annual
meeting of shareholders in May 2020. She is a Director of Envestnet, Inc., a provider of intelligent systems for wealth management
and financial wellness.&nbsp; She also serves as a trustee or board member of several major non-profit organizations and endowments,
including New Profit, a non-profit venture philanthropy fund.&nbsp; She is a member of the Risk Audit Committee of the United Auto
Workers Retiree Medical Benefits Trust and a member of the Investment Advisory Committee of New York State Common Retirement Fund.&nbsp;
She is also an advisor to New Technology Ventures, a venture capital firm.&nbsp; In addition, Ms. Mosley serves on the Institutional
Investors Advisory Council of MiDA, a U.S. Agency for International Development partner focused on investment opportunities in
Africa and also advises Impact X Capital, a venture fund focused on underrepresented entrepreneurs across Europe.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>William
H. Park.</I></FONT> Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson
of the Board. Mr. Park was formerly a consultant from 2012-2014 and formerly the Chief Financial Officer of Aveon Group, L.P. from
2010-2011. Mr. Park also served as Vice Chairman of Commercial Industrial Finance Corp. from 2006-2010, as President and Chief
Executive Officer of Prizm Capital Management, LLC from 2002-2005, as Executive Vice President and Chief Financial Officer of United
Asset Management Corporation from 1982-2001 and as Senior Manager of Price Waterhouse (now PricewaterhouseCoopers) from 1972-1981.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Helen
Frame Peters.</I></FONT> Dr. Peters has served as a member of the Eaton Vance Fund Boards since 2008. Dr. Peters is currently a
Professor of Finance at Carroll School of Management, Boston College and was formerly Dean of Carroll School of Management from
2000-2002. Dr. Peters was previously a Director of BJ&rsquo;s Wholesale Club, Inc. from 2004-2011. In addition, Dr. Peters was
the Chief Investment Officer, Fixed Income at Scudder Kemper Investments from 1998-1999 and Chief Investment Officer, Equity and
Fixed Income at Colonial Management Associates from 1991-1998. Dr. Peters also served as a Trustee of SPDR Index Shares Funds and
SPDR Series Trust from 2000-2009 and as a Director of the Federal Home Loan Bank of Boston from 2007-2009.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Keith
Quinton. </I></FONT>Mr. Quinton has served as a member of the Eaton Vance Fund Boards since October 1, 2018. He had over thirty
years of experience in the investment industry before retiring from Fidelity Investments in 2014. Prior to joining Fidelity, Mr.
Quinton was a vice president and quantitative analyst at MFS Investment Management from 2000-2001. From 1997 through 2000, he was
a senior quantitative analyst at Santander Global Advisors and, from 1995 through 1997, Mr. Quinton was senior vice president in
the quantitative equity research department at Putnam Investments. Prior to joining Putnam Investments, Mr. Quinton served in various
investment roles at Eberstadt Fleming, Falconwood Securities Corporation and Drexel Burnham Lambert, where he began his career
in the investment industry as a senior quantitative analyst in 1983. Mr. Quinton currently serves as an Independent Investment
Committee Member of the New Hampshire Retirement System, a five member committee that manages investments based on the investment
policy and asset allocation approved by the board of trustees, and as a Director, since 2016 and Chairman, since 2019 of the New
Hampshire Municipal Bond Bank.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Marcus
L. Smith.</I></FONT>&nbsp; Mr. Smith has served as a member of the Eaton Vance Fund Boards since October 1, 2018.&nbsp; Since 2017,
Mr. Smith has been a Director of MSCI Inc., a leading provider of investment decision support tools worldwide, where he serves
on the Audit and Strategy &amp; Finance Committees. From 2017 through 2018, he served as a Director of DCT Industrial Trust Inc.,
a leading logistics real estate company, where he served as a member of the Nominating and Corporate Governance and Audit Committees.&nbsp;
From 1994 through 2017, Mr. Smith served in several capacities at MFS Investment Management, an investment management firm, where
he managed the MFS Institutional International Fund for 17 years and the MFS Concentrated International Fund for 10 years.&nbsp;
In addition to his portfolio management duties, Mr. Smith served as Director of Equity, Canada from 2012-2017, Director of Equity,
Asia from 2010-2012, and Director of Asian Equity Research from 2005-2010.&nbsp; Prior to joining MFS, Mr. Smith was a senior consultant
at Andersen Consulting (now known as Accenture) from 1988-1992. Mr. Smith served as a United States Army Reserve Officer from 1987-1992.&nbsp;
He was also a trustee of the University of Mount Union from 2008-2020 and served as the chairman of the Finance Committee from
2015-2019.&nbsp; Mr. Smith currently sits on the Boston advisory board of the Posse Foundation and the Harvard Medical School Advisory
Council on Education.&nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Susan
J. Sutherland. </I></FONT>Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is the Chairperson
of the Compliance Reports and Regulatory Matters Committee. She is also a Director of Ascot Group Limited and certain of its subsidiaries.
Ascot Group Limited, through its related businesses including Syndicate 1414 at Lloyd&rsquo;s of London, is a leading global underwriter
of specialty property and casualty insurance and reinsurance. Ms. Sutherland was a Director of Montpelier Re Holdings Ltd., a global
provider of customized reinsurance and insurance products, from 2013 until its sale in 2015 and of Hagerty Holding Corp., a leading
provider of specialized automobile and</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">marine insurance from 2015-2018. From 1982 through 2013, Ms.
Sutherland was an associate, counsel and then a partner in the Financial Institutions Group of Skadden, Arps, Slate, Meagher &amp;
Flom LLP, where she primarily represented U.S. and international insurance and reinsurance companies, investment banks and private
equity firms in insurance-related corporate transactions. In addition, Ms. Sutherland is qualified as a Governance Fellow of the
National Association of Corporate Directors and has also served as a board member of prominent non-profit organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Scott
E. Wennerholm.</I></FONT> Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson
of the Contract Review Committee. He has over 30 years of experience in the financial services industry in various leadership and
executive roles. Mr. Wennerholm served as Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management from
2005-2011. He also served as Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management from 1997-2004
and was a Vice President at Fidelity Investments Institutional Services from 1994-1997. In addition, Mr. Wennerholm served as a
Trustee at Wheelock College, a postsecondary institution from 2012-2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board(s) of the Fund&nbsp;has several standing Committees,
including the Governance Committee, the Audit Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory
Matters Committee, the Contract Review Committee and the Ad Hoc Committee for Closed-End Fund Matters. Each of the Committees are
comprised of only noninterested Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Mosley (Chairperson), Frost, Peters and Sutherland,
and Messrs. Fetting, Gorman, Park, Quinton, Smith and Wennerholm are members of the Governance Committee. The purpose of the Governance
Committee is to consider, evaluate and make recommendations to the Board with respect to the structure, membership and operation
of the Board and the Committees thereof, including the nomination and selection of noninterested Trustees and a Chairperson of
the Board and the compensation of such persons. During the fiscal year ended December 31, 2019, the Governance Committee convened
six times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Governance Committee will, when a vacancy exists, consider
a nominee for Trustee recommended by a&nbsp;shareholder, provided that such recommendation is submitted in writing to the Fund&rsquo;s
Secretary at the principal executive office of the Fund. Such recommendations must be accompanied by biographical and occupational
data on the candidate (including whether the candidate would be an &ldquo;interested person&rdquo; of the Fund), a written consent
by the candidate to be named as a nominee and to serve as Trustee if elected, record and ownership information for the recommending
shareholder with respect to the Fund, and a description of any arrangements or understandings regarding recommendation of the candidate
for consideration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Gorman (Chairperson), Park and Wennerholm and Ms.
Peters are members of the Audit Committee. The Board has designated Messrs. Gorman and Park, each a noninterested Trustee, as audit
committee financial experts. The Audit Committee&rsquo;s purposes are to (i) oversee the&nbsp;Fund&rsquo;s accounting and financial
reporting processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting
of certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of the&nbsp;Fund's
financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the&nbsp;Fund's
compliance with legal and regulatory requirements that relate to the&nbsp;Fund's accounting and financial reporting, internal control
over financial reporting and independent audits; (iv) approve prior to appointment the engagement and, when appropriate, replacement
of the independent registered public accounting firm, and, if applicable, nominate the independent registered public accounting
firm to be proposed for shareholder ratification in any proxy statement of the&nbsp;Fund; (v) evaluate the qualifications, independence
and performance of the independent registered public accounting firm and the audit partner in charge of leading the audit; and
(vi) prepare, as necessary, audit committee reports consistent with the requirements of applicable SEC and stock exchange rules
for inclusion in the proxy statement of the&nbsp;Fund. During the fiscal year ended December 31, 2019, the Audit Committee convened
thirteen times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Wennerholm (Chairperson), Fetting, Gorman, Park, Quinton
and Smith, and Mmes. Frost, Mosley, Peters and Sutherland are members of the Contract Review Committee. The purposes of the Contract
Review Committee are to consider, evaluate and make recommendations to the Board concerning the following matters: (i) contractual
arrangements with each service provider to the Fund, including advisory, sub-advisory, transfer agency, custodial and fund accounting,
distribution services and administrative services; (ii) any and all other matters in which any service provider (including Eaton
Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests of the Fund; and (iii)
any other matter appropriate for review by the noninterested Trustees, unless the matter is within the responsibilities of the
other Committees of the Board. During the fiscal year ended December 31, 2019, the Contract Review Committee convened six times.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Frost (Chairperson), Mosley and Peters and Messrs. Smith
and Wennerholm are members of the Portfolio Management Committee. The purposes of the Portfolio Management Committee are to: (i)
assist the Board in its oversight of the portfolio management process employed by the Fund and its investment adviser and sub-adviser(s),
if applicable, relative to the Fund&rsquo;s stated objective(s), strategies and restrictions; (ii) assist the Board in its oversight
of the trading policies and procedures and risk management techniques applicable to the Fund; and (iii) assist the Board in its
monitoring of the performance results of all funds and portfolios, giving special attention to the performance of certain funds
and portfolios that it or the Board identifies from time to time. During the fiscal year ended December 31, 2019, the Portfolio
Management Committee convened eleven times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ms. Sutherland (Chairperson) and Messrs. Fetting, Gorman and
Quinton are members of the Compliance Reports and Regulatory Matters Committee. The purposes of the Compliance Reports and Regulatory
Matters Committee are to: (i) assist the Board in its oversight role with respect to compliance issues and certain other regulatory
matters affecting the Fund; (ii) serve as a liaison between the Board and the Fund's CCO; and (iii) serve as a &ldquo;qualified
legal compliance committee&rdquo; within the rules promulgated by the SEC. During the fiscal year ended December 31, 2019, the
Compliance Reports and Regulatory Matters Committee convened ten times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Fetting (Chairperson) and Gorman and Ms. Mosley are
members of the Ad Hoc Committee for Closed-End Fund Matters. The purpose of the Ad Hoc Committee for Closed-End Fund Matters is
to consider, evaluate and make recommendations to the Board with respect to issues specifically related to Eaton Vance Closed-End
Funds. During the fiscal year ended December 31, 2019, the Ad Hoc Committee for Closed-End Fund Matters convened four times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Share
Ownership.</B></FONT> The following table shows the dollar range of equity securities beneficially owned by each Trustee in the
Fund and in the Eaton Vance family of funds overseen by the Trustee as of December 31, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 3pt 5.75pt; line-height: 10pt; text-align: center"><U>Name of Trustee</U></TD>
    <TD STYLE="white-space: nowrap; width: 32%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Dollar Range of Equity Securities<BR>
<U>Beneficially Owned in the Fund</U></TD>
    <TD STYLE="white-space: nowrap; width: 35%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned<BR>
in Funds Overseen by<BR>
Trustee in the<BR>
<U>Eaton Vance Family of Funds</U></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Thomas E. Faust Jr.</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Mark R. Fetting</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Cynthia E. Frost</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">George J. Gorman</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Valerie A. Mosley</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">William H. Park</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Helen Frame Peters</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Keith Quinton</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Marcus L. Smith</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Susan J. Sutherland</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Scott E. Wennerholm</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; line-height: 10pt; text-align: center">Over $100,000<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt 5.75pt 3pt 0.25in; line-height: 10pt; text-indent: -0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 3pt 5.75pt 3pt 0.25in; line-height: 10pt; text-indent: -0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)&#9;</SUP></FONT>Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of December 31, 2019, no noninterested Trustee or any of
their immediate family members owned beneficially or of record any class of securities of EVC, EVD, any sub-adviser, if applicable,
or any person controlling, controlled by or under common control with EVC or EVD or any sub-adviser, if applicable, collectively
(&ldquo;Affiliated Entity&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2018 and December
31, 2019, no noninterested Trustee (or their immediate family members) had:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Any direct or indirect interest in any Affiliated Entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Any direct or indirect material interest in any transaction or series of similar transactions with (i) the Fund; (ii) another
fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Any direct or indirect relationship with (i) the Fund; (ii) another fund managed or distributed by any Affiliated Entity; (iii)
any Affiliated Entity; or (iv) an officer of any of the above.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2018 and December
31, 2019, no officer of any Affiliated Entity served on the Board of Directors of a company where a noninterested Trustee of the
Fund or any of their immediate family members served as an officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Noninterested Trustees may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the &ldquo;Deferred Compensation
Plan&rdquo;). Under the Deferred Compensation Plan, an eligible Board member may elect to have all or a portion of his or her deferred
fees invested in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Board members under
the Deferred Compensation Plan will be determined based upon the performance of such investments. Deferral of Board members&rsquo;
fees in accordance with the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income
of a participating fund or portfolio, and do not require that a participating Board member be retained. There is no retirement
plan for Board members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The fees and expenses of the Trustees of the Fund are paid
by the Fund. A Board member who is a member of the Eaton Vance organization receives no compensation from the Fund. During the
fiscal year ended December 31, 2019, the Trustees of the Fund earned the following compensation in their capacities as Board members
from the Fund. For the year ended December 31, 2019, the Board members earned the following compensation in their capacities as
members of the Eaton Vance Fund Boards<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)</SUP></FONT>:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Source of Compensation</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Mark R.<BR>
Fetting</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Cynthia E.<BR>
Frost</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">George J.<BR>
Gorman</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Valerie A.<BR>
Mosley</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">William H.<BR>
Park</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Helen Frame<BR>
Peters</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Keith<BR>
Quinton</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Marcus L.<BR>
Smith</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Susan J.<BR>
Sutherland</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Scott E.<BR>
Wennerholm</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Fund</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,072</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,585</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,698</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,772<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;6,972</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,072</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,072</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,072</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,585<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;5,698</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Fund and Fund Complex<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;333,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;367,500</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;375,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;380,000<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;458,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;333,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;333,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;333,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;367,500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$&#9;375,000</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>As of April 10, 2020, the Eaton Vance fund complex consists of 159 registered investment companies or series thereof. Harriett
Tee Taggart retired as a Trustee effective December 31, 2018. For the fiscal year ended December 31, 2019, Ms. Taggart received
Trustee fees of $1,283 from the Fund. For the calendar year ended December 31, 2019, she received $82,500 from the Fund and Fund
Complex.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes $617 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>Includes $5,585 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>Includes $40,000 of deferred compensation.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>Includes $362,238 of deferred compensation.</TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy
Voting Policy.</B></FONT> The Board adopted a proxy voting policy and procedures (the &ldquo;Fund Policy&rdquo;), pursuant to which
the Board has delegated proxy voting responsibility to the Adviser and Sub-Adviser and adopted the proxy voting policies and procedures
of the Adviser and Sub-Adviser (the &ldquo;Adviser Policies&rdquo;). An independent proxy voting service has been retained to assist
in the voting of Fund proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services.
The members of the Board will review the Fund&rsquo;s proxy voting records from time to time and will annually consider approving
the Adviser Policies for the upcoming year. For a copy of the Fund Policy and the Adviser Policies, see Appendix A, B and C, respectively.
Pursuant to certain provisions of the 1940 Act and certain exemptive orders relating to funds investing in other funds, a Fund
may be required or may elect to vote its interest in another fund in the same proportion as the holders of all other shares of
that fund. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended
June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the SEC&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INVESTMENT ADVISORY AND OTHER SERVICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Investment Adviser.</B></FONT> Eaton Vance, its affiliates and its predecessor organizations have been managing assets since 1924
and managing mutual funds since 1931. They maintain a large staff of experienced fixed-income, senior loan and equity investment
professionals to service the needs of their clients. The equity group covers stocks ranging from blue chip to emerging growth companies.
The fixed-income group focuses on all kinds of taxable investment-grade and high-yield securities, tax-exempt investment-grade
and high-yield securities, and U.S. government securities. The senior loan group focuses on senior floating rate loans, unsecured
loans and other floating rate debt securities such as notes, bonds and asset backed securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is responsible for all of its costs and expenses
not expressly stated to be payable by Eaton Vance under the Investment Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;)
or the Amended and Restated Administrative Services Agreement (the &ldquo;Administration Agreement&rdquo;). Such costs and expenses
to be borne by the Fund include, without limitation: (i) expenses of maintaining the Fund and continuing its existence; (ii) registration
of the Fund under the Investment Company Act of 1940; (iii) commissions, spreads, fees and other expenses connected with the acquisition,
holding and disposition of securities and other investments; (<FONT STYLE="color: windowtext">iv) auditing, accounting and legal</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">expenses; (v) taxes and interest; (vi) governmental fees;
(vii) expenses of listing shares of the Fund with a stock exchange, and expenses of issue, sale, repurchase and redemption (if
any) of interests in the Fund, including expenses of conducting tender offers for the purpose of repurchasing Fund interests;
(viii) expenses of registering and qualifying the Fund and its shares under federal and state securities laws and of preparing
and filing registration statements and amendments for such purposes; (ix) expenses of reports and notices to shareholders and
of meetings of shareholders and proxy solicitations therefore; (x) expenses of reports to governmental officers and commissions;
(xi) insurance expenses; (xii) association membership dues; (xiii) fees, expenses and disbursements of custodians and subcustodians
for all services to the Fund (including, without limitation, safekeeping of funds, securities and other investments, keeping of
books, accounts and records, and determination of net asset values); (xiv) fees, expenses and disbursements of transfer agents,
dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; (xv) expenses for servicing
shareholder accounts; (xvi) any direct charges to shareholders approved by the Trustees of the Fund; (xvii) compensation and expenses
of Trustees of the Fund who are not members of the Adviser's organization; (xviii) pricing and valuation services employed by
the Fund; (xix) all expenses incurred in connection with leveraging of Fund's assets through a line of credit, or issuing and
maintaining preferred shares; and (xx) such non-recurring items as may arise, including expenses incurred in connection with litigation,
proceedings and claims and the obligation of the Fund to indemnify its Trustees, officers and shareholders with respect thereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Advisory Agreement between the Adviser and the
Fund, the Fund has agreed to pay an investment advisory fee, payable on a monthly basis, at an annual rate of 1.00% of the average
daily gross assets of the Fund. Gross assets of the Fund means total assets of the Fund, including any form of investment leverage
that the Fund may in the future determine to utilize, minus all accrued expenses incurred in the normal course of operations, but
not excluding any liabilities or obligations attributable to any future investment leverage obtained through (i) indebtedness of
any type (including, without limitation, borrowing through a credit facility/commercial paper program or the issuance of debt securities),
(ii) the issuance of preferred shares or other similar preference securities, (iii) the reinvestment of collateral received for
securities loaned in accordance with the Fund&rsquo;s investment objectives and policies and/or (iv) any other means.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of December 31, 2019, the Fund had gross assets of $1,141,247,617.
For the fiscal years ended December 31, 2019, 2018 and 2017, the Fund incurred $10,947,540, $11,893,390 and $12,035,661, respectively,
in advisory fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to an investment sub-advisory agreement between the
Adviser and the Sub-Adviser, Eaton Vance pays compensation to the Sub-Adviser for providing sub-advisory services to the Fund.
For the fiscal years ended December 31, 2019, 2018 and 2017, the Sub-Adviser received $2,736,885, $2,973,347 and $3,008,915, respectively,
in sub-advisory fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Administration Agreement, based on the current
level of compensation payable to Eaton Vance by the Fund under the Advisory Agreement, Eaton Vance receives no compensation from
the Fund in respect of the services rendered and the facilities provided as administrator under the Administration Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisory Agreement with the Adviser continues in effect
indefinitely so long as such continuance is approved at least annually (i) by the vote of a majority of the Trustees of the Fund
who are not interested persons of the Fund or of the Adviser, such vote being cast in person at a meeting specifically called for
the purpose of voting on such approval and (ii) by the Board of Trustees of the Fund or by vote of a majority of the outstanding
shares of the Fund. The Fund&rsquo;s Administration Agreement continues in effect from year to year so long as such continuance
is approved at least annually by the vote of a majority of the Fund&rsquo;s Trustees. Each agreement may be terminated at any time
without penalty on sixty (60) days&rsquo; written notice by the Trustees of the Fund or Eaton Vance, as applicable, or by vote
of the majority of the outstanding shares of the Fund. Each agreement will terminate automatically in the event of its assignment.
Each agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations
or duties to the Fund under such agreements on the part of Eaton Vance, Eaton Vance shall not be liable to the Fund or to any shareholder
of the Fund for any act or omission in the course of, or connected with, rendering services thereunder or for any losses that may
be sustained in the acquisition, holding or disposition of any interest in any investment or other asset.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Advisory Agreement provides that Eaton Vance may engage
one or more investment sub-advisers to assist with some or all aspects of the management of the Fund&rsquo;s investments subject
to such approvals as are required under the 1940 Act. Pursuant to these provisions, Eaton Vance has engaged Parametric as a sub-adviser
to structure and manage the Fund&rsquo;s common stock portfolio, including tax harvesting and other tax management techniques.
The Advisory Agreement provides that Eaton Vance may terminate any sub-advisory agreement entered into and directly assume any
functions performed by the sub-adviser, upon approval of the Board of Trustees, without the need for approval of the shareholders
of the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Information
About Eaton Vance.</B></FONT>&#8194;Eaton Vance is a business trust organized under the laws of The Commonwealth of Massachusetts.
EV serves as trustee of Eaton Vance. EV and Eaton Vance are wholly-owned subsidiaries of EVC, a Maryland corporation and publicly-held
holding company. BMR is an indirect subsidiary of EVC. EVC through its subsidiaries and affiliates engages primarily in investment
management, administration and marketing activities. The Directors of EVC are Thomas E. Faust Jr., Ann E. Berman, Leo I. Higdon,
Jr., Paula A. Johnson, Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane, Jr. All shares of
the outstanding Voting Common Stock of EVC are deposited in a Voting Trust, the Voting Trustees of which are Mr. Faust, Paul W.
Bouchey, Craig R. Brandon, Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G.
Hylton, Mr. Langstraat, Thomas Lee, Frederick S. Marius, David C. McCabe, Scott H. Page, Edward J. Perkin, Lewis R. Piantedosi,
Charles B. Reed, Craig P. Russ, Thomas C. Seto, John L. Shea, Eric A. Stein, John H. Streur, Andrew N. Sveen, Payson F. Swaffield,
R. Kelly Williams and Matthew J. Witkos (all of whom are officers of Eaton Vance or its affiliates). The Voting Trustees have unrestricted
voting rights for the election of Directors of EVC. All of the outstanding voting trust receipts issued under said Voting Trust
are owned by certain of the officers of Eaton Vance who may also be officers, or officers and Directors of EVC and EV. As indicated
under &ldquo;Management and Organization,&rdquo; all of the officers of the Fund&nbsp;(as well as Mr. Faust who is also a Trustee)
hold positions in the Eaton Vance organization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Sub-Adviser. </B></FONT>Parametric acts as an investment sub-adviser to the Fund subject to the supervision of the Fund&rsquo;s
Board of Trustees and the Adviser and structures and manages the Fund&rsquo;s common stock portfolio, including tax harvesting
and other tax management techniques, pursuant to a sub-advisory agreement between the Adviser and Parametric (the &ldquo;Sub-Advisory
Agreement&rdquo;). Eaton Vance pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric&rsquo;s principal office is located at 800 Fifth
Avenue, Suite 2800, Seattle, WA 98104. Parametric is an investment manager that has been providing investment advisory services
since its formation in 1987. Headquartered in Seattle, Parametric has offices in Minneapolis, New York City, Boston and Westport,
Connecticut. As of January 31, 2020, Parametric&rsquo;s assets under management totaled approximately $320.8 billion. Parametric
is an indirect, wholly-owned subsidiary of EVC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Sub-Advisory Agreement with Parametric continues in effect
indefinitely so long as such continuance is approved at least annually (i) by the Fund&rsquo;s Board of Trustees or by the holders
of a majority of its outstanding voting securities and (ii) by a majority of the Trustees who are not &ldquo;interested persons&rdquo;
(as defined in the 1940 Act) of any party to the Sub-Advisory Agreement, by vote cast in person at a meeting called for the purpose
of voting on such approval. The Sub-Advisory Agreement terminates automatically on its assignment and may be terminated without
penalty on sixty (60) days&rsquo; written notice at the option of either the Adviser, by the Fund&rsquo;s Board of Trustees or
by a vote of a majority (as defined in the 1940 Act) of the Fund&rsquo;s outstanding shares or by Parametric upon three (3) months&rsquo;
notice. As discussed above, Eaton Vance may terminate the Sub-Advisory Agreement with Parametric and directly assume responsibility
for the services provided by Parametric upon approval by the Board of Trustees without the need for approval of the shareholders
of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Sub-Advisory Agreement with Parametric provides that in the
absence of willful misfeasance, bad faith, or negligence in the performance of its duties thereunder or any breach by the Sub-Adviser
of its obligations or duties thereunder, Parametric is not liable for or subject to, any damages, expenses, or losses in connection
with, any act or omission connected with or arising out of any services rendered thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Code
of Ethics.</B></FONT> The Adviser, the Sub-Adviser and the Fund have adopted codes of ethics (the &ldquo;Codes of Ethics&rdquo;)
governing personal securities transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes of Ethics, employees of the
Adviser and the Sub-Adviser may purchase and sell securities (including securities held or eligible for purchase by the Fund) subject
to the provisions of the Codes of Ethics and certain employees are also subject to pre-clearance, reporting requirements and/or
other procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Codes of Ethics can be reviewed on the EDGAR Database
on the SEC&rsquo;s Internet site (http://www.sec.gov), or a copy of the Codes of Ethics may be requested after paying a duplication
fee by electronic mail at publicinfo@sec.gov.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Managers.</B></FONT> The portfolio manager(s) of the Fund are listed below. The following table shows, as of the Fund&rsquo;s most
recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets
(in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect
to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in
those accounts.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 29%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>All Accounts</U></P></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Total Assets of</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>All Accounts</U></P></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Number of Accounts</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Paying a Performance Fee</U></P></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Total Assets of Accounts</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Paying a Performance Fee</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Michael A. Allison<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">17</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;37,711.9</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;25,769.3<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0.4</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Thomas C. Seto</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">39</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;27,039.8<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">10</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;2,496.9</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.55pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">40,734</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;134,475.6<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;0</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>This portfolio manager serves as portfolio manager of one or more registered investment companies that invests or may invest
in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles
sponsored by Eaton Vance. The underlying investment companies may be managed by this portfolio manager or another portfolio manager.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Certain of these &ldquo;Other Pooled Investment Vehicles&rdquo; invest a substantial portion of their assets either in a
registered investment company in the Eaton Vance family of funds and/or in a separate pooled investment vehicle sponsored by Eaton
Vance which may be managed by this portfolio manager or another portfolio manager.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>This portfolio manager provides investment advice with respect to only a portion of the total assets of certain of these
accounts. Only the assets allocated to this portfolio manager as of the Fund&rsquo;s most recent fiscal year end are reflected
in the table.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>For &ldquo;Other Accounts&rdquo; that are part of a wrap or model account program, the number of accounts is the number
of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer accounts within
each wrap or model account program.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table shows the dollar range of Fund shares
beneficially owned by each portfolio manager as of the Fund&rsquo;s most recent fiscal year end and in the Eaton Vance family of
funds as of December 31, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Manager</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Fund</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned in<BR>
the Eaton Vance Family of Funds</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Michael A. Allison</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$1 - $10,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$100,001 - $500,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Thomas C. Seto</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $1,000,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">It is possible that conflicts of interest may arise in connection
with a portfolio manager&rsquo;s management of the Fund&rsquo;s investments on the one hand and the investments of other accounts
for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating
management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences
in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with
respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed
by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The
existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation
of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor
to exercise his discretion in a manner that he believes is equitable to all interested persons. The investment adviser and sub-adviser
have adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies
that govern the investment adviser&rsquo;s and sub-adviser&rsquo;s trading practices, including among other things the aggregation
and allocation of trades among clients, brokerage allocations, cross trades and best execution.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Compensation
Structure of Eaton Vance.</B></FONT> Compensation of the Adviser's portfolio managers and other investment professionals has the
following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options
to purchase shares of EVC nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject
to a vesting schedule, and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award
tied to future excess returns in certain equity strategy portfolios. The Adviser&rsquo;s investment professionals also receive
certain retirement, insurance and other benefits that are broadly available to the Adviser&rsquo;s employees. Compensation of the
Adviser&rsquo;s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards,
and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Eaton
Vance&rsquo;s Method to Determine Compensation</B></FONT>. The Adviser compensates its portfolio managers based primarily on the
scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus
the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within
peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance.
Risk-adjusted performance measures include, but are not limited to Sharpe ratio, which uses standard deviation and excess return
to determine reward per unit of risk. Performance is normally based on periods ending on the September 30th preceding fiscal year
end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar,
Inc. When a fund&rsquo;s peer group as determined by Lipper or Morningstar is deemed by the Adviser&rsquo;s management not to provide
a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the
performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration
of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns,
performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment
objective other than total return (such as current income), consideration will also be given to the fund&rsquo;s success in achieving
its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis,
based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory
fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. Pursuant to the Deferred
Alpha Incentive Plan, a portion of the compensation payable to equity portfolio managers and investment professionals will be determined
based on the ability of one or more accounts managed by such manager, that are not advised by CRM to achieve a specified target
average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end
of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent
that the average annual gross return varies from the specified target return. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The compensation of portfolio managers with other job responsibilities
(such as heading an investment group or providing analytical support to other portfolios) includes consideration of the scope of
such responsibilities and the managers&rsquo; performance in meeting them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Adviser seeks to compensate portfolio managers commensurate
with their responsibilities and performance, and competitive with other firms within the investment management industry. The Adviser
participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and
stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation
are also influenced by the operating performance of the Adviser and its parent company. The overall annual cash bonus pool is generally
based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of the Adviser&rsquo;s portfolio
managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based
on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses
and stock-based compensation may represent a substantial portion of total compensation.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Compensation Structure for Parametric. <FONT STYLE="font-weight: normal">Compensation
of Parametric portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual
cash bonus, and (3) annual equity-based compensation awards that generally are subject to a multi-year vesting schedule. Stock-based
compensation awards and adjustments in base salary and bonuses are typically paid and/or put into effect at or shortly after, the
firm&rsquo;s fiscal year-end, October 31.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Parametric&rsquo;s
Method to Determine Compensation.</B></FONT> Parametric seeks to compensate portfolio managers commensurate with their responsibilities
and performance while remaining competitive with other firms within the investment management industry. In the case of investment
strategies that are systematic, including the Fund&rsquo;s, portfolio managers primarily are measured with respect to whether a
strategy&rsquo;s rules, as implemented, delivered on the strategy&rsquo;s objectives.&nbsp; In evaluating the foregoing, Parametric
evaluates the manner in which the strategy is implemented relative to strategy targets, rebalancing portfolio exposures consistent
with pre-determined triggers, and judicious trade construction.&nbsp; Portfolio managers are also expected to monitor factors that
may impact implementation of a strategy and to seek potential ways to address them as needed.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Salaries, bonuses and stock-based compensation are also influenced
by the operating performance of Parametric and its parent company, EVC. While the salaries of Parametric portfolio managers are
comparatively fixed, cash bonuses and stock-based compensation may fluctuate substantially from year to year, based on changes
in financial performance and other factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Parametric participates in compensation surveys that benchmark
salaries, total cash and total compensation against other firms in the industry. This data is reviewed, along with a number of
other factors, to ensure that compensation remains competitive with other firms in the industry.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Advisory Services.</B></FONT> Under the general supervision of the Fund&rsquo;s Board, Eaton Vance will carry out the
investment and reinvestment of the assets of the Fund, will furnish continuously an investment program with respect to the
Fund, will determine which securities should be purchased, sold or exchanged, and will implement such determinations and will
supervise the overall activities of the Sub-Adviser. Eaton Vance will furnish to the Fund investment advice and provide
related office facilities and personnel for servicing the investments of the Fund. Eaton Vance will compensate all Trustees
and officers of the Fund who are members of the Eaton Vance organization, and will also compensate all other Eaton Vance
personnel who provide research and investment services to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commodity
Futures Trading Commission Registration. </B></FONT>Effective December 31, 2012, the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;)
adopted certain regulatory changes 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
swaps agreements) or markets itself as providing investment exposure to such instruments. The Adviser has claimed an exclusion
from the definition of &ldquo;commodity pool operator&rdquo; under the Commodity Exchange Act with respect to its management of
the Fund. Accordingly, neither the Fund nor the Adviser or Sub-Adviser with respect to the operation of the Fund is subject to
CFTC regulation. Because of their management of other strategies, Eaton Vance and Parametric are registered with the CFTC as commodity
pool operators. Eaton Vance and Parametric are also registered as commodity trading advisors. The CFTC has neither reviewed nor
approved the Fund's investment strategies or this SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Administrative
Services.</B></FONT> Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Fund,
subject to the supervision of the Fund&rsquo;s Board. Eaton Vance will furnish to the Fund all office facilities, equipment and
personnel for administering the affairs of the Fund. Eaton Vance will compensate all Trustees and officers of the Fund who are
members of the Eaton Vance organization and who render executive and administrative services to the Fund, and will also compensate
all other Eaton Vance personnel who perform management and administrative services for the Fund. Eaton Vance&rsquo;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Fund&rsquo;s custodian and transfer agent, providing assistance in connection with the Trustees&rsquo;
and shareholders&rsquo; meetings, providing services in connection with repurchase offers, if any, and other administrative services
necessary to conduct the Fund&rsquo;s business.&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">DETERMINATION OF NET ASSET VALUE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net asset value of the Fund is determined by State Street
Bank and Trust Company (as agent and custodian) by subtracting the liabilities of the Fund from the value of its total assets.
The Fund is closed for business and will not issue a net asset value on the following business holidays and any other business
day that the New York Stock Exchange (the &ldquo;Exchange&rdquo;) is closed: New Year&rsquo;s Day, Martin Luther King, Jr. Day,
Presidents&rsquo; Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has approved procedures pursuant to which investments
are valued for purposes of determining the Fund&rsquo;s net asset value. Listed below is a summary of the methods generally used
to value investments (some or all of which may be held by the Fund) under the procedures.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Equity securities (including common stock, exchange-traded funds, closed end funds, preferred equity securities, exchange-traded
notes and other instruments that trade on recognized stock exchanges) are valued at the last sale, official close or, if there
are no reported sales, at the mean between the bid and asked price on the primary exchange on which they are traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Most debt obligations are valued on the basis of market valuations furnished by a pricing service or at the mean of the bid
and asked prices provided by recognized broker/dealers of such securities. The pricing service may use a pricing matrix to determine
valuation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Short-term instruments with remaining maturities of less than 397 days are valued on the basis of market valuations furnished
by a pricing service or based on dealer quotations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange quotations supplied by a pricing
service.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Senior and Junior Loans are valued on the basis of prices furnished by a pricing service. The pricing service uses transactions
and market quotations from brokers in determining values.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Futures contracts are valued at the settlement or closing price on the primary exchange or board of trade on which they are
traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Exchange-traded options are valued at the mean of the bid and asked prices. Over-the-counter options are valued based on quotations
obtained from a pricing service or from a broker (typically the counterparty to the option).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Non-exchange traded derivatives (including swap agreements, forward contracts and equity participation notes) are generally
valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty)
or, for total return swaps, based on market index data.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Precious metals are valued at the New York Composite mean quotation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Liabilities with a payment or maturity date of 364 days or less are stated at their principal value and longer dated liabilities
generally will be carried at their fair value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Valuations of foreign equity securities and total return swaps and exchange-traded futures contracts on non-North American
equity indices are generally based on the fair valuation provided by a pricing service.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments which are unable to be valued in accordance with
the foregoing methodologies are valued at fair value using methods determined in good faith by or at the direction of the members
of the Board. Such methods may include consideration of relevant factors, including but not limited to (i) the type of security,
and the existence of any contractual restrictions on the security&rsquo;s disposition, (ii) the price and extent of public trading
in similar securities of the issuer or of comparable companies or entities, (iii) quotations or relevant information obtained from
broker-dealers or other market participants, (iv) information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), (v) an analysis of the company&rsquo;s or entity&rsquo;s financial statements, (vi)
an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold, (vii) any
transaction involving the issuer of such securities, and (viii) any other factors deemed relevant by the investment adviser. For
purposes of a fair valuation, the portfolio managers of one Eaton Vance fund that invests in Senior and Junior Loans may not possess
the same information about a Senior or Junior Loan as the portfolio managers of another Eaton Vance fund. As such, at times the
fair value of a Loan determined by certain Eaton Vance portfolio managers may vary from the fair value of the same Loan determined
by other portfolio managers.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PORTFOLIO TRADING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Decisions concerning the execution of portfolio security transactions,
including the selection of the market and the executing firm, are made by Eaton Vance, the Fund&rsquo;s Adviser, or Parametric
as the Fund&rsquo;s Sub-Adviser. As used below, &ldquo;Adviser&rdquo; refers to Eaton Vance and Parametric, as applicable. The
Fund is responsible for the expenses associated with its portfolio transactions. The Adviser is also responsible for the execution
of transactions for all other accounts managed by it. The Adviser places the portfolio security transactions for execution with
one or more broker-dealer firms. The Adviser uses its best efforts to obtain execution of portfolio security transactions at prices
which in the Adviser&rsquo;s judgment are advantageous to the client and at reasonably competitive spreads or (when a disclosed
commission is being charged) at reasonably competitive commission rates. In seeking such execution, the Adviser will use its best
judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors, which may include without
limitation the full range and quality of the broker-dealer firm&rsquo;s services including the responsiveness of the firm to the
Adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality, speed
and certainty of effective execution required for the transaction, the general execution and operational capabilities of the broker-dealer
firm, the reputation, reliability, experience and financial condition of the firm, the value and quality of the services rendered
by the firm in other transactions, and the amount of the spread or commission, if any. In addition, the Adviser may consider the
receipt of Research Services (as defined below), provided it does not compromise the adviser&rsquo;s obligation to seek best overall
execution for the Fund and is otherwise in compliance with applicable law. The Adviser may engage in portfolio brokerage transactions
with a broker-dealer firm that sells shares of Eaton Vance funds, provided such transactions are not directed to that firm as compensation
for the promotion or sale of such shares. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Transactions on stock exchanges and other agency transactions
involve the payment of negotiated brokerage commissions. Such commissions vary among different broker-dealer firms, and a particular
broker-dealer may charge different commissions according to such factors as the difficulty and size of the transaction and the
volume of business done with such broker-dealer. Transactions in foreign securities often involve the payment of brokerage commissions,
which may be higher than those in the United States. There is generally no stated commission in the case of securities traded in
the over-the-counter markets including transactions in fixed-income securities which are generally purchased and sold on a net
basis (i.e., without commission) through broker-dealers and banks acting for their own account rather than as brokers. Such firms
attempt to profit from such transactions by buying at the bid price and selling at the higher asked price of the market for such
obligations, and the difference between the bid and asked price is customarily referred </P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">to as the spread. Fixed-income transactions may also be transacted
directly with the issuer of the obligations. In an underwritten offering the price paid often includes a disclosed fixed commission
or discount retained by the underwriter or dealer. Although spreads or commissions paid on portfolio security transactions will,
in the judgment of the investment adviser, be reasonable in relation to the value of the services provided, commissions exceeding
those which another firm might charge may be paid to broker-dealers who were selected to execute transactions on behalf of the
investment adviser&rsquo;s clients in part for providing brokerage and research services to the investment adviser as permitted
by applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the safe harbor provided in Section 28(e) of the
Securities Exchange Act of 1934, as amended (&ldquo;Section 28(e)&rdquo;), and to the extent permitted by other applicable law,
a broker or dealer who executes a portfolio transaction on behalf of the investment adviser client may receive a commission that
is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the investment
adviser determines in good faith that such compensation was reasonable in relation to the value of the brokerage and research services
provided. This determination may be made on the basis of either that particular transaction or on the basis of the overall responsibility
which the investment adviser and its affiliates have for accounts over which they exercise investment discretion. &ldquo;Research
Services&rdquo; as used herein includes any and all brokerage and research services to the extent permitted by Section 28(e) and
other applicable law. Generally, Research Services may include, but are not limited to, such matters as research, analytical and
quotation services, data, information and other services products and materials which assist the investment adviser in the performance
of its investment responsibilities. More specifically, Research Services may include general economic, political, business and
market information, industry and company reviews, evaluations of securities and portfolio strategies and transactions, technical
analysis of various aspects of the securities markets, recommendations as to the purchase and sale of securities and other portfolio
transactions, certain financial, industry and trade publications, certain news and information services, and certain research oriented
computer software, data bases and services. Any particular Research Service obtained through a broker-dealer may be used by the
investment adviser in connection with client accounts other than those accounts which pay commissions to such broker-dealer, to
the extent permitted by applicable law. Any such Research Service may be broadly useful and of value to the investment adviser
in rendering investment advisory services to all or a significant portion of its clients, or may be relevant and useful for the
management of only one client&rsquo;s account or of a few clients&rsquo; accounts, or may be useful for the management of merely
a segment of certain clients&rsquo; accounts, regardless of whether any such account or accounts paid commissions to the broker-dealer
through which such Research Service was obtained. The investment adviser evaluates the nature and quality of the various Research
Services obtained through broker-dealer firms and, to the extent permitted by applicable law, may attempt to allocate sufficient
portfolio security transactions to such firms to ensure the continued receipt of Research Services which the investment adviser
believes are useful or of value to it in rendering investment advisory services to its clients. The investment adviser may also
receive brokerage and Research Services from underwriters and dealers in fixed-price offerings, when permitted under applicable
law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Research Services provided by (and produced by) broker-dealers
that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as &ldquo;Proprietary Research.&rdquo;
Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider
the receipt of Proprietary Research Services as a factor in selecting broker-dealers to execute client portfolio transactions,
provided it does not compromise the investment adviser&rsquo;s obligation to seek best overall execution. In jurisdictions where
permissible, the investment adviser also may consider the receipt of Research Services under so called &ldquo;client commission
arrangements&rdquo; or &ldquo;commission sharing arrangements&rdquo; (both referred to as &ldquo;CCAs&rdquo;) as a factor in selecting
broker dealers to execute transactions, provided it does not compromise the investment adviser&rsquo;s obligation to seek best
overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer
and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits
that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides
the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments
for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically
pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services.
The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety
of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser
will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Fund trades executed by an affiliate of the investment
adviser licensed in the United Kingdom may implicate laws of the United Kingdom, including rules of the UK Financial Conduct
Authority, which govern client trading commissions and Research Services (&ldquo;UK Law&rdquo;). Broadly speaking, under UK
Law the investment adviser may not accept any good or service when executing an order unless that good or service either is
directly related to the execution of trades on behalf of its clients/customers or amounts to the provision of substantive
research (as defined under UK Law). These requirements may also apply with respect to orders in connection with which the
investment adviser receives goods and services under a CCA or other bundled brokerage arrangement.
Fund trades may also implicate UK Law requiring the investment adviser to direct any research portion of a brokerage commission
to an account controlled by the investment adviser.</P>


<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The investment companies sponsored by the investment adviser
or its affiliates also may allocate brokerage commissions to acquire information relating to the performance, fees and expenses
of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill
their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to
such companies. Such companies may also pay cash for such information. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities considered as investments for the Fund may also
be appropriate for other investment accounts managed by the investment adviser or its affiliates. Whenever decisions are made to
buy or sell securities by the Fund and one or more of such other accounts simultaneously, the investment adviser will allocate
the security transactions (including &ldquo;new&rdquo; issues) in a manner which it believes to be equitable under the circumstances.
As a result of such allocations, there may be instances where the Fund will not participate in a transaction that is allocated
among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis.
An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have
been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized
investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot
or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably determines
that departure from a pro rata allocation is advisable. While these aggregations and allocation policies could have a detrimental
effect on the price or amount of the securities available to a Fund from time to time, it is the opinion of the members of the
Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to simultaneous
transactions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table shows brokerage commissions paid during
the fiscal years ended December 31, 2019, 2018 and 2017 as well as the amount of portfolio security transactions for the most recent
fiscal year (if any) that were directed to firms that provided some Research Services to the investment adviser or its affiliates
(see above), and the commissions paid in connection therewith. The Fund did not pay any brokerage commissions to affiliated brokers
during the past three fiscal years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Fiscal Year End</U></FONT></TD>
    <TD STYLE="width: 21%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Brokerage
    Commission <U>Paid</U></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Amount of Transactions Directed to Firms<BR>
<U>Providing Research</U></FONT></TD>
    <TD STYLE="width: 26%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Commissions
    Paid on Transactions<BR>
    Directed to Firms Providing <U>Research</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2019</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;55,685</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$179,100,134</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$48,367</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2018</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;41,706</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2017</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;183,426</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">During the fiscal year ended December 31, 2019, the Fund
held securities of its &ldquo;regular brokers or dealers&rdquo;, as that term is defined in Rule 10b-1 of the 1940 Act, and the
value of such securities of the Fund&rsquo;s fiscal year end was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Regular Broker or Dealer (or Parent)</U></FONT></TD>
    <TD STYLE="width: 37%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Aggregate Value</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">HSBC Securities, Inc.</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;6,063,734</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">BNP Paribas</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;4,465,701</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;1,793,903</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Bank of America</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;1,761,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Global Markets</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$&#9;800,658</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center">TAXES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has elected and intends to qualify each year to be treated
as a regulated investment company (&ldquo;RIC&rdquo;) under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Accordingly, the Fund intends to satisfy certain requirements
relating to sources of its income and diversification of its assets and to distribute substantially all of its net income and net
short-term and long-term capital gains, if any, (after reduction by any available capital loss carryforwards) in accordance with
the timing requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any federal income or excise
tax. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will
not be subject to federal income tax on income or gains paid to its shareholders in the form of dividends.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify as a RIC for federal income tax purposes, the Fund
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains
from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a qualified publicly traded partnership. The Fund must also distribute to its shareholders
at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for each taxable
year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund must also satisfy certain requirements with respect
to the diversification of its assets. The Fund must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Fund or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Fund&rsquo;s assets may be
invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in securities (other than
U.S. Government securities or the securities of other RICs) of any one issuer, or of two or more issuers that the Fund controls
and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified
publicly traded partnerships. For purposes of asset diversification testing, obligations issued or guaranteed by certain agencies
or instrumentalities of the U.S. government are treated as U.S. government securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also seeks to avoid the imposition of a federal excise
tax on its ordinary income and capital gain net income. In order to avoid incurring a federal excise tax obligation, the Code requires
that a RIC distribute (or be deemed to have distributed) by December 31 of each calendar year (i) at least 98% of its ordinary
income (not including tax-exempt income) for such year, (ii) at least 98.2% of its capital gain net income (which is the excess
of its realized capital gains over its realized capital losses), generally computed on the basis of the one-year period ending
on October 31 (or later if the Fund is permitted to elect and so elects) of such year, after reduction by any available capital
loss carryforwards and (iii) 100% of any income and capital gains from the prior year (as previously computed) that was not paid
out during such year and on which the Fund paid no federal income tax. If the Fund fails to meet these requirements it will be
subject to a nondeductible 4% excise tax on the undistributed amounts. For the foregoing purposes, a RIC is treated as having distributed
any amount on which it is subject to income tax for any tax year ending in such calendar year and, if it so elects, the amounts
on which qualified estimated tax payments are made by it during such calendar year (in which case the amount it is treated as having
distributed in the following calendar year will be reduced). If the Fund does not qualify as a RIC for any taxable year, the Fund&rsquo;s
taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including distributions
of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions may be eligible to be treated
as qualified dividend income with respect to shareholders who are individuals and may be eligible for the dividends-received deduction
(&ldquo;DRD&rdquo;) in the case of shareholders taxed as corporations, provided, in both cases, the shareholder meets certain holding
period and other requirements in respect of the Fund's shares. In order to requalify for taxation as a RIC, the Fund may be required
to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Distributions are taxable as described herein whether shareholders
receive them in cash or in additional shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For U.S. federal income tax purposes, distributions paid out
of the Fund&rsquo;s current or accumulated earnings and profits will, except in the case of distributions of qualified dividend
income and capital gain dividends described below, be taxable as ordinary income. Qualified dividend income received by an individual
is generally taxed at the rates applicable to long-term capital gain. In order for a dividend received by Fund shareholders to
be qualified dividend income, the Fund must meet holding period and other requirements with respect to the dividend-paying stock
in its portfolio and the shareholders must meet holding period and other requirements with respect to the Fund&rsquo;s shares.
A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received
with respect to any share of stock held for fewer than 61 days during the 121-day period beginning at the date which is 60 days
before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock,
91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation
</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(whether pursuant to a short sale or otherwise) to make related
payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend
income treated as investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for
the benefits of a comprehensive income tax treaty with the U.S. (with the exception of dividends paid on stock of such a foreign
corporation readily tradable on an established securities market in the U.S.) or (b) treated as a passive foreign investment company.
Payments in lieu of dividends, such as payments pursuant to securities lending arrangements, also do not qualify to be treated
as qualified dividend income. In general, distributions of investment income properly reported by the Fund as derived from qualified
dividend income will be treated as qualified dividend income by a shareholder taxed as an individual provided the shareholder meets
the holding period and other requirements described above with respect to the Fund&rsquo;s shares. There can be no assurance as
to what portion of the Fund&rsquo;s distributions will qualify for treatment as qualified dividend income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A portion of distributions made by the Fund which are derived
from dividends from U.S. corporations may qualify for the dividends-received deduction (&ldquo;DRD&rdquo;) for corporations. The
DRD is reduced to the extent the Fund shares with respect to which the dividends are received are treated as debt-financed under
the Code and is eliminated if the shares are deemed to have been held for less than a minimum period, generally more than 45 days
(more than 90 days in the case of certain preferred stock) during the 91-day period beginning 45 days before the ex-dividend date
(during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or if the recipient is under
an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially
similar or related property. Receipt of certain distributions qualifying for the DRD may result in reduction of the tax basis of
the corporate shareholder&rsquo;s shares. Payments in lieu of dividends, such as payments pursuant to securities lending arrangements,
also do not qualify for the DRD.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Distributions of net capital gain, if any, designated as capital
gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund shares.
A distribution of an amount in excess of the Fund&rsquo;s current and accumulated earnings and profits will be treated by a shareholder
as a return of capital which is applied against and reduces the shareholder&rsquo;s basis in his or her shares. To the extent that
the amount of any such distribution exceeds the shareholder&rsquo;s basis in his or her shares, the excess will be treated by the
shareholder as gain from a sale or exchange of the shares. Distributions of gains from the sale of investments that the Fund owned
for one year or less will be taxable as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may elect to retain its net capital gain or a portion
thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount
as undistributed capital gains in a notice to its shareholders, who would then, in turn (i) be required to report their pro rata
share of such gain on their tax return as long-term capital gain, (ii) receive a tax credit for their pro rata share of tax paid
by the Fund on the gain and claim a refund on a properly-filed U.S. tax return to extent such credit exceeds the shareholder's
U.S. federal income tax liabilities, and (iii) increase the tax basis for his shares by an amount equal to the deemed distribution
less the tax credit. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains
all or a portion of its net capital gain in a taxable year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selling shareholders will generally recognize gain or loss in
an amount equal to the difference between the shareholder&rsquo;s adjusted tax basis in the shares sold and the sale proceeds.
If the shares are held as a capital asset, the gain or loss will be a capital gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any loss realized upon the sale or exchange of Fund shares
with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends
received with respect to such shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, all or a portion of a loss realized on a sale or
other disposition of Fund shares may be disallowed under &ldquo;wash sale&rdquo; rules to the extent the shareholder acquires other
shares of the same Fund (whether through the reinvestment of distributions or otherwise) within a period of 61 days beginning 30
days before and ending 30 days after the date of disposition of the common shares. Any disallowed loss will result in an adjustment
to the shareholder&rsquo;s tax basis in some or all of the other shares acquired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales charges paid upon a purchase of shares cannot be taken
into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase to the extent
a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund (or of another fund), during the period
beginning on the date of such sale and ending on January 31 of the calendar year following the calendar year in which the sale
was made, pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to the shareholder&rsquo;s
tax basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain net investment income received by an individual having
adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly or $125,000 for married individuals
filing separately) will be subject to a tax of 3.8 percent. Undistributed net investment income of trusts and estates in excess
of a specified amount also will be subject to this tax. Dividends and capital gains distributed by the Fund, and gain realized
on the sale of shares, will constitute investment income of the type subject to this tax.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and distributions on the Fund&rsquo;s shares are generally
subject to federal income tax as described herein to the extent they do not exceed the Fund&rsquo;s realized income and gains,
even though such dividends and distributions may economically represent a return of a particular shareholder&rsquo;s investment.
Such distributions are likely to occur in respect of shares purchased at a time when the Fund&rsquo;s net asset value reflects
gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when
the Fund&rsquo;s net asset value also reflects unrealized losses. Certain distributions declared in October, November or December
and paid in the following January will be taxed to shareholders as if received on December 31 of the year in which they were declared.
In addition, certain other distributions made after the close of a taxable year of the Fund may be &ldquo;spilled back&rdquo; and
treated as paid by the Fund (except for purposes of the non-deductible 4% federal excise tax) during such taxable year. In such
case, shareholders will be treated as having received such dividends in the taxable year in which the distributions were actually
made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will inform shareholders of the source and tax status
of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The benefits of the reduced tax rates applicable to long-term
capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">From
time to time, the Fund may make a tender offer for its shares. Shareholders who tender all shares held, or considered to be held,
by them will generally be treated as having sold their shares and generally will realize a capital gain or loss. If a shareholder
tenders fewer than all of its shares, such shareholder may be treated as having received a distribution under Section 301 of the
Code (&ldquo;Section 301 distribution&rdquo;) unless the redemption is treated as being either (i) &ldquo;substantially disproportionate&rdquo;
with respect to such shareholder or (ii) otherwise &ldquo;not essentially equivalent to a dividend&rdquo; under the relevant rules
of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to a capital gain or loss, but rather
is treated as a dividend to the extent supported by the Fund&rsquo;s current and accumulated earnings and profits, with the excess
treated as a return of capital reducing the shareholder&rsquo;s tax basis in Fund shares, and thereafter as capital gain. Where
a redeeming shareholder is treated as receiving a dividend, there is a risk that non-tendering shareholders whose interests in
the Fund increase as a result of such tender will be treated as having received a taxable distribution from the Fund. The extent
of such risk will vary depending upon the particular circumstances of the tender offer, in particular whether such offer is a
single and isolated event or is part of a plan for periodically redeeming the shares of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The tax treatment of certain positions entered into by the
Fund (including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be
governed by Section 1256 of the Code (&ldquo;Section 1256 Contracts&rdquo;). Code Section 1256 generally requires any gain or loss
arising from a Section 1256 Contract to be treated as 60% long-term and 40% short-term capital gain or loss. In addition, the Fund
generally will be required to &ldquo;mark to market&rdquo; (i.e., treat as sold for fair market value) each Section 1256 Contract
which it holds at the close of each taxable year (and on October 31 of each year for excise tax purposes). If a Section 1256 Contract
held by the Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on such sale
will be adjusted to reflect the gain or loss previously taken into account under the &ldquo;mark to market&rdquo; rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code contains special rules that apply to &ldquo;straddles,&rdquo;
defined generally as the holding of &ldquo;offsetting positions with respect to personal property.&rdquo; For example, the straddle
rules normally apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially identical
stock or securities. In general, investment positions will be offsetting if there is a substantial diminution in the risk of loss
from holding one position by reason of holding one or more other positions. Under certain circumstances, the Fund may enter into
options transactions or certain other investments that may constitute positions in a straddle. If two or more positions constitute
a straddle, recognition of a realized loss from one position must generally be deferred to the extent of unrecognized gain in an
offsetting position. In addition, long-term capital gain may be recharacterized as short-term capital gain, or short-term capital
loss as long-term capital loss. Interest and other carrying charges allocable to personal property that is part of a straddle are
not currently deductible but must instead be capitalized. Similarly, &ldquo;wash sale&rdquo; rules apply to prevent the recognition
of loss by the Fund from the disposition of stock or securities at a loss in a case in which identical or substantially identical
stock or securities (or an option to acquire such property) is or has been acquired within a prescribed period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code allows a taxpayer to elect to offset gains and losses
from positions that are part of a &ldquo;mixed straddle.&rdquo; A &ldquo;mixed straddle&rdquo; is any straddle in which one or
more but not all positions are Section 1256 Contracts. The Fund may be eligible to elect to establish one or more mixed straddle
accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require a daily &ldquo;marking to
market&rdquo; of all open positions in the account and a daily netting of gains and losses from all positions in the account. At
the end of a taxable year, the annual net gains or losses from the mixed straddle account are recognized for tax purposes. The
net capital gain or loss is treated as 60% long-term and 40% short-term capital gain or loss if attributable to the Section 1256
Contract positions, or all short-term capital gain or loss if attributable to the non-Section 1256 Contract positions.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may recognize gain (but not loss) from a constructive
sale of certain &ldquo;appreciated financial positions&rdquo; if the Fund enters into a short sale, offsetting notional principal
contract, or forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated
financial positions subject to this constructive sale treatment include interests (including options and forward contracts and
short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction is closed out
not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying appreciated
securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss from a short sale of property is generally considered
as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&rsquo;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on
the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will
be treated as a long-term capital loss if, on the date of the short sale, &ldquo;substantially identical property&rdquo; has been
held by the Fund for more than one year. In addition, these rules may also terminate the running of the holding period of &ldquo;substantially
identical property&rdquo; held by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss on a short sale will generally not be realized
until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds
a short sale position with respect to securities that has appreciated in value, and it then acquires property that is the same
as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property
as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position
with respect to securities and then enters into a short sale with respect to the same or substantially identical property, the
Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters
into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive
sale rules will be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s transactions in futures contracts and options
will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized
by the Fund (i.e., may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate recognition
of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character, amount and timing of distributions
to shareholders. These provisions also (a) may require the Fund to mark-to-market certain types of the positions in its portfolio
(i.e., treat them as if they were closed out), and (b) may cause the Fund to recognize income without receiving cash with which
to make distributions in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed as a RIC and
the 98% and 98.2% distribution requirements for avoiding excise taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Further, certain of the Fund&rsquo;s investment practices
are subject to special and complex federal income tax provisions that may, among other things, (i) convert dividends that would
otherwise constitute qualified dividend income into short-term capital gain or ordinary income taxed at the higher rate applicable
to ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate dividends-received deduction as ineligible
for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert long-term
capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss or deduction into a capital loss (the
deductibility of which is more limited), (vi) cause the Fund to recognize income or gain without a corresponding receipt of cash,
(vii) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (viii) adversely alter
the characterization of certain complex financial transactions, and (ix) produce income that will not constitute qualifying income
for purposes of the 90% annual gross income requirement described above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and interest received, and gains realized, by the Fund
on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions (collectively
&ldquo;foreign taxes&rdquo;) that would reduce the return on its securities. Tax conventions between certain countries and the
United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on capital gains
in respect of investments by foreign investors. Shareholders will generally not be entitled to claim a credit or deduction with
respect to foreign taxes paid by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest in the stock of &ldquo;passive foreign investment
companies&rdquo; (&ldquo;PFICs&rdquo;). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either
of the following tests: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce,
or are held for the production of, passive income. Under certain circumstances, the Fund will be subject to federal income tax
on a portion of any &ldquo;excess distribution&rdquo; received on the stock of a PFIC or of any gain from disposition of that stock
(collectively &ldquo;PFIC income&rdquo;), plus interest thereon, even if the Fund distributes the PFIC income as a taxable dividend
to its shareholders. The balance of the PFIC income will be included in the Fund&rsquo;s investment company taxable income and,
accordingly, will not be taxable to it to the extent it distributes that income to its shareholders.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Fund invests in a PFIC and elects to treat the PFIC
as a &ldquo;qualified electing fund&rdquo; (&ldquo;QEF&rdquo;), then in lieu of the foregoing tax and interest obligation, the
Fund will be required to include in income each year its pro rata share of the QEF&rsquo;s annual ordinary earnings and net capital
gain, which it may have to distribute to satisfy the distribution requirement and avoid imposition of the excise tax, even if the
QEF does not distribute those earnings and gain to the Fund. There can be no assurance that the Fund will be able to make a QEF
election with respect to any investment in a PFIC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may elect to &ldquo;mark to market&rdquo; its stock
in any PFIC. &ldquo;Marking-to-market,&rdquo; in this context, means including in ordinary income each taxable year the excess,
if any, of the fair market value of a PFIC&rsquo;s stock over the Fund&rsquo;s adjusted basis therein as of the end of that year.
Pursuant to the election, the Fund also would be allowed to deduct (as an ordinary, not capital, loss) the excess, if any, of its
adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market
gains (reduced by any prior deductions) with respect to that stock included by the Fund for prior taxable years under the election.
The Fund&rsquo;s adjusted basis in each PFIC&rsquo;s stock with respect to which it has made this election will be adjusted to
reflect the amounts of income included and deductions taken thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under Section 988 of the Code, gains or losses attributable to
fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated
in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally
treated as ordinary income or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Amounts paid by the Fund to individuals and certain other
shareholders who have not provided the Fund with their correct taxpayer identification number (&ldquo;TIN&rdquo;) and certain certifications
required by the IRS as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker
may be subject to &ldquo;backup&rdquo; withholding of federal income tax arising from the Fund&rsquo;s taxable dividends and other
distributions as well as the gross proceeds of sales of shares. Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder&rsquo;s
federal income tax liability, if any, provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Properly reported dividends are generally exempt from U.S.
federal withholding tax where they (i) are paid in respect of the Fund&rsquo;s &ldquo;qualified net interest income&rdquo; (generally,
the Fund&rsquo;s U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation
or partnership in which the Fund is at least a 10% shareholder (measured by total combined voting power for a corporation, and
measured by capital or profits interest for a partnership), reduced by expenses that are allocable to such income) or (ii) are
paid in respect of the Fund&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the excess of the Fund&rsquo;s
net short-term capital gain over the Fund&rsquo;s long-term capital loss for such taxable year). However, depending on its circumstances,
the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified
short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In
order to qualify for this exemption from withholding, a non-U.S. shareholder would need to comply with applicable certification
requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, or substitute
Form). In the case of shares held through an intermediary, the intermediary could withhold even if the Fund designates the payment
as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries
with respect to the application of these rules to their accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Real
Estate Investment Trusts (&ldquo;REITs&rdquo;)</B>.</FONT> Any investment by the Fund in equity securities of a REIT qualifying
as such under Subchapter M of the Code may result in the Fund&rsquo;s receipt of cash in excess of the REIT&rsquo;s earnings; if
the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal
income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends received deduction
and generally will not constitute qualified dividend income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Pursuant to proposed regulations on which the Fund may rely,
distributions by the Fund to its shareholders that the Fund properly reports as &ldquo;section 199A dividends,&rdquo; as defined
and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders.
Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them,
subject to certain limitations. Very generally, a &ldquo;section 199A dividend&rdquo; is any dividend or portion thereof that is
attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the
regulated investment company in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend
only if the shareholders receiving such dividend holds the dividend-paying regulated investment company shares for at least 46
days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related
payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of
its dividends as section 199A dividends as are eligible, but is not required to do so.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Compliance
with FATCA.</B></FONT> Code Sections 1471 through 1474 and the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively,
&quot;FATCA&quot;) generally require a Fund to obtain information sufficient to identify the status of each of its shareholders
under FATCA or under an applicable intergovernmental agreement (an &quot;IGA&quot;) between the United States and a foreign government.
If a shareholder of a Fund fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund
may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS
and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross
proceeds of share redemptions or capital gain dividends the Fund pays. If a payment by the Fund is subject to withholding under
FATCA, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable
to foreign shareholders described above (e.g. dividends attributable to qualified net interest income). Shareholders should consult
their own tax advisors regarding the possible implications of these requirements on their investment in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing briefly summarizes some of the important federal
income tax consequences to shareholders of investing in shares, reflects the federal tax law as of the date of this SAI, and does
not address special tax rules applicable to certain types of investors, such as corporate and foreign investors. Unless otherwise
noted, this discussion assumes that an investor is a U.S. person and holds shares as a capital asset. This discussion is based
upon current provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities,
all of which are subject to change or differing interpretations by the courts or the IRS retroactively or prospectively. Investors
should consult their tax advisors regarding other federal, state or local tax considerations that may be applicable in their particular
circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
and Local Taxes.</B></FONT> Shareholders should consult their own tax advisors as to the state or local tax consequences of investing
in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is an organization of the type commonly known as a &ldquo;Massachusetts
business trust.&rdquo; Under Massachusetts law, shareholders of such a trust may, in certain circumstances, be held personally
liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer of shareholder liability
in connection with Fund property or the acts, obligations or affairs of the Fund. The Declaration of Trust, in coordination with
the Fund&rsquo;s By-laws, also provides for indemnification out of Fund property of any shareholder held personally liable for
the claims and liabilities to which a shareholder may become subject by reason of being or having been a shareholder. Thus, the
risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund
itself is unable to meet its obligations. The Fund has been advised by its counsel that the risk of any shareholder incurring any
liability for the obligations of the Fund is remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that the Trustees will not
be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against
any liability to the Fund or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting rights are not
cumulative, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the
Trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able to
elect any Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that no person shall serve
as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him from that office either by a written
declaration filed with the Fund&rsquo;s custodian or by votes cast at a meeting called for that purpose. The Declaration of Trust
further provides that the Trustees of the Fund shall promptly call a meeting of the shareholders for the purpose of voting upon
a question of removal of any such Trustee or Trustees when requested in writing to do so by the record holders of not less than
10 per centum of the outstanding shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s Prospectus, any related Prospectus Supplement
and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC.
The complete Registration Statement may be obtained from the SEC through the website www.sec.gov, or upon payment of the fee prescribed
by its Rules and Regulations.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Custodian</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&ldquo;State Street&rdquo;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Fund and will maintain custody of
the securities and cash of the Fund. State Street maintains the Fund&rsquo;s general ledger and computes net asset value per share
at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings
with the Fund&rsquo;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder
reports and the electronic filing of such reports with the SEC.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Fund&rsquo;s financial statements and provides other audit, tax and related
services.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The audited financial statements and the report of the independent
registered public accounting firm of the Fund, for the fiscal year ended December 31, 2019 are incorporated herein by reference
from the Fund&rsquo;s most recent Annual Report to Common Shareholders filed with the SEC (Accession No. 0001193125-20-049778)
on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0.25in 6pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Funds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I.&#8194; &#8194;Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Boards of Trustees (the &ldquo;Board&rdquo;) of the Eaton
Vance Funds<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT> have determined that
it is in the interests of the Funds&rsquo; shareholders to adopt these written proxy voting policy and procedures (the &ldquo;Policy&rdquo;).
For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&ldquo;Fund&rdquo; means each registered investment company sponsored by the Eaton Vance organization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&ldquo;Adviser&rdquo; means the adviser or sub-adviser responsible for the day-to-day management of all or a portion of the
Fund&rsquo;s assets.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II.&#8194; &#8194;Delegation of Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board hereby delegates to the Adviser responsibility for
voting the Fund&rsquo;s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board with
a copy of its proxy voting policies and procedures (&ldquo;Adviser Procedures&rdquo;) and all Fund proxies will be voted in accordance
with the Adviser Procedures, provided that in the event a material conflict of interest arises with respect to a proxy to be voted
for the Fund (as described in Section IV below) the Adviser shall follow the process for voting such proxy as described in Section
IV below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser is required to report any material change to the
Adviser Procedures to the Board in the manner set forth in Section V below. In addition, the Board will review the Adviser Procedures
annually.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III.&#8194; &#8194;Delegation of Proxy Voting Disclosure
Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to Rule 30b1-4 promulgated under the Investment Company
Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund is required to file Form N-PX no later than August 31st of each
year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the Fund&rsquo;s
portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the Fund and how
it voted on the matter and whether it voted for or against management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To facilitate the filing of Form N-PX for the Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the
Fund that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the &ldquo;Administrator&rdquo;)
or the third party service provider designated by the Administrator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (&ldquo;Commission&rdquo;)
as required by the 1940 Act. The Administrator may delegate the filing to a third party service party provided each such filing
is reviewed and approved by the Administrator.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV.&#8194; &#8194;Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board expects the Adviser, as a fiduciary to the Fund it
manages, to put the interests of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for the
Fund, the Adviser may have material business relationships with the issuer soliciting the proxy that could give rise to a potential
material conflict of interest for the Adviser.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT>
In the event such a material conflict of interest arises, the Adviser, to the extent it is aware or reasonably should have been
aware of the material conflict, will refrain from voting any proxies related to companies giving rise to such material conflict
until it notifies and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified
by the Board (as long as such committee, sub-committee or group contains at least two or more Independent Trustees) (the &ldquo;Board
Members&rdquo;), concerning the material conflict.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT>
For ease of communicating with the Board Members, the Adviser is required to provide the foregoing notice to the Fund&rsquo;s Chief
Legal Officer who will then notify and facilitate a consultation with the Board Members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Once the Board Members have been notified of the material conflict:&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>They shall convene a meeting to review and consider all relevant materials related to the proxies involved. This meeting shall
be convened within 3 business days, provided that it an effort will be made to convene the meeting sooner if the proxy must be
voted in less than 3 business days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In considering such proxies, the Adviser shall make available all materials requested by the Board Members and make reasonably
available appropriate personnel to discuss the matter upon request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Board Members are unable to meet and the failure to vote
a proxy would have a material adverse impact on the Fund(s) involved, the Adviser will have the right to vote such proxy, provided
that it discloses the existence of the material conflict to the Chairperson of the Board as soon as practicable and to the Board
at its next meeting. Any determination regarding the voting of proxies of the Fund that is made by the Board Members shall be deemed
to be a good faith determination regarding the voting of proxies by the full Board.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V.&#8194; &#8194; Reports and Review</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Administrator shall make copies of each Form N-PX filed on
behalf of the Fund available for the Boards&rsquo; review upon the Boards&rsquo; request. The Administrator (with input from the
Adviser for the Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records of the
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser shall report any material changes to the Adviser
Procedures to the Board as soon as practicable and the Boards will review the Adviser Procedures annually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser also shall report any material changes to the
Adviser Procedures to the Fund Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively
coordinate the Fund&rsquo;s disclosure relating to the Adviser Procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent requested by the Commission, the Policy and the
Adviser Procedures shall be appended to the Fund&rsquo;s statement of additional information included in its registration statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">_____________________</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></TD><TD>The Eaton Vance Funds may be organized as trusts or corporations. For ease of reference, the Funds may be referred to herein
as Trusts and the Funds&rsquo; Board of Trustees or Board of Directors may be referred to collectively herein as the Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></TD><TD>An Adviser is expected to maintain a process for identifying a potential material conflict of interest. As an example only,
such potential conflicts may arise when the issuer is a client of the Adviser and generates a significant amount of fees to the
Adviser or the issuer is a distributor of the Adviser&rsquo;s products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></TD><TD>If a material conflict of interest exists with respect to a particular proxy and the proxy voting procedures of the relevant
Adviser require that proxies are to be voted in accordance with the recommendation of a third party proxy voting vendor, the requirements
of this Section IV shall only apply if the Adviser intends to vote such proxy in a manner inconsistent with such third party recommendation.</TD></TR></TABLE>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0.25in 6pt 0; text-align: right">APPENDIX B</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">BOSTON MANAGEMENT AND RESEARCH</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE INVESTMENT COUNSEL</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TRUST COMPANY</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT (INTERNATIONAL)
LIMITED</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE ADVISERS INTERNATIONAL LTD.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. Introduction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Management, Boston Management and Research, Eaton
Vance Investment Counsel, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd. and Eaton Vance
Trust Company (each an &ldquo;Adviser&rdquo; and collectively the &ldquo;Advisers&rdquo;) have each adopted and implemented policies
and procedures that each Adviser believes are reasonably designed to ensure that proxies are voted in the best interest of clients,
in accordance with its fiduciary duties and, to the extent applicable, Rule 206(4)-6 under the Investment Advisers Act of 1940,
as amended. The Advisers&rsquo; authority to vote the proxies of their clients is established by their advisory contracts or similar
documentation. These proxy policies and procedures are intended to reflect current requirements applicable to investment advisers
registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) . These procedures may change from time to time.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II. Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Adviser manages its clients&rsquo; assets with the overriding
goal of seeking to provide the greatest possible return to such clients consistent with governing laws and the investment policies
of each client. In pursuing that goal, each Adviser seeks to exercise its clients&rsquo; rights as shareholders of voting securities
to support sound corporate governance of the companies issuing those securities with the principle aim of maintaining or enhancing
the companies&rsquo; economic value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The exercise of shareholder rights is generally done by casting
votes by proxy at shareholder meetings on matters submitted to shareholders for approval (for example, the election of directors
or the approval of a company&rsquo;s stock option plans for directors, officers or employees). Each Adviser has established guidelines
(&ldquo;Guidelines&rdquo;) as described below and generally will utilize such Guidelines in voting proxies on behalf of its clients.
The Guidelines are largely based on those developed by the Agent (defined below) but also reflect input from the Global Proxy Group
(defined below) and other Adviser investment professionals and are believed to be consistent with the views of the Adviser on the
various types of proxy proposals. These Guidelines are designed to promote accountability of a company&rsquo;s management and board
of directors to its shareholders and to align the interests of management with those of shareholders. The Guidelines provide a
framework for analysis and decision making but do not address all potential issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Except as noted below, each Adviser will vote any proxies received
by a client for which it has sole investment discretion through a third-party proxy voting service (&ldquo;Agent&rdquo;) in accordance
with the Guidelines in a manner that is reasonably designed to eliminate any potential conflicts of interest, as described more
fully below. The Agent is currently Institutional Shareholder Services Inc. Where applicable, proxies will be voted in accordance
with client-specific guidelines or, in the case of an Eaton Vance Fund that is sub-advised, pursuant to the sub-adviser&rsquo;s
proxy voting policies and procedures. Although an Adviser retains the services of the Agent for research and voting recommendations,
the Adviser remains responsible for proxy voting decisions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III. Roles and Responsibilities</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proxy Administrator</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Proxy Administrator and/or her designee coordinate
the consideration of proxies referred back to the Adviser by the Agent, and otherwise administers these Procedures. In the Proxy
Administrator&rsquo;s absence, another employee of the Adviser may perform the Proxy Administrator&rsquo;s responsibilities as
deemed appropriate by the Global Proxy Group. The Proxy Administrator also may designate another employee to perform certain of
the Proxy Administrator&rsquo;s duties hereunder, subject to the oversight of the Proxy Administrator.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent is responsible for coordinating with the
clients&rsquo; custodians and the Advisers to ensure that all proxy materials received by the custodians relating to the portfolio
securities are processed in a timely fashion. Each Adviser shall instruct the custodian for its clients to deliver proxy ballots
and related materials to the Agent. The Agent shall vote and/or refer all proxies in accordance with the Guidelines. The Agent
shall retain a record of all proxy votes handled by the Agent. With respect to each Eaton Vance Fund memorialized therein, such
record must reflect all of the information required to be disclosed in the Fund&rsquo;s Form N-PX pursuant to Rule 30b1-4 under
the Investment Company Act of 1940, to the extent applicable. In addition, the Agent is responsible for maintaining copies of all
proxy statements received by issuers and to promptly provide such materials to an Adviser upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Subject to the oversight of the Advisers, the Agent
shall establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services
to the Advisers, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict
of interest, and shall disclose such controls and policies to the Advisers when and as provided for herein. Unless otherwise specified,
references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. The
Advisers are responsible for the ongoing oversight of the Agent as contemplated by SEC Staff Legal Bulletin No. 20 (June 30, 2014)
and interpretive guidance issued by the SEC in August 2019 regarding proxy voting responsibilities of investment advisers (Release
Nos. IA-5325 and IC-33605). Such oversight currently may include one or more of the following and may change from time to time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic review of Agent&rsquo;s proxy voting platform and reporting capabilities (including recordkeeping);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic review of a sample of ballots for accuracy and correct application of the Guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic meetings with Agent&rsquo;s client services team;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic in-person and/or web-based due diligence meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>receipt and review of annual certifications received from the Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>annual review of due diligence materials provided by the Agent, including review of procedures and practices regarding potential
conflicts of interests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic review of relevant changes to Agent&rsquo;s business; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic review of the following to the extent not included in due diligence materials provided by the Agent: (i) Agent&rsquo;s
staffing, personnel and/or technology; (ii) Agent&rsquo;s process for seeking timely input from issuers (<I>e.g.,</I> with respect
to proxy voting policies, methodologies and peer group construction); (iii) Agent&rsquo;s process for use of third-party information;
and (iv) the Agent&rsquo;s policies and procedures for obtaining current and accurate information relevant to matters in its research
and on which it makes voting recommendations.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Global Proxy Group</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Adviser shall establish a Global Proxy Group which
is responsible for establishing the Guidelines (described below) and reviewing such Guidelines at least annually. The Global Proxy
Group shall also review recommendations to vote proxies in a manner that is contrary to the Guidelines and when the proxy relates
to a conflicted company of the Adviser or the Agent as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The members of the Global Proxy Group shall include
the Chief Equity Investment Officer of Eaton Vance Management (&ldquo;EVM&rdquo;) and selected members of the Equity Departments
of EVM and Eaton Vance Advisers International Ltd. (&ldquo;EVAIL&rdquo;) and EVM&rsquo;s Global Income Department. The Proxy Administrator
is not a voting member of the Global Proxy Group. Members of the Global Proxy Group may be changed from time to time at the Advisers&rsquo;
discretion. Matters that require the approval of the Global Proxy Group may be acted upon by its member(s) available to consider
the matter.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV. Proxy Voting</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. The Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall establish recommendations
for the manner in which proxy proposals shall be voted (the &ldquo;Guidelines&rdquo;). The Guidelines shall identify when ballots
for specific types of proxy proposals shall be voted<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)
</SUP></FONT>or referred to the Adviser. The Guidelines shall address a wide variety of individual topics, including, among other
matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director
compensation, reorganizations, mergers, issues of corporate social responsibility and other proposals affecting shareholder rights.
In determining the Guidelines, the Global Proxy Group considers the recommendations of the Agent as well as input from the Advisers&rsquo;
portfolio managers and analysts and/or other internally developed or third party research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall review the Guidelines
at least annually and, in connection with proxies to be voted on behalf of the Eaton Vance Funds, the Adviser will submit amendments
to the Guidelines to the Fund Boards each year for approval.</P>


<!-- Field: Page; Sequence: 110 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">With respect to the types of proxy proposals listed
below, the Guidelines will generally provide as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Proposals Regarding Mergers and Corporate
Restructurings/Disposition of Assets/Termination/Liquidation and Mergers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer proxy proposals
accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee for all proposals
relating to Mergers and Corporate Restructurings.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Corporate Structure Matters/Anti-Takeover
Defenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As a general matter, the Advisers will normally vote
against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions
(except in the case of closed-end management investment companies).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Proposals Regarding Proxy Contests</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer contested proxy
proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Social and Environmental Issues</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers will vote social and environmental proposals
on a &ldquo;case-by-case&rdquo; basis taking into consideration industry best practices and existing management policies and practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Interpretation and application of the Guidelines is
not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer or the Adviser may
be or become subject. The Guidelines generally relate to the types of proposals that are most frequently presented in proxy statements
to shareholders. In certain circumstances, an Adviser may determine to vote contrary to the Guidelines subject to the voting procedures
set forth below.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Voting Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Except as noted in Section V below, the Proxy Administrator
and/or her designee shall instruct the Agent to vote proxies as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Vote in Accordance with Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If the Guidelines prescribe the manner in which the
proxy is to be voted, the Agent shall vote in accordance with the Guidelines, which for certain types of proposals, are recommendations
of the Agent made on a case-by-case basis.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Seek Guidance for a Referred Item or a Proposal
for which there is No Guideline</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If (i) the Guidelines state that the proxy shall be
referred to the Adviser to determine the manner in which it should be voted or (ii) a proxy is received for a proposal for which
there is no Guideline, the Proxy Administrator and/or her designee shall consult with the analyst(s) covering the company subject
to the proxy proposal and shall instruct the Agent to vote in accordance with the determination of the analyst. The Proxy Administrator
and/or her designee will maintain a record of all proxy proposals that are referred by the Agent, as well as all applicable recommendations,
analysis and research received and the resolution of the matter. Where more than one analyst covers a particular company and the
recommendations of such analysts for voting a proposal subject to this Section IV.B.2 conflict, the Global Proxy Group shall review
such recommendations and any other available information related to the proposal and determine the manner in which it should be
voted, which may result in different recommendations for clients (including Funds).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Votes Contrary to the Guidelines or Where
Agent is Conflicted</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">In the event an analyst with respect to companies
within his or her coverage area may recommend a vote contrary to the Guidelines, the Proxy Administrator and/or her designee will
provide the Global Proxy Group with the Agent&rsquo;s recommendation for the Proposal along with any other relevant materials,
including a description of the basis for the analyst&rsquo;s recommendation via email and the Proxy Administrator and/or designee
will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. Should the vote <FONT STYLE="letter-spacing: 0.1pt">by</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Global</FONT> <FONT STYLE="letter-spacing: 0.05pt">Proxy</FONT> Group concerning one
or <FONT STYLE="letter-spacing: -0.05pt">more recommendations</FONT> result in a <FONT STYLE="letter-spacing: -0.05pt">tie, EVM&rsquo;s
Chief </FONT>Equity <FONT STYLE="letter-spacing: -0.05pt">Investment Officer </FONT>will <FONT STYLE="letter-spacing: -0.05pt">determine</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">manner </FONT>in <FONT STYLE="letter-spacing: -0.05pt">which</FONT> the proxy <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">voted. </FONT>The Adviser will provide a report to the Boards of Trustees of the Eaton
Vance Funds reflecting any votes cast on behalf of the Eaton Vance Funds contrary to the Guidelines, and shall do so quarterly.
A similar process will be followed if the Agent has a conflict of interest with respect to a proxy as described in Section VI.B.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Do Not Cast a Vote</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">It shall generally be the policy of the Advisers to
take no action on a proxy for which no client holds a position or otherwise maintains an economic interest in the relevant security
at the time the vote is to be cast. In addition, the Advisers may determine not to vote (i) if the economic effect on shareholders'
interests or the value of the portfolio holding is indeterminable or insignificant (<I>e.g.,</I> proxies in connection with securities
no longer held in the portfolio of a client or proxies being considered on behalf of a client that is no longer in existence);
(ii) if the cost of voting a proxy outweighs the benefits (<I>e.g.,</I> certain international proxies, particularly in cases in
which share blocking practices may impose trading restrictions on the relevant portfolio
security); (iii) in markets in which shareholders' rights are limited; or (iv) the Adviser is unable to access or access timely
ballots or other proxy information. Non-Votes may also result in certain cases in which the Agent's recommendation has been deemed
to be conflicted, as provided for herein.</P>


<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Securities on Loan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">When a fund client participates in the lending of
its securities and the securities are on loan at the record date for a shareholder meeting, proxies related to such securities
generally will not be forwarded to the relevant Adviser by the fund&rsquo;s custodian and therefore will not be voted. In the event
that the Adviser determines that the matters involved would have a material effect on the applicable fund&rsquo;s investment in
the loaned securities, the Adviser will make reasonable efforts to terminate the loan in time to be able to cast such vote or exercise
such consent. The Adviser shall instruct the fund&rsquo;s security lending agent to refrain from lending the full position of any
security held by a fund to ensure that the Adviser receives notice of proxy proposals impacting the loaned security.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V. Recordkeeping</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers will maintain records relating to the proxies they
vote on behalf of their clients in accordance with Section 204-2 of the Investment Advisers Act of 1940, as amended. Those records
will include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A copy of the Advisers&rsquo; proxy voting policies and procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Proxy statements received regarding client securities. Such proxy statements received from issuers are either in the SEC&rsquo;s
EDGAR database or are kept by the Agent and are available upon request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A record of each vote cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A copy of any document created by the Advisers that was material to making a decision on how to vote a proxy for a client or
that memorializes the basis for such a decision; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Each written client request for proxy voting records and the Advisers&rsquo; written response to any client request (whether
written or oral) for such records.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">All records described above will be maintained in an easily accessible
place for five years and will be maintained in the offices of the Advisers or their Agent for two years after they are created.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Notwithstanding anything contained in this Section V, Eaton Vance
Trust Company shall maintain records relating to the proxies it votes on behalf of its clients in accordance with laws and regulations
applicable to it and its activities. In addition, EVAIL shall maintain records relating to the proxies it votes on behalf of its
clients in accordance with UK law.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">VI. Assessment of Agent and Identification and Resolution
of Conflicts with Clients</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="text-transform: uppercase">A. A</FONT>ssessment
of Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers shall establish that the Agent (i) is
independent from the Advisers, (ii) has resources that indicate it can competently provide analysis of proxy issues, and (iii)
can make recommendations in an impartial manner and in the best interests of the clients and, where applicable, their beneficial
owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers
may deem reasonably appropriate and shall do so not less than annually as well as prior to engaging the services of any new proxy
voting service. The Agent shall also notify the Advisers in writing within fifteen (15) calendar days of any material change to
information previously provided to an Adviser in connection with establishing the Agent&rsquo;s independence, competence or impartiality.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As fiduciaries to their clients, each Adviser puts
the interests of its clients ahead of its own. In order to ensure that relevant personnel of the Advisers are able to identify
potential material conflicts of interest, each Adviser will take the following steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Quarterly, the Eaton Vance Legal and Compliance Department will seek information from the department heads of each department
of the Advisers and of Eaton Vance Distributors, Inc. (&ldquo;EVD&rdquo;) (an affiliate of the Advisers and principal underwriter
of certain Eaton Vance Funds). Each department head will be asked to provide a list of significant clients or prospective clients
of the Advisers or EVD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A representative of the Legal and Compliance Department will compile a list of the companies identified (the &ldquo;Conflicted
Companies&rdquo;) and provide that list to the Proxy Administrator.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Proxy Administrator will compare the list of Conflicted Companies with the names of companies for which he or she has been
referred a proxy statement (the &ldquo;Proxy Companies&rdquo;). If a Conflicted Company is also a Proxy Company, the Proxy Administrator
will report that fact to the Global Proxy Group.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If the Proxy Administrator expects to instruct the Agent to vote the proxy of the Conflicted Company strictly according to
the Guidelines contained in these Proxy Voting Policies and Procedures (the &ldquo;Policies&rdquo;) or the recommendation of the
Agent, as applicable, he or she will (i) inform the Global Proxy Group of that fact, (ii) instruct the Agent to vote the proxies and (iii) record
the existence of the material conflict and the resolution of the matter.</TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy
Group will then determine if a material conflict of interest exists between the relevant Adviser and its clients (in consultation
with the Legal and Compliance Department if needed). If the Global Proxy Group determines that a material conflict exists, prior
to instructing the Agent to vote any proxies relating to these Conflicted Companies the Adviser will seek instruction on how the
proxy should be voted from:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The client, in the case of an individual, corporate, institutional or benefit plan client;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the case of a Fund, its board of directors, any committee, sub-committee or group of Independent Trustees (as long as such
committee, sub-committee or group contains at least two or more Independent Trustees); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The adviser, in situations where the Adviser acts as a sub-adviser to such adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser will provide all reasonable assistance to each party
to enable such party to make an informed decision.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the client, Fund board or adviser, as the case may be, fails
to instruct the Adviser on how to vote the proxy, the Adviser will generally instruct the Agent, through the Proxy Administrator,
to abstain from voting in order to avoid the appearance of impropriety. If however, the failure of the Adviser to vote its clients&rsquo;
proxies would have a material adverse economic impact on the Advisers&rsquo; clients&rsquo; securities holdings in the Conflicted
Company, the Adviser may instruct the Agent, through the Proxy Administrator, to vote such proxies in order to protect its clients&rsquo;
interests. In either case, the Proxy Administrator will record the existence of the material conflict and the resolution of the
matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers shall also identify and address conflicts that may
arise from time to time concerning the Agent. Upon the Advisers&rsquo; request, which shall be not less than annually, and within
fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall provide
the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships
of the Agent that may pose a conflict of interest with respect to the Agent&rsquo;s proxy analysis or recommendations. Such information
shall include, but is not limited to, a monthly report from the Agent detailing the Agent&rsquo;s Corporate Securities Division
clients and related revenue data. The Advisers shall review such information on a monthly basis. The Proxy Administrator shall
instruct the Agent to refer any proxies for which a material conflict of the Agent is deemed to be present to the Proxy Administrator.
Any such proxy referred by the Agent shall be referred to the Global Proxy Group for consideration accompanied by the Agent&rsquo;s
written analysis and voting recommendation. The Proxy Administrator will instruct the Agent to vote the proxy as recommended by
the Global Proxy Group.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Guidelines will prescribe how a proposal shall be voted or provide factors to be considered on a case-by-case basis by
the Agent in recommending a vote pursuant to the Guidelines.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 113 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.25in 6pt 0; text-align: right">APPENDIX C</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PARAMETRIC PORTFOLIO ASSOCIATES LLC</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric Portfolio Associates LLC (&ldquo;Parametric&rdquo;)
has adopted and implemented these policies and procedures which it believes are reasonably designed to ensure that proxies are
voted in the best interests of clients, in accordance with its fiduciary obligations and applicable regulatory requirements. When
it has been delegated the responsibility to vote proxies on behalf a client, Parametric will generally vote them in accordance
with its Proxy Voting Guidelines, attached hereto as Exhibit A. The Proxy Voting Guidelines are set and annually reviewed by the
firm&rsquo;s Stewardship Committee. Parametric will consider potential conflicts of interest when voting proxies and disclose material
conflicts to clients. Parametric will promptly provide these policies and procedures, as well as proxy voting records, to its clients
upon request. As required, Parametric will retain appropriate proxy voting books and records. In the event that Parametric engages
a third party proxy adviser to administer and vote proxies, it will evaluate its conflicts of interest procedures and confirm its
abilities to vote proxies in the client&rsquo;s best interest.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Regulatory Requirements</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Rule 206(4)-6 under the Investment Advisers Act requires that
an investment adviser that exercises voting authority over client proxies to adopt and implement policies and procedures that are
reasonably designed to ensure that the adviser votes proxies in the best interest of the client. The rule specifically requires
that the policies and procedures describe how the adviser addresses material conflicts of interest with respect to proxy voting.
The rule also requires an adviser to disclose to its clients information about those policies and procedures, and how the client
may obtain information on how the adviser has voted the client&rsquo;s proxies. In addition, Rule 204-2 under the Act requires
an adviser to retain certain records related to proxy voting.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Responsibility</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Associate, Investment Strategy (the &ldquo;Coordinator&rdquo;)
is responsible for the day-to-day administration of the firm&rsquo;s proxy voting practices. One or more Investment Strategy personnel
are responsible for ensuring proxy ballots are received and voted in accordance with the firm&rsquo;s Proxy Voting Guidelines (the
&ldquo;Guidelines&rdquo;). The Director of Responsible Investing (the &ldquo;Director&rdquo;) is responsible for providing guidance
with regard to the Proxy Voting Guidelines. The Proxy Voting Committee (the &ldquo;Committee&rdquo;) is responsible for monitoring
Parametric&rsquo;s proxy voting practices and evaluating proxy advisers engaged to vote proxies on behalf of clients. The Stewardship
Committee is responsible for setting and annually reviewing the firm&rsquo;s Proxy Voting Policies and Procedures and Proxy Voting
Guidelines. The Compliance Department is responsible for annually reviewing these policies and procedures to verify that they are
adequate, appropriate and effective.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric has adopted and implemented procedures to ensure the
firm&rsquo;s proxy voting policies are observed, executed properly and amended or updated, as appropriate. The procedures are summarized
as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">New Accounts</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric is generally delegated the responsibility to vote proxies on behalf of clients. (This responsibility is typically
established in the investment advisory agreement between the client and Parametric. If not set forth in the advisory agreement,
Parametric will assume the responsibility to vote proxies on the client&rsquo;s behalf unless it has received written instruction
from the client not to.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>When a new client account is established, Parametric will instruct the client&rsquo;s custodian to forward all proxy materials
to Institutional Shareholder Services (ISS).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On a weekly basis, the Coordinator performs a reconciliation to ensure that ISS is receiving the proxy ballots for all client
accounts over which Parametric has voting authority.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Administration</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric&rsquo;s proxy voting is administered on a daily basis by the Coordinator, who is a member of Parametric&rsquo;s
Investment Strategy. The Coordinator is responsible for ensuring proxies are voted in accordance with Parametric&rsquo;s Proxy
Voting Guidelines.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Director will review research and guidance issued by third party proxy voting analysts regarding proxy voting issues
relevant to Parametric&rsquo;s clients and monitor upcoming shareholder meetings and votes. The Director will provide guidance
to the Coordinator with regard to the Proxy Voting Guidelines and how they apply to proxy ballots. The Director will ensure that
rationale for votes cast is properly documented and reviewed by other Committee members, as warranted.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 114 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric utilizes the ISS ProxyExchange platform to manage, track, reconcile and report proxy voting. Parametric relies
on this application to ensure that all proxies are received and voted in timely manner.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the unlikely event that a ballot proposal is not addressed by the Guidelines, the Coordinator will consult with the Director
to confirm that the Proxy Voting Guidelines do not address the proxy issue. If confirmed, the Director may escalate the issue to
the Committee for their consideration. The Committee can review research and guidance issued by third party proxy adviser when
making a vote determination. A vote determination must be approved in writing by not less than two Committee members. The rationale
for making the determination will be documented.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Coordinator may abstain from voting a proxy on behalf of a client account if the economic effect on shareholders&rsquo;
interests or the value of the holding is indeterminable or insignificant (e.g., the security is no longer held in the client portfolio)
or if the cost of voting the proxy outweighs the potential benefit (e.g., international proxies which share blocking practices
may impose trading restrictions). </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the rare occasions that accounts that do not hold public equities receive ballots, the Operations Team is responsible
for monitoring those ballots. The Operations Team may work with the Coordinator or the Portfolio Management team to vote the ballots
in the best interest of their holders.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Committee</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric has established a Committee which shall meet on a quarterly basis to oversee and monitor the firm&rsquo;s proxy
voting practices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On an annual basis, Parametric will monitor the performance of the proxy adviser and assess if changes have impacted their
conflict of interest procedures. Initial and ongoing due diligence evaluations shall be documented in writing.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Adviser Due Diligence</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the event that Parametric deems it to be in a client&rsquo;s best interest to engage a third party proxy adviser, Parametric
will exercise due diligence to ensure that it can provide objective research and recommendations. This evaluation will consider
the proxy adviser&rsquo;s business and conflict of interest procedures, and confirm that the procedures address the firm&rsquo;s
conflicts. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On an annual basis, Parametric will monitor the performance of the proxy adviser and assess if changes have impacted their
conflict of interest procedures. Initial and ongoing due diligence evaluations shall be documented in writing.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Conflicts of interest</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Compliance Department will identify and actively monitor potential conflicts of interest which may compromise the firm&rsquo;s
ability to vote a proxy ballot in the best interest of clients. Compliance will maintain a List of Potentially Conflicted Companies
and provide it to Investment Strategy whenever it is updated. The list shall identify potential conflicts resulting from business
relationships with clients, potential clients, service providers, and the firm&rsquo;s affiliates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>All proxies are voted by Parametric in accordance with the firm&rsquo;s Proxy Voting Guidelines. If a proxy ballot is received
from an issuer on the List of Conflicted Companies and a proposal is not addressed by the Guidelines, the Coordinator will forward
the issue to the Director to confirm that the Guidelines do not address the proposal. If confirmed, the Director will escalate
the proposal to the Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If the Committee determines a material conflict exists and a proposal is not addressed by the Guidelines, it will make a
good faith determination as how to vote the proxy (which may include voting abstain on the proposal not covered by the Proxy Voting
Guidelines). The Committee will provide appropriate instructions to the Coordinator.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Disclosure Responsibilities</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>As a sub-adviser
                                         to various mutual funds registered under the Investment Company Act of 1940, Parametric
                                         will, upon each fund&rsquo;s request, compile and transmit in a timely manner all data
                                         required to be filed on Form N-PX to the appropriate fund&rsquo;s administrator or third
                                         party service provider designated by the fund&rsquo;s administrator.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will promptly report any material changes to these policies and procedures to its mutual fund clients to ensure
that the revised policies and procedures may be properly reviewed by the funds&rsquo; Boards of Trustees and included in the funds&rsquo;
annual registration statements.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 115 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Solicitations and Information Requests</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric&rsquo;s proxy voting policies and procedures are summarized and described to clients in Item 17 of the firm&rsquo;s
Form ADV Brochure (Form ADV Part 2A). Parametric will promptly provide a copy of these proxy voting policies and procedures, which
may be updated from time to time, to a client upon their request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric&rsquo;s Form ADV Brochure discloses to clients how they may obtain information from Parametric about how it voted
proxies on their behalf. Parametric will provide proxy voting information free of charge upon written request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will not reveal or disclose to any third-party how it may have voted or intends to vote a proxy until its vote has
been counted at the respective shareholder&rsquo;s meeting. Parametric may in any event disclose its general voting guidelines.
No employee of Parametric may accept any benefit in the solicitation of proxies.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Compliance Review</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On an annual basis, the Compliance Department will review the firm&#146;s proxy voting policies and procedures, as
                                                                                                               required per Rule 206(4)-7, to confirm that they are adequate, effective, and designed to ensure that proxies are voted in
                                                                                                               clients&#146; best interests.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Recordkeeping</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will maintain, in an easily accessible place for a period of seven years, all requisite proxy voting books and
records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client
accounts, (3) proxies voted, (4) copies of any documents that were material to making a decision how to vote proxies, and (5) client
requests for proxy voting records and Parametric&rsquo;s written response to any client request.</TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">EXHIBIT A</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PARAMETRIC PORTFOLIO ASSOCIATES LLC</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING GUIDELINES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Dated: February 1, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Stock ownership represents an opportunity to participate in
the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these benefits. Given
this, Parametric expects the companies in which we invest to adhere to effective governance practices and consider their impact
on the environment and the communities in which they operate. Our Proxy Voting Guidelines (the Guidelines) are designed to safeguard
investor capital over the long-run by supporting qualified, independent boards that show accountability and responsiveness to shareholders
and shareholder proposals that are prudent and relevant. In this effort, we consider the work of recognized corporate governance
experts and outside research providers, as well as collaborative investor groups.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Guidelines are reviewed annually and updated as needed.
Below we summarize our guiding principles and key considerations for certain types of proposals. In addition to the guiding principles
set forth below, Parametric will review research and guidance issued by third party proxy voting service providers in making voting
determinations. Proposals that are not addressed by the Guidelines will be reviewed by the Proxy Committee and voted in the manner
that best meets our guiding principles.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Board of Directors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investors rely on the board of directors to oversee management
and address reasonable shareholder concerns. Therefore, the independence, competence, and responsiveness of directors is paramount
and assessing nominees is a major area of focus in our voting. We expect the board be free of conflicts of interest that would
impair their ability to fairly represent the interests of shareholders and to have appropriate expertise. We believe that competent
board members can be found throughout the wider population and a high degree of homogeneity on a board may signal the need for
systematic improvement in the nomination process. Responsiveness includes a willingness to consider labor, human rights, and environmental
issues pertinent to the business, in addition to more routine corporate governance issues. Parametric will vote for nominees who
demonstrate these qualities and against individual directors, or the entire board, in their absence. We will generally support
shareholder proposals for independent chairman/CEO roles and proxy access, with reasonable requirements. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Conditions that could trigger an against or withhold vote
for individual directors or the entire board include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Majority non-independent board, or lack of independence on key committees</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Insufficient attendance at meetings (generally less than 75%), or excessive number of outside boards</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Failure to act on shareholder proposals that have received majority support</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Poor governance practices such as actions to classify the board, or adopt a poison pill or amend bylaws or charter without
shareholder approval </TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We believe that chairman of the board and CEO are different
jobs that are best fulfilled by separate individuals, particularly for larger, more complex companies. We expect companies with
combined roles to provide a clear rationale for the benefits and to put governance structures in place to protect against compromised
oversight, such as a lead or presiding director. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the case of contested elections, nominees will be subjected
to similar analysis and expectations. In particular, dissident directors should present a more compelling strategy for improving
company returns than the incumbent board.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Auditors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investors rely on auditors to attest to the integrity of a
company&rsquo;s financial statements, without which the business could not be properly evaluated. It is essential that auditors
be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. Non-audit fees are expected to generally
be no more than a quarter of all fees paid. Parametric will generally vote for ratification of auditors that meet this criteria
and vote case-by-case on shareholder proposals for mandatory rotation. </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Executive Compensation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Executive compensation is an especially complex issue. Properly
structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation
can create perverse incentives and contribute to the erosion of public trust. Achieving an ideal compensation package is complicated
by questions around how to measure performance and the extent to which management should be penalized or rewarded by factors outside
of their control. In light of this, our primary concern is to be attuned to packages that are truly outside of generally accepted
practices, in either magnitude or structure, and may incentivize perverse behavior or result in paying for failure. We believe
that total shareholder return as well as other financial metrics can be an appropriate basis for measurement. We generally support
compensation that is well-disclosed, reasonably in line with peers and total shareholder returns, and reflects longer-term strategic
company goals. We support annual frequency for say on pay votes. In the case of equity based pay, we may oppose plans with the
potential dilution of greater than 15%. In the case of severance agreements, we prefer arrangements that are triggered by both
a change in control and termination, and are limited to no more than three times recent annual compensation.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Mergers &amp; Acquisitions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Business combinations can be valuable strategic tool but many
fail to live up to expectations. Each must be evaluated on a case by case basis. In addition to considering valuation, strategic
rationale, any conflicts of interest and potential changes to the governance profile, we may also consider the impact on community
stakeholders. We will generally support combinations that appear to have a high chance of improving shareholder value over the
long-run.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obtaining additional capital may be necessary to finance vital
projects and take advantage of opportunities for growth but this potential value must be weighed any potentially negative impact
on existing shareholders. Considerations for authorization of certain types of capital are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Common Stock &ndash; Voted case-by-case. The rationale for the increase and opportunity cost of not approving the request
must overcome the dilutive impact. Prior use of authorized shares will also be considered. Requests for increases more than 100%
of the existing authorization will generally be opposed, in the absence of a clear need. In the case of dual-class structure, increases
in the class of stock with superior voting rights will be opposed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Preferred Stock &ndash; Requests for preferred stock with clearly specified and reasonable terms will be supported. Requests
for stock with unspecified terms (blank check) will be opposed. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Debt Restructuring &ndash; supported if bankruptcy is expected without restructuring, considered on a case by case otherwise.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Shareholder Rights</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Without certain shareholder rights, investors&rsquo; votes
can become useless. Broadly, we support proposals that enhance voting rights and against those that seek to undermine them, and
we will vote against/withhold for directors that take actions to abridge shareholder rights. We believe that in most cases each
common share should have one vote, and that a simple majority of voting shares should be all that is required to effect change.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Majority Voting Standard &ndash; In almost all cases we prefer a majority vote standard for binding votes. We also expect
management to be responsive to non-binding votes that have received majority support. In the case that there are more nominees
than board seats, we support a plurality vote requirement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Supermajority Requirements &ndash; We are generally opposed to supermajority vote requirements. However, in select cases
we might actually support maintaining existing supermajority requirements as a means to protect minority shareholders if new owners
seek to change charter or bylaws after a dilutive stock or warrant issuance. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Cumulative Voting &ndash; Although we do not generally prefer cumulative voting, it may be warranted in certain cases as
a safeguard for shareholders and will therefore be evaluated on a case by case basis. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Confidential Voting &ndash; We support confidential voting systems in which management and shareholders receive only vote
totals and individual proxies and ballots are made available only to vote tabulators and inspectors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Right to call meetings and act by written consent &ndash; We support proposals that enhance shareholders&rsquo; ability
to act independently of management, with reasonable requirements, and oppose any that preclude it.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Unequal Voting Rights &ndash; Dual-class capitalization structure with unequal voting rights is at odds with the principle
that voting rights be commensurate with economic interest. We expect companies with unequal voting rights structures to have a
clear rationale for the benefits and an overall governing structure that avoids potential issues related to management or board
entrenchment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Bundled Proposals &ndash; Individual proposals should never be bundled, however, in the case that they are, we will support
the bundle if the combined effect is expected to be beneficial to shareholders and against if not.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Poison Pills &ndash; Although poison pills can be used legitimately, we are more concerned about their potential to be used
as a management entrenchment device. We expect the board to provide clear rationale for the pill and submit it to a shareholder
vote. We generally prefer shorter terms for pills and unequivocally oppose any features that limit the ability of future boards
to eliminate it. We will support reasonably designed pills to protect net operating loss tax assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Access to the Proxy &ndash; We support providing shareholders the right to nominate director candidates on management&rsquo;s
proxy card, with certain requirements to help prevent abuse of this right. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Greenmail &ndash; Targeted share repurchases of stock from investors seeking control of the company is an inappropriate
use of resources and discriminates against other shareholders. We support anti-greenmail provisions in a charter or bylaws. However,
we vote against anti-greenmail proposals that have been bundled with proposals that we do not support.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Environmental and Social Shareholder Resolutions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Shareholder resolutions are an important communication mechanism
between the board and shareholders. In addition to supporting any of the shareholder resolutions on general governance mentioned
previously, we also support resolutions that encourage the board to improve relevant policies and disclosures as well as take action
on certain matters. Our guiding principles are that businesses must adhere to internationally recognized labor and human rights
standards; be transparent around corporate practices involving weapons, repressive governments, public health and product safety;
maintain accountability for lobbying and political contributions; and set and report on environmental performance goals related
to the firm&rsquo;s long-term strategy. We will not support resolutions on matters best left to the board&rsquo;s discretion or
addressed via legislation or regulation, or that would be unduly burdensome.</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund</TD><TD STYLE="width: 5%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 14, 2020</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">April 14, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Investment Adviser and Administrator of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Management</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Sub-Adviser of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Parametric Portfolio Associates LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">800 Fifth Avenue, Suite 2800</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Seattle, WA 98104</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Custodian</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Bank and Trust&nbsp;Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Financial Center, One Lincoln
Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02111</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">American Stock Transfer &amp; Trust Company,
LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">6201 15<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Brooklyn, NY 11219</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Deloitte &amp; Touche LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02116</P>
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