UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC
20549
SCHEDULE
14A
(Rule 14a-101)
INFORMATION
REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement
Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the
Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, For Use of
the Commission Only (as permitted by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant
to Section 240.14a-12
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Eaton Vance Enhanced
Equity Income Fund II
Eaton Vance Risk-Managed
Diversified Equity Income Fund
Eaton Vance Tax-Managed
Buy-Write Income Fund
Eaton Vance Tax-Managed
Buy-Write Opportunities Fund
Eaton Vance Tax-Managed
Buy-Write Strategy Fund
Eaton Vance Tax-Managed
Global Buy-Write Opportunities Fund
(Name of Registrant
as Specified in Its Charter)
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(Name of Person(s)
Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate
box):
[X] No fee required.
[ ] Fee computed on table below per
Exchange Act Rules 14a-6(i) (1) and 0-11.
(1) Title of each class of securities
to which transaction applies:
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(2) Aggregate number of securities
to which transaction applies:
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(3) Per unit price or other underlying value of
transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):
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(4) Proposed maximum aggregate value
of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously
with preliminary materials.
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[ ] Check box
if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
(1) Amount previously paid:
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(2) Form, Schedule or Registration
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Eaton Vance Enhanced Equity Income Fund II
Eaton Vance Risk-Managed Diversified Equity
Income Fund
Eaton Vance Tax-Managed Buy-Write Income Fund
Eaton Vance Tax-Managed Buy-Write Opportunities
Fund
Eaton Vance Tax-Managed Buy-Write Strategy
Fund
Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund
Two International Place
Boston, Massachusetts 02110
February 24, 2022
Dear Shareholder:
You are cordially invited to attend the Annual Meeting of Shareholders
of your Fund, which will be held at the principal office of each Fund, Two International Place, Boston, Massachusetts 02110, on Thursday,
April 14, 2022 at 11:30 a.m. (Eastern Time).
At this meeting you will be asked to consider the election of Trustees.
The enclosed proxy statement contains additional information.
We hope that you will be able to attend the meeting. Whether or not
you plan to attend and regardless of the number of shares you own, it is important that your shares be represented. I urge you to complete,
sign and date the enclosed proxy card and return it in the enclosed postage-paid envelope as soon as possible to assure that your shares
are represented at the meeting.
Sincerely,
/s/ Edward J. Perkin
Edward J. Perkin
President
YOUR VOTE IS IMPORTANT - PLEASE RETURN YOUR
PROXY CARD PROMPTLY.
It is important that your shares be represented at the Annual Meeting.
Whether or not you plan to attend, you are requested to complete, sign and return the enclosed proxy card as soon as possible. You may
withdraw your proxy if you attend the Annual Meeting and desire to vote at the Annual Meeting.
Eaton Vance Enhanced Equity Income Fund II
Eaton Vance Risk-Managed Diversified Equity
Income Fund
Eaton Vance Tax-Managed Buy-Write Income Fund
Eaton Vance Tax-Managed Buy-Write Opportunities
Fund
Eaton Vance Tax-Managed Buy-Write Strategy
Fund
Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
Important Notice Regarding the Availability of Proxy Materials
for the Annual Meeting of Shareholders to be Held on Thursday, April 14, 2022: The Notice of Annual Meeting of Shareholders, Proxy Statement,
Proxy Card and Shareholder Report are available on the Eaton Vance website at https://funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php.
The Annual Meeting of Shareholders of each of the above registered investment
companies, each a Massachusetts business trust (collectively, the “Funds”), will be held at the principal office of each Fund,
Two International Place, Boston, Massachusetts 02110, on Thursday, April 14, 2022 at 11:30 a.m. (Eastern Time), for the following purposes:
|
(1) |
To elect Trustees of each Fund as outlined below: |
|
|
a. |
For Eaton Vance Enhanced Equity Income Fund II and Eaton Vance Risk-Managed Diversified Equity Income Fund, three Class III Trustees, Mark R. Fetting, Valerie A. Mosley and Marcus L. Smith, to be elected by shareholders of each Fund; |
|
|
b. |
For Eaton Vance Tax-Managed Buy-Write Income Fund, Eaton Vance Tax-Managed Buy-Write Opportunities Fund and Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund, four Class II Trustees, George J. Gorman, William H. Park, Kieth Quinton and Susan J. Sutherland, to be elected by shareholders of each Fund; and |
|
|
c. |
For Eaton Vance Tax-Managed Buy-Write Strategy Fund, four Class III Trustees, Mark R. Fetting, Valerie A. Mosley, Helen Frame Peters and Marcus L. Smith, to be elected by shareholders of the Fund. |
|
(2) |
To consider and act upon any other matters that may properly come before the meeting and any adjourned or postponed session thereof. |
Although each Fund is holding a separate meeting, the meetings will
be held concurrently. Shareholders of each Fund will vote separately. Any such vote FOR or AGAINST a proposal will also authorize the
persons named as proxies to vote accordingly FOR or AGAINST any such adjournment of the Annual Meeting of Shareholders.
The Board of Trustees of each Fund (the “Board”) has fixed
the close of business on February 1, 2022 as the record date for the determination of the shareholders of a Fund entitled to notice of
and to vote at the meeting and any adjournments or postponements thereof. As part of our effort to maintain a safe and healthy environment
at our Annual Meeting, the Fund and the Board are closely monitoring developments with respect to the coronavirus pandemic (COVID-19)
and the advice and guidance of public health officials. For that reason, the Board reserves the right to reconsider the date, time and/or
means of convening the Annual Meeting. Subject to any restrictions imposed by applicable law, the Board may choose to conduct the
meeting solely by means of remote communications, or may hold a “hybrid” meeting where some participants attend in person
and others attend by means of remote communications. If the Board chooses to change the date, time and/or means of convening the
Annual Meeting, the Fund will announce the decision to do so in advance, and details on how to participate will be issued by press release
and filed with the Securities and Exchange Commission as additional proxy material. Attendees are also encouraged to review guidance
from public health authorities on this issue.
By Order of each Board of Trustees
/s/ Jill R. Damon
Jill R. Damon
Secretary
February 24, 2022
Boston, Massachusetts
IMPORTANT
Shareholders can help the Board of Trustees of their Fund(s)
avoid the necessity and additional expense to the Funds of further solicitations by promptly returning the enclosed proxy. The enclosed
addressed envelope requires no postage if mailed in the United States and is intended for your convenience.
Eaton Vance Enhanced Equity Income Fund II
Eaton Vance Risk-Managed Diversified Equity
Income Fund
Eaton Vance Tax-Managed Buy-Write Income Fund
Eaton Vance Tax-Managed Buy-Write Opportunities
Fund
Eaton Vance Tax-Managed Buy-Write Strategy
Fund
Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund
Two International Place
Boston, Massachusetts 02110
PROXY STATEMENT
This proxy statement is furnished in connection with the solicitation
of proxies by the Board of Trustees of Eaton Vance Enhanced Equity Income Fund II (the “Enhanced Equity Fund”), Eaton Vance
Risk-Managed Diversified Equity Income Fund (the “Risk-Managed Fund”), Eaton Vance Tax-Managed Buy-Write Income Fund (the
“Buy-Write Income Fund”), Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the “Buy-Write Opportunities Fund”),
Eaton Vance Tax-Managed Buy-Write Strategy Fund (the “Buy-Write Strategy Fund”) and Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund (the “Global Buy-Write Opportunities Fund”) (collectively, the “Funds”). The proxies will be
voted at the Annual Meeting of Shareholders of each Fund and at any adjournments or postponements thereof. The meeting will be held on
Thursday, April 14, 2022 at 11:30 a.m. (Eastern Time) at the principal office of each Fund, Two International Place, Boston, Massachusetts
02110. The meeting will be held for the purposes set forth in the accompanying notice. This proxy material is being mailed to shareholders
on or about February 24, 2022.
The Board of Trustees of each Fund (each, the “Board”) has
fixed the close of business on February 1, 2022 as the record date for the determination of the shareholders entitled to notice of and
to vote at the meeting and any adjournments or postponements thereof. The number of Common Shares, $0.01 par value per share (“Common
Shares”) of each Fund outstanding on February 1, 2022, were as follows:
Fund |
No. of Common Shares
Outstanding on
February 1, 2022 |
Enhanced Equity Fund |
51,183,467 |
Risk-Managed Fund |
65,724,520 |
Buy-Write Income Fund |
28,566,748 |
Buy-Write Opportunities Fund |
105,699,750 |
Buy-Write Strategy Fund |
9,743,752 |
Global Buy-Write Opportunities Fund |
109,047,448 |
Each Fund will vote separately on each item; votes of multiple Funds
will not be aggregated.
According to filings made on Schedules 13D and 13G pursuant to Sections
13(d) and 13(g) of the Securities Exchange Act of 1934, as amended, one or more shareholders of a Fund owns 5% or more of the Fund's Common
Shares. Information relating to such shareholders can be found on Exhibit C. As of February 1, 2022, to each Fund’s knowledge: (i)
no other shareholder owned more than 5% of the outstanding shares of a Class of the Fund; and (ii) the Trustees and officers of the Fund,
individually and as a group, owned beneficially less than 1% of the outstanding shares of the Fund.
Shareholders as of the close of business on the record date, who have
voting power with respect to such shares, are entitled to attend and vote at the meeting. All properly executed proxies received prior
to the meeting will be voted at the meeting. Each proxy will be voted in accordance with its instructions; if no instruction is given,
an executed proxy will authorize the persons named on the respective proxy card enclosed as proxies, or any of them, to vote FOR the election
of each Trustee. An executed proxy delivered to a Fund is revocable by the person giving it, prior to its exercise, by a signed writing
filed with the Fund’s Secretary, by executing and delivering a later dated proxy, or by attending the meeting and voting the shares
at the meeting. Merely attending the meeting will not revoke a previously executed proxy. If you hold Fund shares through an intermediary
(such as a broker, bank, adviser or custodian), please consult with the intermediary regarding your ability to revoke voting instructions
after they have been provided.
| 1 | Proxy Statement dated February 24, 2022 |
If you are a record holder of Fund shares and plan to attend the meeting
in person, you must show a valid photo identification (such as a driver’s license) to gain admission to the meeting. Please call
1-800-262-1122 for information on how to obtain directions to be able to attend and vote at the meeting. If you hold Fund shares through
an intermediary and plan to attend and vote at the meeting, you will be required to show a valid photo identification and authority to
vote your shares (referred to as a “legal proxy”) to gain admission to the meeting. You must contact your intermediary to
obtain a legal proxy for your shares.
The Board knows of no business other than that mentioned in Proposal
1 of the Notice of Annual Meeting of Shareholders that will be presented for consideration. If any other matters are properly presented,
it is the intention of the persons named as proxies to vote on such matters in accordance with their judgment.
PROPOSAL 1. ELECTION OF TRUSTEES
Each Fund’s Agreement and Declaration of Trust provides that a
majority of the Trustees shall fix the number of the entire Board and that such number shall be at least two and no greater than fifteen.
Each Board has fixed the number of Trustees at eleven. Under the terms of each Fund’s Agreement and Declaration of Trust, 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. Thus, this could delay for up to two years the replacement of a majority of the Board.
Proxies will be voted for the election of the following nominees: |
|
a. |
For Enhanced Equity Fund and Risk-Managed Fund, three Class III Trustees, Mark R. Fetting, Valerie A. Mosley and Marcus L. Smith, to be elected by shareholders of each Fund; |
|
b. |
For Buy-Write Income Fund, Buy-Write Opportunities Fund and Global Buy-Write Opportunities Fund, four Class II Trustees, George J. Gorman, William H. Park, Kieth Quinton and Susan J. Sutherland, to be elected by shareholders of each Fund; and |
|
c. |
For Buy-Write Strategy Fund, four Class III Trustees, Mark R. Fetting, Valerie A. Mosley, Helen Frame Peters and Marcus L. Smith, to be elected by shareholders of the Fund. |
The Board of Trustees recommends that shareholders vote FOR the election
of the Trustee nominees of each Fund.
Each nominee is currently serving as a Trustee of his or her respective
Fund and has consented to continue to so serve. In the event that a nominee is unable to serve for any reason (which is not now expected)
when the election occurs, the accompanying proxy will be voted for such other person or persons as the Board of Trustees may recommend.
Election of Trustees is non-cumulative. Shareholders do not have appraisal rights in connection with the proposal in this proxy statement.
Each nominee shall be elected by the affirmative vote of a plurality
of the shares of the Fund entitled to vote. Proxies cannot be voted for a greater number of persons than the number of nominees named.
No nominee is a party adverse to his or her respective Fund or any of its affiliates in any material pending legal proceeding, nor does
any nominee have an interest materially adverse to such Fund.
The following table presents certain information regarding the current
Trustees of each Fund, including the principal occupations of each such person for at least the last five years. References below to “EOS”
are to Enhanced Equity Fund, to “ETJ” are to Risk-Managed Fund, to “ETB” are to Buy-Write Income Fund, to “ETV”
are to Buy-Write Opportunities Fund to “EXD” are to Buy-Write Strategy Fund, and to “ETW” are to Global Buy-Write
Opportunities Fund. Information in the table below about a Trustee’s position with a Fund, the period as a Trustee and the current
term of each Trustee are for each Fund unless otherwise noted.
| 2 | Proxy Statement dated February 24, 2022 |
Name and Year of Birth |
|
Fund Position(s) |
|
Trustee Since(1) |
|
Current Term Expiring |
|
Principal Occupation(s) During Past Five Years
and Other Relevant Experience |
|
Other Directorships Held
During Last Five Years |
Interested Trustee |
|
|
|
|
|
|
|
|
|
|
THOMAS E. FAUST JR.
1958 |
|
Trustee |
|
2007 |
|
EOS, ETJ and EXD: Class I Trustee until 2023.
ETB, ETV and ETW: Class I Trustee until 2024. |
|
Chairman of Morgan Stanley Investment Management, Inc. (“MSIM”), member of the Board of Managers and President of Eaton Vance, Inc. (“EV”), Chief Executive Officer and President of Eaton Vance Management (“EVM” or “Eaton Vance”) and Boston Management and Research (“BMR”), and Director of Eaton Vance Distributors, Inc. (“EVD”). Formerly, Chairman, Chief Executive Officer and President of Eaton Vance Corp. (“EVC”). Mr. Faust is an interested person because of his positions with MSIM, BMR, Eaton Vance, EVD and EV, which are affiliates of the Fund, and his former position with EVC, which was an affiliate of the Fund prior to March 1, 2021. |
|
Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (investment management firm). |
Noninterested Trustees |
|
|
|
|
|
|
|
|
|
|
MARK R. FETTING
1954 |
|
Trustee |
|
2016 |
|
EOS, ETJ and EXD: Class III Trustee until 2022.
ETB, ETV and ETW: Class III Trustee until 2023. |
|
Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). |
|
None |
CYNTHIA E. FROST
1961 |
|
Trustee |
|
2014 |
|
EOS, ETJ and EXD: Class I Trustee until 2023.
ETB, ETV and ETW: Class I Trustee until 2024. |
|
Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). |
|
None |
GEORGE J. GORMAN
1952 |
|
Chairperson of the Board and Trustee |
|
2021 (Chairperson) and 2014 (Trustee) |
|
EOS, ETJ and EXD: Class II Trustee until 2024.
ETB, ETV and ETW: Class II Trustee until 2022. |
|
Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). |
|
None |
| 3 | Proxy Statement dated February 24, 2022 |
Name and Year of Birth |
|
Fund Position(s) |
|
Trustee Since(1) |
|
Current Term Expiring |
|
Principal Occupation(s) During Past Five Years
and Other Relevant Experience |
|
Other Directorships Held
During Last Five Years |
VALERIE A. MOSLEY
1960 |
|
Trustee |
|
2014 |
|
EOS, ETJ and EXD: Class III Trustee until 2022.
ETB, ETV and ETW: Class III Trustee until 2023. |
|
Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). |
|
Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). 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). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020). |
WILLIAM H. PARK
1947 |
|
Trustee |
|
2003 |
|
EOS, ETJ and EXD: Class II Trustee until 2024.
ETB, ETV and ETW: Class II Trustee until 2022. |
|
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). In accordance with the Eaton Vance funds Trustee retirement policy, Mr. Park is expected to retire as a Trustee effective July 1, 2022. |
|
None |
HELEN FRAME PETERS
1948 |
|
Trustee |
|
2008 |
|
EOS and ETJ: Class II Trustee until 2024.
ETB, ETV and ETW: Class III Trustee until 2023.
EXD: Class III Trustee until 2022. |
|
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). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). In accordance with the Eaton Vance funds Trustee retirement policy, Ms. Peters is expected to retire as a Trustee effective July 1, 2022. |
|
None |
| 4 | Proxy Statement dated February 24, 2022 |
Name and Year of Birth |
|
Fund Position(s) |
|
Trustee Since(1) |
|
Current Term Expiring |
|
Principal Occupation(s) During Past Five Years
and Other Relevant Experience |
|
Other Directorships Held
During Last Five Years |
KEITH QUINTON
1958 |
|
Trustee |
|
2018 |
|
EOS and ETJ: Class I Trustee until 2023.
ETB, ETV and ETW: Class II Trustee until 2022.
EXD: Class II Trustee until 2024. |
|
Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). |
|
Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
MARCUS L. SMITH
1966 |
|
Trustee |
|
2018 |
|
EOS and ETJ: Class III Trustee until 2022.
ETB, ETV and ETW: Class III Trustee until 2023.
EXD: Class III Trustee until 2022. |
|
Private investor. Formerly, Portfolio Manager at MFS Investment Management
(investment management firm) (1994-2017).
|
|
Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
SUSAN J. SUTHERLAND
1957 |
|
Trustee |
|
2015 |
|
EOS, ETJ and EXD: Class II Trustee until 2024.
ETB, ETV and ETW: Class II Trustee until 2022. |
|
Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). |
|
Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021). |
SCOTT E. WENNERHOLM
1959 |
|
Trustee |
|
2016 |
|
EOS, ETJ and EXD: Class I Trustee until 2023.
ETB, ETV and ETW: Class I Trustee until 2024. |
|
Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). |
|
None |
| (1) | Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since
appointment unless indicated otherwise. |
Each current Trustee listed above served as a Trustee of 138 funds within
the Eaton Vance fund complex as of February 1, 2022 (including both funds and portfolios in a hub and spoke structure), except for Messrs.
Faust and Wennerholm and Ms. Frost. Messrs. Faust and Wennerholm and Ms. Frost served as a Trustee of 137 funds within the Eaton Vance
fund complex as of the same date listed above (including both funds and portfolios in a hub and spoke structure). The address of each
Trustee is Two International Place, Boston, Massachusetts 02110.
| 5 | Proxy Statement dated February 24, 2022 |
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 each Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a
Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December
31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would
cause a Fund to be out of compliance with Section 16 of the Investment Company Act of 1940, as amended (the “1940 Act”) or
any other regulations or guidance of the Securities and Exchange Commission (“SEC”), then such retirement and resignation
will not become effective until such time as action has been taken for a Fund to be in compliance with Section 16 of the 1940 Act and
any other regulations or guidance of the SEC. In accordance with the Eaton Vance funds Trustee retirement policy, Mr. Park and Ms. Peters
are expected to retire as Trustees effective July 1, 2022.
Interested Trustee
Mr. Faust is an “interested person” (as defined in the 1940
Act) by reason of his affiliation with EVM, each Fund’s investment adviser, and his positions with MSIM, BMR, EVD and EV, which
are affiliates of the Fund, and his former position with EVC, which was an affiliate of the Fund prior to March 1, 2021.
Share Ownership by Trustee
As of February 1, 2022, no Trustee beneficially owned a Fund's equity
securities. The following table shows, as of February 1, 2022, the dollar range of equity securities beneficially owned by each Trustee
in all registered investment companies advised or administered by Eaton Vance (the “Eaton Vance family of funds”) overseen
by the Trustee.
|
Name of Trustee |
Aggregate Dollar Range of Equity
Securities Beneficially Owned in Funds
Overseen by Trustee in the
Eaton Vance Family of Funds |
Interested Trustee |
|
|
Thomas E. Faust Jr. |
Over $100,000 |
Noninterested Trustees |
|
|
Mark R. Fetting |
Over $100,000 |
|
Cynthia E. Frost |
Over $100,000 |
|
George J. Gorman |
Over $100,000 |
|
Valerie A. Mosley |
Over $100,000 |
|
William H. Park |
Over $100,000 |
|
Helen Frame Peters |
Over $100,000 |
|
Keith Quinton |
Over $100,000 |
|
Marcus L. Smith |
Over $100,000 |
|
Susan J. Sutherland |
Over $100,000(1) |
|
Scott E. Wennerholm |
Over $100,000(1) |
(1) Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan. |
Board Meetings and Committees
The Board has general oversight responsibility with respect to the business
and affairs of each Fund. The Board has engaged an investment adviser and (if applicable) a sub-adviser (collectively, the “adviser”)
to manage each Fund. The Funds’ investment adviser also serves as administrator of each Fund. The Board 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 “interested persons” of a Fund, as that term is defined in the 1940 Act (each a “noninterested
Trustee”). 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.
The Board has appointed a noninterested Trustee to serve in the role
of Chairperson. The Chairperson’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
| 6 | Proxy Statement dated February 24, 2022 |
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 each Fund’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.
Each Fund is subject to a number of risks, including, among others,
investment, compliance, operational, and valuation risks. Risk oversight is part of the Board’s general oversight of each Fund and
is addressed as part of various activities of the Board and its Committees. As part of its oversight of each Fund, the Board directly,
or through a Committee, relies on and reviews reports from, among others, Fund management, the adviser/administrator, the principal underwriter,
the Chief Compliance Officer (the “CCO”), 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,
the 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, the 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 a 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 a Fund’s goals.
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 each Fund’s compliance program and reports to the Board regarding
compliance matters for the Funds and their principal service providers. In addition, as part of the Board’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 each Fund’s shares. The administrator and the adviser are responsible for
the implementation and day-to-day administration of these valuation policies and procedures and provide 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 each Fund regarding tests performed by such firm on the valuation of all
securities, as well as with respect to other risks associated with registered investment companies. Reports received from service providers,
legal counsel and the independent public accounting firm assist the Board in performing its oversight function.
Each Fund’s By-Laws set forth specific qualifications to serve
as a Trustee. The Charter of the Governance Committee also sets 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’ 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 each Fund; and (viii) such other factors as the Board determines to be
relevant in light of the existing composition of the Board.
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’s ability
to perform his or her duties effectively has been attained through the Board member’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 (“Eaton Vance
Fund Boards”) (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’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.
| 7 | Proxy Statement dated February 24, 2022 |
In respect of each current member of the Board, the individual’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’s particular professional experience and additional considerations that contributed to the Board’s conclusion
that he or she should serve as a member of the Board:
Thomas E.
Faust Jr. Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. Effective March 1, 2021, he is Chairman
of MSIM. He is also a member of the Board of Managers and President of EV, Chief Executive Officer and President of Eaton Vance and BMR,
and Director of EVD. Mr. Faust previously served as Chairman and Chief Executive Officer of EVC from 2007 through March 1, 2021 and as
President of EVC from 2006 through March 1, 2021. Mr. Faust served as a Director of Hexavest Inc. from 2012-2021. From 2016 through 2019,
Mr. Faust served as a Director of SigFig Wealth Management LLC. 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. He holds B.S. degrees in Mechanical Engineering
and Economics from the Massachusetts Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial
Analyst since 1988. He is a trustee and member of the executive committee of the Boston Symphony Orchestra, Inc. and trustee emeritus
of Wellesley College.
Mark R. Fetting.
Mr. Fetting 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 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’s mutual fund division from 1981-1987.
Cynthia E.
Frost. 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’s endowment. From 1995 through 2000, Ms. Frost
was a Portfolio Strategist for Duke Management Company, which oversaw Duke University’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.
George J.
Gorman. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Independent Chairperson of the
Board. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst & 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.
Valerie A.
Mosley. Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Governance
Committee. She currently owns and manages a consulting and investment firm, Valmo Ventures, and in 2020 founded Upward Wealth, Inc.,
doing business as BrightUP, a fintech platform focused on helping everyday workers grow their net worth and reinforce their self-worth.
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. 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.
She was also a Director of Progress Investment Management Company, a manager of emerging managers until 2020. She is a Director
of Groupon, Inc., an ecommerce provider, and a Director of Envestnet, Inc., a provider of intelligent systems for wealth management and
financial wellness. She is also a Director of DraftKings, Inc., a digital sports entertainment and gaming company and a board member of
Caribou Financial, Inc., an auto loan refinancing company. Ms. Mosley previously served as a Director of Dynex Capital, Inc., a mortgage
REIT from 2013-2020. She serves as a trustee or board member of several major non-profit organizations and endowments. In addition,
she is a member of the Risk Audit Committee of the United Auto Workers Retiree Medical Benefits Trust.
| 8 | Proxy Statement dated February 24, 2022 |
William H.
Park. Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and was formerly Independent Chairperson of
the Board from 2016-2021. 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.
Helen Frame
Peters. 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’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.
Keith Quinton.
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 served 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 (2017-2021), and as a Director,
(2016-2021) and Chairman, (2019-2021) of the New Hampshire Municipal Bond Bank.
Marcus L. Smith. Mr. Smith has served as a member of
the Eaton Vance Fund Boards since October 1, 2018 and is the Chairperson of the Ad Hoc Committee for Closed-End Fund Matters. Mr.
Smith has been a Director of First Industrial Realty Trust, Inc., a fully integrated owner, operator and developer of industrial real
estate, since 2021, where he serves on the Investment and Nominating/Corporate Governance Committees. 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 Compensation and Talent
Management Committee and Strategy & Finance Committee. 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.
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. 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. 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. He was also a
trustee of the University of Mount Union from 2008-2020 and served on the Boston advisory board of the Posse Foundation from 2015-2021.
Mr. Smith currently sits on the Harvard Medical School Advisory Council on Education, the Board of Directors for Facing History and Ourselves
and is a Trustee of the Core Knowledge Foundation.
Susan J.
Sutherland. 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’s of London, is a leading global underwriter of specialty property
and casualty insurance and reinsurance. In addition, Ms. Sutherland is a Director of Kairos Acquisition Corp., which is concentrating
on acquisition and business combination efforts within the insurance and insurance technology (also known as “InsurTech”)
sectors. 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 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 & 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.
| 9 | Proxy Statement dated February 24, 2022 |
Scott E.
Wennerholm. Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson of the Audit
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.
During the fiscal year ended December 31, 2021, the Trustees of each
Fund met fourteen times. Each Board of Trustees has several standing Committees, including the Audit Committee, the Contract Review Committee,
the Governance Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory Matters Committee and the Ad Hoc Committee
for Closed-End Fund Matters. The Audit Committee met ten times, the Contract Review Committee met seven times, the Governance Committee
met seven times, the Portfolio Management Committee met seven times, the Compliance Reports and Regulatory Matters Committee met eight
times and the Ad Hoc Committee for Closed-End Fund Matters met three times during such period. Each Trustee attended at least 75% of such
Board and Committee meetings on which he or she serves. None of the Trustees attended the Funds’ 2021 Annual Meeting of Shareholders.
Each Committee of the Board of Trustees of each Fund is comprised of
only noninterested Trustees. The respective duties and responsibilities of these Committees remain under the continuing review of the
Governance Committee and the Board.
Messrs. Wennerholm (Chairperson), Gorman, Park and Quinton and Ms. Peters
are members of the Audit Committee. The Board has designated Messrs. Gorman, Park and Wennerholm, each a noninterested Trustee, as audit
committee financial experts. Each Audit Committee member is independent under applicable listing standards of the New York Stock Exchange.
The purposes of the Audit Committee are to (i) oversee each Fund’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 each Fund’s financial statements and the independent
audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, each Fund’s compliance with legal and regulatory requirements
that relate to the 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 auditors, and, if applicable,
nominate independent auditors to be proposed for shareholder ratification in any proxy statement of each 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 for the Annual Meeting of Shareholders of the Fund. Each Fund’s Board of Trustees has adopted a
written charter for its Audit Committee, a copy of which is attached as Exhibit A. The Audit Committee’s Report is set forth below
under “Additional Information.”
Messrs. Fetting (Chairperson), Gorman, Park, Quinton, Smith and Wennerholm
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 each Fund, including advisory, sub-advisory, transfer agency, custodial and fund accounting, distribution services
(if any) and administrative services; (ii) any and all other matters in which any of each Fund’s service providers (including Eaton
Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests of the Fund or its shareholders;
and (iii) any other matter appropriate for review by the noninterested Trustees, unless the matter is within the responsibilities of other
Committees of the Board.
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 each Fund and their investment adviser and sub-adviser(s), if applicable,
relative to the Funds’ 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 Funds; and (iii) assist the Board in its monitoring of the performance
results of all funds, giving special attention to the performance of certain funds that it or the Board of Trustees identifies from time
to time.
Ms. Sutherland (Chairperson) and Messrs. Fetting, Park 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
Funds; (ii) serve as a liaison between the Board of Trustees and the Funds’ CCO; and (iii) serve as a “qualified legal compliance
committee” within the rules promulgated by the SEC.
| 10 | Proxy Statement dated February 24, 2022 |
Messrs. Smith (Chairperson) and Fetting and Ms. Sutherland 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.
Mmes. Mosley (Chairperson), Frost, Peters and Sutherland and Messrs.
Fetting, Gorman, Park, Quinton, Smith and Wennerholm are members of the Governance Committee. Each Governance Committee member is independent
under applicable listing standards of the New York Stock Exchange. 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.
Each Fund’s Board has adopted a written charter for its Governance
Committee, a copy of which is available on the Eaton Vance website, https://funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php.
The Governance Committee identifies candidates by obtaining referrals from such sources as it deems appropriate, which may include current
Trustees, management of the Fund, counsel and other advisors to the Trustees, and shareholders of the Funds who submit recommendations
in accordance with the procedures described in the Committee’s charter. In no event shall the Governance Committee consider as a
candidate to fill any vacancy an individual recommended by management of the Funds, unless the Governance Committee has invited management
to make such a recommendation. The Governance Committee will, when a vacancy exists, consider a nominee for Trustee recommended by a shareholder,
provided that such recommendation is submitted in writing to the Fund’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 “interested person” 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. The Governance Committee’s procedures for evaluating
candidates for the position of noninterested Trustee are set forth in an appendix to the Committee’s charter.
The Governance Committee does not have a formal policy to consider diversity
when identifying candidates for the position of noninterested Trustee. Rather, as a matter of practice, the Committee considers the overall
diversity of the Board’s composition when identifying candidates. Specifically, the Committee considers how a particular candidate
could be expected to contribute to overall diversity in the backgrounds, skills and experiences of the Board’s members and thereby
enhance the effectiveness of the Board. In addition, as part of its annual self-evaluation, the Board has an opportunity to consider the
diversity of its members, including specifically whether the Board’s members have the right mix of characteristics, experiences
and skills. The results of the self-evaluation are considered by the Governance Committee in its decision-making process with respect
to candidates for the position of noninterested Trustee.
Communications with the Board of Trustees
Shareholders wishing to communicate with the Board may do so by sending
a written communication to the Chairperson of the Board of Trustees, the Chairperson of any Committee of the Board of Trustees or to the
noninterested Trustees as a group, at the following address: Two International Place, Boston, Massachusetts 02110, c/o the Secretary of
the applicable Fund.
Remuneration of Trustees
Each noninterested Trustee is compensated for his or her services according
to a fee schedule adopted by each Board of Trustees, and receives a fee that consists of an annual retainer and a committee service component.
Each Fund pays each noninterested Trustee a pro rata share, as described below, of: (i) an annual retainer of $295,000(1);
(ii) an additional annual retainer of $150,000 for serving as the Chairperson of the noninterested Trustees; (iii) an additional annual
retainer of $77,500 for Committee Service; (iv) an additional annual retainer of $15,000 for serving on four or more Committees, not including
the Ad Hoc Committee; (v) an additional annual retainer of $35,000 for serving as the Governance Committee Chairperson, the Audit Committee
Chairperson, the Compliance Committee Chairperson, the Contract Review Committee Chairperson or the Portfolio Management Committee Chairperson
(to be split evenly in the event of Co-Chairpersons); (vi) the Chairperson of an Ad Hoc Committee will receive $5,000 for any six-month
period the Ad Hoc Committee is in existence and meets, with the six-month periods being October 1 through March 31 and April 1 through
September 30; and (vii) out-of-pocket expenses. The pro rata share paid by each Fund is based on the Fund’s average net assets as
a percentage of the average net assets of all the funds in the Eaton Vance family of funds. During the fiscal year ended December 31,
2021, the Trustees of each Fund earned the following compensation in their capacities as Trustees of each Fund. For the calendar year
ended December 31, 2021, the Trustees earned the following compensation in their capacities as members of the Eaton Vance Fund Boards(2):
| 11 | Proxy Statement dated February 24, 2022 |
|
Mark R.
Fetting |
Cynthia E.
Frost(1) |
George J.
Gorman |
Valerie A.
Mosley |
William H.
Park |
Helen Frame
Peters |
Keith
Quinton |
Marcus L.
Smith |
Susan J.
Sutherland |
Scott E.
Wennerholm(1) |
Enhanced Equity Fund |
$5,125 |
$5,387(3) |
$6,009 |
$5,387 |
$6,417 |
$5,106 |
$4,893 |
$4,931 |
$5,456(4) |
$5,598 |
Risk-Managed Fund |
$3,031 |
$3,188(3) |
$3,548 |
$3,188 |
$3,805 |
$3,022 |
$2,895 |
$2,917 |
$3,230(4) |
$3,313 |
Buy-Write Income Fund |
$1,912 |
$2,009(3) |
$2,242 |
$2,009 |
$2,392 |
$1,904 |
$1,825 |
$1,839 |
$2,035(4) |
$2,088 |
Buy-Write Opportunities Fund |
$6,550 |
$6,882(3) |
$7,689 |
$6,882 |
$8,186 |
$6,523 |
$6,251 |
$6,301 |
$6,968(4) |
$7,151 |
Buy-Write Strategy Fund |
$535 |
$562(3) |
$627 |
$562 |
$670 |
$533 |
$510 |
$514 |
$569(4) |
$584 |
Global Buy-Write Opportunities Fund |
$5,218 |
$5,487(3) |
$6,110 |
$5,487 |
$6,545 |
$5,200 |
$4,983 |
$5,021 |
$5,559(4) |
$5,701 |
Total Compensation from Fund and
Fund Complex(2) |
$364,625 |
$383,375(5) |
$427,125 |
$383,375 |
$457,125 |
$363,375 |
$348,179 |
$350,875 |
$388,375(6) |
$398,375 |
| (1) | As of February 1, 2022, the Eaton Vance fund complex consists of 138 registered investment companies or series thereof. Ms. Frost
and Mr. Wennerholm currently serve as Trustee to 137 funds within the Eaton Vance fund complex. |
| (2) | The compensation schedule disclosed above reflects the current compensation schedule, which may not have been in place for each Fund’s
full fiscal year ended December 31, 2021 or for the full calendar year ended December 31, 2021. Amounts do not include expenses reimbursed
to Trustees for attending Board meetings, which in the aggregate amounted to $1,482 for the calendar year ended December 31, 2021. |
| (3) | Includes deferred compensation as follows: Enhanced Equity Fund - $3,549; Risk-Managed Fund - $2,101; Buy-Write Income Fund - $1,324;
Buy-Write Opportunities Fund - $4,534; Buy-Write Strategy Fund - $370; and Global Buy-Write Opportunities Fund - $3,616. |
| (4) | Includes deferred compensation as follows: Enhanced Equity Fund - $5,456; Risk-Managed Fund - $3,230; Buy-Write Income Fund - $2,035;
Buy-Write Opportunities Fund - $6,968; Buy-Write Strategy Fund - $569; and Global Buy-Write Opportunities Fund - $5,559. |
| (5) | Includes $250,000 of deferred compensation. |
| (6) | Includes $384,337 of deferred compensation. |
Trustees of each Fund who are not affiliated with Eaton Vance 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
“Deferred Compensation Plan”). Under the Deferred Compensation Plan, an eligible Trustee may elect to have 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 Trustees under the Deferred
Compensation Plan will be determined based upon the performance of such investments. Deferral of Trustees’ fees in accordance with
the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income of a participating Fund, and will
not obligate a Fund to retain the services of any Trustee or obligate a Fund to pay any particular level of compensation to the Trustee.
No Fund has a retirement plan for its Trustees.
The Board recommends that shareholders vote FOR the election of
the Trustee nominees of each Fund.
NOTICE TO BANKS AND BROKER/DEALERS
Each Fund has previously solicited all Nominee and Broker/Dealer accounts
as to the number of additional proxy statements required to supply owners of shares. Should additional proxy material be required for
beneficial owners, please call 1-866-864-4942, send an email to corporateservices@astfundsolutions.com or forward such requests to AST
Fund Solutions, LLC, 55 Challenger Road, Suite 201, Ridgefield Park, NJ 07660.
ADDITIONAL INFORMATION
Audit Committee Report
Each Audit Committee reviews and discusses the audited financial statements
with Fund management. Each Audit Committee also discusses with the independent registered public accounting firm the matters required
to be discussed by SAS 61 (Communication with Audit Committees), as modified or supplemented. Each Audit Committee receives the written
disclosures and the letter from the independent registered public accounting firm required by Independence Standards Board Standard No.
1 (Independence Discussions with Audit Committees), as modified or supplemented, and discusses with the independent registered public
accounting firm their independence.
Based on the review and discussions referred to above, each Audit Committee
recommended to the Board of Trustees that the audited financial statements be included in the Fund’s annual report to shareholders
for filing with the SEC. As mentioned, the Audit Committee is currently comprised of Messrs. Wennerholm (Chairperson), Gorman, Park and
Quinton and Ms. Peters.
| 12 | Proxy Statement dated February 24, 2022 |
Auditors, Audit Fees and All Other Fees
Deloitte & Touche LLP (“Deloitte”), 200 Berkeley Street,
Boston, Massachusetts 02116, serves as the independent registered public accounting firm of each Fund. Representatives of Deloitte are
not expected to be present at the Annual Meeting, but have been given the opportunity to make a statement if they desire to do so and
will be available should any matter arise requiring their presence.
Aggregate audit, audit-related, tax, and other fees billed to each Fund
by the Fund’s independent registered public accounting firm for the relevant periods are set forth on Exhibit B hereto. Aggregate
non-audit fees (i.e., fees for audit-related, tax, and other services) billed for the relevant periods to (i) each Fund by the Fund’s
independent registered public accounting firm; and (ii) the Eaton Vance organization by the Fund’s independent registered public
accounting firm are also set forth on Exhibit B hereto.
Each Fund’s Audit Committee has adopted policies and procedures
relating to the pre-approval of services provided by the Fund’s independent registered public accounting firm (the “Pre-Approval
Policies”). The Pre-Approval Policies establish a framework intended to assist the Audit Committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax,
and other services determined to be pre-approved by the Audit Committee; and (ii) delineate specific procedures governing the mechanics
of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically
pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee. The Pre-Approval Policies and
the types of audit and non-audit services pre-approved therein must be reviewed and ratified by each Fund’s Audit Committee at least
annually. Each Fund’s Audit Committee maintains full responsibility for the appointment, compensation, and oversight of the work
of the Fund’s independent registered public accounting firm.
Each Fund’s Audit Committee has considered whether the provision
by the Fund’s independent registered public accounting firm of non-audit services to the Fund’s investment adviser, as well
as any of its affiliates that provide ongoing services to the Fund, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation
S-X is compatible with maintaining the independent registered public accounting firm’s independence.
Officers of the Funds
The officers of the Funds and their length of service are set forth
below. The officers of the Funds hold indefinite terms of office. Because of their positions with Eaton Vance and their ownership of Morgan
Stanley stock, the officers of the Funds will benefit from any advisory and/or administration fees paid by each Fund to Eaton Vance. 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. Information in the table below about an officer's position with a Fund and the period as an officer are
for each Fund unless otherwise noted.
Name and Year of Birth(1) |
|
Fund Position(s) |
|
Officer Since(2) |
|
Principal Occupation(s) During Past Five Years(3) |
EDWARD J. PERKIN
1972 |
|
President |
|
2014 |
|
Chief Equity Investment Officer and Vice President of Eaton Vance and BMR. Officer of 22 registered investment companies managed by Eaton Vance or BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016. |
DEIDRE E. WALSH
1971 |
|
Vice President and Chief Legal Officer |
|
2021 |
|
Vice President of Eaton Vance and BMR. Officer of 138 registered investment companies managed by Eaton Vance or BMR. Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2021. |
JAMES F. KIRCHNER
1967 |
|
Treasurer |
|
2007 |
|
Vice President of Eaton Vance and BMR. Officer of 138 registered investment companies managed by Eaton Vance or BMR. Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016. |
JILL R. DAMON
1984 |
|
Secretary |
|
2021 |
|
Vice President of Eaton Vance and BMR since 2017. Officer of 138 registered investment companies managed by Eaton Vance or BMR. Formerly, associate at Dechert LLP (2009-2017). |
RICHARD F. FROIO
1968 |
|
Chief Compliance Officer |
|
2017 |
|
Vice President of Eaton Vance and BMR since 2017. Officer of 138 registered investment companies managed by Eaton Vance or BMR. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
| (1) | The business address of each officer is Two International Place, Boston, Massachusetts 02110. |
| (2) | Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise,
year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election. |
| (3) | Includes both funds and portfolios in a hub and spoke structure. |
| 13 | Proxy Statement dated February 24, 2022 |
Investment Adviser, Sub-adviser and Administrator
Eaton Vance Management, with its principal office at Two International
Place, Boston, Massachusetts 02110, serves as the investment adviser and administrator to each Fund. Parametric Portfolio Associates LLC,
with its principal office at 800 5th Avenue, Suite 2800, Seattle, WA 98104, serves as the sub-adviser to each Fund except Enhanced Equity
Fund and Risk-Managed Fund. Prior to March 1, 2021, EVM was a wholly owned subsidiary of EVC. On March 1, 2021, Morgan Stanley acquired
EVC and EVM became an indirect, wholly owned subsidiary of Morgan Stanley.
Proxy Solicitation, Tabulation and Voting Requirements
The expense of preparing, printing and mailing this Proxy Statement
and enclosures and the costs of soliciting proxies on behalf of the Board of each Fund will be borne ratably by the Funds. Proxies will
be solicited by mail and may be solicited in person or by telephone or facsimile by officers of a Fund, by personnel of its administrator,
Eaton Vance, by the transfer agent, AST Fund Solutions, LLC, by broker-dealer firms, or by a professional solicitation organization. The
expenses associated with the solicitation of these proxies and with any further proxies will be borne by the applicable Fund. A written
proxy may be delivered to a Fund or its transfer agent prior to the meeting by facsimile machine, graphic communication equipment or similar
electronic transmission. A Fund will reimburse banks, broker-dealer firms, and other persons holding shares registered in their names
or in the names of their nominees, for their expenses incurred in sending proxy material to and obtaining proxies from the beneficial
owners of such shares. Total estimated proxy solicitation costs are approximately $170,800 and will be paid by the Funds pro rata based
on the number of shareholder accounts.
All proxy cards solicited by the Board that are properly executed and
received by the Secretary prior to the meeting, and which are not revoked, will be voted at the meeting. Shares represented by such proxies
will be voted in accordance with the instructions thereon. If no specification is made on the proxy card with respect to Proposal 1, it
will be voted FOR the matters specified on the proxy card. All shares that are voted and votes to ABSTAIN will be counted towards establishing
a quorum, as will broker non-votes. (Broker non-votes are shares for which (i) the beneficial owner has not voted and (ii) the broker
holding the shares does not have discretionary authority to vote on the particular matter.) Accordingly, abstentions and broker non-votes,
which will be treated as shares that are present at the meeting but which have not been voted, will assist a Fund in obtaining a quorum
but will have no effect on the outcome of Proposal 1.
A quorum requires the presence, in person or by proxy, of a majority
of the outstanding shares of a Fund entitled to vote. In the event that a quorum is not present at the meeting, or if a quorum is present
at the meeting but sufficient votes by the shareholders of a Fund FOR the Proposal set forth in the Notice of this meeting are not received
by April 14, 2022, the persons named as proxies may propose one or more adjournments of the meeting to permit further solicitation of
proxies. Any such adjournment will require the affirmative vote of the holders of a majority of the shares of that Fund present in person
or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote FOR such adjournment those proxies which
they are entitled to vote FOR any Trustee nominee. They will vote against any such adjournment those proxies that voted “WITHHOLD
AUTHORITY FOR ALL NOMINEES” (sometimes referred to as abstentions). The costs of any such additional solicitation and of any adjourned
session will be borne by the Funds.
Each Fund’s By-Laws include provisions (the “Control Share
Provisions”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of Fund shares in a “Control Share
Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is
approved by other shareholders of the Fund. Subject to various conditions and exceptions, the By-Laws define a “Control Share Acquisition”
to include an acquisition of Fund shares that, but for the Control Share Provisions, would give the beneficial owner, upon the acquisition
of such shares, the ability to exercise voting power in the election of Fund Trustees in any of the following ranges: (i) one-tenth or
more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third
or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power. Share acquisitions prior to August
13, 2020 are excluded from the definition of Control Share Acquisition, though such shares are included in assessing whether any subsequent
share acquisition exceeds one of the enumerated thresholds. Additionally, Control Share Acquisitions are defined as including certain
shares acquired during look-back and look-forward periods as provided in the By-Laws. Subject to various conditions and procedural requirements
set forth in the By-Laws, including the delivery of a “Control Share Acquisition Statement” to a Fund’s secretary setting
forth certain required information, a shareholder who obtains beneficial ownership of shares in a Control Share Acquisition generally
may request a vote of Fund shareholders (excluding such acquiring shareholder and certain other interested shareholders) to approve the
authorization of voting rights for such shares at the next annual meeting of Fund shareholders following the Control Share Acquisition.
| 14 | Proxy Statement dated February 24, 2022 |
Pursuant to each Fund’s By-Laws, with respect to any election
of Trustees other than a contested election, a nominee must receive the affirmative vote of a plurality of votes cast at any meeting at
which a quorum is present to be elected. A plurality means that the Trustee nominee receiving the greatest number of votes will be elected.
With respect to a contested election, a nominee must receive the affirmative vote of a majority of a Fund’s shares outstanding and
entitled to vote with respect to such nominee in order to be elected. The By-Laws define a “contested election” as any election
of Trustees in which the number of persons validly nominated for election as Trustees with respect to a given class or classes of Fund
shares exceeds the number of Trustees to be elected with respect to such class or classes. See Proposal 1 for the vote required to elect
Trustees at the meeting.
As part of our effort to maintain a safe and healthy environment at
our Annual Meeting, the Funds and the Board are closely monitoring developments with respect to the coronavirus pandemic (COVID-19) and
the advice and guidance of public health officials. For that reason, the Board reserves the right to reconsider the date, time and/or
means of convening the Annual Meeting. Subject to any restrictions imposed by applicable law, the Board may choose to conduct the
meeting solely by means of remote communications, or may hold a “hybrid” meeting where some participants attend in person
and others attend by means of remote communications. If the Board chooses to change the date, time and/or means of convening the
Annual Meeting, the Funds will announce the decision to do so in advance, and details on how to participate will be issued by press release
and filed with the SEC as additional proxy material. Attendees are also encouraged to review guidance from public health authorities
on this issue.
Section 16(a) Beneficial Ownership Reporting Compliance
Based solely upon a review of the copies of the forms received by the
Funds, all of the Trustees and officers of each Fund, EVM and its affiliates, Parametric Portfolio Associates LLC, and any person who
owns more than ten percent of a Fund’s outstanding securities have complied with the filings required under Section 16(a) of the
Securities Exchange Act of 1934 regarding ownership of shares of the Funds for each Fund’s most recent fiscal year end.
Each Fund will furnish without charge a copy of its most recent
Annual and Semi-Annual Reports to any shareholder upon request. Shareholders desiring to obtain a copy of such reports should call 1-866-864-4942,
send an email to corporateservices@astfundsolutions.com or write to the Fund c/o AST Fund Solutions, LLC, 55 Challenger Road, Suite 201,
Ridgefield Park, NJ 07660. Shareholder reports are also available on the Eaton Vance website at https://funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php.
SHAREHOLDER PROPOSALS
To be considered for presentation at a Fund’s 2023 Annual Meeting
of Shareholders, a shareholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received at
the Fund’s principal office c/o the Secretary of the Fund on or before October 27, 2022. Written notice of a shareholder proposal
submitted outside of the processes of Rule 14a-8 must be delivered to the Fund’s principal office c/o the Secretary of the Fund
no later than the close of business on January 13, 2023 and no earlier than December 15, 2022. In order to be included in the Fund’s
proxy statement and form of proxy, a shareholder proposal must comply with all applicable legal requirements. Timely submission of a proposal
does not guarantee that such proposal will be included.
| 15 | Proxy Statement dated February 24, 2022 |
EXHIBIT A
EATON VANCE FUNDS
AUDIT COMMITTEE CHARTER
I. Purposes of the Committee.
The Board of Trustees or Directors (the “Board”) of each
registered investment company or series thereof advised by Eaton Vance Management or its affiliate, Boston Management and Research (collectively,
“Eaton Vance”), excluding Eaton Vance Floating-Rate Income Plus Fund (each, a “Fund,” and collectively, the “Funds”),
has established an Audit Committee of the Board of each Fund (the “Committee”) and has approved this Charter for the operation
of the Committee.1 The purposes of the
Committee are as follows:
| 1. | To oversee each Fund’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; |
| 2. | To oversee or, as appropriate, assist Board oversight of the quality and integrity of the Funds’ financial statements and the
independent audit thereof; |
| 3. | To oversee or, as appropriate, assist Board oversight of the Funds’ compliance with legal and regulatory requirements that relate
to the Funds’ accounting and financial reporting, internal control over financial reporting and independent audits; |
| 4. | To approve prior to appointment the engagement and, when appropriate, replacement of the independent registered public accountants
(“independent auditors”), and, if applicable, nominate independent auditors to be proposed for shareholder ratification in
any proxy statement of a Fund; |
| 5. | To evaluate or, as appropriate, assist Board evaluation of the qualifications, independence and performance of the independent auditors
and the audit partner in charge of leading the audit; and |
| 6. | To prepare such audit committee reports, consistent with the requirements of applicable Securities and Exchange Commission (“SEC”),
NYSE American LLC (“NYSE American,” formerly NYSE MKT LLC) and New York Stock Exchange rules, for inclusion in the proxy statement
for the annual meeting of shareholders of a Fund. |
The primary function of the Committee is oversight. The Committee is
not responsible for managing the Funds or for performing tasks that are delegated to the officers of any Fund, any investment adviser
to a Fund, the custodian of a Fund, and other service providers for the Funds, including the independent auditors, and nothing in this
Charter shall be construed to reduce the responsibilities or liabilities of management or the Funds’ service providers. It is management’s
responsibility to maintain appropriate systems for accounting and internal control over financial reporting. Specifically, management
is responsible for: (1) the preparation, presentation and integrity of the financial statements of each Fund; (2) the maintenance of appropriate
accounting and financial reporting principles and policies; and (3) the maintenance of internal control over financial reporting and other
procedures designed to assure compliance with accounting standards and related laws and regulations. The independent auditors are responsible
for planning and carrying out an audit consistent with applicable legal and professional standards and the terms of their engagement letter,
and shall report directly to the Committee. In performing its oversight function, the Committee shall be entitled to rely upon advice
and information that it receives in its discussions and communications with management, the independent auditors and such experts, advisors
and professionals as may be consulted by the Committee.
II. Composition of the Committee.
The Committee shall be comprised of at least three members appointed
by the Board, which shall also determine the number and term, if any, of such members, in each case upon the recommendation of the Governance
Committee of the Board. All members of the Committee shall be Trustees or Directors who are not “interested persons” (as defined
in the Investment Company Act of 1940, as amended (the “1940 Act”)) of any Fund or of the investment adviser, sub-adviser
or principal underwriter of any Fund (each, an “Independent Trustee,” and collectively, the “Independent Trustees”).
In the event that a resignation, retirement, removal or other event or circumstance causes the number of Committee members to fall below
the minimum set forth above, the Committee shall nevertheless be authorized to take any and all actions otherwise permitted under this
Charter pending the appointment, within a reasonable time, of one or more Independent Trustees to fill the vacancy created thereby.
______________
| 1 | The Audit Committee of the Board of Trustees of Eaton Vance Floating-Rate Income Plus Fund operates pursuant to a separate charter.
For the avoidance of doubt, all references in this Charter to the “Board” or to the “Independent Trustees” do
not encompass the Board of Trustees or the Independent Trustees overseeing Eaton Vance Floating-Rate Income Plus Fund. |
The following requirements shall also be satisfied with respect to the
membership and composition of the Committee:
| 1. | each member of the Committee shall have been determined by the Board to have no material relationship that would interfere with the
exercise of his or her independent judgment; |
| 2. | no member of the Committee shall receive any compensation from a Fund except compensation for service as a member or Chairperson of
the Board or of a committee of the Board; |
| 3. | each member of the Committee shall also satisfy the Committee membership requirements imposed under the applicable rules of NYSE American
and New York Stock Exchange (and any other national securities exchange on which a Fund’s shares are listed), as in effect from
time to time, including with respect to the member’s former affiliations or employment and financial literacy; |
| 4. | at least one member of the Committee must have the accounting or related financial management expertise and financial sophistication
required under applicable rules of the NYSE American and New York Stock Exchange; and |
| 5. | unless it determines that no member of the Committee qualifies as an audit committee financial expert as defined in Item 3 of Form
N-CSR, the Board will identify one (or in its discretion, more than one) member of the Committee as an audit committee financial expert. |
III. Meetings of the Committee.
Meetings of the Committee shall be held, upon reasonable notice, at
such times (but not less frequently than annually with respect to each Fund), at such places and for such purposes (consistent with the
purposes of the Committee set forth in this Charter) as determined from time to time by the Committee, the Chairperson of the Committee,
the Board or the Chairperson of the Board. The Committee shall periodically meet separately with any independent auditors rendering reports
to the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction of business at any meeting,
and the decision of a majority of the members present and voting at a meeting at which a quorum is present shall determine any matter
submitted to a vote. The Committee may adopt such procedures or rules not otherwise inconsistent with the terms of this Charter as it
deems appropriate to govern its conduct under this Charter, which procedures or rules, if any, shall be included as an appendix to this
Charter. Notices of all meetings of the Committee shall be provided to all Independent Trustees and all Independent Trustees shall be
entitled to attend such meetings. Materials provided to the members of the Committee in connection with meetings of the Committee shall
be made available to each Independent Trustee.
IV. Chairperson of the Committee.
A member of the Committee shall be appointed Chairperson of the Committee
by the Board, upon the recommendation of the Governance Committee, for a term of not more than four years, and such member may serve as
Chairperson of the Committee for more than one term. The Chairperson of the Committee, or another member of the Committee designated by
the Chairperson, shall preside at meetings of the Committee. The Chairperson of the Committee shall be authorized to determine the agenda
of such meetings, the materials to be provided in connection with such meetings, the topics to be discussed, the amount of time to be
devoted to such topics and the order in which the topics are to be addressed. The Chairperson of the Committee may from time to time establish
one or more working groups comprised of members of the Committee to assist the Chairperson and the Committee in performing their duties
and responsibilities, and shall promptly notify the Chairperson of the Board upon the establishment of any such working group. The Chairperson
of the Committee shall provide oral or written reports to the Board at regular meetings of the Board regarding the activities of the Committee
(and any working group thereof), including any approval by the Chairperson of the Board of expenditures by the Committee not previously
reported to the Board. The Chairperson of the Committee shall be primarily responsible for interfacing with the Chairperson of the Board
and with the Chairperson of each other committee of the Board with respect to matters potentially affecting the activities of the Committee.
The Chairperson of the Committee shall also be primarily responsible, on behalf of the Committee, for interfacing with those individuals
identified by Eaton Vance from time to time as being primarily responsible for responding to requests of the Committee. The Board may,
upon the recommendation of the Governance Committee, appoint a Vice-Chairperson of the Committee with the power and authority to perform
any or all of the duties and responsibilities of the Chairperson of the Committee in the absence of the Chairperson of the Committee and/or
as requested by the Chairperson of the Committee. The Chairperson and Vice-Chairperson, if any, of the Committee shall receive such compensation
as determined from time to time by the Board upon the recommendation of the Governance Committee.
V. Duties and Responsibilities of the Committee.
To carry out its purposes, the Committee shall have the following duties
and responsibilities:
| 1. | With respect to each Fund the securities of which are listed on a national securities exchange, to meet to review and discuss with
management and the independent auditors the audited financial statements and other periodic financial statements of the Fund (including
the Fund’s specific disclosures under the item “Management’s Discussion of Fund Performance”); provided that discussion
with the independent auditors shall not be required with respect to any periodic financial statement of the Fund that was not the subject
of a review by such auditors. |
| 2. | To consider the results of the examination of the Fund’s financial statements by the independent auditors, the independent auditors’
opinion with respect thereto, and any management letter issued by the independent auditors. |
| 3. | To review and discuss with the independent auditors: (a) the scope of audits and audit reports and the policies relating to internal
auditing procedures and controls and the accounting principles employed in the Fund’s financial reports and any proposed changes
therein; (b) the personnel, staffing, qualifications and experience of the independent auditors; and (c) the compensation of the independent
auditors. |
| 4. | To review and assess the performance of the independent auditors and to approve, on behalf of the Board, the appointment and compensation
of the independent auditors. Approval by the Committee shall be in addition to any approval required under applicable law by a majority
of the members of the Board who are not “interested persons” of the Fund as defined in Section 2(a)(19) of the 1940 Act.
In performing this function, the Committee shall: (a) consider whether there should be a regular rotation of the Fund’s independent
auditing firm; (b) discuss with the independent auditors matters bearing upon the qualifications of such auditors as “independent”
under applicable standards of independence established from time to time by the SEC, the Public Company Accounting Oversight Board and
other regulatory authorities; and (c) shall secure from the independent auditors the information required by Independence Standards Board
Standard No. 1, Independence Discussions with Audit Committees, as in effect from time to time. The Committee shall actively engage
in a dialogue with the independent auditors with respect to any disclosed relationships or services that may impact the objectivity and
independence of the independent auditors. |
| 5. | To pre-approve: (a) audit and non-audit services provided by the independent auditors to the Fund; and (b) non-audit services provided
by the independent auditors to the adviser or any other entity controlling, controlled by or under common control with the adviser that
provides on-going services to the Fund (“Adviser Affiliates”) if the engagement of the independent auditors relates directly
to the operations and financial reporting of the Fund, as contemplated by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”)
and the rules issued by the SEC in connection therewith (except, in the case of non-audit services provided to the Fund or any Adviser
Affiliate, those within applicable de minimis statutory or regulatory exceptions), and to consider the possible effect of providing such
services on the independence of the independent auditors. |
| 6. | To adopt, to the extent deemed appropriate by the Committee, policies and procedures for pre-approval of the audit or non-audit services
referred to above, including policies and procedures by which the Committee may delegate to one or more of its members authority to grant
such pre-approval on behalf of the Committee (subject to subsequent reporting to the Committee). The Committee hereby delegates to each
of its members the authority to pre-approve any non-audit services referred to above between meetings of the Committee, provided that:
(i) all reasonable efforts shall be made to obtain such pre-approval from the Chairperson of the Committee prior to seeking such pre-approval
from any other member of the Committee; and (ii) all such pre-approvals shall be reported to the Committee not later than the next meeting
thereof. |
| 7. | To consider the controls implemented by the independent auditors and any measures taken by management to ensure that all items requiring
pre-approval by the Committee are identified and referred to the Committee in a timely fashion. |
| 8. | To receive at least quarterly a report from such independent auditors of: (i) all critical accounting policies and practices used
by the Fund (or, in connection with any update, any changes in such accounting policies and practices), (ii) all material alternative
accounting treatments within GAAP that have been discussed with management since the last annual report or update, including the ramifications
of the use of the alternative treatments and the treatment preferred by the accounting firm, (iii) other material written communications
between the independent auditors and the management of the Fund since the last annual report or update, (iv) a description of all non-audit
services provided, including fees associated with the services, to any fund complex of which the Fund is a part since the last annual
report or update that was not subject to the pre-approval requirements as discussed above; and (v) any other matters of concern relating
to the Fund’s financial statements, including any uncorrected misstatements (or audit differences) whose effects management believes
are immaterial, both individually and in aggregate, to the financial statements taken as a whole. |
| 9. | To review and discuss with the independent auditors the matters required to be communicated with respect to the Fund pursuant to applicable
auditing standards, as in effect from time to time, and to receive such other communications or reports from the independent auditors
(and management’s responses to such reports or communications) as may be required under applicable listing standards of the national
securities exchanges on which the Fund’s shares are listed, including a report describing: (1) the internal quality-control procedures
of the independent auditors, any material issues raised by the most recent internal quality-control review, or peer review, of the independent
auditors, or by any inquiry or investigation by governmental or professional regulatory authorities, within the preceding five years,
respecting one or more independent audits carried out by the independent auditors, and any steps taken to deal with any such issues; and
(2) all relationships between the independent auditors and the Fund and any other relationships or services that may impact the objectivity
and independence of the independent auditors. To the extent unresolved disagreements exist between management and the independent auditors
regarding the financial reporting of the Fund, it shall be the responsibility of the Committee to resolve such disagreements. |
| 10. | To consider and review with the independent auditors any reports of audit problems or difficulties that may have arisen in the course
of the audit, including any limitations on the scope of the audit, and management’s response thereto. |
| 11. | To establish hiring policies for employees or former employees of the independent auditors who will serve as officers or employees
of the Fund. |
| 12. | With respect to each Fund the securities of which are listed on a national securities exchange, to: (a) provide a recommendation to
the Board regarding whether the audited financial statements of the Fund should be included in the annual report to shareholders of the
Fund; and (b) prepare an audit committee report consistent with the requirements of applicable regulations under Regulation S-K for inclusion
in the proxy statement for the Fund’s annual meeting of shareholders. |
| 13. | To discuss generally the Fund’s earnings releases, as well as financial information and guidance provided to analysts and rating
agencies, in the event a Fund issues any such releases or provides such information or guidance. Such discussions may include the types
of information to be disclosed and the type of presentation to be made. The Committee need not discuss in advance each earnings release
or each instance in which earnings guidance may be provided. |
| 14. | To consider the Fund’s major financial risk exposures and the steps management has taken to monitor and control such exposures,
including guidelines and policies to govern the process by which risk assessment and management is undertaken. |
| 15. | To review and report to the Board with respect to any material accounting, tax, valuation, or record-keeping issues which may affect
the Fund, its respective financial statements or the amount of their dividend or distribution rates. |
| 16. | To establish procedures for: (a) the receipt, retention, and treatment of complaints received by the Fund regarding accounting, internal
accounting controls, or auditing matters; and (b) the confidential, anonymous submission by employees of the Fund or its service providers
(including its investment advisers, administrators, principal underwriters and any other provider of accounting related services to the
Fund) of concerns regarding questionable accounting or auditing matters. |
| 17. | To direct and supervise investigations with respect to the following: (a) evidence of fraud or significant deficiencies in the design
or implementation of internal controls reported to the Committee by the principal executive or financial officers of the Fund pursuant
to the requirements of the Sarbanes-Oxley Act and related rules; and (b) any other matters within the scope of this Charter, including
the integrity of reported facts and figures, ethical conduct, and appropriate disclosure concerning the financial statements of the Funds. |
| 18. | To review and recommend to the Board policies and procedures for valuing portfolio securities of the Fund and to make recommendations
to the Board with respect to specific fair value determinations and any pricing errors involving such portfolio securities. |
| 19. | To coordinate its activities with the other committees of the Board as necessary or appropriate to carry out its purposes effectively
and efficiently, and to communicate with such other committees regarding matters that the Committee or such other committees may wish
to consider in exercising their respective powers. |
| 20. | To review the adequacy of this Charter and evaluate the Committee’s performance of its duties and responsibilities hereunder
at least annually, and to make recommendations to the Board for any appropriate changes or other action. |
| 21. | To take such other actions as may be requested by the Board or Chairperson of the Board from time to time consistent with carrying
out the purposes of the Committee. |
VI. Powers and Authority of the Committee.
In performing its duties and responsibilities, the Committee shall have
the following powers and authority:
| 1. | To make recommendations to the Board with respect to any of the foregoing matters and such other matters as the Committee may determine
to be necessary or appropriate to carry out its purposes, including recommendations with respect to industry trends, best practices and
educational or training opportunities for Independent Trustees to enhance the Board’s understanding of such matters. |
| 2. | To exercise such additional powers as from time to time may be authorized by the Board. |
VII. Resources of the Committee.
The Committee shall have the resources appropriate to exercise its powers
and fulfill its responsibilities hereunder. Subject to the prior approval of the Board or the Chairperson of the Board, the Committee
may engage counsel, consultants and other experts, at the expense of the Funds, and may determine the appropriate levels of funding for
payment of compensation to such counsel, consultants and other experts, as well as the ordinary administrative expenses necessary or appropriate
in exercising its powers and fulfilling its responsibilities under this Charter, including the reasonable costs of specialized training
for Committee and Board members. The Committee may access directly such officers and employees of the Funds, Eaton Vance and the Funds’
other services providers, as it deems necessary or desirable in accordance with such communication protocols, if any, as may be established
from time to time by the Board.
EXHIBIT B
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FEE INFORMATION
The following table presents the aggregate fees billed to each Fund
for the fiscal years ended December 31, 2021 and December 31, 2020 by the independent registered public accounting firm for professional
services rendered for the audit of each Fund’s annual financial statements and fees billed for other services rendered by the independent
registered public accounting firm during these periods. No services described in the table below were approved by a Fund’s Audit
Committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
|
AUDIT FEES |
AUDIT-RELATED FEES(1) |
TAX FEES(2) |
ALL OTHER FEES(3) |
TOTAL |
|
Fiscal
Year
Ended
12/31/21 |
Fiscal
Year
Ended
12/31/20 |
Fiscal
Year
Ended
12/31/21 |
Fiscal
Year
Ended
12/31/20 |
Fiscal
Year
Ended
12/31/21 |
Fiscal
Year
Ended
12/31/20 |
Fiscal
Year
Ended
12/31/21 |
Fiscal
Year
Ended
12/31/20 |
Fiscal
Year
Ended
12/31/21 |
Fiscal
Year
Ended
12/31/20 |
Enhanced Equity Fund |
$51,950 |
$51,950 |
$0 |
$0 |
$19,357 |
$19,707 |
$0 |
$0 |
$71,307 |
$71,657 |
Risk-Managed Fund |
$50,200 |
$50,200 |
$0 |
$0 |
$8,054 |
$7,704 |
$0 |
$0 |
$58,254 |
$57,904 |
Buy-Write Income Fund |
$48,650 |
$48,650 |
$0 |
$0 |
$6,521 |
$6,171 |
$0 |
$0 |
$55,171 |
$54,821 |
Buy-Write Opportunities Fund |
$51,750 |
$51,750 |
$0 |
$0 |
$6,682 |
$7,832 |
$0 |
$0 |
$58,432 |
$59,582 |
Buy-Write Strategy Fund |
$48,800 |
$48,800 |
$0 |
$0 |
$6,619 |
$7,469 |
$0 |
$0 |
$55,419 |
$56,269 |
Global Buy-Write Opportunities Fund |
$57,950 |
$57,450 |
$0 |
$0 |
$8,906 |
$9,756 |
$0 |
$0 |
$66,856 |
$67,206 |
| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance
of the audit of financial statements and are not reported under the category of audit fees. |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by the independent registered public accounting firm
relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax
compliance/planning matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services provided by the independent registered public accounting
firm other than audit, audit-related, and tax services. |
The following table presents (i) the aggregate non-audit fees (i.e.,
fees for audit-related, tax, and other services) billed for services rendered to each Fund for the Fund’s last two fiscal years
ended December 31, 2021 and December 31, 2020 by the independent registered public accounting firm; and (ii) the aggregate non-audit fees
(i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by the independent
registered public accounting firm.
|
Fiscal Year Ended 12/31/21 |
Fiscal Year Ended 12/31/20 |
Enhanced Equity Fund |
$19,357 |
$19,707 |
Risk-Managed Fund |
$8,054 |
$7,704 |
Buy-Write Income Fund |
$6,521 |
$6,171 |
Buy-Write Opportunities Fund |
$6,682 |
$7,832 |
Buy-Write Strategy Fund |
$6,619 |
$7,469 |
Global Buy-Write Opportunities Fund |
$8,906 |
$9,756 |
Eaton Vance(1) |
$51,800 |
$150,300 |
| (1) | As of each Fund’s fiscal year end, The Funds’ investment adviser, Eaton Vance, as well as any of its affiliates that provide
ongoing services to the Funds, were subsidiaries of Eaton Vance Corp. (“EVC”). On March 1, 2021, Morgan Stanley acquired EVC
and Eaton Vance became an indirect, wholly owned subsidiary of Morgan Stanley. |
EXHIBIT C
According to filings made on Schedules 13D and 13G pursuant to Sections
13(d) and 13(g), respectively, of the Securities Exchange Act of 1934, as amended, the following shareholders own 5% or more of a Fund’s
Common Shares.*
Fund Name |
Name and Address of Owner |
Aggregate Share Amount Owned |
Percent |
Enhanced Equity Fund |
Bank of America Corp.
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, NC 28255 |
2,616,973 |
5.30% |
Risk-Managed Fund |
First Trust Portfolios L.P.
First Trust Advisors L.P.
The Charger Corporation
120 East Liberty Drive, Suite 400
Wheaton, Illinois 60187 |
3,883,464 |
6.08% |
|
| * | Information in this table is based on filings made on or before February 1, 2022. To the knowledge of the Funds, no other person owned
5% or more of the outstanding common shares of the Funds as of such date. Owners of 25% or more of common shares of a Fund are presumed
to be in control of the class for purposes of voting on certain matters submitted to shareholders. |
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