Eaton Vance Tax-Managed Global Buy-Write Opportuni
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21745
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
(Exact Name of registrant as Specified in Charter)
Two International Place Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(registrants Telephone Number)
December 31
December 31, 2009
Annual Report December 31,2009 EATON VANCE TAX-MANAGED GLOBAL BUY-WRITE OPPORTUNITIES
FUND |
IMPORTANT
NOTICES REGARDING DISTRIBUTIONS,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Managed Distribution Plan. On March 10, 2009,
the Fund received authorization from the Securities and Exchange
Commission to distribute long-term capital gains to shareholders
more frequently than once per year. In this connection, the
Board of Trustees formally approved the implementation of a
Managed Distribution Plan (MDP) to make quarterly cash
distributions to common shareholders, stated in terms of a fixed
amount per common share.
The Fund intends to pay quarterly cash distributions equal to
$0.39 per share. You should not draw any conclusions about the
Funds investment performance from the amount of these
distributions or from the terms of the MDP. The MDP will be
subject to regular periodic review by the Funds Board of
Trustees.
With each distribution, the Fund will issue a notice to
shareholders and an accompanying press release which will
provide detailed information required by the Funds
exemptive order. The Funds Board of Trustees may amend or
terminate the MDP at any time without prior notice to Fund
shareholders. However, at this time there are no reasonably
foreseeable circumstances that might cause the termination of
the MDP.
Delivery of Shareholder Documents. The Securities
and Exchange Commission (the SEC) permits funds to
deliver only one copy of shareholder documents, including
prospectuses, proxy statements and shareholder reports, to fund
investors with multiple accounts at the same residential or post
office box address. This practice is often called
householding and it helps eliminate duplicate
mailings to shareholders.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be
householded, please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser.
Your instructions that householding not apply to delivery of
your Eaton Vance documents will be effective within 30 days
of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its
underlying Portfolio(s) (if applicable) will file a schedule of
portfolio holdings on
Form N-Q
with the SEC for the first and third quarters of each fiscal
year. The
Form N-Q
will be available on the Eaton Vance website at
www.eatonvance.com, by calling Eaton Vance at
1-800-262-1122
or in the EDGAR database on the SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs public
reference room in Washington, D.C. (call
1-800-732-0330
for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required
to vote proxies related to the securities held by the funds. The
Eaton Vance Funds or their underlying Portfolios (if applicable)
vote proxies according to a set of policies and procedures
approved by the Funds and Portfolios Boards. You may
obtain a description of these policies and procedures and
information on how the Funds or Portfolios voted proxies
relating to portfolio securities during the most recent
12 month period ended June 30, without charge, upon
request, by calling
1-800-262-1122.
This description is also available on the SECs website at
www.sec.gov.
Please refer to the inside back
cover of this report for an important notice about
the privacy policies adopted by the Eaton Vance
organization.
Eaton
Vance Tax-Managed Global Buy-Write Opportunities Fund as of
December 31, 2009
MANAGEMENTS DISCUSSION OF FUND PERFORMANCE
Economic
and Market Conditions
Walter A. Row, CFA
Eaton Vance
Management
Co-Portfolio Manager
Thomas Seto
Parametric Portfolio
Associates, LLC
Co-Portfolio Manager
David Stein, Ph.D.
Parametric Portfolio
Associates, LLC
Co-Portfolio Manager
|
|
After an uncertain first quarter of 2009 in which
equity markets struggled to climb back from the historic
lows of 2008, stocks
staged a broad-based rally that
continued through year end. For 2009
overall, the S&P 500 Index was up
26.47%, the NASDAQ Composite Index
increased 43.89%, and the Dow Jones
Industrial Average gained 22.74%, the
best annual returns for all three
benchmarks since 20031. |
|
|
As the year began, the
economy was mired in the worst
recession of the post-war era,
primarily a result of upheavals in
the banking sector and a credit
drought that led to a severe crisis
of confidence for investors. Helped
by the massive injections of
government monetary and fiscal
stimulus, the economic and financial
turmoil began to moderate. As of
December 31, 2009, the U.S. economy
was technically no longer in
recession, after the nations gross
domestic product (GDP) returned to a
growth mode in the third quarter of
2009. The banking sector also found
restored equilibrium. After one of
the most volatile periods in equity
market history, 2009 will be
remembered for the sustained rally
that helped replenish many of the
investor losses caused by the
financial crisis of 2008. |
|
|
Growth outperformed value
across all market capitalizations for
the year. Mid-cap stocks outperformed
the small- and large-cap segments of
the market, although all three groups
had positive returns: the Russell
Midcap Index gained 40.48%, while the
large-cap Russell 1000 Index returned
28.43% and the small-cap Russell 2000 Index rose
27.17%1. |
Past performance is no guarantee of future results.
Returns are historical and are calculated by
determining the percentage change in net asset value or
market price (as applicable) with all distributions
reinvested. The Funds performance at market price will
differ from its results at NAV. Although market price
performance generally reflects investment results over
time, during shorter periods, returns at market price
can also be affected by factors such as changing
perceptions about the Fund, market conditions,
fluctuations in supply and demand for the Funds
shares, or changes in Fund distributions. The Fund has
no current intention to utilize leverage, but may do so
in the future through borrowings and other permitted
methods. Investment return and principal value will
fluctuate so that shares, when sold, may be worth more
or less than their original cost. Performance is for
the stated time period only; due to market volatility,
the Funds current performance may be lower or higher
than the quoted return. For performance as of the most
recent month end, please refer to www.eatonvance.com.
Management
Discussion
|
|
The Fund is a closed-end fund and trades on the
New York Stock Exchange (NYSE) under the symbol ETW. At
net asset value (NAV) for the 12 months ending December
31, 2009, the Fund outperformed the S&P
500 Index and the CBOE S&P 500 BuyWrite Index, as well as its Lipper
peer group, while falling short of the CBOE NASDAQ-100 BuyWrite Index and
the FTSE Eurotop 100 Index. The Funds market price traded at a 0.36%
premium to NAV as of December 31, 2009. |
|
|
|
The Funds primary objective is to provide current income and gains, with a secondary objective of capital appreciation. The Fund pursues its
investment objectives by investing in a diversified portfolio of common
stocks, including stocks of U.S. issuers (the U.S. Segment) and stocks of
non-U.S. issuers (the International Segment). Under normal market
conditions, the Fund seeks to generate current earnings in part by
employing an options strategy of writing (selling) index call options on a
substantial portion of the |
|
|
|
|
|
|
|
Total Return Performance 12/31/08 12/31/09 |
|
|
|
|
NYSE Symbol |
|
|
|
ETW |
|
At Net Asset Value (NAV) |
|
|
|
|
28.83 |
% |
At Market Price |
|
|
|
|
59.07 |
% |
|
|
|
|
|
|
|
S&P 500 Index1 |
|
|
|
|
26.47 |
% |
CBOE
S&P 500 BuyWrite
Index1 |
|
|
|
|
25.91 |
% |
CBOE NASDAQ-100 BuyWrite
Index1 |
|
|
|
|
45.75 |
% |
FTSE Eurotop 100 Index1 |
|
|
|
|
33.68 |
% |
Lipper Options Arbitrage/Options Strategies Funds
Average1 |
|
|
|
|
27.38 |
% |
|
|
|
|
|
|
|
Premium/(Discount) to NAV (12/31/09) |
|
|
|
|
0.36 |
% |
Total Distributions per share |
|
|
|
$ |
1.80 |
|
Distribution Rate2 |
|
At NAV |
|
|
13.01 |
% |
|
|
At Market Price |
|
|
12.96 |
% |
See page 3 for more performance information.
|
|
|
1 |
|
It is not possible to invest directly
in an Index or a Lipper Classification. The Indices
total returns do not reflect commissions or expenses
that would have been incurred if an investor
individually purchased or sold the securities
represented in the Indices. The return for the FTSE
Eurotop 100 Index is calculated in U.S. dollars. The
Lipper total return is the average total return, at
net asset value, of the funds that are in the same
Lipper Classification as the Fund. |
|
2 |
|
The Distribution Rate is based on the Funds
last regular distribution per share (annualized) in
the period divided by the Funds NAV or market price
at the end of the period. The Funds quarterly
distributions may be comprised of ordinary income,
net realized capital gains and return of capital. |
Fund shares are not insured by the FDIC and are not
deposits or other obligations of, or guaranteed by,
any depository institution. Shares are subject to
investment risks, including possible loss of
principal invested.
1
Eaton
Vance Tax-Managed Global Buy-Write Opportunities Fund as of
December 31, 2009
MANAGEMENTS DISCUSSION OF FUND PERFORMANCE
|
|
value of the Funds total investments. During
the year ending December 31, 2009 a period in which
the equity market saw strong advances the Fund
generated a lower level of option premium earnings. |
|
|
|
As of December 31, 2009, the Fund held a deversified portfolio encompassing a broad range
of the U.S. economy, as well as investments in a variety
of foreign countries. The Funds investments in the U.S.
Segment constituted approximately 53% of total
investments, while those in the International Segment
represented approximately 47% of total investments.
Among the Funds common stock holdings, its largest
sector weightings were in information technology,
financials and health care. The largest contributions to
performance in the common stock portfolio came from Fund
holdings in the materials and utilities sectors.
Conversely, Fund selection in health care detracted the
most from performance, followed by underperformance in
consumer staples and energy. |
|
|
|
As of December 31, 2009, the Fund had written call options on
approximately 99% of its equity holdings.
The Fund seeks current earnings in part from option premiums, which can vary with investors
expectations of the future volatility (implied volatility) of the underlying assets. The first
three months of 2009 witnessed very high levels of implied volatility in concert with a significant
level of actual volatility in the equity markets. However, those high volatility levels moderated
somewhat in the second quarter of 2009 and continued to wane through most of the remainder of the
period as the equity market rallied strongly. This resulted in reduced option premium levels and
weighed on the Funds return. |
|
|
|
On January 15, 2010, the Fund announced a change in its
distribution rate. The Funds portfolio management team reviews the level and sustainability of the
Funds distributions periodically. Before deciding to decrease the amount of the Funds quarterly
distribution to $0.39 per share, the team considered a number of factors including the current
market and volatility outlooks, level of assets in the Fund, and the dividend yield of the
underlying equity portfolio. As portfolio and market conditions change, the rate of distributions
on the Funds shares could be further changed. |
|
|
|
Eaton Vance Management (EVM) terminated its sub-advisory agreement with
Rampart Investment Management Company, Inc. with respect to the Fund and, effective October 20,
2009, EVM assumed responsibility for the management of the Funds options strategy. |
Country
Allocation1
By total investments
United States 53.4% United Kingdom 11.6% Japan 10.5% France 6.2% Germany 4.6% Switzerland 4.5%
Spain 2.9% HADAWRITTENTCALL Italy 1.9% Netherlands 1.5% Other 2.9% (less than 1% each) |
|
|
|
1 |
|
As a percentage of the Funds total investments as of 12/31/09. |
The views expressed throughout this report are those
of the portfolio managers and are current only
through the end of the period of the report as
stated on the cover. These views are subject to
change at any time based upon market or other
conditions, and the investment adviser disclaims any
responsibility to update such views.
These views may not be relied on as investment
advice and, because investment decisions for a fund
are based on many factors, may not be relied on as
an indication of trading intent on behalf of any
Eaton Vance fund. Portfolio information provided in
the report may not be representative of the Funds
current or future investments and may change due to
active management.
2
Eaton
Vance Tax-Managed Global Buy-Write Opportunities Fund as of
December 31, 2009
FUND PERFORMANCE
|
|
|
|
|
Fund Performance |
|
|
NYSE Symbol |
|
ETW |
|
Average Annual Total Returns (at market price, New York Stock Exchange) |
|
|
|
|
|
One Year |
|
|
59.07 |
% |
Life of Fund (9/30/05) |
|
|
4.33 |
|
|
|
|
|
|
Average Annual Total Returns (at net asset value) |
|
|
|
|
|
One Year |
|
|
28.83 |
% |
Life of Fund (9/30/05) |
|
|
4.24 |
|
Past performance is no guarantee of future
results. Returns are historical and are
calculated by determining the percentage change
in net asset value or market price (as
applicable) with all distributions reinvested.
The Funds performance at market price will
differ from its results at NAV. Although market
price performance generally reflects investment
results over time, during shorter periods,
returns at market price can also be affected by
factors such as changing perceptions about the
Fund, market conditions, fluctuations in supply
and demand for the Funds shares, or changes in
Fund distributions. The Fund has no current
intention to utilize leverage, but may do so
in the future through borrowings and other
permitted methods. Investment return and
principal value will fluctuate so that shares,
when sold, may be worth more or less than their
original cost. Performance is for the stated
time period only; due to market volatility, the
Funds current performance may be lower or
higher than the quoted return. For performance
as of the most recent month end, please refer to
www.eatonvance.com.
Fund Composition
Top 10
Holdings1
By total investments
|
|
|
|
|
Apple, Inc. |
|
|
4.3 |
% |
Microsoft Corp. |
|
|
2.5 |
|
Google, Inc., Class A |
|
|
2.0 |
|
QUALCOMM, Inc. |
|
|
1.6 |
|
Nestle SA |
|
|
1.5 |
|
Exxon Mobil Corp. |
|
|
1.4 |
|
Cisco Systems, Inc. |
|
|
1.4 |
|
Total SA |
|
|
1.3 |
|
Banco Santander Central Hispano SA |
|
|
1.3 |
|
BP PLC |
|
|
1.2 |
|
|
|
|
1 |
|
Top 10 Holdings represented
18.5% of the Funds total investments as of
12/31/09. The Top 10 Holdings are presented
without the offsetting effect of the Funds
written option positions at 12/31/09.
Excludes cash equivalents. |
Sector
Weightings2
By total investments
Information Technology 23.3% Financials 14.7% Health Care 12.2% Consumer Discretionary
10.5% Industrials 9.3% Consumer Staples 8.8% Energy 8.7% Materials 4.7% Telecommunication Services
4.3% Utilities 3.5% |
|
|
|
2 |
|
Reflects the Funds total
investments as of 12/31/09. Sector
Weightings are presented without
the offsetting effect of the Funds
written option positions at
12/31/09. Excludes cash
equivalents. |
3
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks 101.7%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Aerospace
& Defense 1.2%
|
|
European Aeronautic Defence & Space Co.
|
|
|
56,122
|
|
|
$
|
1,128,116
|
|
|
|
General Dynamics Corp.
|
|
|
43,377
|
|
|
|
2,957,010
|
|
|
|
Honeywell International, Inc.
|
|
|
105,874
|
|
|
|
4,150,261
|
|
|
|
Raytheon Co.
|
|
|
87,133
|
|
|
|
4,489,092
|
|
|
|
Rockwell Collins, Inc.
|
|
|
59,584
|
|
|
|
3,298,570
|
|
|
|
Rolls-Royce Group
PLC(1)
|
|
|
221,717
|
|
|
|
1,726,607
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17,749,656
|
|
|
|
|
|
|
|
Air
Freight & Logistics 0.9%
|
|
CH Robinson Worldwide, Inc.
|
|
|
78,091
|
|
|
$
|
4,586,284
|
|
|
|
Deutsche Post AG
|
|
|
122,561
|
|
|
|
2,368,712
|
|
|
|
Expeditors International of Washington, Inc.
|
|
|
94,273
|
|
|
|
3,274,101
|
|
|
|
FedEx Corp.
|
|
|
28,786
|
|
|
|
2,402,192
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,631,289
|
|
|
|
|
|
|
|
Airlines 0.1%
|
|
British Airways
PLC(1)
|
|
|
313,103
|
|
|
$
|
941,702
|
|
|
|
|
|
|
|
|
|
|
|
$
|
941,702
|
|
|
|
|
|
|
|
Auto
Components 0.6%
|
|
Aisin Seiki Co., Ltd.
|
|
|
10,200
|
|
|
$
|
294,688
|
|
|
|
Compagnie Generale des Etablissements Michelin
|
|
|
26,277
|
|
|
|
2,012,525
|
|
|
|
Cooper Tire & Rubber Co.
|
|
|
30,158
|
|
|
|
604,668
|
|
|
|
Denso Corp.
|
|
|
76,800
|
|
|
|
2,320,671
|
|
|
|
Johnson Controls, Inc.
|
|
|
114,456
|
|
|
|
3,117,782
|
|
|
|
Toyota Boshoku Corp.
|
|
|
11,900
|
|
|
|
265,696
|
|
|
|
Toyota Industries Corp.
|
|
|
8,600
|
|
|
|
256,849
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,872,879
|
|
|
|
|
|
|
|
Automobiles 1.2%
|
|
Daimler AG
|
|
|
136,280
|
|
|
$
|
7,258,767
|
|
|
|
Ford Motor
Co.(1)
|
|
|
58,705
|
|
|
|
587,050
|
|
|
|
Honda Motor Co., Ltd.
|
|
|
111,800
|
|
|
|
3,793,225
|
|
|
|
Isuzu Motors,
Ltd.(1)
|
|
|
129,000
|
|
|
|
242,319
|
|
|
|
Mazda Motor
Corp.(1)
|
|
|
227,000
|
|
|
|
521,970
|
|
|
|
Mitsubishi Motors
Corp.(1)
|
|
|
204,000
|
|
|
|
283,550
|
|
|
|
Suzuki Motor Corp.
|
|
|
52,800
|
|
|
|
1,300,306
|
|
|
|
Toyota Motor Corp.
|
|
|
57,807
|
|
|
|
2,437,199
|
|
|
|
Yamaha Motor Co.,
Ltd.(1)
|
|
|
59,000
|
|
|
|
746,180
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17,170,566
|
|
|
|
|
|
|
Beverages 1.3%
|
|
Anheuser-Busch InBev NV
|
|
|
35,420
|
|
|
$
|
1,833,592
|
|
|
|
Coca-Cola
Co. (The)
|
|
|
90,906
|
|
|
|
5,181,642
|
|
|
|
Coca-Cola
West Co., Ltd.
|
|
|
26,200
|
|
|
|
462,260
|
|
|
|
Constellation Brands, Inc.,
Class A(1)
|
|
|
34,264
|
|
|
|
545,825
|
|
|
|
Heineken Holding NV
|
|
|
24,773
|
|
|
|
1,036,084
|
|
|
|
Heineken NV
|
|
|
30,199
|
|
|
|
1,433,653
|
|
|
|
Kirin Holdings Co., Ltd.
|
|
|
63,000
|
|
|
|
1,010,330
|
|
|
|
Pepsi Bottling Group, Inc.
|
|
|
31,754
|
|
|
|
1,190,775
|
|
|
|
PepsiCo, Inc.
|
|
|
91,627
|
|
|
|
5,570,922
|
|
|
|
Pernod-Ricard SA
|
|
|
11,862
|
|
|
|
1,014,316
|
|
|
|
Sapporo Holdings, Ltd.
|
|
|
128,000
|
|
|
|
705,310
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,984,709
|
|
|
|
|
|
|
|
Biotechnology 2.4%
|
|
Amgen,
Inc.(1)
|
|
|
207,589
|
|
|
$
|
11,743,310
|
|
|
|
Biogen Idec,
Inc.(1)
|
|
|
134,180
|
|
|
|
7,178,630
|
|
|
|
Celgene
Corp.(1)
|
|
|
168,251
|
|
|
|
9,368,216
|
|
|
|
Gilead Sciences,
Inc.(1)
|
|
|
142,409
|
|
|
|
6,163,461
|
|
|
|
Martek Biosciences
Corp.(1)
|
|
|
49,531
|
|
|
|
938,117
|
|
|
|
Regeneron Pharmaceuticals,
Inc.(1)
|
|
|
23,758
|
|
|
|
574,468
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,966,202
|
|
|
|
|
|
|
|
Building
Products 0.4%
|
|
Asahi Glass Co., Ltd.
|
|
|
104,776
|
|
|
$
|
996,636
|
|
|
|
Daikin Industries, Ltd.
|
|
|
70,200
|
|
|
|
2,772,706
|
|
|
|
Geberit AG
|
|
|
5,875
|
|
|
|
1,041,513
|
|
|
|
Masco Corp.
|
|
|
59,062
|
|
|
|
815,646
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,626,501
|
|
|
|
|
|
|
|
Capital
Markets 2.0%
|
|
Artio Global Investors,
Inc.(1)
|
|
|
18,487
|
|
|
$
|
471,234
|
|
|
|
Bank of New York Mellon Corp. (The)
|
|
|
104,137
|
|
|
|
2,912,712
|
|
|
|
Charles Schwab Corp. (The)
|
|
|
81,426
|
|
|
|
1,532,437
|
|
|
|
Deutsche Bank AG
|
|
|
38,178
|
|
|
|
2,699,567
|
|
|
|
Duff & Phelps Corp., Class A
|
|
|
35,706
|
|
|
|
651,991
|
|
|
|
Franklin Resources, Inc.
|
|
|
43,596
|
|
|
|
4,592,839
|
|
|
|
GAM Holding Ltd.
|
|
|
91,722
|
|
|
|
1,110,667
|
|
|
|
Goldman Sachs Group, Inc.
|
|
|
20,456
|
|
|
|
3,453,791
|
|
|
|
ICAP PLC
|
|
|
178,286
|
|
|
|
1,229,648
|
|
|
|
Julius Baer Group, Ltd.
|
|
|
76,144
|
|
|
|
2,677,866
|
|
|
|
Man Group PLC
|
|
|
355,866
|
|
|
|
1,756,326
|
|
|
|
Matsui Securities Co., Ltd.
|
|
|
66,800
|
|
|
|
465,411
|
|
|
|
Mediobanca
SpA(1)
|
|
|
87,467
|
|
|
|
1,039,079
|
|
|
|
Nomura Holdings, Inc.
|
|
|
117,900
|
|
|
|
876,784
|
|
|
|
SBI Holdings, Inc.
|
|
|
1,457
|
|
|
|
260,852
|
|
|
|
See
notes to financial statements
4
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Capital
Markets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Schroders PLC
|
|
|
138,412
|
|
|
$
|
2,958,074
|
|
|
|
Shinko Securities Co., Ltd.
|
|
|
154,000
|
|
|
|
465,996
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,155,274
|
|
|
|
|
|
|
|
Chemicals 1.6%
|
|
Air Products and Chemicals, Inc.
|
|
|
16,561
|
|
|
$
|
1,342,435
|
|
|
|
Daicel Chemical Industries, Ltd.
|
|
|
57,000
|
|
|
|
334,815
|
|
|
|
Dow Chemical Co. (The)
|
|
|
92,111
|
|
|
|
2,545,027
|
|
|
|
Eastman Chemical Co.
|
|
|
11,375
|
|
|
|
685,230
|
|
|
|
Hitachi Chemical Co., Ltd.
|
|
|
27,700
|
|
|
|
564,541
|
|
|
|
Johnson Matthey PLC
|
|
|
69,732
|
|
|
|
1,720,180
|
|
|
|
Kaneka Corp.
|
|
|
57,000
|
|
|
|
363,169
|
|
|
|
Linde AG
|
|
|
19,853
|
|
|
|
2,391,935
|
|
|
|
Mitsubishi Gas Chemical Co., Inc.
|
|
|
89,000
|
|
|
|
448,488
|
|
|
|
Monsanto Co.
|
|
|
38,287
|
|
|
|
3,129,962
|
|
|
|
Nitto Denko Corp.
|
|
|
7,600
|
|
|
|
273,021
|
|
|
|
Shin-Etsu Chemical Co., Ltd.
|
|
|
58,200
|
|
|
|
3,285,875
|
|
|
|
Showa Denko KK
|
|
|
346,000
|
|
|
|
689,069
|
|
|
|
Sumitomo Chemical Co., Ltd.
|
|
|
199,000
|
|
|
|
873,104
|
|
|
|
Toray Industries, Inc.
|
|
|
76,000
|
|
|
|
413,488
|
|
|
|
Tosoh Corp.
|
|
|
252,000
|
|
|
|
695,956
|
|
|
|
Umicore
|
|
|
86,400
|
|
|
|
2,882,185
|
|
|
|
Wacker Chemie AG
|
|
|
5,971
|
|
|
|
1,038,631
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,677,111
|
|
|
|
|
|
|
|
Commercial
Banks 6.6%
|
|
Banco Santander Central Hispano SA
|
|
|
1,140,346
|
|
|
$
|
18,843,839
|
|
|
|
Barclays PLC
|
|
|
934,939
|
|
|
|
4,119,776
|
|
|
|
BNP Paribas SA
|
|
|
139,587
|
|
|
|
11,071,770
|
|
|
|
Fifth Third Bancorp
|
|
|
227,543
|
|
|
|
2,218,544
|
|
|
|
Gunma Bank, Ltd. (The)
|
|
|
124,000
|
|
|
|
634,186
|
|
|
|
Hachijuni Bank, Ltd. (The)
|
|
|
105,000
|
|
|
|
612,745
|
|
|
|
Hiroshima Bank, Ltd. (The)
|
|
|
126,000
|
|
|
|
485,502
|
|
|
|
HSBC Holdings PLC
|
|
|
1,510,103
|
|
|
|
17,227,782
|
|
|
|
Intesa Sanpaolo
SpA(1)
|
|
|
1,681,641
|
|
|
|
7,567,420
|
|
|
|
Lloyds Banking Group
PLC(1)
|
|
|
3,681,368
|
|
|
|
2,961,955
|
|
|
|
Mizuho Financial Group, Inc.
|
|
|
480,641
|
|
|
|
864,338
|
|
|
|
Natixis(1)
|
|
|
201,801
|
|
|
|
1,007,662
|
|
|
|
PNC Financial Services Group, Inc.
|
|
|
44,820
|
|
|
|
2,366,048
|
|
|
|
Royal Bank of Scotland Group
PLC(1)
|
|
|
2,683,583
|
|
|
|
1,245,747
|
|
|
|
Shinsei Bank,
Ltd.(1)
|
|
|
214,000
|
|
|
|
233,137
|
|
|
|
Societe Generale
|
|
|
94,456
|
|
|
|
6,562,798
|
|
|
|
Standard Chartered PLC
|
|
|
220,000
|
|
|
|
5,554,103
|
|
|
|
Sterling Bancshares, Inc.
|
|
|
108,059
|
|
|
|
554,343
|
|
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
13,208
|
|
|
|
379,008
|
|
|
|
UniCredit
SpA(1)
|
|
|
1,811,472
|
|
|
|
6,057,124
|
|
|
|
Wells Fargo & Co.
|
|
|
253,893
|
|
|
|
6,852,572
|
|
|
|
|
|
|
|
|
|
|
|
$
|
97,420,399
|
|
|
|
|
|
|
|
Commercial
Services & Supplies 0.6%
|
|
Avery Dennison Corp.
|
|
|
23,372
|
|
|
$
|
852,844
|
|
|
|
Republic Services, Inc.
|
|
|
15,222
|
|
|
|
430,935
|
|
|
|
SECOM Co., Ltd.
|
|
|
63,000
|
|
|
|
2,992,350
|
|
|
|
Serco Group PLC
|
|
|
156,826
|
|
|
|
1,337,462
|
|
|
|
Waste Management, Inc.
|
|
|
76,061
|
|
|
|
2,571,622
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,185,213
|
|
|
|
|
|
|
|
Communications
Equipment 4.3%
|
|
Alcatel-Lucent(1)
|
|
|
307,923
|
|
|
$
|
1,036,846
|
|
|
|
Brocade Communications Systems,
Inc.(1)
|
|
|
67,859
|
|
|
|
517,764
|
|
|
|
Cisco Systems,
Inc.(1)
|
|
|
859,885
|
|
|
|
20,585,647
|
|
|
|
Harris Corp.
|
|
|
26,933
|
|
|
|
1,280,664
|
|
|
|
Harris Stratex Networks, Inc.,
Class A(1)
|
|
|
11,360
|
|
|
|
78,498
|
|
|
|
Nokia Oyj
|
|
|
549,163
|
|
|
|
7,100,676
|
|
|
|
QUALCOMM, Inc.
|
|
|
509,515
|
|
|
|
23,570,164
|
|
|
|
Research In Motion,
Ltd.(1)
|
|
|
124,600
|
|
|
|
8,415,484
|
|
|
|
Riverbed Technology,
Inc.(1)
|
|
|
30,785
|
|
|
|
707,131
|
|
|
|
|
|
|
|
|
|
|
|
$
|
63,292,874
|
|
|
|
|
|
|
|
Computers
& Peripherals 5.8%
|
|
Apple,
Inc.(1)
|
|
|
309,651
|
|
|
$
|
65,293,010
|
|
|
|
Dell,
Inc.(1)
|
|
|
314,244
|
|
|
|
4,512,544
|
|
|
|
Hewlett-Packard Co.
|
|
|
85,494
|
|
|
|
4,403,796
|
|
|
|
International Business Machines Corp.
|
|
|
76,613
|
|
|
|
10,028,642
|
|
|
|
NEC
Corp.(1)
|
|
|
325,000
|
|
|
|
840,098
|
|
|
|
|
|
|
|
|
|
|
|
$
|
85,078,090
|
|
|
|
|
|
|
|
Construction
& Engineering 0.5%
|
|
Bouygues SA
|
|
|
25,787
|
|
|
$
|
1,335,722
|
|
|
|
Chiyoda Corp.
|
|
|
69,000
|
|
|
|
532,908
|
|
|
|
Ferrovial SA
|
|
|
95,985
|
|
|
|
1,133,616
|
|
|
|
Fluor Corp.
|
|
|
9,129
|
|
|
|
411,170
|
|
|
|
Foster Wheeler
AG(1)
|
|
|
16,547
|
|
|
|
487,144
|
|
|
|
Granite Construction, Inc.
|
|
|
21,951
|
|
|
|
738,870
|
|
|
|
Hochtief AG
|
|
|
13,626
|
|
|
|
1,039,212
|
|
|
|
JGC Corp.
|
|
|
71,000
|
|
|
|
1,308,364
|
|
|
|
Obayashi Corp.
|
|
|
112,000
|
|
|
|
381,231
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,368,237
|
|
|
|
|
|
|
See
notes to financial statements
5
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Construction
Materials 0.3%
|
|
Imerys SA
|
|
|
17,485
|
|
|
$
|
1,046,751
|
|
|
|
Lafarge SA
|
|
|
17,125
|
|
|
|
1,410,315
|
|
|
|
Taiheiyo Cement
Corp.(1)
|
|
|
250,000
|
|
|
|
285,191
|
|
|
|
Vulcan Materials Co.
|
|
|
24,404
|
|
|
|
1,285,358
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,027,615
|
|
|
|
|
|
|
|
Consumer
Finance 0.3%
|
|
American Express Co.
|
|
|
42,280
|
|
|
$
|
1,713,185
|
|
|
|
Capital One Financial Corp.
|
|
|
32,500
|
|
|
|
1,246,050
|
|
|
|
SLM
Corp.(1)
|
|
|
97,247
|
|
|
|
1,095,974
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,055,209
|
|
|
|
|
|
|
|
Containers
& Packaging 0.1%
|
|
Bemis Co., Inc.
|
|
|
27,217
|
|
|
$
|
806,984
|
|
|
|
Toyo Seikan Kaisha, Ltd.
|
|
|
51,400
|
|
|
|
783,033
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,590,017
|
|
|
|
|
|
|
|
Distributors 0.2%
|
|
Canon Marketing Japan, Inc.
|
|
|
14,600
|
|
|
$
|
215,148
|
|
|
|
Genuine Parts Co.
|
|
|
56,294
|
|
|
|
2,136,920
|
|
|
|
LKQ
Corp.(1)
|
|
|
61,787
|
|
|
|
1,210,408
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,562,476
|
|
|
|
|
|
|
|
Diversified
Financial Services 1.8%
|
|
Bank of America Corp.
|
|
|
496,591
|
|
|
$
|
7,478,661
|
|
|
|
Citigroup, Inc.
|
|
|
479,282
|
|
|
|
1,586,423
|
|
|
|
CME Group, Inc.
|
|
|
7,388
|
|
|
|
2,481,999
|
|
|
|
Compagnie Nationale a Portefeuille
|
|
|
19,209
|
|
|
|
1,022,164
|
|
|
|
Criteria Caixacorp SA
|
|
|
267,829
|
|
|
|
1,268,579
|
|
|
|
Deutsche Boerse AG
|
|
|
36,045
|
|
|
|
2,984,874
|
|
|
|
Groupe Bruxelles Lambert SA
|
|
|
10,886
|
|
|
|
1,027,918
|
|
|
|
JPMorgan Chase & Co.
|
|
|
154,746
|
|
|
|
6,448,266
|
|
|
|
Moodys Corp.
|
|
|
76,959
|
|
|
|
2,062,501
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,361,385
|
|
|
|
|
|
|
|
Diversified
Telecommunication Services 2.8%
|
|
AT&T, Inc.
|
|
|
317,811
|
|
|
$
|
8,908,242
|
|
|
|
Deutsche Telekom AG
|
|
|
325,887
|
|
|
|
4,780,702
|
|
|
|
France Telecom SA
|
|
|
173,842
|
|
|
|
4,344,012
|
|
|
|
Frontier Communications Corp.
|
|
|
358,945
|
|
|
|
2,803,361
|
|
|
|
Telefonica SA
|
|
|
488,485
|
|
|
|
13,672,231
|
|
|
|
Verizon Communications, Inc.
|
|
|
168,710
|
|
|
|
5,589,362
|
|
|
|
Windstream Corp.
|
|
|
100,356
|
|
|
|
1,102,913
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,200,823
|
|
|
|
|
|
|
|
Electric
Utilities 1.8%
|
|
Duke Energy Corp.
|
|
|
129,531
|
|
|
$
|
2,229,229
|
|
|
|
E.ON AG
|
|
|
274,138
|
|
|
|
11,506,686
|
|
|
|
EDF SA
|
|
|
41,600
|
|
|
|
2,472,426
|
|
|
|
Edison International
|
|
|
72,875
|
|
|
|
2,534,592
|
|
|
|
Enel SpA
|
|
|
412,666
|
|
|
|
2,389,084
|
|
|
|
Hokkaido Electric Power Co., Inc.
|
|
|
13,500
|
|
|
|
244,901
|
|
|
|
Iberdrola SA
|
|
|
460,621
|
|
|
|
4,414,018
|
|
|
|
Kyushu Electric Power Co., Inc.
|
|
|
13,400
|
|
|
|
275,999
|
|
|
|
Shikoku Electric Power Co., Inc.
|
|
|
8,200
|
|
|
|
211,870
|
|
|
|
Tokyo Electric Power Co., Inc.
|
|
|
12,201
|
|
|
|
306,226
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,585,031
|
|
|
|
|
|
|
|
Electrical
Equipment 1.0%
|
|
ABB,
Ltd.(1)
|
|
|
433,638
|
|
|
$
|
8,355,906
|
|
|
|
Cooper Industries PLC, Class A
|
|
|
24,149
|
|
|
|
1,029,713
|
|
|
|
Energy Conversion Devices,
Inc.(1)
|
|
|
7,332
|
|
|
|
77,499
|
|
|
|
First Solar,
Inc.(1)
|
|
|
18,250
|
|
|
|
2,471,050
|
|
|
|
Fujikura, Ltd.
|
|
|
87,000
|
|
|
|
453,152
|
|
|
|
GS Yuasa Corp.
|
|
|
82,000
|
|
|
|
606,204
|
|
|
|
Legrand SA
|
|
|
60,868
|
|
|
|
1,694,058
|
|
|
|
Suntech Power Holdings Co., Ltd.
ADR(1)
|
|
|
4,452
|
|
|
|
74,037
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,761,619
|
|
|
|
|
|
|
|
Electronic
Equipment, Instruments & Components 0.8%
|
|
Alps Electric Co.,
Ltd.(1)
|
|
|
93,600
|
|
|
$
|
549,142
|
|
|
|
Corning, Inc.
|
|
|
39,985
|
|
|
|
772,110
|
|
|
|
Ibiden Co., Ltd.
|
|
|
6,800
|
|
|
|
243,878
|
|
|
|
Keyence Corp.
|
|
|
1,110
|
|
|
|
230,373
|
|
|
|
Kyocera Corp.
|
|
|
61,234
|
|
|
|
5,392,902
|
|
|
|
Mabuchi Motor Co., Ltd.
|
|
|
5,000
|
|
|
|
247,804
|
|
|
|
Nippon Electric Glass Co., Ltd.
|
|
|
21,000
|
|
|
|
289,042
|
|
|
|
Omron Corp.
|
|
|
16,500
|
|
|
|
296,749
|
|
|
|
TDK Corp.
|
|
|
63,500
|
|
|
|
3,880,641
|
|
|
|
Yaskawa Electric Corp.
|
|
|
27,000
|
|
|
|
224,926
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,127,567
|
|
|
|
|
|
|
|
Energy
Equipment & Services 0.6%
|
|
CARBO Ceramics, Inc.
|
|
|
4,333
|
|
|
$
|
295,381
|
|
|
|
Halliburton Co.
|
|
|
130,037
|
|
|
|
3,912,813
|
|
|
|
See
notes to financial statements
6
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Energy
Equipment & Services (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Schlumberger, Ltd.
|
|
|
62,861
|
|
|
$
|
4,091,622
|
|
|
|
Superior Well Services,
Inc.(1)
|
|
|
51,149
|
|
|
|
729,385
|
|
|
|
Transocean,
Ltd.(1)
|
|
|
806
|
|
|
|
66,737
|
|
|
|
Willbros Group,
Inc.(1)
|
|
|
25,872
|
|
|
|
436,461
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,532,399
|
|
|
|
|
|
|
|
Food
& Staples Retailing 1.8%
|
|
CVS Caremark Corp.
|
|
|
191,781
|
|
|
$
|
6,177,266
|
|
|
|
Koninklijke Ahold NV
|
|
|
122,728
|
|
|
|
1,625,986
|
|
|
|
Kroger Co. (The)
|
|
|
115,650
|
|
|
|
2,374,294
|
|
|
|
Lawson, Inc.
|
|
|
5,300
|
|
|
|
234,076
|
|
|
|
Metro AG
|
|
|
28,658
|
|
|
|
1,750,224
|
|
|
|
Safeway, Inc.
|
|
|
20,063
|
|
|
|
427,141
|
|
|
|
Seven & I Holdings Co., Ltd.
|
|
|
74,700
|
|
|
|
1,525,257
|
|
|
|
Sysco Corp.
|
|
|
99,048
|
|
|
|
2,767,401
|
|
|
|
UNY Co., Ltd.
|
|
|
64,000
|
|
|
|
451,327
|
|
|
|
Wal-Mart Stores, Inc.
|
|
|
178,434
|
|
|
|
9,537,297
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,870,269
|
|
|
|
|
|
|
|
Food
Products 3.0%
|
|
Campbell Soup Co.
|
|
|
17,968
|
|
|
$
|
607,318
|
|
|
|
ConAgra Foods, Inc.
|
|
|
77,043
|
|
|
|
1,775,841
|
|
|
|
H.J. Heinz Co.
|
|
|
59,510
|
|
|
|
2,544,648
|
|
|
|
Hershey Co. (The)
|
|
|
54,133
|
|
|
|
1,937,420
|
|
|
|
Kraft Foods, Inc.,
Class A(1)
|
|
|
88,500
|
|
|
|
2,405,430
|
|
|
|
Nestle SA
|
|
|
474,265
|
|
|
|
23,017,783
|
|
|
|
Nissin Foods Holdings Co., Ltd.
|
|
|
11,700
|
|
|
|
382,177
|
|
|
|
Toyo Suisan Kaisha, Ltd.
|
|
|
15,000
|
|
|
|
345,910
|
|
|
|
Unilever NV
|
|
|
328,402
|
|
|
|
10,688,432
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,704,959
|
|
|
|
|
|
|
|
Gas
Utilities 0.2%
|
|
Gas Natural SDG SA
|
|
|
45,614
|
|
|
$
|
983,227
|
|
|
|
Snam Rete Gas SpA
|
|
|
260,064
|
|
|
|
1,291,522
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,274,749
|
|
|
|
|
|
|
|
Health
Care Equipment & Supplies 1.0%
|
|
Boston Scientific
Corp.(1)
|
|
|
231,022
|
|
|
$
|
2,079,198
|
|
|
|
Covidien PLC
|
|
|
14,617
|
|
|
|
700,008
|
|
|
|
Edwards Lifesciences
Corp.(1)
|
|
|
7,026
|
|
|
|
610,208
|
|
|
|
Hologic,
Inc.(1)
|
|
|
67,694
|
|
|
|
981,563
|
|
|
|
Immucor,
Inc.(1)
|
|
|
15,993
|
|
|
|
323,699
|
|
|
|
Medtronic, Inc.
|
|
|
103,989
|
|
|
|
4,573,436
|
|
|
|
Olympus Corp.
|
|
|
76,000
|
|
|
|
2,450,315
|
|
|
|
Terumo Corp.
|
|
|
58,200
|
|
|
|
3,507,709
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,226,136
|
|
|
|
|
|
|
|
Health
Care Providers & Services 1.1%
|
|
DaVita,
Inc.(1)
|
|
|
22,729
|
|
|
$
|
1,335,101
|
|
|
|
Laboratory Corp. of America
Holdings(1)
|
|
|
18,314
|
|
|
|
1,370,620
|
|
|
|
Lincare Holdings,
Inc.(1)
|
|
|
53,576
|
|
|
|
1,988,741
|
|
|
|
McKesson Corp.
|
|
|
42,868
|
|
|
|
2,679,250
|
|
|
|
Medco Health Solutions,
Inc.(1)
|
|
|
45,718
|
|
|
|
2,921,837
|
|
|
|
UnitedHealth Group, Inc.
|
|
|
99,402
|
|
|
|
3,029,773
|
|
|
|
VCA Antech,
Inc.(1)
|
|
|
96,519
|
|
|
|
2,405,254
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,730,576
|
|
|
|
|
|
|
|
Health
Care Technology 0.0%
|
|
IMS Health, Inc.
|
|
|
20,213
|
|
|
$
|
425,686
|
|
|
|
|
|
|
|
|
|
|
|
$
|
425,686
|
|
|
|
|
|
|
|
Hotels,
Restaurants & Leisure 1.2%
|
|
Accor SA
|
|
|
26,214
|
|
|
$
|
1,434,485
|
|
|
|
Carnival
Corp.(1)
|
|
|
22,815
|
|
|
|
723,007
|
|
|
|
International Game Technology
|
|
|
51,748
|
|
|
|
971,310
|
|
|
|
Marriott International, Inc., Class A
|
|
|
98,108
|
|
|
|
2,673,443
|
|
|
|
McDonalds Corp.
|
|
|
89,263
|
|
|
|
5,573,582
|
|
|
|
Wynn Resorts, Ltd.
|
|
|
27,627
|
|
|
|
1,608,720
|
|
|
|
Yum! Brands, Inc.
|
|
|
150,671
|
|
|
|
5,268,965
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,253,512
|
|
|
|
|
|
|
|
Household
Durables 0.4%
|
|
Casio Computer Co., Ltd.
|
|
|
103,600
|
|
|
$
|
829,358
|
|
|
|
Makita Corp.
|
|
|
6,700
|
|
|
|
230,132
|
|
|
|
Ryland Group, Inc.
|
|
|
37,074
|
|
|
|
730,358
|
|
|
|
Sekisui Chemical Co., Ltd.
|
|
|
100,000
|
|
|
|
622,089
|
|
|
|
Sharp Corp.
|
|
|
73,000
|
|
|
|
921,865
|
|
|
|
Sony Corp.
|
|
|
72,600
|
|
|
|
2,110,610
|
|
|
|
Whirlpool Corp.
|
|
|
9,068
|
|
|
|
731,425
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,175,837
|
|
|
|
|
|
|
|
Household
Products 1.1%
|
|
Clorox Co. (The)
|
|
|
30,648
|
|
|
$
|
1,869,528
|
|
|
|
Colgate-Palmolive Co.
|
|
|
28,351
|
|
|
|
2,329,035
|
|
|
|
Kao Corp.
|
|
|
97,654
|
|
|
|
2,288,688
|
|
|
|
See
notes to financial statements
7
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Household
Products (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Procter & Gamble Co.
|
|
|
152,165
|
|
|
$
|
9,225,764
|
|
|
|
Uni-Charm Corp.
|
|
|
7,200
|
|
|
|
674,972
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,387,987
|
|
|
|
|
|
|
|
Industrial
Conglomerates 1.7%
|
|
3M Co.
|
|
|
64,134
|
|
|
$
|
5,301,958
|
|
|
|
General Electric Co.
|
|
|
489,864
|
|
|
|
7,411,642
|
|
|
|
Hankyu Hanshin Holdings, Inc.
|
|
|
53,128
|
|
|
|
236,955
|
|
|
|
Siemens AG
|
|
|
126,201
|
|
|
|
11,581,579
|
|
|
|
Textron, Inc.
|
|
|
29,211
|
|
|
|
549,459
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25,081,593
|
|
|
|
|
|
|
|
Insurance 3.4%
|
|
ACE,
Ltd.(1)
|
|
|
46,248
|
|
|
$
|
2,330,899
|
|
|
|
Aflac, Inc.
|
|
|
12,267
|
|
|
|
567,349
|
|
|
|
Aioi Insurance Co., Ltd.
|
|
|
108,000
|
|
|
|
517,691
|
|
|
|
Allianz SE
|
|
|
62,694
|
|
|
|
7,771,549
|
|
|
|
AON Corp.
|
|
|
38,325
|
|
|
|
1,469,380
|
|
|
|
AXA SA
|
|
|
297,994
|
|
|
|
6,996,594
|
|
|
|
Chubb Corp.
|
|
|
6,724
|
|
|
|
330,686
|
|
|
|
Cincinnati Financial Corp.
|
|
|
137,085
|
|
|
|
3,597,110
|
|
|
|
CNP Assurances
|
|
|
14,204
|
|
|
|
1,375,449
|
|
|
|
Genworth Financial, Inc.,
Class A(1)
|
|
|
49,867
|
|
|
|
565,990
|
|
|
|
Hannover Rueckversicherung
AG(1)
|
|
|
22,194
|
|
|
|
1,036,912
|
|
|
|
Mapfre SA
|
|
|
247,314
|
|
|
|
1,036,941
|
|
|
|
Marsh & McLennan Cos., Inc.
|
|
|
111,769
|
|
|
|
2,467,860
|
|
|
|
MetLife, Inc.
|
|
|
112,391
|
|
|
|
3,973,022
|
|
|
|
Muenchener Rueckversicherungs-Gesellschaft AG
|
|
|
38,311
|
|
|
|
5,967,311
|
|
|
|
Nipponkoa Insurance Co., Ltd.
|
|
|
39,000
|
|
|
|
222,048
|
|
|
|
Principal Financial Group, Inc.
|
|
|
36,247
|
|
|
|
871,378
|
|
|
|
Prudential Financial, Inc.
|
|
|
37,177
|
|
|
|
1,849,928
|
|
|
|
Prudential PLC
|
|
|
349,752
|
|
|
|
3,580,156
|
|
|
|
Resolution,
Ltd.(1)
|
|
|
876,749
|
|
|
|
1,266,589
|
|
|
|
RSA Insurance Group PLC
|
|
|
542,479
|
|
|
|
1,053,918
|
|
|
|
Sony Financial Holdings, Inc.
|
|
|
136
|
|
|
|
353,930
|
|
|
|
T & D Holdings, Inc.
|
|
|
32,550
|
|
|
|
669,402
|
|
|
|
TrygVesta AS
|
|
|
15,498
|
|
|
|
1,018,754
|
|
|
|
|
|
|
|
|
|
|
|
$
|
50,890,846
|
|
|
|
|
|
|
|
Internet
& Catalog Retail 1.0%
|
|
Amazon.com,
Inc.(1)
|
|
|
70,927
|
|
|
$
|
9,541,100
|
|
|
|
Liberty Media Corp. - Interactive,
Class A(1)
|
|
|
199,687
|
|
|
|
2,164,607
|
|
|
|
Priceline.com,
Inc.(1)
|
|
|
15,481
|
|
|
|
3,382,599
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,088,306
|
|
|
|
|
|
|
Internet
Software & Services 3.2%
|
|
Baidu, Inc.
ADR(1)
|
|
|
6,835
|
|
|
$
|
2,810,757
|
|
|
|
eBay,
Inc.(1)
|
|
|
265,244
|
|
|
|
6,243,844
|
|
|
|
Google, Inc.,
Class A(1)
|
|
|
49,010
|
|
|
|
30,385,220
|
|
|
|
United Internet
AG(1)
|
|
|
77,776
|
|
|
|
1,024,941
|
|
|
|
VeriSign,
Inc.(1)
|
|
|
132,262
|
|
|
|
3,206,031
|
|
|
|
Yahoo!
Inc.(1)
|
|
|
222,843
|
|
|
|
3,739,305
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,410,098
|
|
|
|
|
|
|
|
IT
Services 1.3%
|
|
CapGemini SA
|
|
|
38,327
|
|
|
$
|
1,748,485
|
|
|
|
Cognizant Technology Solutions
Corp.(1)
|
|
|
123,578
|
|
|
|
5,598,083
|
|
|
|
Fidelity National Information Services, Inc.
|
|
|
51,873
|
|
|
|
1,215,903
|
|
|
|
Infosys Technologies, Ltd. ADR
|
|
|
82,619
|
|
|
|
4,566,352
|
|
|
|
MasterCard, Inc., Class A
|
|
|
5,904
|
|
|
|
1,511,306
|
|
|
|
Nomura Research Institute, Ltd.
|
|
|
14,000
|
|
|
|
275,325
|
|
|
|
NTT Data Corp.
|
|
|
673
|
|
|
|
2,086,882
|
|
|
|
Obic Co., Ltd.
|
|
|
1,290
|
|
|
|
210,617
|
|
|
|
Otsuka Corp.
|
|
|
4,700
|
|
|
|
234,428
|
|
|
|
Western Union Co.
|
|
|
89,601
|
|
|
|
1,688,979
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,136,360
|
|
|
|
|
|
|
|
Leisure
Equipment & Products 0.1%
|
|
Hasbro, Inc.
|
|
|
26,234
|
|
|
$
|
841,062
|
|
|
|
Mattel, Inc.
|
|
|
31,709
|
|
|
|
633,546
|
|
|
|
Sankyo Co., Ltd.
|
|
|
4,300
|
|
|
|
215,315
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,689,923
|
|
|
|
|
|
|
|
Life
Sciences Tools & Services 0.1%
|
|
PerkinElmer, Inc.
|
|
|
27,425
|
|
|
$
|
564,681
|
|
|
|
Thermo Fisher Scientific,
Inc.(1)
|
|
|
33,544
|
|
|
|
1,599,713
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,164,394
|
|
|
|
|
|
|
|
Machinery 1.9%
|
|
AGCO
Corp.(1)
|
|
|
30,980
|
|
|
$
|
1,001,893
|
|
|
|
Caterpillar, Inc.
|
|
|
28,676
|
|
|
|
1,634,245
|
|
|
|
Dover Corp.
|
|
|
15,298
|
|
|
|
636,550
|
|
|
|
Eaton Corp.
|
|
|
46,216
|
|
|
|
2,940,262
|
|
|
|
Ebara
Corp.(1)
|
|
|
104,000
|
|
|
|
449,143
|
|
|
|
Fanuc, Ltd.
|
|
|
58,427
|
|
|
|
5,445,511
|
|
|
|
Hitachi Construction Machinery Co., Ltd.
|
|
|
72,400
|
|
|
|
1,897,814
|
|
|
|
IHI
Corp.(1)
|
|
|
213,000
|
|
|
|
339,684
|
|
|
|
Japan Steel Works, Ltd.
|
|
|
90,000
|
|
|
|
1,147,595
|
|
|
|
Joy Global, Inc.
|
|
|
19,362
|
|
|
|
998,886
|
|
|
|
Kawasaki Heavy Industries, Ltd.
|
|
|
107,000
|
|
|
|
271,588
|
|
|
|
Komatsu, Ltd.
|
|
|
102,800
|
|
|
|
2,152,033
|
|
|
|
See
notes to financial statements
8
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Machinery (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Kurita Water Industries, Ltd.
|
|
|
7,400
|
|
|
$
|
232,490
|
|
|
|
MAN AG
|
|
|
12,372
|
|
|
|
959,970
|
|
|
|
Meidensha Corp.
|
|
|
97,000
|
|
|
|
437,579
|
|
|
|
Minebea Co., Ltd.
|
|
|
67,127
|
|
|
|
364,264
|
|
|
|
NTN Corp.
|
|
|
153,000
|
|
|
|
691,286
|
|
|
|
Pall Corp.
|
|
|
30,660
|
|
|
|
1,109,892
|
|
|
|
Parker Hannifin Corp.
|
|
|
13,311
|
|
|
|
717,197
|
|
|
|
SMC Corp.
|
|
|
3,400
|
|
|
|
388,218
|
|
|
|
Snap-On, Inc.
|
|
|
15,120
|
|
|
|
638,971
|
|
|
|
Stanley Works (The)
|
|
|
48,688
|
|
|
|
2,507,919
|
|
|
|
Sumitomo Heavy Industries,
Ltd.(1)
|
|
|
147,000
|
|
|
|
744,209
|
|
|
|
Titan International, Inc.
|
|
|
23,159
|
|
|
|
187,819
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,895,018
|
|
|
|
|
|
|
|
Marine 0.1%
|
|
Kawasaki Kisen Kaisha,
Ltd.(1)
|
|
|
165,000
|
|
|
$
|
471,454
|
|
|
|
Mitsui O.S.K. Lines, Ltd.
|
|
|
83,000
|
|
|
|
438,462
|
|
|
|
|
|
|
|
|
|
|
|
$
|
909,916
|
|
|
|
|
|
|
|
Media 2.4%
|
|
British Sky Broadcasting Group PLC
|
|
|
396,961
|
|
|
$
|
3,585,678
|
|
|
|
Comcast Corp., Class A
|
|
|
661,173
|
|
|
|
11,147,377
|
|
|
|
Comcast Corp., Special Class A
|
|
|
144,653
|
|
|
|
2,315,894
|
|
|
|
DIRECTV(1)
|
|
|
97,457
|
|
|
|
3,250,191
|
|
|
|
Focus Media Holding, Ltd.
ADR(1)
|
|
|
10,518
|
|
|
|
166,710
|
|
|
|
JC Decaux
SA(1)
|
|
|
44,715
|
|
|
|
1,085,363
|
|
|
|
McGraw-Hill Cos., Inc. (The)
|
|
|
27,142
|
|
|
|
909,528
|
|
|
|
Omnicom Group, Inc.
|
|
|
99,372
|
|
|
|
3,890,414
|
|
|
|
Virgin Media, Inc.
|
|
|
100,424
|
|
|
|
1,690,136
|
|
|
|
Walt Disney Co. (The)
|
|
|
204,307
|
|
|
|
6,588,901
|
|
|
|
Wolters Kluwer NV
|
|
|
45,032
|
|
|
|
984,837
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,615,029
|
|
|
|
|
|
|
|
Metals
& Mining 2.7%
|
|
AK Steel Holding Corp.
|
|
|
20,960
|
|
|
$
|
447,496
|
|
|
|
Alcoa, Inc.
|
|
|
129,184
|
|
|
|
2,082,446
|
|
|
|
Anglo American
PLC(1)
|
|
|
105,079
|
|
|
|
4,550,720
|
|
|
|
ArcelorMittal
|
|
|
137,123
|
|
|
|
6,267,379
|
|
|
|
BHP Billiton PLC
|
|
|
178,226
|
|
|
|
5,681,848
|
|
|
|
Dowa Holdings Co., Ltd.
|
|
|
105,000
|
|
|
|
580,972
|
|
|
|
JFE Holdings, Inc.
|
|
|
12,000
|
|
|
|
474,346
|
|
|
|
Kobe Steel,
Ltd.(1)
|
|
|
216,000
|
|
|
|
391,435
|
|
|
|
Lonmin
PLC(1)
|
|
|
34,390
|
|
|
|
1,080,793
|
|
|
|
Mitsubishi Materials
Corp.(1)
|
|
|
165,000
|
|
|
|
403,555
|
|
|
|
Mitsui Mining & Smelting Co.,
Ltd.(1)
|
|
|
153,000
|
|
|
|
397,654
|
|
|
|
Newmont Mining Corp.
|
|
|
37,354
|
|
|
|
1,767,218
|
|
|
|
Pacific Metals Co., Ltd.
|
|
|
62,000
|
|
|
|
470,480
|
|
|
|
Rio Tinto PLC
|
|
|
172,084
|
|
|
|
9,291,993
|
|
|
|
Sumitomo Metal Industries, Ltd.
|
|
|
112,000
|
|
|
|
301,060
|
|
|
|
Sumitomo Metal Mining Co., Ltd.
|
|
|
51,000
|
|
|
|
752,635
|
|
|
|
United States Steel Corp.
|
|
|
27,078
|
|
|
|
1,492,539
|
|
|
|
Xstrata
PLC(1)
|
|
|
195,335
|
|
|
|
3,484,013
|
|
|
|
|
|
|
|
|
|
|
|
$
|
39,918,582
|
|
|
|
|
|
|
|
Multi-Utilities 1.6%
|
|
Centrica PLC
|
|
|
449,480
|
|
|
$
|
2,035,942
|
|
|
|
CMS Energy Corp.
|
|
|
312,086
|
|
|
|
4,887,267
|
|
|
|
Consolidated Edison, Inc.
|
|
|
12,419
|
|
|
|
564,195
|
|
|
|
Dominion Resources, Inc.
|
|
|
34,329
|
|
|
|
1,336,085
|
|
|
|
GDF Suez
|
|
|
214,788
|
|
|
|
9,304,836
|
|
|
|
Public Service Enterprise Group, Inc.
|
|
|
144,782
|
|
|
|
4,814,001
|
|
|
|
RWE AG, PFC Shares
|
|
|
12,082
|
|
|
|
1,075,484
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,017,810
|
|
|
|
|
|
|
|
Multiline
Retail 0.8%
|
|
H2O Retailing Corp.
|
|
|
29,000
|
|
|
$
|
167,930
|
|
|
|
Isetan Mitsukoshi Holdings, Ltd.
|
|
|
71,332
|
|
|
|
644,078
|
|
|
|
Kohls
Corp.(1)
|
|
|
35,420
|
|
|
|
1,910,200
|
|
|
|
Marks & Spencer Group PLC
|
|
|
398,770
|
|
|
|
2,576,437
|
|
|
|
Nordstrom, Inc.
|
|
|
19,173
|
|
|
|
720,521
|
|
|
|
PPR SA
|
|
|
8,614
|
|
|
|
1,033,983
|
|
|
|
Sears Holdings
Corp.(1)
|
|
|
19,043
|
|
|
|
1,589,138
|
|
|
|
Target Corp.
|
|
|
70,056
|
|
|
|
3,388,609
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,030,896
|
|
|
|
|
|
|
|
Office
Electronics 0.4%
|
|
Brother Industries, Ltd.
|
|
|
22,000
|
|
|
$
|
253,013
|
|
|
|
Canon, Inc.
|
|
|
87,300
|
|
|
|
3,713,607
|
|
|
|
Konica Minolta Holdings, Inc.
|
|
|
70,500
|
|
|
|
726,518
|
|
|
|
Ricoh Co., Ltd.
|
|
|
59,000
|
|
|
|
845,397
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,538,535
|
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels 8.2%
|
|
Anadarko Petroleum Corp.
|
|
|
39,019
|
|
|
$
|
2,435,566
|
|
|
|
BP PLC
|
|
|
1,904,199
|
|
|
|
18,387,292
|
|
|
|
Chevron Corp.
|
|
|
135,963
|
|
|
|
10,467,791
|
|
|
|
ConocoPhillips
|
|
|
116,689
|
|
|
|
5,959,307
|
|
|
|
Devon Energy Corp.
|
|
|
8,417
|
|
|
|
618,650
|
|
|
|
El Paso Corp.
|
|
|
56,715
|
|
|
|
557,508
|
|
|
|
ENI SpA
|
|
|
375,713
|
|
|
|
9,567,831
|
|
|
|
Exxon Mobil Corp.
|
|
|
309,486
|
|
|
|
21,103,850
|
|
|
|
See
notes to financial statements
9
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodrich Petroleum
Corp.(1)
|
|
|
6,636
|
|
|
$
|
161,587
|
|
|
|
Hess Corp.
|
|
|
20,723
|
|
|
|
1,253,741
|
|
|
|
Idemitsu Kosan Co., Ltd.
|
|
|
3,100
|
|
|
|
180,975
|
|
|
|
Japan Petroleum Exploration Co.
|
|
|
5,400
|
|
|
|
238,101
|
|
|
|
Nippon Mining Holdings, Inc.
|
|
|
169,500
|
|
|
|
727,460
|
|
|
|
Petrohawk Energy
Corp.(1)
|
|
|
38,373
|
|
|
|
920,568
|
|
|
|
Royal Dutch Shell PLC, Class A
|
|
|
370,230
|
|
|
|
11,203,255
|
|
|
|
Royal Dutch Shell PLC, Class B
|
|
|
299,054
|
|
|
|
8,709,425
|
|
|
|
SandRidge Energy,
Inc.(1)
|
|
|
49,942
|
|
|
|
470,953
|
|
|
|
Southwestern Energy
Co.(1)
|
|
|
24,167
|
|
|
|
1,164,849
|
|
|
|
Suncor Energy, Inc.
|
|
|
47,858
|
|
|
|
1,689,866
|
|
|
|
TonenGeneral Sekiyu KK
|
|
|
39,000
|
|
|
|
325,865
|
|
|
|
Total SA
|
|
|
296,489
|
|
|
|
19,043,472
|
|
|
|
Williams Cos., Inc.
|
|
|
157,397
|
|
|
|
3,317,929
|
|
|
|
XTO Energy, Inc.
|
|
|
46,681
|
|
|
|
2,172,067
|
|
|
|
|
|
|
|
|
|
|
|
$
|
120,677,908
|
|
|
|
|
|
|
|
Paper
& Forest Products 0.1%
|
|
International Paper Co.
|
|
|
50,046
|
|
|
$
|
1,340,232
|
|
|
|
OJI Paper Co., Ltd.
|
|
|
143,000
|
|
|
|
599,147
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,939,379
|
|
|
|
|
|
|
|
Personal
Products 0.0%
|
|
USANA Health Sciences,
Inc.(1)
|
|
|
9,533
|
|
|
$
|
304,103
|
|
|
|
|
|
|
|
|
|
|
|
$
|
304,103
|
|
|
|
|
|
|
|
Pharmaceuticals 7.7%
|
|
Abbott Laboratories
|
|
|
148,126
|
|
|
$
|
7,997,323
|
|
|
|
Allergan, Inc.
|
|
|
41,914
|
|
|
|
2,641,001
|
|
|
|
Astellas Pharma, Inc.
|
|
|
63,100
|
|
|
|
2,354,187
|
|
|
|
AstraZeneca PLC
|
|
|
166,221
|
|
|
|
7,811,932
|
|
|
|
Chugai Pharmaceutical Co., Ltd.
|
|
|
52,900
|
|
|
|
988,783
|
|
|
|
Daiichi Sankyo Co., Ltd.
|
|
|
65,900
|
|
|
|
1,382,020
|
|
|
|
Eisai Co., Ltd.
|
|
|
63,146
|
|
|
|
2,321,639
|
|
|
|
Eli Lilly & Co.
|
|
|
66,581
|
|
|
|
2,377,607
|
|
|
|
GlaxoSmithKline PLC
|
|
|
621,723
|
|
|
|
13,184,200
|
|
|
|
Hisamitsu Pharmaceutical Co., Inc.
|
|
|
6,800
|
|
|
|
219,608
|
|
|
|
Johnson & Johnson
|
|
|
111,251
|
|
|
|
7,165,677
|
|
|
|
King Pharmaceuticals,
Inc.(1)
|
|
|
86,183
|
|
|
|
1,057,465
|
|
|
|
Medicines
Co.(1)
|
|
|
28,661
|
|
|
|
239,033
|
|
|
|
Merck & Co., Inc.
|
|
|
210,349
|
|
|
|
7,686,152
|
|
|
|
Mitsubishi Tanabe Pharma Corp.
|
|
|
19,000
|
|
|
|
237,079
|
|
|
|
Novartis AG
|
|
|
269,660
|
|
|
|
14,725,922
|
|
|
|
Ono Pharmaceutical Co., Ltd.
|
|
|
7,500
|
|
|
|
321,963
|
|
|
|
Pfizer, Inc.
|
|
|
590,654
|
|
|
|
10,743,996
|
|
|
|
Roche Holding AG
|
|
|
79,723
|
|
|
|
13,633,654
|
|
|
|
Sanofi-Aventis SA
|
|
|
122,524
|
|
|
|
9,635,636
|
|
|
|
Shionogi & Co., Ltd.
|
|
|
56,000
|
|
|
|
1,214,154
|
|
|
|
Shire PLC
|
|
|
52,086
|
|
|
|
1,017,758
|
|
|
|
Takeda Pharmaceutical Co., Ltd.
|
|
|
56,231
|
|
|
|
2,316,787
|
|
|
|
Watson Pharmaceuticals,
Inc.(1)
|
|
|
67,495
|
|
|
|
2,673,477
|
|
|
|
|
|
|
|
|
|
|
|
$
|
113,947,053
|
|
|
|
|
|
|
|
Professional
Services 0.3%
|
|
Equifax, Inc.
|
|
|
15,217
|
|
|
$
|
470,053
|
|
|
|
Manpower, Inc.
|
|
|
13,198
|
|
|
|
720,347
|
|
|
|
Monster Worldwide,
Inc.(1)
|
|
|
36,048
|
|
|
|
627,235
|
|
|
|
Randstad Holding
NV(1)
|
|
|
24,548
|
|
|
|
1,221,444
|
|
|
|
Robert Half International, Inc.
|
|
|
73,835
|
|
|
|
1,973,610
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,012,689
|
|
|
|
|
|
|
|
Real
Estate Investment Trusts (REITs) 0.6%
|
|
AvalonBay Communities, Inc.
|
|
|
19,158
|
|
|
$
|
1,573,063
|
|
|
|
British Land Co. PLC
|
|
|
179,131
|
|
|
|
1,379,378
|
|
|
|
Japan Real Estate Investment Corp.
|
|
|
37
|
|
|
|
272,757
|
|
|
|
Japan Retail Fund Investment Corp.
|
|
|
50
|
|
|
|
224,862
|
|
|
|
Liberty International PLC
|
|
|
189,600
|
|
|
|
1,567,510
|
|
|
|
Nippon Building Fund, Inc.
|
|
|
40
|
|
|
|
304,006
|
|
|
|
Simon Property Group, Inc.
|
|
|
36,591
|
|
|
|
2,919,962
|
|
|
|
Unibail-Rodamco SE
|
|
|
4,563
|
|
|
|
1,002,400
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,243,938
|
|
|
|
|
|
|
|
Real
Estate Management & Development 0.2%
|
|
Daito Trust Construction Co., Ltd.
|
|
|
6,300
|
|
|
$
|
298,295
|
|
|
|
Heiwa Real Estate Co., Ltd.
|
|
|
448,500
|
|
|
|
1,442,914
|
|
|
|
LEOPALACE21
Corp.(1)
|
|
|
50,900
|
|
|
|
210,905
|
|
|
|
NTT Urban Development Corp.
|
|
|
443
|
|
|
|
295,719
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,247,833
|
|
|
|
|
|
|
|
Road
& Rail 0.4%
|
|
Central Japan Railway Co.
|
|
|
55
|
|
|
$
|
368,131
|
|
|
|
CSX Corp.
|
|
|
48,354
|
|
|
|
2,344,685
|
|
|
|
East Japan Railway Co.
|
|
|
12,600
|
|
|
|
797,337
|
|
|
|
Keio Corp.
|
|
|
139,000
|
|
|
|
838,792
|
|
|
|
Kintetsu Corp.
|
|
|
105,000
|
|
|
|
348,032
|
|
|
|
Ryder System, Inc.
|
|
|
14,154
|
|
|
|
582,720
|
|
|
|
Tobu Railway Co., Ltd.
|
|
|
135,000
|
|
|
|
704,739
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,984,436
|
|
|
|
|
|
|
See
notes to financial statements
10
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Semiconductors
& Semiconductor Equipment 3.2%
|
|
Advanced Micro Devices,
Inc.(1)
|
|
|
47,927
|
|
|
$
|
463,933
|
|
|
|
Advantest Corp.
|
|
|
128,400
|
|
|
|
3,344,949
|
|
|
|
Applied Materials, Inc.
|
|
|
356,268
|
|
|
|
4,966,376
|
|
|
|
Atheros Communications,
Inc.(1)
|
|
|
60,993
|
|
|
|
2,088,400
|
|
|
|
Broadcom Corp.,
Class A(1)
|
|
|
115,327
|
|
|
|
3,627,034
|
|
|
|
Cree,
Inc.(1)
|
|
|
9,999
|
|
|
|
563,644
|
|
|
|
Cypress Semiconductor
Corp.(1)
|
|
|
217,447
|
|
|
|
2,296,240
|
|
|
|
Intel Corp.
|
|
|
731,885
|
|
|
|
14,930,454
|
|
|
|
KLA-Tencor Corp.
|
|
|
122,392
|
|
|
|
4,425,695
|
|
|
|
MEMC Electronic Materials,
Inc.(1)
|
|
|
40,523
|
|
|
|
551,923
|
|
|
|
Microchip Technology, Inc.
|
|
|
41,171
|
|
|
|
1,196,429
|
|
|
|
National Semiconductor Corp.
|
|
|
69,755
|
|
|
|
1,071,437
|
|
|
|
ON Semiconductor
Corp.(1)
|
|
|
98,657
|
|
|
|
869,168
|
|
|
|
ROHM Co., Ltd.
|
|
|
4,700
|
|
|
|
306,736
|
|
|
|
Shinko Electric Industries
|
|
|
17,200
|
|
|
|
250,375
|
|
|
|
Sumco Corp.
|
|
|
14,600
|
|
|
|
257,988
|
|
|
|
Tokyo Electron, Ltd.
|
|
|
63,300
|
|
|
|
4,063,102
|
|
|
|
Veeco Instruments,
Inc.(1)
|
|
|
51,522
|
|
|
|
1,702,287
|
|
|
|
|
|
|
|
|
|
|
|
$
|
46,976,170
|
|
|
|
|
|
|
|
Software 4.8%
|
|
Ariba,
Inc.(1)
|
|
|
162,776
|
|
|
$
|
2,037,956
|
|
|
|
BMC Software,
Inc.(1)
|
|
|
31,383
|
|
|
|
1,258,458
|
|
|
|
Citrix Systems,
Inc.(1)
|
|
|
62,346
|
|
|
|
2,594,217
|
|
|
|
Compuware
Corp.(1)
|
|
|
52,384
|
|
|
|
378,736
|
|
|
|
Concur Technologies,
Inc.(1)
|
|
|
21,039
|
|
|
|
899,417
|
|
|
|
Dassault Systemes SA
|
|
|
23,266
|
|
|
|
1,324,878
|
|
|
|
Konami Corp.
|
|
|
62,100
|
|
|
|
1,108,759
|
|
|
|
Microsoft Corp.
|
|
|
1,257,762
|
|
|
|
38,349,163
|
|
|
|
Nintendo Co., Ltd.
|
|
|
800
|
|
|
|
191,070
|
|
|
|
Oracle Corp.
|
|
|
543,385
|
|
|
|
13,334,668
|
|
|
|
Oracle Corp. Japan
|
|
|
7,700
|
|
|
|
320,821
|
|
|
|
Symantec
Corp.(1)
|
|
|
346,140
|
|
|
|
6,192,445
|
|
|
|
TiVo,
Inc.(1)
|
|
|
106,665
|
|
|
|
1,085,850
|
|
|
|
Trend Micro, Inc.
|
|
|
65,897
|
|
|
|
2,503,046
|
|
|
|
|
|
|
|
|
|
|
|
$
|
71,579,484
|
|
|
|
|
|
|
|
Specialty
Retail 2.1%
|
|
American Eagle Outfitters, Inc.
|
|
|
42,783
|
|
|
$
|
726,455
|
|
|
|
Best Buy Co., Inc.
|
|
|
47,984
|
|
|
|
1,893,449
|
|
|
|
Fast Retailing Co., Ltd.
|
|
|
58,600
|
|
|
|
11,013,248
|
|
|
|
Gap, Inc. (The)
|
|
|
78,617
|
|
|
|
1,647,026
|
|
|
|
Home Depot, Inc.
|
|
|
87,184
|
|
|
|
2,522,233
|
|
|
|
Industria de Diseno Textil SA
|
|
|
34,787
|
|
|
|
2,172,534
|
|
|
|
Limited Brands, Inc.
|
|
|
36,921
|
|
|
|
710,360
|
|
|
|
OReilly Automotive,
Inc.(1)
|
|
|
16,299
|
|
|
|
621,318
|
|
|
|
Office Depot,
Inc.(1)
|
|
|
190,264
|
|
|
|
1,227,203
|
|
|
|
Shimamura Co., Ltd.
|
|
|
3,200
|
|
|
|
305,754
|
|
|
|
Staples, Inc.
|
|
|
222,003
|
|
|
|
5,459,054
|
|
|
|
Tiffany & Co.
|
|
|
33,012
|
|
|
|
1,419,516
|
|
|
|
USS Co., Ltd.
|
|
|
3,800
|
|
|
|
231,976
|
|
|
|
Yamada Denki Co., Ltd.
|
|
|
5,750
|
|
|
|
387,904
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,338,030
|
|
|
|
|
|
|
|
Textiles,
Apparel & Luxury Goods 0.6%
|
|
Adidas AG
|
|
|
32,835
|
|
|
$
|
1,778,522
|
|
|
|
Asics Corp.
|
|
|
28,000
|
|
|
|
251,296
|
|
|
|
Christian Dior SA
|
|
|
10,660
|
|
|
|
1,092,435
|
|
|
|
Coach, Inc.
|
|
|
16,626
|
|
|
|
607,348
|
|
|
|
Hanesbrands,
Inc.(1)
|
|
|
4,073
|
|
|
|
98,200
|
|
|
|
NIKE, Inc., Class B
|
|
|
30,110
|
|
|
|
1,989,368
|
|
|
|
Nisshinbo Holdings, Inc.
|
|
|
94,000
|
|
|
|
870,955
|
|
|
|
Onward Holdings Co., Ltd.
|
|
|
55,000
|
|
|
|
340,294
|
|
|
|
Puma AG Rudolf Dassler Sport
|
|
|
2,976
|
|
|
|
990,683
|
|
|
|
Swatch Group AG, Class B
|
|
|
4,150
|
|
|
|
1,050,449
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,069,550
|
|
|
|
|
|
|
|
Tobacco 1.7%
|
|
Altria Group, Inc.
|
|
|
103,053
|
|
|
$
|
2,022,930
|
|
|
|
British American Tobacco PLC
|
|
|
291,426
|
|
|
|
9,460,670
|
|
|
|
Imperial Tobacco Group PLC
|
|
|
180,380
|
|
|
|
5,690,518
|
|
|
|
Japan Tobacco, Inc.
|
|
|
425
|
|
|
|
1,435,009
|
|
|
|
Philip Morris International, Inc.
|
|
|
129,040
|
|
|
|
6,218,438
|
|
|
|
Swedish Match AB
|
|
|
46,587
|
|
|
|
1,018,544
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25,846,109
|
|
|
|
|
|
|
|
Trading
Companies & Distributors 0.3%
|
|
Marubeni Corp.
|
|
|
109,000
|
|
|
$
|
602,113
|
|
|
|
Mitsubishi Corp.
|
|
|
85,400
|
|
|
|
2,127,192
|
|
|
|
Sumitomo Corp.
|
|
|
96,700
|
|
|
|
984,671
|
|
|
|
Wolseley
PLC(1)
|
|
|
51,754
|
|
|
|
1,035,954
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,749,930
|
|
|
|
|
|
|
|
Transportation
Infrastructure 0.2%
|
|
ADP
|
|
|
13,565
|
|
|
$
|
1,090,330
|
|
|
|
Kamigumi Co., Ltd.
|
|
|
46,000
|
|
|
|
335,653
|
|
|
|
Societe des Autoroutes
Paris-Rhin-Rhone(1)
|
|
|
18,585
|
|
|
|
1,430,925
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,856,908
|
|
|
|
|
|
|
See
notes to financial statements
11
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Wireless
Telecommunication Services 1.6%
|
|
American Tower Corp.,
Class A(1)
|
|
|
20,404
|
|
|
$
|
881,657
|
|
|
|
KDDI Corp.
|
|
|
556
|
|
|
|
2,944,971
|
|
|
|
NTT DoCoMo, Inc.
|
|
|
159
|
|
|
|
221,883
|
|
|
|
Rogers Communications, Inc., Class B
|
|
|
44,475
|
|
|
|
1,378,725
|
|
|
|
Softbank Corp.
|
|
|
197,998
|
|
|
|
4,641,614
|
|
|
|
Vodafone Group PLC
|
|
|
5,638,459
|
|
|
|
13,057,056
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,125,906
|
|
|
|
|
|
|
|
|
Total
Common Stocks
|
|
|
(identified
cost $1,370,720,115)
|
|
$
|
1,503,261,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Funds 0.1%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Capital
Markets 0.1%
|
|
Alliance Trust PLC (The)
|
|
|
243,354
|
|
|
$
|
1,287,267
|
|
|
|
|
|
|
|
|
Total
Investment Funds
|
|
|
(identified
cost $1,095,043)
|
|
$
|
1,287,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rights 0.0%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Diversified
Financial Services 0.0%
|
|
Fortis, Expires
7/4/14(1)(2)
|
|
|
111,868
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Rights
(identified
cost $0)
|
|
$
|
0
|
|
|
|
|
|
|
|
|
Total
Investments 101.8%
|
|
|
(identified
cost $1,371,815,158)
|
|
$
|
1,504,548,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covered Call
Options Written (2.5)%
|
|
|
|
Number of
|
|
|
Strike
|
|
|
Expiration
|
|
|
|
|
|
|
Description
|
|
Contracts
|
|
|
Price
|
|
|
Date
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dow Jones Euro Stoxx 50 Index
|
|
|
20,500
|
|
|
EUR
|
2,900
|
|
|
|
1/15/10
|
|
|
$
|
(2,879,470
|
)
|
|
|
Dow Jones Euro Stoxx 50 Index
|
|
|
43,000
|
|
|
EUR
|
2,950
|
|
|
|
1/15/10
|
|
|
|
(3,868,227
|
)
|
|
|
FTSE 100 Index
|
|
|
19,650
|
|
|
GBP
|
5,300
|
|
|
|
1/15/10
|
|
|
|
(4,696,303
|
)
|
|
|
NASDAQ 100 Index
|
|
|
1,913
|
|
|
$
|
1,825
|
|
|
|
1/16/10
|
|
|
|
(10,029,859
|
)
|
|
|
Nikkei 225 Index
|
|
|
1,550,000
|
|
|
JPY
|
10,000
|
|
|
|
1/8/10
|
|
|
|
(9,105,365
|
)
|
|
|
S&P 500 Index
|
|
|
2,330
|
|
|
$
|
1,120
|
|
|
|
1/16/10
|
|
|
|
(3,131,520
|
)
|
|
|
S&P 500 Index
|
|
|
811
|
|
|
$
|
1,125
|
|
|
|
1/16/10
|
|
|
|
(827,220
|
)
|
|
|
S&P 500 Index
|
|
|
1,105
|
|
|
$
|
1,130
|
|
|
|
1/16/10
|
|
|
|
(961,350
|
)
|
|
|
SMI Index
|
|
|
9,600
|
|
|
CHF
|
6,550
|
|
|
|
1/15/10
|
|
|
|
(807,004
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total
Covered Call Options Written
(premiums
received $22,380,075)
|
|
$
|
(36,306,318
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities 0.7%
|
|
$
|
10,000,211
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets 100.0%
|
|
$
|
1,478,242,446
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets.
ADR - American Depositary Receipt
PFC Shares - Preference Shares
CHF - Swiss Franc
EUR - Euro
GBP - British Pound Sterling
JPY - Japanese Yen
|
|
|
(1)
|
|
Non-income producing security. |
|
(2)
|
|
Security valued at fair value using methods determined in good
faith by or at the direction of the Trustees. |
|
|
|
|
|
|
|
|
|
|
|
Country
Concentration of Portfolio
|
|
|
|
Percentage
|
|
|
|
|
|
|
Country
|
|
of Net
Assets
|
|
|
Value
|
|
|
|
|
|
United States
|
|
|
54.3
|
%
|
|
$
|
803,114,290
|
|
|
|
United Kingdom
|
|
|
11.8
|
|
|
|
174,759,664
|
|
|
|
Japan
|
|
|
10.7
|
|
|
|
158,188,236
|
|
|
|
France
|
|
|
6.3
|
|
|
|
92,608,472
|
|
|
|
Germany
|
|
|
4.7
|
|
|
|
70,006,261
|
|
|
|
Switzerland
|
|
|
4.6
|
|
|
|
68,498,540
|
|
|
|
Spain
|
|
|
3.0
|
|
|
|
43,524,985
|
|
|
|
Italy
|
|
|
1.9
|
|
|
|
27,912,060
|
|
|
|
Netherlands
|
|
|
1.5
|
|
|
|
22,210,174
|
|
|
|
Canada
|
|
|
0.8
|
|
|
|
11,484,075
|
|
|
|
Finland
|
|
|
0.5
|
|
|
|
7,100,676
|
|
|
|
Belgium
|
|
|
0.5
|
|
|
|
6,765,859
|
|
|
|
Luxembourg
|
|
|
0.4
|
|
|
|
6,267,379
|
|
|
|
India
|
|
|
0.3
|
|
|
|
4,566,352
|
|
|
|
Other Countries, less than 0.3% each
|
|
|
0.5
|
|
|
|
7,541,530
|
|
|
|
|
|
Total Investments
|
|
|
101.8
|
%
|
|
$
|
1,504,548,553
|
|
|
|
|
|
See
notes to financial statements
12
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
FINANCIAL STATEMENTS
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
As of
December 31, 2009
|
|
|
|
|
|
|
Assets
|
|
Investments, at value (identified cost, $1,371,815,158)
|
|
$
|
1,504,548,553
|
|
|
|
Cash
|
|
|
444,773
|
|
|
|
Restricted cash*
|
|
|
4,639,570
|
|
|
|
Foreign currency, at value (identified cost, $88,726)
|
|
|
88,713
|
|
|
|
Dividends receivable
|
|
|
1,691,754
|
|
|
|
Receivable for investments sold
|
|
|
2,135,385
|
|
|
|
Receivable from the transfer agent
|
|
|
3,282,696
|
|
|
|
Tax reclaims receivable
|
|
|
1,461,876
|
|
|
|
|
|
Total assets
|
|
$
|
1,518,293,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Written options outstanding, at value (premiums received,
$22,380,075)
|
|
$
|
36,306,318
|
|
|
|
Payable for investments purchased
|
|
|
2,109,728
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
1,274,589
|
|
|
|
Trustees fees
|
|
|
12,625
|
|
|
|
Accrued expenses
|
|
|
347,614
|
|
|
|
|
|
Total liabilities
|
|
$
|
40,050,874
|
|
|
|
|
|
Net Assets
|
|
$
|
1,478,242,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 106,805,481 shares issued and outstanding
|
|
$
|
1,068,055
|
|
|
|
Additional paid-in capital
|
|
|
1,357,257,914
|
|
|
|
Accumulated net realized gain
|
|
|
1,692,741
|
|
|
|
Accumulated distributions in excess of net investment income
|
|
|
(679,181
|
)
|
|
|
Net unrealized appreciation
|
|
|
118,902,917
|
|
|
|
|
|
Net Assets
|
|
$
|
1,478,242,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value
|
|
($1,478,242,446
¸
106,805,481 common shares issued and outstanding)
|
|
$
|
13.84
|
|
|
|
|
|
|
|
*
|
Represents
restricted cash on deposit at the custodian for open written
options.
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
December 31,
2009
|
|
|
|
|
|
|
Investment
Income
|
|
Dividends (net of foreign taxes, $2,286,207)
|
|
$
|
36,003,886
|
|
|
|
|
|
Total investment income
|
|
$
|
36,003,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
13,523,261
|
|
|
|
Trustees fees and expenses
|
|
|
50,125
|
|
|
|
Custodian fee
|
|
|
651,886
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
16,631
|
|
|
|
Legal and accounting services
|
|
|
64,021
|
|
|
|
Printing and postage
|
|
|
360,769
|
|
|
|
Miscellaneous
|
|
|
131,162
|
|
|
|
|
|
Total expenses
|
|
$
|
14,797,855
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of custodian fee
|
|
$
|
29
|
|
|
|
|
|
Total expense reductions
|
|
$
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
14,797,826
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
21,206,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
64,441,663
|
|
|
|
Written options
|
|
|
(16,460,396
|
)
|
|
|
Foreign currency transactions
|
|
|
60,749
|
|
|
|
|
|
Net realized gain
|
|
$
|
48,042,016
|
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments
|
|
$
|
306,915,391
|
|
|
|
Written options
|
|
|
(37,332,407
|
)
|
|
|
Foreign currency
|
|
|
125,871
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
269,708,855
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain
|
|
$
|
317,750,871
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
338,956,931
|
|
|
|
|
|
See
notes to financial statements
13
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
FINANCIAL
STATEMENTS CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease)
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
in Net Assets
|
|
December 31,
2009
|
|
|
December 31,
2008
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
21,206,060
|
|
|
$
|
30,550,494
|
|
|
|
Net realized gain (loss) from investment transactions, written
options and foreign currency transactions
|
|
|
48,042,016
|
|
|
|
(37,311,128
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency
|
|
|
269,708,855
|
|
|
|
(569,061,069
|
)
|
|
|
|
|
Net increase (decrease) in net assets from operations
|
|
$
|
338,956,931
|
|
|
$
|
(575,821,703
|
)
|
|
|
|
|
Distributions to shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(21,733,320
|
)
|
|
$
|
(30,257,963
|
)
|
|
|
Tax return of capital
|
|
|
(169,738,302
|
)
|
|
|
(161,096,558
|
)
|
|
|
|
|
Total distributions
|
|
$
|
(191,471,622
|
)
|
|
$
|
(191,354,521
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions
|
|
$
|
6,769,711
|
|
|
$
|
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
6,769,711
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
$
|
154,255,020
|
|
|
$
|
(767,176,224
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets
|
|
At beginning of year
|
|
$
|
1,323,987,426
|
|
|
$
|
2,091,163,650
|
|
|
|
|
|
At end of year
|
|
$
|
1,478,242,446
|
|
|
$
|
1,323,987,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
distributions
in excess of net
investment income
included in net assets
|
|
At end of year
|
|
$
|
(679,181
|
)
|
|
$
|
(193,017
|
)
|
|
|
|
|
See
notes to financial statements
14
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
FINANCIAL
STATEMENTS CONTD
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
|
|
|
|
|
|
2009
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
December 31,
2005(1)
|
|
|
|
|
Net asset value Beginning of period
|
|
$
|
12.450
|
|
|
$
|
19.670
|
|
|
$
|
19.560
|
|
|
$
|
18.610
|
|
|
$
|
19.100
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) From Operations
|
|
Net investment
income(3)
|
|
$
|
0.199
|
|
|
$
|
0.287
|
|
|
$
|
0.213
|
|
|
$
|
0.242
|
|
|
$
|
0.031
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
2.991
|
|
|
|
(5.707
|
)
|
|
|
1.697
|
|
|
|
2.510
|
|
|
|
(0.063
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
3.190
|
|
|
$
|
(5.420
|
)
|
|
$
|
1.910
|
|
|
$
|
2.752
|
|
|
$
|
(0.032
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Distributions
|
|
From net investment income
|
|
$
|
(0.204
|
)
|
|
$
|
(0.285
|
)
|
|
$
|
(0.039
|
)
|
|
$
|
(0.241
|
)
|
|
$
|
(0.031
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.098
|
)
|
|
|
(0.126
|
)
|
|
|
(0.145
|
)
|
|
|
Tax return of capital
|
|
|
(1.596
|
)
|
|
|
(1.515
|
)
|
|
|
(1.663
|
)
|
|
|
(1.433
|
)
|
|
|
(0.274
|
)
|
|
|
|
|
Total distributions
|
|
$
|
(1.800
|
)
|
|
$
|
(1.800
|
)
|
|
$
|
(1.800
|
)
|
|
$
|
(1.800
|
)
|
|
$
|
(0.450
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering costs charged to paid-in
capital(3)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.002
|
)
|
|
$
|
(0.008
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period
|
|
$
|
13.840
|
|
|
$
|
12.450
|
|
|
$
|
19.670
|
|
|
$
|
19.560
|
|
|
$
|
18.610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period
|
|
$
|
13.890
|
|
|
$
|
10.120
|
|
|
$
|
17.360
|
|
|
$
|
20.320
|
|
|
$
|
17.200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value(4)
|
|
|
28.83
|
%
|
|
|
(27.36
|
)%
|
|
|
10.55
|
%
|
|
|
15.47
|
%
|
|
|
(0.04
|
)%(5)(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value(4)
|
|
|
59.07
|
%
|
|
|
(33.09
|
)%
|
|
|
(6.08
|
)%
|
|
|
29.79
|
%
|
|
|
(7.62
|
)%(5)(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets, end of period (000s omitted)
|
|
$
|
1,478,242
|
|
|
$
|
1,323,987
|
|
|
$
|
2,091,164
|
|
|
$
|
2,075,159
|
|
|
$
|
1,966,620
|
|
|
|
Ratios (as a percentage of average daily net assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses(7)
|
|
|
1.09
|
%
|
|
|
1.08
|
%
|
|
|
1.08
|
%
|
|
|
1.07
|
%
|
|
|
1.07
|
%(8)
|
|
|
Net investment income
|
|
|
1.57
|
%
|
|
|
1.76
|
%
|
|
|
1.07
|
%
|
|
|
1.26
|
%
|
|
|
0.64
|
%(8)
|
|
|
Portfolio Turnover
|
|
|
31
|
%
|
|
|
33
|
%
|
|
|
13
|
%
|
|
|
14
|
%
|
|
|
6
|
%(6)
|
|
|
|
|
|
|
|
(1)
|
|
For the period from the start of business, September 30,
2005, to December 31, 2005. |
|
(2)
|
|
Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price. |
|
(3)
|
|
Computed using average shares outstanding. |
|
(4)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
|
(5)
|
|
Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on the
first day and a sale at the net asset value on the last day of
the period reported with all distributions reinvested. Total
investment return on market value is calculated assuming a
purchase at the offering price of $20.00 less the sales load of
$0.90 per share paid by the shareholder on the first day and a
sale at the current market price on the last day of the period
reported with all distributions reinvested. |
|
(6)
|
|
Not annualized. |
|
(7)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%. |
|
(8)
|
|
Annualized. |
See
notes to financial statements
15
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
NOTES TO FINANCIAL STATEMENTS
1 Significant
Accounting Policies
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the
Fund) is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company. The
Funds primary investment objective is to provide current
income and gains, with a secondary objective of capital
appreciation. The Fund pursues its investment objectives by
investing primarily in a diversified portfolio of domestic and
foreign common stocks. Under normal market conditions, the Fund
seeks to generate current earnings in part by employing an
options strategy of writing index call options on a substantial
portion of its common stock portfolio.
The following is a summary of significant accounting policies of
the Fund. The policies are in conformity with accounting
principles generally accepted in the United States of America. A
source of authoritative accounting principles applied in the
preparation of the Funds financial statements is the
Financial Accounting Standards Board (FASB) Accounting Standards
Codification (the Codification), which superseded existing
non-Securities and Exchange Commission accounting and reporting
standards for interim and annual reporting periods ending after
September 15, 2009. The adoption of the Codification for
the current reporting period did not impact the Funds
application of generally accepted accounting principles.
A Investment
Valuation Equity securities (including common
shares of closed-end investment companies) listed on a U.S.
securities exchange generally are valued at the last sale price
on the day of valuation or, if no sales took place on such date,
at the mean between the closing bid and asked prices therefore
on the exchange where such securities are principally traded.
Equity securities listed on the NASDAQ Global or Global Select
Market generally are valued at the NASDAQ official closing
price. Unlisted or listed securities for which closing sales
prices or closing quotations are not available are valued at the
mean between the latest available bid and asked prices or, in
the case of preferred equity securities that are not listed or
traded in the over-the-counter market, by a third party pricing
service that will use various techniques that consider factors
including, but not limited to, prices or yields of securities
with similar characteristics, benchmark yields, broker/dealer
quotes, quotes of underlying common stock, issuer spreads, as
well as industry and economic events. Exchange-traded options
are valued at the last sale price for the day of valuation as
quoted on any exchange on which the option is listed or, in the
absence of sales on such date, at the mean between the closing
bid and asked prices therefore as reported by the Options Price
Reporting Authority.
Over-the-counter
options are valued by a third party pricing service using
techniques that consider factors including the value of the
underlying instrument, the volatility of the underlying
instrument and the time until option expiration. Short-term debt
securities with a remaining maturity of sixty days or less are
generally valued at amortized cost, which approximates market
value. Foreign securities and currencies are valued in U.S.
dollars, based on foreign currency exchange rate quotations
supplied by a third party pricing service. The pricing service
uses a proprietary model to determine the exchange rate. Inputs
to the model include reported trades and implied bid/ask
spreads. The daily valuation of exchange-traded foreign
securities generally is determined as of the close of trading on
the principal exchange on which such securities trade. Events
occurring after the close of trading on foreign exchanges may
result in adjustments to the valuation of foreign securities to
more accurately reflect their fair value as of the close of
regular trading on the New York Stock Exchange. When valuing
foreign equity securities that meet certain criteria, the
Trustees have approved the use of a fair value service that
values such securities to reflect market trading that occurs
after the close of the applicable foreign markets of comparable
securities or other instruments that have a strong correlation
to the fair-valued securities. Investments for which valuations
or market quotations are not readily available or are deemed
unreliable are valued at fair value using methods determined in
good faith by or at the direction of the Trustees of the Fund in
a manner that most fairly reflects the securitys value, or
the amount that the Fund might reasonably expect to receive for
the security upon its current sale in the ordinary course. Each
such determination is based on a consideration of all relevant
factors, which are likely to vary from one pricing context to
another. These factors may include, but are not limited to, the
type of security, the existence of any contractual restrictions
on the securitys disposition, the price and extent of
public trading in similar securities of the issuer or of
comparable companies or entities, quotations or relevant
information obtained from broker-dealers or other market
participants, information obtained from the issuer, analysts,
and/or the
appropriate stock exchange (for exchange-traded securities), an
analysis of the companys or entitys financial
condition, and an evaluation of the forces that influence the
issuer and the market(s) in which the security is purchased and
sold.
B Investment
Transactions Investment transactions for
financial statement purposes are accounted for on a trade date
basis. Realized gains and losses on investments sold are
determined on the basis of identified cost.
C Income
Dividend income is recorded on the ex-dividend date for
dividends received in cash
and/or
securities. However, if the ex-dividend date has passed, certain
dividends from foreign securities are recorded as the Fund is
informed of the ex-dividend date. Withholding
16
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
taxes on foreign dividends and capital gains have been provided
for in accordance with the Funds understanding of the
applicable countries tax rules and rates.
D Federal
Taxes The Funds policy is to comply
with the provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute to shareholders
each year substantially all of its net investment income, and
all or substantially all of its net realized capital gains.
Accordingly, no provision for federal income or excise tax is
necessary.
At December 31, 2009, the Fund, for federal income tax
purposes, had a capital loss carryforward of $2,465,392 which
will reduce its taxable income arising from future net realized
gains on investment transactions, if any, to the extent
permitted by the Internal Revenue Code, and thus will reduce the
amount of distributions to shareholders, which would otherwise
be necessary to relieve the Fund of any liability for federal
income or excise tax. Such capital loss carryforward will expire
on December 31, 2017.
As of December 31, 2009, the Fund had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Funds federal
tax returns filed in the
3-year
period ended December 31, 2009 remains subject to
examination by the Internal Revenue Service.
E Expense
Reduction State Street Bank and
Trust Company (SSBT) serves as custodian of the Fund.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Fund maintains with SSBT. All credit balances, if
any, used to reduce the Funds custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F Foreign
Currency Translation Investment valuations,
other assets, and liabilities initially expressed in foreign
currencies are translated each business day into U.S. dollars
based upon current exchange rates. Purchases and sales of
foreign investment securities and income and expenses
denominated in foreign currencies are translated into U.S.
dollars based upon currency exchange rates in effect on the
respective dates of such transactions. Recognized gains or
losses on investment transactions attributable to changes in
foreign currency exchange rates are recorded for financial
statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed.
G Use
of Estimates The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during
the reporting period. Actual results could differ from those
estimates.
H Indemnifications
Under the Funds organizational documents, its
officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their
duties to the Fund. Under Massachusetts law, if certain
conditions prevail, shareholders of a Massachusetts business
trust, (such as the Fund) could be deemed to have personal
liability for the obligation of the Fund. However, the
Funds Declaration of Trust contains an express disclaimer
of liability on the part of Fund shareholders and the By-laws
provide that the Fund shall assume the defense on behalf of any
Fund shareholders. Moreover, the By-laws provide for
indemnification out of Fund property of any shareholder held
personally liable solely by reason of being or having been a
shareholder for all loss or expense arising from such liability.
Additionally, in the normal course of business, the Fund enters
into agreements with service providers that may contain
indemnification clauses. The Funds maximum exposure under
these arrangements is unknown as this would involve future
claims that may be made against the Fund that have not yet
occurred.
I Written
Options Upon the writing of a call or a put
option, the premium received by the Fund is included in the
Statement of Assets and Liabilities as a liability. The amount
of the liability is subsequently
marked-to-market
to reflect the current market value of the option written, in
accordance with the Funds policies on investment
valuations discussed above. Premiums received from writing
options which expire are treated as realized gains. Premiums
received from writing options which are exercised or are closed
are added to or offset against the proceeds or amount paid on
the transaction to determine the realized gain or loss. If a put
option on a security is exercised, the premium reduces the cost
basis of the securities purchased by the Fund. The Fund, as a
writer of an option, may have no control over whether the
underlying securities or other assets may be sold (call) or
purchased (put) and, as a result, bears the market risk of an
unfavorable change in the price of the securities or other
assets underlying the written option. The Fund may also bear the
risk of not being able to enter into a closing transaction if a
liquid secondary market does not exist.
2 Distributions
to Shareholders
Subject to its Managed Distribution Plan, the Fund intends to
make quarterly distributions from its cash available for
distribution, which consists of the Funds dividends and
interest income after payment of Fund expenses, net option
17
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
premiums and net realized and unrealized gains on stock
investments. The Fund intends to distribute all or substantially
all of its net realized capital gains (reduced by available
capital loss carryforwards from prior years, if any).
Distributions are recorded on the ex-dividend date. The Fund
distinguishes between distributions on a tax basis and a
financial reporting basis. Accounting principles generally
accepted in the United States of America require that only
distributions in excess of tax basis earnings and profits be
reported in the financial statements as a return of capital.
Permanent differences between book and tax accounting relating
to distributions are reclassified to paid-in capital. For tax
purposes, distributions from short-term capital gains are
considered to be from ordinary income. Distributions in any year
may include a substantial return of capital component.
The tax character of distributions declared for the years ended
December 31, 2009 and December 31, 2008 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
21,733,320
|
|
|
$
|
30,257,963
|
|
|
|
Tax return of capital
|
|
$
|
169,738,302
|
|
|
$
|
161,096,558
|
|
|
|
During the year ended December 31, 2009, accumulated net
realized gain was decreased by $10,050,046, accumulated
distributions in excess of net investment income was decreased
by $41,096 and paid-in capital was increased by $10,008,950 due
to differences between book and tax accounting, primarily for
foreign currency gain (loss), investments in passive foreign
investment companies (PFICs) and distributions from real estate
investment trusts. These reclassifications had no effect on the
net assets or net asset value per share of the Fund.
As of December 31, 2009, the components of distributable
earnings (accumulated losses) and unrealized appreciation
(depreciation) on a tax basis were as follows:
|
|
|
|
|
|
|
Capital loss carryforward
|
|
$
|
(2,465,392
|
)
|
|
|
Net unrealized appreciation
|
|
$
|
122,381,869
|
|
|
|
The differences between components of distributable earnings
(accumulated losses) on a tax basis and the amounts reflected in
the Statement of Assets and Liabilities are primarily due to
wash sales, written options contracts and investments in PFICs.
3 Investment
Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management
(EVM) as compensation for management and investment advisory
services rendered to the Fund. The fee is computed at an annual
rate of 1.00% of the Funds average daily gross assets and
is payable monthly. Gross assets as referred to herein represent
net assets plus obligations attributable to investment leverage,
if any. For the year ended December 31, 2009, the
investment adviser fee amounted to $13,523,261. Pursuant to
sub-advisory
agreements, EVM has delegated a portion of the investment
management to Parametric Portfolio Associates, LLC (Parametric),
an affiliate of EVM, and delegated the investment management of
the Funds options strategy to Rampart Investment
Management Company, Inc. (Rampart). EVM pays Parametric and
prior to October 20, 2009, paid Rampart a portion of its
advisory fee for
sub-advisory
services provided to the Fund. EVM terminated its
sub-advisory
agreement with Rampart with respect to the Fund and, effective
October 20, 2009, EVM assumed the investment management of
the Funds options strategy. EVM also serves as
administrator of the Fund, but receives no compensation.
Except for Trustees of the Fund who are not members of
EVMs organization, officers and Trustees receive
remuneration for their services to the Fund out of the
investment adviser fee. Trustees of the Fund who are not
affiliated with EVM may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of
the Trustees Deferred Compensation Plan. For the year ended
December 31, 2009, no significant amounts have been
deferred. Certain officers and Trustees of the Fund are officers
of EVM.
4 Purchases
and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, aggregated $432,052,617 and $639,618,523,
respectively, for the year ended December 31, 2009.
5 Common
Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend
reinvestment plan. Common shares issued pursuant to the
Funds dividend reinvestment plan for the year ended
December 31, 2009 were 497,414. There were no transactions
in common shares for the year ended December 31, 2008.
6 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Fund at December 31, 2009, as determined
on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
1,372,898,142
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
200,480,320
|
|
|
|
Gross unrealized depreciation
|
|
|
(68,829,909
|
)
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
131,650,411
|
|
|
|
|
|
18
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
7 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities.
These financial instruments may include written options and may
involve, to a varying degree, elements of risk in excess of the
amounts recognized for financial statement purposes. The
notional or contractual amounts of these instruments represent
the investment the Fund has in particular classes of financial
instruments and do not necessarily represent the amounts
potentially subject to risk. The measurement of the risks
associated with these instruments is meaningful only when all
related and offsetting transactions are considered. A summary of
written call options at December 31, 2009 is included in
the Portfolio of Investments.
Written call options activity for the year ended
December 31, 2009 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Premiums
|
|
|
|
|
|
Contracts
|
|
|
Received
|
|
|
|
|
Outstanding, beginning of year
|
|
|
1,731,429
|
|
|
$
|
46,546,455
|
|
|
|
Options written
|
|
|
18,114,546
|
|
|
|
369,388,334
|
|
|
|
Options terminated in closing purchase transactions
|
|
|
(16,747,286
|
)
|
|
|
(355,691,956
|
)
|
|
|
Options expired
|
|
|
(1,449,780
|
)
|
|
|
(37,862,758
|
)
|
|
|
|
|
Outstanding, end of year
|
|
|
1,648,909
|
|
|
$
|
22,380,075
|
|
|
|
|
|
All of the assets of the Fund are subject to segregation to
satisfy the requirements of the escrow agent.
At December 31, 2009, the Fund had sufficient cash
and/or
securities to cover commitments under these contracts.
The Fund adopted FASB Statement of Financial Accounting
Standards No. 161 (FAS 161), Disclosures about
Derivative Instruments and Hedging Activities, (currently
FASB Accounting Standards Codification (ASC)
815-10),
effective January 1, 2009. Such standard requires enhanced
disclosures about an entitys derivative and hedging
activities, including qualitative disclosures about the
objectives and strategies for using derivatives, quantitative
disclosures about fair value amounts of and gains and losses on
derivative instruments, and disclosures about credit-risk
related contingent features in derivative instruments. The
disclosure below includes additional information as a result of
implementing FAS 161.
The Fund is subject to equity price risk in the normal course of
pursuing its investment objectives. The Fund generally intends
to write index call options above the current value of the index
to generate premium income. In writing index call options, the
Fund in effect, sells potential appreciation in the value of the
applicable index above the exercise price in exchange for the
option premium received. The Fund retains the risk of loss,
minus the premium received, should the price of the underlying
index decline. The Fund is not subject to counterparty credit
risk with respect to its written options as the Fund, not the
counterparty, is obligated to perform under such derivatives.
The fair value of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) and
whose primary underlying risk exposure is equity price risk at
December 31, 2009 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value
|
|
|
|
Derivative
|
|
Asset
Derivatives
|
|
|
Liability
Derivatives(1)
|
|
|
|
|
Written Options
|
|
$
|
|
|
|
$
|
(36,306,318
|
)
|
|
|
|
|
|
(1)
|
|
Statement of Assets and Liabilities location: Written options
outstanding, at value. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the
Statement of Operations and whose primary underlying risk
exposure is equity price risk for the year ended
December 31, 2009 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
Realized Gain
|
|
|
Appreciation
|
|
|
|
|
|
(Loss) on
|
|
|
(Depreciation)
on
|
|
|
|
|
|
Derivatives
|
|
|
Derivatives
|
|
|
|
|
|
Recognized in
|
|
|
Recognized in
|
|
|
|
Derivative
|
|
Income(1)
|
|
|
Income(2)
|
|
|
|
|
Written Options
|
|
$
|
(16,460,396
|
)
|
|
$
|
(37,332,407
|
)
|
|
|
|
|
|
(1)
|
|
Statement of Operations location: Net realized gain
(loss) Written options. |
|
(2)
|
|
Statement of Operations location: Change in unrealized
appreciation (depreciation) Written options. |
8 Risks
Associated with Foreign Investments
Investing in securities issued by companies whose principal
business activities are outside the United States may involve
significant risks not present in domestic investments. For
example, there is generally less publicly available information
about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities
laws. Certain foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and
standards of practice comparable to those applicable to domestic
issuers. Investments in foreign securities also involve the risk
of possible adverse changes in investment or exchange control
regulations, expropriation or confiscatory taxation, limitation
on the removal of funds or other assets of the Fund, political
or financial instability or diplomatic and other developments
which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some
foreign issuers (particularly those located in developing
countries) may be less liquid and more volatile than
19
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
securities of comparable U.S. companies. In general, there is
less overall governmental supervision and regulation of foreign
securities markets, broker-dealers and issuers than in the
United States.
9 Fair
Value Measurements
Under generally accepted accounting principles for fair value
measurements, a
three-tier
hierarchy to prioritize the assumptions, referred to as inputs,
is used in valuation techniques to measure fair value. The
three-tier
hierarchy of inputs is summarized in the three broad levels
listed below.
|
|
|
|
|
Level 1 quoted prices in active markets for
identical investments
|
|
|
|
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At December 31, 2009, the inputs used in valuing the
Funds investments, which are carried at value, were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
Significant
|
|
|
|
|
|
|
|
|
|
|
|
Markets for
|
|
|
Other
|
|
|
Significant
|
|
|
|
|
|
|
|
|
Identical
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
|
|
|
|
|
|
|
Asset
Description
|
|
(Level
1)
|
|
|
(Level
2)
|
|
|
(Level
3)
|
|
|
Total
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
98,989,700
|
|
|
$
|
58,877,303
|
|
|
$
|
|
|
|
$
|
157,867,003
|
|
|
|
Consumer Staples
|
|
|
65,013,018
|
|
|
|
68,085,118
|
|
|
|
|
|
|
|
133,098,136
|
|
|
|
Energy
|
|
|
61,826,631
|
|
|
|
68,383,676
|
|
|
|
|
|
|
|
130,210,307
|
|
|
|
Financials
|
|
|
74,931,155
|
|
|
|
144,443,729
|
|
|
|
|
|
|
|
219,374,884
|
|
|
|
Health Care
|
|
|
106,136,701
|
|
|
|
77,323,346
|
|
|
|
|
|
|
|
183,460,047
|
|
|
|
Industrials
|
|
|
67,473,384
|
|
|
|
72,281,324
|
|
|
|
|
|
|
|
139,754,708
|
|
|
|
Information Technology
|
|
|
306,015,165
|
|
|
|
45,124,012
|
|
|
|
|
|
|
|
351,139,177
|
|
|
|
Materials
|
|
|
16,924,928
|
|
|
|
54,227,776
|
|
|
|
|
|
|
|
71,152,704
|
|
|
|
Telecommunication Services
|
|
|
20,664,259
|
|
|
|
43,662,470
|
|
|
|
|
|
|
|
64,326,729
|
|
|
|
Utilities
|
|
|
16,365,369
|
|
|
|
36,512,222
|
|
|
|
|
|
|
|
52,877,591
|
|
|
|
|
|
Total Common Stocks
|
|
$
|
834,340,310
|
|
|
$
|
668,920,976
|
*
|
|
$
|
|
|
|
$
|
1,503,261,286
|
|
|
|
|
|
Investment Funds
|
|
$
|
|
|
|
$
|
1,287,267
|
|
|
$
|
|
|
|
$
|
1,287,267
|
|
|
|
Rights
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
Total Investments
|
|
$
|
834,340,310
|
|
|
$
|
670,208,243
|
|
|
$
|
0
|
|
|
$
|
1,504,548,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Covered Call Options Written
|
|
$
|
(36,306,318
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(36,306,318
|
)
|
|
|
|
|
Total
|
|
$
|
(36,306,318
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(36,306,318
|
)
|
|
|
|
|
|
|
|
*
|
|
Includes foreign equity securities whose values were adjusted to
reflect market trading that occurred after the close of trading
in their applicable foreign markets. |
The following is a reconciliation of Level 3 assets for
which significant unobservable inputs were used to determine
fair value:
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
in
Rights
|
|
|
|
|
Balance as of December 31, 2008
|
|
$
|
0
|
|
|
|
Realized gains (losses)
|
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation)*
|
|
|
0
|
|
|
|
Net purchases (sales)
|
|
|
|
|
|
|
Accrued discount (premium)
|
|
|
|
|
|
|
Net transfer to (from) Level 3
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2009
|
|
$
|
0
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) on
investments still held as of December 31, 2009*
|
|
$
|
0
|
|
|
|
|
|
|
|
|
*
|
|
Amount is included in the related amount on investments in the
Statement of Operations. |
All Level 3 investments held at December 31, 2009 and
December 31, 2008 were valued at $0.
10 Review
for Subsequent Events
In connection with the preparation of the financial statements
of the Fund as of and for the year ended December 31, 2009,
events and transactions subsequent to December 31, 2009
through February 16, 2010, the date the financial
statements were issued, have been evaluated by the Funds
management for possible adjustment
and/or disclosure.
Management has not identified any subsequent events requiring
financial statement disclosure as of the date these financial
statements were issued.
20
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Trustees
and Shareholders of Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund:
We have audited the accompanying statement of assets and
liabilities of Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund (the Fund), including the
portfolio of investments, as of December 31, 2009, and the
related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of
the four years in the period then ended and the period from the
start of business, September 30, 2005, to December 31,
2005. These financial statements and financial highlights are
the responsibility of the Funds management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Funds
internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of
December 31, 2009, by correspondence with the custodian and
brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Eaton Vance Tax-Managed
Global Buy-Write Opportunities Fund as of December 31,
2009, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the
four years in the period then ended and the period from the
start of business, September 30, 2005, to December 31,
2005, in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 16, 2010
21
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund as
of December 31, 2009
FEDERAL TAX
INFORMATION (Unaudited)
The
Form 1099-DIV
you received in January 2010 showed the tax status of all
distributions paid to your account in calendar year 2009.
Shareholders are advised to consult their own tax adviser with
respect to the tax consequences of their investment in the Fund.
As required by the Internal Revenue Code regulations,
shareholders must be notified within 60 days of the
Funds fiscal year end regarding the status of qualified
dividend income for individuals and the dividends received
deduction for corporations.
Qualified Dividend Income. The Fund designates
$38,017,043, or up to the maximum amount of such dividends
allowable pursuant to the Internal Revenue Code, as qualified
dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders
are generally entitled to take the dividends received deduction
on the portion of the Funds dividend distribution that
qualifies under tax law. For the Funds fiscal 2009
ordinary income dividends, 64.69% qualifies for the corporate
dividends received deduction.
22
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
DIVIDEND REINVESTMENT PLAN
The Fund offers a dividend reinvestment plan (the Plan) pursuant
to which shareholders may elect to have distributions
automatically reinvested in common shares (the Shares) of the
Fund. You may elect to participate in the Plan by completing the
Dividend Reinvestment Plan Application Form. If you do not
participate, you will receive all distributions in cash paid by
check mailed directly to you by American Stock
Transfer & Trust Company (AST), as dividend
paying agent. On the distribution payment date, if the net asset
value per Share is equal to or less than the market price per
Share plus estimated brokerage commissions, then new Shares will
be issued. The number of Shares shall be determined by the
greater of the net asset value per Share or 95% of the market
price. Otherwise, Shares generally will be purchased on the open
market by the Plan Agent. Distributions subject to income tax
(if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in
the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in
your name with the Funds transfer agent, AST, or you will
not be able to participate.
The Plan Agents service fee for handling distributions
will be paid by the Fund. Each participant will be charged their
pro rata share of brokerage commissions on all open-market
purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on the following
page. If you withdraw, you will receive shares in your name for
all Shares credited to your account under the Plan. If a
participant elects by written notice to the Plan Agent to have
the Plan Agent sell part or all of his or her Shares and remit
the proceeds, the Plan Agent is authorized to deduct a $5.00 fee
plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held
in your own name, you may complete the form on the following
page and deliver it to the Plan Agent.
Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.
23
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
APPLICATION FOR PARTICIPATION IN
DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in
their own names. If your common shares are held in the name of a
brokerage firm, bank, or other nominee, you should contact your
nominee to see if it will participate in the Plan on your
behalf. If you wish to participate in the Plan, but your
brokerage firm, bank, or nominee is unable to participate on
your behalf, you should request that your common shares be
re-registered in your own name which will enable your
participation in the Plan.
The following authorization and appointment is given with the
understanding that I may terminate it at any time by terminating
my participation in the Plan as provided in the terms and
conditions of the Plan.
Please print exact name on account:
Shareholder
signature
Date
Shareholder
signature
Date
Please sign exactly as your common shares are registered. All
persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE
YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the
following address:
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY
10269-0560
Number of
Employees
The Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end management investment company and
has no employees.
Number of
Shareholders
As of December 31, 2009, our records indicate that there
are 132 registered shareholders and 73,425 shareholders owning
the Fund shares in street name, such as through brokers, banks,
and financial intermediaries.
If you are a street name shareholder and wish to receive our
reports directly, which contain important information about the
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York
Stock Exchange symbol
The New York Stock Exchange symbol is ETW.
24
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview
of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940
Act), provides, in substance, that each investment
advisory agreement between a fund and its investment adviser
will continue in effect from year to year only if its
continuance is approved at least annually by the funds
board of trustees, including by a vote of a majority of the
trustees who are not interested persons of the fund
(Independent Trustees), cast in person at a meeting
called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a
Board) of the Eaton Vance group of mutual funds (the
Eaton Vance Funds) held on April 27, 2009, the
Board, including a majority of the Independent Trustees, voted
to approve continuation of existing advisory and
sub-advisory
agreements for the Eaton Vance Funds for an additional
one-year
period. In voting its approval, the Board relied upon the
affirmative recommendation of the Contract Review Committee of
the Board (formerly the Special Committee), which is a committee
comprised exclusively of Independent Trustees. Prior to making
its recommendation, the Contract Review Committee reviewed
information furnished for a series of meetings of the Contract
Review Committee held in February, March and April 2009.
Such information included, among other things, the following:
Information
about Fees, Performance and Expenses
|
|
|
|
|
An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds;
|
|
|
An independent report comparing each funds total expense
ratio and its components to comparable funds;
|
|
|
An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods;
|
|
|
Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices;
|
|
|
Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund;
|
|
|
Profitability analyses for each adviser with respect to each
fund;
|
Information
about Portfolio Management
|
|
|
|
|
Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel;
|
|
|
Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds;
|
|
|
Data relating to portfolio turnover rates of each fund;
|
|
|
The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes;
|
Information
about each Adviser
|
|
|
|
|
Reports detailing the financial results and condition of each
adviser;
|
|
|
Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts;
|
|
|
Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes;
|
|
|
Copies of or descriptions of each advisers proxy voting
policies and procedures;
|
|
|
Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions;
|
|
|
Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates;
|
Other
Relevant Information
|
|
|
|
|
Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
|
|
|
Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
|
|
|
The terms of each advisory agreement.
|
25
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT CONTD
In addition to the information identified above, the Contract
Review Committee considered information provided from time to
time by each adviser throughout the year at meetings of the
Board and its committees. Over the course of the twelve-month
period ended April 30, 2009, the Board met eighteen times
and the Contract Review Committee, the Audit Committee, the
Governance Committee, the Portfolio Management Committee and the
Compliance Reports and Regulatory Matters Committee, each of
which is a Committee comprised solely of Independent Trustees,
met seven, five, six, six and six times, respectively. At such
meetings, the Trustees received, among other things,
presentations by the portfolio managers and other investment
professionals of each adviser relating to the investment
performance of each fund and the investment strategies used in
pursuing the funds investment objective.
For funds that invest through one or more underlying portfolios,
the Board considered similar information about the portfolio(s)
when considering the approval of advisory agreements. In
addition, in cases where the funds investment adviser has
engaged a
sub-adviser,
the Board considered similar information about the
sub-adviser
when considering the approval of any
sub-advisory
agreement.
The Contract Review Committee was assisted throughout the
contract review process by Goodwin Procter LLP, legal counsel
for the Independent Trustees. The members of the Contract Review
Committee relied upon the advice of such counsel and their own
business judgment in determining the material factors to be
considered in evaluating each advisory and
sub-advisory
agreement and the weight to be given to each such factor. The
conclusions reached with respect to each advisory and
sub-advisory
agreement were based on a comprehensive evaluation of all the
information provided and not any single factor. Moreover, each
member of the Contract Review Committee may have placed varying
emphasis on particular factors in reaching conclusions with
respect to each advisory and
sub-advisory
agreement.
Results
of the Process
Based on its consideration of the foregoing, and such other
information as it deemed relevant, including the factors and
conclusions described below, the Contract Review Committee
concluded that the continuance of the investment advisory
agreement of Eaton Vance Tax-Managed Global Buy-Write
Opportunities Fund (the Fund) with Eaton Vance
Management (the Adviser), and the
sub-advisory
agreements with Parametric Portfolio Associates, LLC
(PPA) and Rampart Investment Management Company,
Inc. (Rampart, and with PPA, the
Sub-advisers)
including their fee structures, is in the interests of
shareholders and, therefore, the Contract Review Committee
recommended to the Board approval of the respective agreements.
The Board accepted the recommendation of the Contract Review
Committee as well as the factors considered and conclusions
reached by the Contract Review Committee with respect to the
agreements. Accordingly, the Board, including a majority of the
Independent Trustees, voted to approve continuation of the
investment advisory agreement and the
sub-advisory
agreements for the Fund.
Nature,
Extent and Quality of Services
In considering whether to approve the investment advisory and
sub-advisory
agreements of the Fund, the Board evaluated the nature, extent
and quality of services provided to the Fund by the Adviser and
the
Sub-advisers.
The Board considered the Advisers and the
Sub-advisers
management capabilities and investment process with respect to
the types of investments held by the Fund, including the
education, experience and number of its investment professionals
and other personnel who provide portfolio management, investment
research, and similar services to the Fund and whose
responsibilities include supervising each
Sub-adviser
and coordinating their activities in implementing the
Funds investment strategy. In particular, the Board
evaluated, where relevant, the abilities and experience of such
investment personnel in analyzing factors such as tax efficiency
and special considerations relevant to investing in stocks and
selling call options on the S&P 500 Index and the NASDAQ
100. With respect to PPA, the Board noted PPAs experience
in deploying quantitative-based investment strategies. With
respect to Rampart, the Board considered Ramparts business
reputation and its options strategy and its past experience in
implementing this strategy. The Board also took into
consideration the resources dedicated to portfolio management
and other services, including the compensation paid to recruit
and retain investment personnel, and the time and attention
devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser
and
Sub-advisers
and relevant affiliates thereof. Among other matters, the Board
considered compliance and reporting matters relating to personal
trading by investment personnel, selective disclosure of
portfolio holdings, late trading, frequent trading, portfolio
valuation, business continuity and the allocation of investment
opportunities. The Board also evaluated the responses of the
Adviser and its affiliates to requests from regulatory
authorities such as the Securities and Exchange Commission and
the Financial Industry Regulatory Authority.
The Board considered shareholder and other administrative
services provided or managed by Eaton Vance Management and its
affiliates, including transfer agency and accounting services.
The Board evaluated the benefits to shareholders of investing in
a fund that is a part of a large family of funds.
26
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT CONTD
The Board considered the Advisers recommendations for
Board action and other steps taken in response to the
unprecedented dislocations experienced in the capital markets
over recent periods, including sustained periods of high
volatility, credit disruption and government intervention. In
particular, the Board considered the Advisers efforts and
expertise with respect to each of the following matters as they
relate to the Fund
and/or other
funds within the Eaton Vance family of funds:
(i) negotiating and maintaining the availability of bank
loan facilities and other sources of credit used for investment
purposes or to satisfy liquidity needs; (ii) establishing
the fair value of securities and other instruments held in
investment portfolios during periods of market volatility and
issuer-specific disruptions; and (iii) the ongoing
monitoring of investment management processes and risk controls.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser and
Sub-advisers,
taken as a whole, are appropriate and consistent with the terms
of the respective investment advisory and
sub-advisory
agreements.
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of similarly managed funds identified by an
independent data provider and appropriate benchmark indices. The
Board reviewed comparative performance data for the
one- and
three-year
periods ended September 30, 2008 for the Fund. On the basis
of the foregoing and other relevant information, the Board
concluded that, under the circumstances, the Funds
performance was satisfactory.
Management
Fees and Expenses
The Board reviewed contractual investment advisory fee rates,
including any administrative fee rates, payable by the Fund
(referred to as management fees). As part of its
review, the Board considered the Funds management fees and
total expense ratio for the year ended September 30, 2008,
as compared to a group of similarly managed funds selected by an
independent data provider.
After reviewing the foregoing information, and in light of the
nature, extent and quality of the services provided by the
Adviser, the Board concluded that the management fees charged
for advisory and related services and the Funds total
expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser
and relevant affiliates thereof, including PPA, in providing
investment advisory and administrative services to the Fund and
to all Eaton Vance Funds as a group. The Board considered the
level of profits realized with and without regard to revenue
sharing or other payments by the Adviser and its affiliates to
third parties in respect of distribution services. The Board
also considered other direct or indirect benefits received by
the Adviser and its affiliates, including PPA, in connection
with its relationship with the Fund, including the benefits of
research services that may be available to the Adviser as a
result of securities transactions effected for the Fund and
other investment advisory clients. The Board also concluded
that, in light of its role as a
sub-adviser
not affiliated with the Adviser, Ramparts profitability in
managing the Fund was not a material factor.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the
profits realized by the Adviser and its affiliates, including
PPA, are reasonable.
Economies
of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates,
on the one hand, and the Fund, on the other hand, can expect to
realize benefits from economies of scale as the assets of the
Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from the economies
of scale with respect to the management of any specific fund or
group of funds. The Board also considered the fact that the Fund
is not continuously offered and concluded that, in light of the
level of the Advisers profits with respect to the Fund,
the implementation of breakpoints in the advisory fee schedule
is not appropriate at this time. Based upon the foregoing, the
Board concluded that the benefits from economies of scale are
currently being shared equitably by the Adviser and its
affiliates and the Fund.
27
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
MANAGEMENT AND ORGANIZATION
Fund Management. The Trustees of Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund (the Fund) are
responsible for the overall management and supervision of the
Funds affairs. The Trustees and officers of the Fund are
listed below. Except as indicated, each individual has held the
office shown or other offices in the same company for the last
five years. The Noninterested Trustees consist of
those Trustees who are not interested persons of the
Fund, as that term is defined under the 1940 Act. The business
address of each Trustee and officer is Two International Place,
Boston, Massachusetts 02110. As used below, EVC
refers to Eaton Vance Corp., EV refers to Eaton
Vance, Inc., EVM refers to Eaton Vance Management,
BMR refers to Boston Management and Research and
EVD refers to Eaton Vance Distributors, Inc. EVC and
EV are the corporate parent and trustee, respectively, of EVM
and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer
affiliated with Eaton Vance may hold a position with other Eaton
Vance affiliates that is comparable to his or her position with
EVM listed below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
Number of
Portfolios
|
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
|
in Fund
Complex
|
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
|
Overseen By
|
|
|
|
Date of
Birth
|
|
Fund
|
|
Service
|
|
During Past Five
Years
|
|
Trustee(1)
|
|
|
Other
Directorships Held
|
|
|
|
Interested
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas E. Faust Jr.
5/31/58
|
|
Class I
Trustee and Vice
President
|
|
Until 2012. 3 years. Trustee since 2007 and Vice President since
2005.
|
|
Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee
and/or
officer of 178 registered investment companies and 4 private
companies managed by EVM or BMR. Mr. Faust is an interested
person because of his positions with EVM, BMR, EVD, EVC and EV,
which are affiliates of the Fund.
|
|
|
178
|
|
|
Director of EVC
|
|
Noninterested
Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benjamin C. Esty
1/2/63
|
|
Class I
Trustee
|
|
Until 2012. 3 years. Trustee since 2005.
|
|
Roy and Elizabeth Simmons Professor of Business Administration
and Finance Unit Head, Harvard University Graduate School of
Business Administration.
|
|
|
178
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allen R. Freedman
4/3/40
|
|
Class I
Trustee
|
|
Until 2012. 3 years. Trustee since 2007.
|
|
Former Chairman
(2002-2004)
and a Director
(1983-2004)
of Systems & Computer Technology Corp. (provider of
software to higher education). Formerly, a Director of Loring
Ward International (fund distributor)
(2005-2007).
Formerly, Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
|
|
|
178
|
|
|
Director of Assurant, Inc. (insurance provider) and Stonemor
Partners L.P. (owner and operator of cemeteries)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
William H. Park
9/19/47
|
|
Class II
Trustee
|
|
Until 2010. 3 years. Trustee since 2005.
|
|
Vice Chairman, Commercial Industrial Finance Corp. (specialty
finance company) (since 2006). Formerly, President and Chief
Executive Officer, Prizm Capital Management, LLC (investment
management firm)
(2002-2005).
|
|
|
178
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ronald A. Pearlman
7/10/40
|
|
Class II
Trustee
|
|
Until 2010. 3 years. Trustee since 2005.
|
|
Professor of Law, Georgetown University Law Center.
|
|
|
178
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Helen Frame Peters
3/22/48
|
|
Class III
Trustee
|
|
Until 2011. 3 years. Trustee since 2008.
|
|
Professor of Finance, Carroll School of Management, Boston
College. Adjunct Professor of Finance, Peking University,
Beijing, China (since 2005).
|
|
|
178
|
|
|
Director of BJs Wholesale Club, Inc. (wholesale club
retailer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heidi L. Steiger
7/8/53
|
|
Class II
Trustee
|
|
Until 2010. 3 years. Trustee since 2007.
|
|
Managing Partner, Topridge Associates LLC (global wealth
management firm) (since 2008); Senior Adviser (since 2008),
President
(2005-2008),
Lowenhaupt Global Advisors, LLC (global wealth management firm).
Formerly, President and Contributing Editor, Worth Magazine
(2004-2005).
Formerly Executive Vice President and Global Head of Private
Asset Management (and various other positions), Neuberger Berman
(investment firm)
(1986-2004).
|
|
|
178
|
|
|
Director of Nuclear Electric Insurance Ltd. (nuclear insurance
provider), Aviva USA (insurance provider) and CIFG (family of
financial guaranty companies) and Advisory Director, Berkshire
Capital Securities LLC (private investment banking firm)
|
28
Eaton Vance
Tax-Managed Global Buy-Write Opportunities
Fund
MANAGEMENT AND
ORGANIZATION CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
Number of
Portfolios
|
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
|
in Fund
Complex
|
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
|
Overseen By
|
|
|
|
Date of
Birth
|
|
Fund
|
|
Service
|
|
During Past Five
Years
|
|
Trustee(1)
|
|
|
Other
Directorships Held
|
|
|
Noninterested
Trustees (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lynn A. Stout
9/14/57
|
|
Class III
Trustee
|
|
Until 2011. 3 years. Trustee since 2005.
|
|
Paul Hastings Professor of Corporate and Securities Law (since
2006) and Professor of Law
(2001-2006),
University of California at Los Angeles School of Law.
|
|
|
178
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ralph F. Verni
1/26/43
|
|
Chairman of
the Board
and Class III
Trustee
|
|
Until 2011. 3 years. Trustee since 2005 and Chairman of the
Board since 2007.
|
|
Consultant and private investor.
|
|
|
178
|
|
|
None
|
Principal Officers
who are not Trustees
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
Date of
Birth
|
|
Fund
|
|
Service
|
|
During Past Five
Years
|
|
|
|
|
|
|
|
|
Duncan W. Richardson
10/26/57
|
|
President
|
|
Since 2005
|
|
Director of EVC and Executive Vice President and Chief Equity
Investment Officer of EVC, EVM and BMR. Officer of 82 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Walter A. Row, III
7/20/57
|
|
Vice President
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 23 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Barbara E. Campbell
6/19/57
|
|
Treasurer
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 178 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Maureen A. Gemma
5/24/60
|
|
Secretary and
Chief Legal Officer
|
|
Secretary since 2007 and Chief Legal Officer since 2008
|
|
Vice President of EVM and BMR. Officer of 178 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Paul M. ONeil
7/11/53
|
|
Chief
Compliance Officer
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 178 registered
investment companies managed by EVM or BMR.
|
|
|
|
(1)
|
|
Includes both master and feeder funds in a master-feeder
structure. |
29
This Page Intentionally Left Blank
This Page Intentionally Left Blank
This Page Intentionally Left Blank
IMPORTANT
NOTICE ABOUT PRIVACY
The Eaton Vance organization is committed to ensuring your
financial privacy. Each of the financial institutions identified
below has in effect the following policy (Privacy Policy) with
respect to nonpublic personal information about its customers:
|
|
|
Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions.
|
|
|
None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
|
|
|
Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
|
|
|
We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the
link on our homepage: www.eatonvance.com.
|
Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Boston
Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy applies only to those Eaton
Vance customers who are individuals and who have a direct
relationship with us. If a customers account (i.e., fund
shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such
advisers privacy policies apply to the customer. This
notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vances Privacy Policy,
please call
1-800-262-1122.
Investment
Adviser and Administrator of
Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund
Eaton Vance
Management
Two International
Place
Boston, MA 02110
Sub-Adviser
of
Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund
Parametric
Portfolio Associates, LLC
1151 Fairview
Avenue N.
Seattle, WA 98109
State Street
Bank and Trust Company
200 Clarendon
Street
Boston, MA 02116
American Stock
Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, New York
10038
Independent
Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA
02116-5022
Eaton
Vance Tax-Managed Global Buy-Write Opportunities Fund
Two
International Place
Boston, MA
02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide
a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial
Industrial Finance Corp (specialty finance company). Previously, he served as President
and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as
Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM)
(a holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
(a) (d)
The following table presents the aggregate fees billed to the registrant for the registrants
fiscal years ended December 31, 2008 and December 31, 2009 by the registrants principal
accountant, Deloitte & Touche LLP (D&T), for professional services rendered for the audit of the
registrants annual financial statements and fees billed for other services rendered by the
principal accountant during such period.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
12/31/08 |
|
|
12/31/09 |
|
|
Audit Fees |
|
$ |
39,205 |
|
|
$ |
38,170 |
|
|
|
|
|
|
|
|
|
|
Audit-Related Fees(1) |
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
Tax Fees(2) |
|
$ |
8,200 |
|
|
$ |
8,200 |
|
|
|
|
|
|
|
|
|
|
All Other Fees(3) |
|
$ |
1,803 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
49,208 |
|
|
$ |
48,870 |
|
|
|
|
|
|
|
(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 principal accountant relating to tax compliance, tax advice, and tax planning and
specifically include fees for tax return preparation. |
|
(3) |
|
All other fees consist of the aggregate fees billed for products and services
provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrants audit committee has adopted policies and procedures relating to
the pre-approval of services provided by the registrants principal accountant (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 the registrants audit committee at least annually. The registrants
audit committee maintains full responsibility for the appointment, compensation, and oversight of
the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit
committee pursuant to the de minimis exception set forth in Rule 2-01(c)(7)(i)(C) of Regulation
S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related,
tax, and other services) billed to the registrant by the registrants principal accountant for the
registrants fiscal years ended December 31, 2008 and December 31, 2009; 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 for the registrants principal accountant for the same time
periods, respectively.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
12/31/08 |
|
12/31/09 |
|
Registrant
|
|
$ |
8,200 |
|
|
$ |
10,700 |
|
|
|
|
|
|
|
|
|
|
Eaton Vance1
|
|
$ |
345,743 |
|
|
$ |
288,295 |
|
|
|
|
(1) |
|
The Investment adviser to the registrant, as well as any of its affiliates that
provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp. |
(h) The registrants audit committee has considered whether the provision by the registrants
principal accountant of non-audit services to the registrants investment adviser and any entity
controlling, controlled by, or under common control with the adviser that provides ongoing services
to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountants independence.
Item 5. Audit Committee of Listed registrants
The registrant has a separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park
(Chair), Lynn A. Stout, Heidi L. Steiger and Ralph F. Verni are the members of the registrants
audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund
Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds proxy voting records
from time to time and will annually consider approving the Policies for the upcoming year. In the
event that a conflict of interest arises between the Funds shareholders and the investment
adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment
adviser will generally refrain from
voting the proxies related to the companies giving rise to such
conflict until it consults with the Boards Special Committee except as contemplated under the Fund
Policy. The Boards Special Committee will instruct the investment adviser on the appropriate
course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy
voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to
assist in the voting of proxies through the provision of vote analysis, implementation and
recordkeeping and disclosure services. The investment adviser will generally vote proxies through
the Agent. The Agent is required to vote all proxies and/or refer then back to the investment
adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in
accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser
proxies relating to mergers and restructurings, and the disposition of assets, termination,
liquidation and mergers contained in mutual fund proxies. The investment adviser will normally
vote against anti-takeover measures and other proposals designed to limit the ability of
shareholders to act on possible transactions, except in the case of closed-end management
investment companies. The investment adviser generally supports management on social and
environmental proposals. The investment adviser may abstain from voting from time to time where it
determines that the costs associated with voting a proxy outweighs the benefits derived from
exercising the right to vote or the economic effect on shareholders interests or the value of the
portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of
interest between the Funds shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund by maintaining a list of significant existing and
prospective corporate clients. The investment advisers personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected to be received from
a company included on that list to the personal of the investment adviser identified in the
Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner
inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel
will consult with members of senior management of the investment adviser to determine if a material
conflict of interests exists. If it is determined that a material conflict does exist, the
investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
EVM is investment adviser to the Fund. EVM has engaged its affiliate, Parametric Portfolio
Associates LLC (Parametric), as a sub-adviser to the Fund responsible for structuring and
managing the Funds common stock portfolio, including tax-loss harvesting and other tax-management
techniques. Effective October 20, 2009, EVM internalized the management of the Funds options
strategy, replacing Rampart Investment Management Company, Inc.
Walter A. Row and other EVM investment professionals comprise the investment team responsible for
managing the Funds overall investment program, including providing the sub-adviser with research
support and supervising the performance of the sub-adviser. Mr. Row is the portfolio manager
responsible for the day-to-day management of EVMs responsibilities with respect to the Funds
investment portfolio. Mr. Row is a Vice President and Head of Structured Equity Portfolios at EVM.
He is a member of EVMs Equity Strategy Committee and co-manages other Eaton Vance registered
investment companies. He joined Eaton Vances equity group in 1996.
David Stein, Ph.D. and Thomas Seto are the Parametric portfolio managers responsible for the
day-to-day management of the Funds common stock portfolio. Mr. Stein is Managing Director and
Chief Investment Officer at Parametric, where he leads the investment, research and technology
activities. Prior to joining Parametric, Mr. Stein held senior research, development and portfolio
management positions at GTE Investment Management Corp, the Vanguard Group and IBM Retirement
Funds. Mr. Seto is a Vice President and the Director of Portfolio Management at Parametric where
he is responsible for all portfolio management, including taxable, tax-exempt, quantitative-active
and international strategies. Prior to joining Parametric, Mr. Seto served as the Head of U.S.
Equity Index Investments at Barclays Global Investors.
The following tables show, as of the Funds most recent fiscal year end, the number of accounts
each portfolio manager managed in each of the listed categories and the total assets in the
accounts managed within each category. The table also shows the number of accounts with respect to
which the advisory fee is based on the performance of the account, if any, and the total assets in
those accounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
Number |
|
|
|
|
|
|
Accounts |
|
|
Total Assets of |
|
|
|
of All |
|
|
Total Assets of |
|
|
Paying a |
|
|
Accounts Paying a |
|
|
|
Accounts |
|
|
All Accounts* |
|
|
Performance Fee |
|
|
Performance Fee* |
|
Walter A. Row
Registered Investment |
|
|
|
|
|
$ |
11,159.4 |
|
|
|
0 |
|
|
$ |
0 |
|
Companies
Other Pooled |
|
|
|
|
|
$ |
0 |
|
|
|
0 |
|
|
$ |
0 |
|
Investment Vehicles
Other Accounts |
|
|
|
|
|
$ |
0.4 |
|
|
|
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David M. Stein
Registered Investment |
|
|
13 |
|
|
$ |
7,904.8 |
|
|
|
0 |
|
|
$ |
0 |
|
Companies
Other Pooled |
|
|
1 |
|
|
$ |
166.1 |
|
|
|
1 |
|
|
$ |
166.1 |
|
Investment Vehicles
Other Accounts |
|
|
12,733 |
|
|
$ |
21,845.2 |
|
|
|
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas Seto
Registered Investment |
|
|
13 |
|
|
$ |
7,904.8 |
|
|
|
0 |
|
|
$ |
0 |
|
Companies
Other Pooled |
|
|
1 |
|
|
$ |
166.1 |
|
|
|
1 |
|
|
$ |
166.1 |
|
Investment Vehicles
Other Accounts |
|
|
12,733 |
|
|
$ |
21,845.2 |
|
|
|
0 |
|
|
$ |
0 |
|
|
|
|
* |
|
In millions of dollars. |
The following table shows the dollar range of Fund shares beneficially by each portfolio
manager as of the Funds most recent fiscal year end.
|
|
|
|
|
Dollar Range of |
|
|
Equity Securities |
Portfolio Manager |
|
Owned in the Fund |
Walter A. Row
|
|
$10,001 $50,000 |
David M. Stein
|
|
None |
Thomas Seto
|
|
None |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in
connection with a portfolio managers management of a Funds investments on the one hand and the
investments of other accounts for which the portfolio manager is responsible on the other. For
example, a portfolio manager may have conflicts of interest in allocating management time,
resources and investment opportunities among the Fund and other accounts he or she advises. In
addition, due to differences in the investment strategies or restrictions between a Fund and the
other accounts, a portfolio manager may take action with respect to another account that differs
from the action taken with respect to the Fund. In some cases, another account managed by a
portfolio manager may compensate the investment adviser or sub-adviser based on the performance of
the securities held by that account. The existence of such a performance based fee may create
additional conflicts of interest for the portfolio manager in the allocation of management time,
resources and investment opportunities. Whenever conflicts of interest arise, the portfolio
manager will endeavor to exercise his or her discretion in a manner that he or she believes is
equitable to all interested persons. EVM and the sub-adviser have adopted several policies and
procedures designed to address these potential conflicts including: a code of ethics; and policies
which govern the investment adviser or sub-advisers trading practices, including among other
things the aggregation and allocation of trades among clients, brokerage allocation, cross trades
and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has three primary
components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation
consisting of options to purchase shares of EVCs nonvoting common stock and restricted shares of
EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement,
insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs
investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based
compensation awards, and adjustments in base salary are typically paid or put into effect at or
shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the
scale and complexity of their portfolio responsibilities and the total return performance of
managed funds and accounts versus the benchmarks stated in the prospectus as well as an appropriate
peer group (as described below). In addition to rankings within peer groups of funds on the basis
of absolute performance, consideration may also be given to relative risk-adjusted performance.
Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance
is normally based on periods ending on the September 30th preceding fiscal year end. Fund
performance is normally evaluated primarily versus peer groups of funds as determined by Lipper
Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is
deemed by EVMs management not to provide a fair comparison, performance may instead be evaluated
primarily against a custom peer group. In evaluating the performance of a fund and its manager,
primary emphasis is normally placed on three-year performance, with secondary consideration of
performance over longer and shorter periods. For funds that are tax-managed or otherwise have an
objective of after-tax returns, performance is measured net of taxes. For other funds, performance
is evaluated on a pre-tax basis. For funds with an investment objective other than
total return (such as current income), consideration will also be given to the funds success in achieving its
objective. For managers responsible for multiple funds and accounts, investment performance is
evaluated on an aggregate basis, based on averages or weighted averages among managed funds and
accounts. Funds and accounts that have performance-based advisory fees are not accorded
disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an
investment group or providing analytical support to other portfolios) will include consideration of
the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and
performance, and competitive with other firms within the investment management industry. EVM
participates in investment-industry compensation surveys and utilizes survey data as a factor in
determining salary, bonus and stock-based compensation levels for portfolio managers and other
investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the
operating performance of EVM and its parent company. The overall annual cash bonus pool is based on
a substantially fixed percentage of pre-bonus operating income. While the salaries of EVMs
portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate
significantly from year to year, based on changes in manager performance and other factors as
described herein. For a high performing portfolio manager, cash bonuses and stock-based
compensation may represent a substantial portion of total compensation.
Compensation Structure for Parametric
Compensation of Parametric portfolio managers and other investment professionals has three primary
components: (1) a base salary, (2) a quarterly cash bonus, and (3) annual stock-based compensation
consisting of options to purchase shares of EVCs nonvoting common stock and restricted shares of
EVCs nonvoting common stock. Parametric investment professionals also receive certain retirement,
insurance and other benefits that are broadly available to Parametric employees. Compensation of
Parametric investment professionals is reviewed primarily on an annual basis. Stock-based
compensation awards and adjustments in base salary and bonus are typically paid and/or put into
effect at or shortly after calendar year-end.
Method to Determine Compensation. Parametric seeks to compensate portfolio managers commensurate
with their responsibilities and performance, and competitive with other firms within the investment
management industry. The performance of portfolio managers is evaluated primarily based on success
in achieving portfolio objectives for managed funds and accounts. The compensation of portfolio
managers with other job responsibilities (such as product development) will include consideration
of the scope of such responsibilities and the managers performance in meeting them.
Salaries, bonuses and stock-based compensation are also influenced by the operating performance of
Parametric and EVC, its parent company. Cash bonuses are determined based on a target percentage
of Parametric profits. While the salaries of Parametric portfolio managers are comparatively
fixed, cash bonuses and stock-based compensation may fluctuate substantially from year to year,
based on changes in financial performance and other factors.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal
financial officer that the effectiveness of the registrants current disclosure controls and
procedures (such disclosure controls and procedures having been evaluated within 90 days of the
date of this filing) provide reasonable assurance that the information required to be disclosed by
the registrant has been recorded, processed, summarized and reported within the time period
specified in the Commissions rules and forms and that the information required to be disclosed by
the registrant has been accumulated and communicated to the registrants principal executive
officer and principal financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting
during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
Item 12. Exhibits
|
|
|
(a)(1)
|
|
Registrants Code of Ethics Not applicable (please see Item 2). |
|
(a)(2)(i)
|
|
Treasurers Section 302 certification. |
|
(a)(2)(ii)
|
|
Presidents Section 302 certification. |
|
(b)
|
|
Combined Section 906 certification. |
|
(c)
|
|
Registrants notices to shareholders pursuant to Registrants exemptive order granting an
exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions
paid pursuant to the Registrants Managed Distribution Plan. |