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)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSRS/0001193125-22-229820/g296720img836b3e3f1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-229820/g296720imgb7d628f52.gif)
% Average Annual Total Returns1 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 09/30/2005 | (16.76)% | (12.78)% | 4.04% | 6.42% |
Fund at Market Price | — | (22.25) | (16.83) | 2.97 | 7.65 |
MSCI World Index | — | (20.51)% | (14.34)% | 7.66% | 9.51% |
S&P 500® Index | — | (19.96) | (10.62) | 11.30 | 12.95 |
MSCI Europe Index | — | (20.79) | (17.61) | 2.16 | 5.43 |
Cboe S&P 500 BuyWrite IndexSM | — | (10.19) | (2.62) | 4.09 | 5.89 |
Cboe NASDAQ–100 BuyWrite IndexSM | — | (15.41) | (10.89) | 4.93 | 6.32 |
% Premium/Discount to NAV2 | |
(4.37)% |
Distributions 3 | |
Total Distributions per share for the period | $0.436 |
Distribution Rate at NAV | 10.04% |
Distribution Rate at Market Price | 10.50 |
Sector Allocation (% of total investments)* |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-229820/g296720img733bb0213.jpg)
* | Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
Country Allocation (% of total investments) |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-229820/g296720img16ada69c4.jpg)
Top 10 Holdings (% of total investments)* | |
Apple, Inc. | 5.4% |
Microsoft Corp. | 5.0 |
Amazon.com, Inc. | 2.6 |
Nestle S.A. | 2.5 |
Alphabet, Inc., Class C | 1.7 |
Alphabet, Inc., Class A | 1.7 |
LVMH Moet Hennessy Louis Vuitton SE | 1.7 |
Roche Holding AG PC | 1.6 |
Tesla, Inc. | 1.4 |
ASML Holding NV | 1.4 |
Total | 25.0% |
* | Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
1 | MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI Europe Index is an unmanaged index designed to measure the developed equity market performance of Europe. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Cboe NASDAQ–100 BuyWrite IndexSM measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ–100® Index and writes (sells) NASDAQ–100® Index covered call options. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
3 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
Fund profile subject to change due to active management. |
Common Stocks — 100.3% |
Security | Shares | Value | |
Aerospace & Defense — 1.6% | |||
Airbus SE(1) | 56,122 | $ 5,489,285 | |
General Dynamics Corp.(1) | 6,866 | 1,519,103 | |
L3Harris Technologies, Inc.(1) | 7,755 | 1,874,383 | |
Northrop Grumman Corp.(1) | 1,439 | 688,662 | |
Raytheon Technologies Corp.(1) | 44,236 | 4,251,522 | |
Textron, Inc.(1) | 16,487 | 1,006,861 | |
$ 14,829,816 | |||
Air Freight & Logistics — 0.5% | |||
Deutsche Post AG(1) | 108,468 | $ 4,095,332 | |
Expeditors International of Washington, Inc.(1) | 3,871 | 377,268 | |
$ 4,472,600 | |||
Auto Components — 0.5% | |||
Cie Generale des Etablissements Michelin SCA | 49,108 | $ 1,341,186 | |
Denso Corp. | 47,300 | 2,496,610 | |
Yokohama Rubber Co., Ltd. (The) | 75,500 | 1,023,441 | |
$ 4,861,237 | |||
Automobiles — 2.2% | |||
Honda Motor Co., Ltd. | 24,800 | $ 597,955 | |
Isuzu Motors, Ltd. | 58,000 | 641,560 | |
Mazda Motor Corp. | 26,000 | 212,224 | |
Mercedes-Benz Group AG(1) | 26,925 | 1,563,759 | |
Tesla, Inc.(1)(2) | 20,600 | 13,872,452 | |
Toyota Motor Corp. | 71,700 | 1,106,281 | |
Volkswagen AG, PFC Shares | 24,779 | 3,336,237 | |
$ 21,330,468 | |||
Banks — 3.7% | |||
Bank of America Corp.(1) | 50,000 | $ 1,556,500 | |
BNP Paribas S.A.(1) | 75,132 | 3,593,711 | |
Credit Agricole S.A.(1) | 88,088 | 812,080 | |
Danske Bank A/S(1) | 72,886 | 1,037,365 | |
Fifth Third Bancorp(1) | 36,006 | 1,209,802 | |
HSBC Holdings PLC(1) | 700,000 | 4,572,765 | |
Huntington Bancshares, Inc.(1) | 87,053 | 1,047,248 | |
ING Groep NV(1) | 315,384 | 3,107,037 | |
Intesa Sanpaolo SpA | 2,079,278 | 3,891,304 | |
JPMorgan Chase & Co.(1) | 44,825 | 5,047,743 | |
KBC Group NV | 22,722 | 1,278,362 | |
KeyCorp (1) | 118,919 | 2,048,974 | |
Lloyds Banking Group PLC | 2,000,000 | 1,029,013 |
Security | Shares | Value | |
Banks (continued) | |||
Natwest Group PLC | 500,000 | $ 1,330,880 | |
PNC Financial Services Group, Inc. (The)(1) | 6,406 | 1,010,675 | |
Resona Holdings, Inc. | 55,000 | 205,728 | |
Shinsei Bank, Ltd. | 31,400 | 473,167 | |
Standard Chartered PLC | 43,591 | 329,086 | |
Truist Financial Corp.(1) | 25,182 | 1,194,382 | |
$ 34,775,822 | |||
Beverages — 1.8% | |||
Asahi Group Holdings, Ltd. | 23,600 | $ 776,095 | |
Coca-Cola Co. (The)(1) | 24,571 | 1,545,762 | |
Constellation Brands, Inc., Class A(1) | 28,994 | 6,757,342 | |
Heineken Holding NV | 24,773 | 1,799,625 | |
Heineken NV | 7,692 | 700,138 | |
Kirin Holdings Co., Ltd. | 54,500 | 860,938 | |
PepsiCo, Inc.(1) | 27,372 | 4,561,817 | |
Takara Holdings, Inc. | 20,500 | 151,966 | |
$ 17,153,683 | |||
Biotechnology — 1.5% | |||
AbbVie, Inc.(1) | 26,528 | $ 4,063,028 | |
Amgen, Inc.(1) | 19,701 | 4,793,253 | |
BioMarin Pharmaceutical, Inc.(1)(2) | 9,584 | 794,226 | |
Gilead Sciences, Inc.(1) | 71,450 | 4,416,325 | |
$ 14,066,832 | |||
Building Products — 0.4% | |||
Daikin Industries, Ltd. | 26,200 | $ 4,206,646 | |
$ 4,206,646 | |||
Capital Markets — 1.2% | |||
3i Group PLC | 30,000 | $ 406,615 | |
CME Group, Inc. | 2,281 | 466,921 | |
London Stock Exchange Group PLC | 14,000 | 1,306,363 | |
Moody's Corp.(1) | 9,981 | 2,714,532 | |
S&P Global, Inc.(1) | 9,242 | 3,115,108 | |
Schroders PLC(1) | 42,659 | 1,393,553 | |
St. James's Place PLC(1) | 160,504 | 2,159,635 | |
$ 11,562,727 | |||
Chemicals — 3.7% | |||
Air Liquide S.A. | 39,976 | $ 5,380,880 | |
Air Products and Chemicals, Inc.(1) | 19,863 | 4,776,654 | |
Akzo Nobel NV | 2,842 | 185,861 | |
BASF SE(1) | 67,072 | 2,934,550 | |
Corteva, Inc.(1) | 4,706 | 254,783 |
Security | Shares | Value | |
Chemicals (continued) | |||
Daicel Corp.(1) | 51,000 | $ 315,282 | |
Dow, Inc.(1) | 4,706 | 242,877 | |
DuPont de Nemours, Inc.(1) | 4,706 | 261,559 | |
Eastman Chemical Co.(1) | 20,943 | 1,880,053 | |
Johnson Matthey PLC(1) | 41,427 | 976,875 | |
Linde PLC(1) | 43,984 | 12,654,208 | |
Mitsubishi Gas Chemical Co., Inc. | 18,200 | 263,281 | |
Nitto Denko Corp. | 22,800 | 1,474,671 | |
Shin-Etsu Chemical Co., Ltd. | 21,800 | 2,450,558 | |
Sumitomo Chemical Co., Ltd. | 35,700 | 139,719 | |
Toray Industries, Inc. | 56,000 | 315,215 | |
Tosoh Corp. | 85,900 | 1,068,486 | |
$ 35,575,512 | |||
Commercial Services & Supplies — 0.3% | |||
Rentokil Initial PLC | 97,214 | $ 563,546 | |
SECOM Co., Ltd. | 29,900 | 1,846,166 | |
Waste Management, Inc.(1) | 3,330 | 509,423 | |
$ 2,919,135 | |||
Communications Equipment — 1.2% | |||
Cisco Systems, Inc.(1) | 224,107 | $ 9,555,922 | |
Nokia Oyj | 317,042 | 1,469,505 | |
$ 11,025,427 | |||
Construction & Engineering — 0.2% | |||
Ferrovial S.A. | 87,175 | $ 2,218,059 | |
$ 2,218,059 | |||
Construction Materials — 0.2% | |||
CRH PLC | 62,332 | $ 2,151,002 | |
$ 2,151,002 | |||
Consumer Finance — 0.4% | |||
American Express Co.(1) | 22,280 | $ 3,088,453 | |
Navient Corp. | 28,416 | 397,540 | |
$ 3,485,993 | |||
Containers & Packaging — 0.2% | |||
Smurfit Kappa Group PLC | 61,889 | $ 2,081,519 | |
$ 2,081,519 | |||
Distributors — 0.3% | |||
LKQ Corp.(1) | 53,930 | $ 2,647,424 | |
$ 2,647,424 |
Security | Shares | Value | |
Diversified Financial Services — 0.5% | |||
Berkshire Hathaway, Inc., Class B(1)(2) | 9,853 | $ 2,690,066 | |
Groupe Bruxelles Lambert S.A. | 4,239 | 355,353 | |
M&G PLC | 286,752 | 679,808 | |
ORIX Corp. | 49,600 | 831,288 | |
$ 4,556,515 | |||
Diversified Telecommunication Services — 0.9% | |||
AT&T, Inc. | 30,000 | $ 628,800 | |
Deutsche Telekom AG(1) | 318,536 | 6,335,441 | |
United Internet AG | 50,979 | 1,461,268 | |
Verizon Communications, Inc.(1) | 9,900 | 502,425 | |
$ 8,927,934 | |||
Electric Utilities — 1.5% | |||
Acciona S.A. | 8,786 | $ 1,618,895 | |
Chubu Electric Power Co., Inc. | 31,500 | 317,186 | |
Edison International(1) | 28,751 | 1,818,213 | |
Enel SpA | 226,448 | 1,241,891 | |
Iberdrola S.A.(1) | 687,868 | 7,161,671 | |
NextEra Energy, Inc.(1) | 26,000 | 2,013,960 | |
Tokyo Electric Power Co.(2) | 40,600 | 169,838 | |
$ 14,341,654 | |||
Electrical Equipment — 0.8% | |||
ABB, Ltd.(1) | 107,459 | $ 2,881,854 | |
Fujikura, Ltd. | 69,000 | 390,845 | |
Legrand S.A.(1) | 47,726 | 3,543,584 | |
Siemens Energy AG | 55,583 | 819,201 | |
$ 7,635,484 | |||
Electronic Equipment, Instruments & Components — 1.3% | |||
Alps Alpine Co., Ltd. | 101,500 | $ 1,031,389 | |
Citizen Watch Co., Ltd. | 164,000 | 667,169 | |
Corning, Inc.(1) | 19,975 | 629,412 | |
Halma PLC | 64,889 | 1,593,164 | |
Kyocera Corp. | 47,900 | 2,560,560 | |
Omron Corp. | 16,100 | 819,437 | |
Taiyo Yuden Co., Ltd. | 51,500 | 1,754,932 | |
TDK Corp. | 93,300 | 2,884,674 | |
$ 11,940,737 | |||
Entertainment — 1.8% | |||
Electronic Arts, Inc.(1) | 45,613 | $ 5,548,821 | |
Netflix, Inc.(1)(2) | 22,508 | 3,935,974 | |
Nintendo Co., Ltd. | 3,100 | 1,333,175 | |
Toho Co., Ltd. | 14,100 | 510,774 |
Security | Shares | Value | |
Entertainment (continued) | |||
Universal Music Group NV | 108,427 | $ 2,172,445 | |
Walt Disney Co. (The)(1)(2) | 41,417 | 3,909,765 | |
$ 17,410,954 | |||
Equity Real Estate Investment Trusts (REITs) — 0.5% | |||
American Tower Corp.(1) | 17,793 | $ 4,547,713 | |
British Land Co. PLC (The) | 35,000 | 191,463 | |
Capital & Counties Properties PLC | 189,600 | 323,713 | |
$ 5,062,889 | |||
Food & Staples Retailing — 1.1% | |||
Costco Wholesale Corp.(1) | 10,600 | $ 5,080,368 | |
Ocado Group PLC(1)(2) | 44,101 | 420,402 | |
Seven & i Holdings Co., Ltd. | 33,700 | 1,307,573 | |
Sysco Corp.(1) | 10,562 | 894,707 | |
Tesco PLC | 703,357 | 2,192,084 | |
Walmart, Inc.(1) | 5,517 | 670,757 | |
$ 10,565,891 | |||
Food Products — 3.3% | |||
Kikkoman Corp. | 3,300 | $ 175,616 | |
Mondelez International, Inc., Class A(1) | 107,285 | 6,661,326 | |
Nestle S.A.(1) | 203,470 | 23,780,084 | |
Nissin Foods Holdings Co., Ltd. | 10,000 | 690,711 | |
Toyo Suisan Kaisha, Ltd. | 5,000 | 195,216 | |
$ 31,502,953 | |||
Gas Utilities — 0.1% | |||
Italgas SpA | 35,014 | $ 204,319 | |
Snam SpA | 175,073 | 918,497 | |
$ 1,122,816 | |||
Health Care Equipment & Supplies — 1.7% | |||
Abbott Laboratories(1) | 80,752 | $ 8,773,705 | |
Boston Scientific Corp.(1)(2) | 30,000 | 1,118,100 | |
Olympus Corp. | 69,400 | 1,406,404 | |
Smith & Nephew PLC | 80,000 | 1,118,782 | |
Terumo Corp. | 112,600 | 3,406,268 | |
Zimmer Biomet Holdings, Inc. | 5,000 | 525,300 | |
$ 16,348,559 | |||
Health Care Providers & Services — 2.0% | |||
CVS Health Corp.(1) | 36,710 | $ 3,401,548 |
Security | Shares | Value | |
Health Care Providers & Services (continued) | |||
McKesson Corp.(1) | 10,557 | $ 3,443,799 | |
UnitedHealth Group, Inc.(1) | 23,890 | 12,270,621 | |
$ 19,115,968 | |||
Health Care Technology — 0.0%(3) | |||
M3, Inc. | 11,400 | $ 328,148 | |
$ 328,148 | |||
Hotels, Restaurants & Leisure — 0.9% | |||
Booking Holdings, Inc.(1)(2) | 2,921 | $ 5,108,800 | |
Yum! Brands, Inc.(1) | 26,696 | 3,030,263 | |
$ 8,139,063 | |||
Household Durables — 0.8% | |||
Barratt Developments PLC(1) | 228,988 | $ 1,280,881 | |
Casio Computer Co., Ltd. | 63,200 | 586,432 | |
Haseko Corp. | 19,500 | 229,027 | |
Nikon Corp. | 49,000 | 565,059 | |
PulteGroup, Inc.(1) | 70,920 | 2,810,560 | |
Sekisui Chemical Co., Ltd. | 61,000 | 836,309 | |
Sony Group Corp. | 21,100 | 1,720,847 | |
$ 8,029,115 | |||
Household Products — 0.6% | |||
Clorox Co. (The)(1) | 9,542 | $ 1,345,231 | |
Henkel AG & Co. KGaA, PFC Shares | 18,309 | 1,132,971 | |
Kimberly-Clark Corp.(1) | 4,027 | 544,249 | |
Procter & Gamble Co. (The)(1) | 6,074 | 873,381 | |
Reckitt Benckiser Group PLC | 28,566 | 2,148,514 | |
$ 6,044,346 | |||
Industrial Conglomerates — 1.5% | |||
3M Co.(1) | 2,786 | $ 360,536 | |
Honeywell International, Inc.(1) | 23,826 | 4,141,197 | |
Nisshinbo Holdings, Inc. | 104,000 | 783,289 | |
Siemens AG(1) | 88,510 | 9,098,518 | |
$ 14,383,540 | |||
Insurance — 3.3% | |||
Ageas S.A./NV | 22,500 | $ 992,083 | |
Allianz SE(1) | 56,176 | 10,769,510 | |
Allstate Corp. (The)(1) | 14,927 | 1,891,699 | |
Chubb, Ltd.(1) | 7,404 | 1,455,478 | |
Cincinnati Financial Corp.(1) | 13,801 | 1,642,043 | |
Hannover Rueck SE | 7,000 | ��1,020,983 | |
Hartford Financial Services Group, Inc.(1) | 16,437 | 1,075,473 |
Security | Shares | Value | |
Insurance (continued) | |||
Legal & General Group PLC | 250,000 | $ 730,893 | |
Lincoln National Corp.(1) | 17,183 | 803,649 | |
Marsh & McLennan Cos., Inc.(1) | 18,342 | 2,847,595 | |
MS&AD Insurance Group Holdings, Inc. | 37,200 | 1,140,678 | |
Principal Financial Group, Inc.(1) | 17,247 | 1,151,927 | |
Prudential Financial, Inc.(1) | 13,233 | 1,266,133 | |
Prudential PLC(1) | 224,243 | 2,789,411 | |
SCOR SE(1) | 61,069 | 1,315,371 | |
$ 30,892,926 | |||
Interactive Media & Services — 4.7% | |||
Alphabet, Inc., Class A(1)(2) | 7,387 | $ 16,098,194 | |
Alphabet, Inc., Class C(1)(2) | 7,574 | 16,567,746 | |
Meta Platforms, Inc., Class A(1)(2) | 72,100 | 11,626,125 | |
$ 44,292,065 | |||
Internet & Direct Marketing Retail — 2.8% | |||
Amazon.com, Inc.(1)(2) | 234,020 | $ 24,855,264 | |
Prosus NV | 25,000 | 1,618,840 | |
$ 26,474,104 | |||
IT Services — 2.9% | |||
Adyen NV(2)(4) | 1,300 | $ 1,876,072 | |
Amadeus IT Group S.A.(2) | 47,489 | 2,659,106 | |
Atos SE | 5,628 | 76,299 | |
Capgemini SE(1) | 23,097 | 3,983,310 | |
Fidelity National Information Services, Inc.(1) | 33,608 | 3,080,845 | |
Global Payments, Inc.(1) | 15,313 | 1,694,230 | |
Mastercard, Inc., Class A(1) | 14,997 | 4,731,253 | |
NEC Corp. | 15,600 | 608,664 | |
NTT Data Corp. | 79,000 | 1,095,954 | |
Obic Co., Ltd. | 2,300 | 327,074 | |
Okta, Inc.(2) | 5,000 | 452,000 | |
Otsuka Corp. | 15,600 | 464,270 | |
PayPal Holdings, Inc.(1)(2) | 52,937 | 3,697,120 | |
Visa, Inc., Class A(1) | 13,600 | 2,677,704 | |
Worldline S.A.(2)(4) | 2,251 | 83,961 | |
$ 27,507,862 | |||
Leisure Products — 0.2% | |||
Hasbro, Inc.(1) | 6,865 | $ 562,106 | |
Yamaha Corp. | 32,400 | 1,335,688 | |
$ 1,897,794 | |||
Life Sciences Tools & Services — 1.1% | |||
PerkinElmer, Inc.(1) | 6,547 | $ 931,114 |
Security | Shares | Value | |
Life Sciences Tools & Services (continued) | |||
Thermo Fisher Scientific, Inc.(1) | 17,359 | $ 9,430,798 | |
$ 10,361,912 | |||
Machinery — 1.4% | |||
Daimler Truck Holding AG(2) | 13,462 | $ 354,534 | |
Dover Corp.(1) | 7,424 | 900,680 | |
Ebara Corp. | 25,500 | 952,872 | |
FANUC Corp. | 22,427 | 3,515,191 | |
Kawasaki Heavy Industries, Ltd. | 8,200 | 153,898 | |
Komatsu, Ltd. | 29,200 | 650,201 | |
Makita Corp. | 7,700 | 190,856 | |
Mitsui E&S Holdings Co., Ltd. (2) | 69,200 | 170,925 | |
Parker-Hannifin Corp.(1) | 7,147 | 1,758,519 | |
SMC Corp. | 1,500 | 667,709 | |
Snap-on, Inc.(1) | 6,143 | 1,210,355 | |
Stanley Black & Decker, Inc.(1) | 24,657 | 2,585,533 | |
Toyota Industries Corp. | 6,400 | 396,847 | |
$ 13,508,120 | |||
Media — 0.8% | |||
Charter Communications, Inc., Class A(1)(2) | 5,813 | $ 2,723,565 | |
Comcast Corp., Class A(1) | 98,308 | 3,857,606 | |
Hakuhodo DY Holdings, Inc. | 20,900 | 191,985 | |
Vivendi SE | 108,427 | 1,106,486 | |
$ 7,879,642 | |||
Metals & Mining — 1.1% | |||
Glencore PLC | 1,152,251 | $ 6,241,094 | |
Mitsui Mining & Smelting Co., Ltd. | 13,200 | 307,854 | |
Rio Tinto PLC(1) | 66,510 | 3,976,408 | |
$ 10,525,356 | |||
Multiline Retail — 0.4% | |||
Next PLC(1) | 41,584 | $ 2,970,773 | |
Target Corp.(1) | 7,168 | 1,012,337 | |
$ 3,983,110 | |||
Multi-Utilities — 1.1% | |||
CMS Energy Corp.(1) | 90,509 | $ 6,109,357 | |
Engie S.A. | 168,092 | 1,946,331 | |
NiSource, Inc.(1) | 42,420 | 1,250,966 | |
Veolia Environnement S.A. | 37,663 | 923,244 | |
$ 10,229,898 | |||
Oil, Gas & Consumable Fuels — 3.4% | |||
APA Corp.(1) | 25,465 | $ 888,729 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Chevron Corp.(1) | 36,290 | $ 5,254,066 | |
ConocoPhillips | 5,771 | 518,294 | |
Idemitsu Kosan Co., Ltd. | 28,500 | 680,827 | |
Marathon Petroleum Corp.(1) | 27,916 | 2,294,974 | |
Phillips 66(1) | 36,105 | 2,960,249 | |
Royal Dutch Shell PLC | 268,058 | 6,980,975 | |
TotalEnergies SE(1) | 245,487 | 12,921,691 | |
$ 32,499,805 | |||
Paper & Forest Products — 0.1% | |||
Mondi PLC | 38,326 | $ 680,293 | |
Oji Holdings Corp. | 22,500 | 97,477 | |
$ 777,770 | |||
Personal Products — 1.2% | |||
Estee Lauder Cos., Inc. (The), Class A(1) | 16,077 | $ 4,094,330 | |
Kao Corp. | 32,454 | 1,315,992 | |
Unilever PLC(5) | 4,019 | 183,185 | |
Unilever PLC(5) | 128,549 | 5,838,740 | |
$ 11,432,247 | |||
Pharmaceuticals — 6.9% | |||
Astellas Pharma, Inc. | 205,900 | $ 3,212,389 | |
AstraZeneca PLC(1) | 56,549 | 7,460,042 | |
Bayer AG(1) | 26,130 | 1,560,388 | |
Bristol-Myers Squibb Co.(1) | 18,026 | 1,388,002 | |
Chugai Pharmaceutical Co., Ltd. | 105,900 | 2,708,973 | |
Daiichi Sankyo Co., Ltd. | 62,100 | 1,579,357 | |
Eisai Co., Ltd. | 14,646 | 619,234 | |
Eli Lilly & Co.(1) | 13,232 | 4,290,211 | |
Euroapi S.A.(2) | 3,751 | 59,175 | |
Johnson & Johnson(1) | 13,558 | 2,406,681 | |
Merck & Co., Inc.(1) | 25,250 | 2,302,042 | |
Novartis AG(1) | 142,782 | 12,105,141 | |
Organon & Co.(1) | 2,525 | 85,219 | |
Pfizer, Inc.(1) | 14,458 | 758,033 | |
Roche Holding AG PC(1) | 45,591 | 15,241,063 | |
Sanofi (1) | 86,276 | 8,700,592 | |
UCB S.A. | 9,177 | 777,652 | |
Viatris, Inc.(1) | 1,793 | 18,773 | |
$ 65,272,967 | |||
Professional Services — 0.8% | |||
Equifax, Inc.(1) | 11,910 | $ 2,176,910 | |
Experian PLC | 85,608 | 2,513,519 | |
Recruit Holdings Co., Ltd. | 28,600 | 842,282 |
Security | Shares | Value | |
Professional Services (continued) | |||
Robert Half International, Inc.(1) | 26,747 | $ 2,003,083 | |
Wolters Kluwer NV | 961 | 93,138 | |
$ 7,628,932 | |||
Real Estate Management & Development — 0.5% | |||
CBRE Group, Inc., Class A(1)(2) | 37,761 | $ 2,779,587 | |
Daito Trust Construction Co., Ltd. | 5,500 | 475,783 | |
Heiwa Real Estate Co., Ltd. | 34,400 | 987,255 | |
Sumitomo Realty & Development Co., Ltd. | 19,400 | 512,135 | |
$ 4,754,760 | |||
Road & Rail — 0.9% | |||
Canadian Pacific Railway, Ltd.(1) | 41,725 | $ 2,914,074 | |
Central Japan Railway Co. | 6,200 | 712,583 | |
CSX Corp.(1) | 117,095 | 3,402,781 | |
East Japan Railway Co. | 8,300 | 424,538 | |
Keio Corp. | 19,000 | 681,600 | |
$ 8,135,576 | |||
Semiconductors & Semiconductor Equipment — 7.3% | |||
Advantest Corp. | 26,800 | $ 1,441,216 | |
Analog Devices, Inc.(1) | 25,340 | 3,701,921 | |
ASML Holding NV(1) | 28,290 | 13,365,269 | |
Enphase Energy, Inc.(1)(2) | 17,850 | 3,485,034 | |
Infineon Technologies AG | 66,560 | 1,619,106 | |
Intel Corp.(1) | 255,724 | 9,566,635 | |
Marvell Technology, Inc.(1) | 82,514 | 3,591,834 | |
Micron Technology, Inc. | 46,000 | 2,542,880 | |
Monolithic Power Systems, Inc. | 2,000 | 768,080 | |
NXP Semiconductors NV(1) | 40,985 | 6,067,009 | |
ON Semiconductor Corp.(2) | 30,000 | 1,509,300 | |
SolarEdge Technologies, Inc.(2) | 2,400 | 656,832 | |
STMicroelectronics NV | 35,000 | 1,106,877 | |
Teradyne, Inc.(1) | 9,711 | 869,620 | |
Texas Instruments, Inc.(1) | 78,884 | 12,120,526 | |
Tokyo Electron, Ltd. | 22,300 | 7,278,568 | |
$ 69,690,707 | |||
Software — 6.9% | |||
Adobe, Inc.(1)(2) | 13,000 | $ 4,758,780 | |
Citrix Systems, Inc.(1) | 25,268 | 2,455,291 | |
Dassault Systemes SE | 48,500 | 1,796,482 | |
Microsoft Corp.(1) | 188,008 | 48,286,095 | |
Oracle Corp.(1) | 34,518 | 2,411,773 | |
Sage Group PLC (The) | 144,457 | 1,118,643 |
Security | Shares | Value | |
Software (continued) | |||
Trend Micro, Inc. | 28,597 | $ 1,399,005 | |
Zscaler, Inc.(1)(2) | 23,802 | 3,558,637 | |
$ 65,784,706 | |||
Specialty Retail — 2.0% | |||
Fast Retailing Co., Ltd. | 19,700 | $ 10,347,955 | |
Fnac Darty S.A. | 922 | 39,221 | |
Home Depot, Inc. (The)(1) | 10,573 | 2,899,857 | |
Lowe's Cos., Inc.(1) | 28,810 | 5,032,243 | |
USS Co., Ltd. | 27,200 | 471,432 | |
$ 18,790,708 | |||
Technology Hardware, Storage & Peripherals — 5.7% | |||
Apple, Inc.(1) | 376,691 | $ 51,501,194 | |
Hewlett Packard Enterprise Co.(1) | 78,955 | 1,046,943 | |
HP, Inc.(1) | 39,615 | 1,298,580 | |
$ 53,846,717 | |||
Textiles, Apparel & Luxury Goods — 2.8% | |||
adidas AG | 18,913 | $ 3,359,533 | |
Kering S.A.(1) | 7,696 | 3,988,274 | |
LVMH Moet Hennessy Louis Vuitton SE(1) | 25,872 | 15,856,370 | |
NIKE, Inc., Class B(1) | 33,397 | 3,413,173 | |
$ 26,617,350 | |||
Tobacco — 0.8% | |||
British American Tobacco PLC(1) | 161,811 | $ 6,935,909 | |
Japan Tobacco, Inc. | 34,000 | 589,178 | |
$ 7,525,087 | |||
Trading Companies & Distributors — 0.7% | |||
Ferguson PLC | 38,043 | $ 4,261,672 | |
Marubeni Corp. | 37,800 | 339,126 | |
Mitsubishi Corp. | 21,400 | 637,317 | |
Sumitomo Corp. | 96,700 | 1,314,485 | |
$ 6,552,600 | |||
Transportation Infrastructure — 0.1% | |||
Aeroports de Paris(2) | 6,667 | $ 849,911 | |
$ 849,911 | |||
Wireless Telecommunication Services — 1.2% | |||
KDDI Corp. | 129,000 | $ 4,067,932 | |
SoftBank Group Corp. | 116,996 | 4,534,588 |
Security | Shares | Value | |
Wireless Telecommunication Services (continued) | |||
T-Mobile US, Inc.(1)(2) | 18,500 | $ 2,488,990 | |
Vodafone Group PLC | 100,000 | 155,489 | |
$ 11,246,999 | |||
Total Common Stocks (identified cost $378,198,194) | $953,780,099 |
Short-Term Investments — 0.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.38%(6) | 4,293,797 | $ 4,293,797 | |
Total Short-Term Investments (identified cost $4,293,797) | $ 4,293,797 | ||
Total Investments — 100.8% (identified cost $382,491,991) | $958,073,896 | ||
Total Written Call Options — (0.6)% (premiums received $13,977,584) | $ (6,017,121) | ||
Other Assets, Less Liabilities — (0.2)% | $ (1,159,255) | ||
Net Assets — 100.0% | $950,897,520 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security (or a portion thereof) has been pledged as collateral for written options. |
(2) | Non-income producing security. |
(3) | Amount is less than 0.05%. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2022, the aggregate value of these securities is $1,960,033 or 0.2% of the Fund's net assets. |
(5) | Securities are traded on separate exchanges for the same entity. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2022. |
Country Concentration of Portfolio | ||
Country | Percentage of Total Investments | Value |
United States | 54.2% | $519,200,089 |
Japan | 11.0 | 105,570,048 |
United Kingdom | 8.0 | 76,854,188 |
France | 7.1 | 68,318,159 |
Switzerland | 5.8 | 55,463,620 |
Germany | 5.2 | 49,461,331 |
Netherlands | 3.9 | 37,581,596 |
Ireland | 1.8 | 16,886,729 |
Spain | 1.4 | 13,657,731 |
Italy | 0.6 | 6,256,011 |
Belgium | 0.4 | 3,403,450 |
Canada | 0.3 | 2,914,074 |
Finland | 0.2 | 1,469,505 |
Denmark | 0.1 | 1,037,365 |
Total Investments | 100.0% | $958,073,896 |
Written Call Options (Exchange-Traded) — (0.6)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
Dow Jones Euro Stoxx 50 Index | 1,210 | EUR | 41,803,806 | EUR | 3,875 | 7/1/22 | $ — |
Dow Jones Euro Stoxx 50 Index | 1,230 | EUR | 42,494,778 | EUR | 3,775 | 7/8/22 | (8,864) |
Dow Jones Euro Stoxx 50 Index | 1,230 | EUR | 42,494,778 | EUR | 3,600 | 7/15/22 | (260,813) |
Dow Jones Euro Stoxx 50 Index | 1,270 | EUR | 43,876,722 | EUR | 3,625 | 7/22/22 | (319,529) |
FTSE 100 Index | 950 | GBP | 68,108,160 | GBP | 7,325 | 7/15/22 | (636,451) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 12,950 | 7/1/22 | (560) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 12,950 | 7/5/22 | (490) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 13,000 | 7/6/22 | (1,015) |
NASDAQ 100 Index | 15 | USD | 17,255,580 | USD | 12,350 | 7/8/22 | (20,100) |
NASDAQ 100 Index | 15 | USD | 17,255,580 | USD | 11,850 | 7/11/22 | (143,550) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 11,800 | 7/13/22 | (204,820) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 11,600 | 7/15/22 | (352,310) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 11,900 | 7/18/22 | (212,380) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 12,050 | 7/20/22 | (176,680) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 12,350 | 7/22/22 | (104,790) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 12,350 | 7/25/22 | (113,610) |
NASDAQ 100 Index | 14 | USD | 16,105,208 | USD | 12,000 | 7/27/22 | (267,400) |
Nikkei 225 Index | 120 | JPY | 3,167,164,800 | JPY | 28,375 | 7/1/22 | — |
Nikkei 225 Index | 130 | JPY | 3,431,095,200 | JPY | 28,625 | 7/8/22 | (885) |
Nikkei 225 Index | 130 | JPY | 3,431,095,200 | JPY | 26,750 | 7/15/22 | (271,201) |
Nikkei 225 Index | 130 | JPY | 3,431,095,200 | JPY | 27,000 | 7/22/22 | (260,522) |
S&P 500 Index | 65 | USD | 24,604,970 | USD | 4,200 | 7/1/22 | (163) |
S&P 500 Index | 64 | USD | 24,226,432 | USD | 4,210 | 7/5/22 | (320) |
S&P 500 Index | 65 | USD | 24,604,970 | USD | 4,225 | 7/6/22 | (325) |
Written Call Options (Exchange-Traded) (continued) | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 65 | USD | 24,604,970 | USD | 4,025 | 7/8/22 | $ (10,400) |
S&P 500 Index | 65 | USD | 24,604,970 | USD | 3,890 | 7/11/22 | (123,175) |
S&P 500 Index | 65 | USD | 24,604,970 | USD | 3,875 | 7/13/22 | (207,350) |
S&P 500 Index | 66 | USD | 24,983,508 | USD | 3,780 | 7/15/22 | (548,790) |
S&P 500 Index | 66 | USD | 24,983,508 | USD | 3,850 | 7/18/22 | (340,560) |
S&P 500 Index | 66 | USD | 24,983,508 | USD | 3,900 | 7/20/22 | (252,120) |
S&P 500 Index | 65 | USD | 24,604,970 | USD | 3,950 | 7/22/22 | (180,050) |
S&P 500 Index | 65 | USD | 24,604,970 | USD | 3,975 | 7/25/22 | (157,950) |
S&P 500 Index | 66 | USD | 24,983,508 | USD | 3,910 | 7/27/22 | (323,400) |
SMI Index | 350 | CHF | 37,594,235 | CHF | 10,800 | 7/15/22 | (516,548) |
Total | $(6,017,121) |
Abbreviations: | |
PC | – Participation Certificate |
PFC Shares | – Preference Shares |
Currency Abbreviations: | |
CHF | – Swiss Franc |
EUR | – Euro |
GBP | – British Pound Sterling |
JPY | – Japanese Yen |
USD | – United States Dollar |
June 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $378,198,194) | $ 953,780,099 |
Affiliated investment, at value (identified cost $4,293,797) | 4,293,797 |
Foreign currency, at value (identified cost $166,772) | 167,970 |
Dividends receivable | 689,367 |
Dividends receivable from affiliated investment | 5,852 |
Receivable for investments sold | 3,140,459 |
Tax reclaims receivable | 2,100,174 |
Total assets | $964,177,718 |
Liabilities | |
Written options outstanding, at value (premiums received $13,977,584) | $ 6,017,121 |
Payable for investments purchased | 6,198,548 |
Payable to affiliates: | |
Investment adviser fee | 805,500 |
Trustees' fees | 14,703 |
Accrued expenses | 244,326 |
Total liabilities | $ 13,280,198 |
Net Assets | $950,897,520 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $ 1,094,604 |
Additional paid-in capital | 352,342,070 |
Distributable earnings | 597,460,846 |
Net Assets | $950,897,520 |
Common Shares Issued and Outstanding | 109,460,437 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $ 8.69 |
Six Months Ended | |
June 30, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,146,781) | $ 13,350,717 |
Dividend income from affiliated investment | 10,531 |
Total investment income | $ 13,361,248 |
Expenses | |
Investment adviser fee | $ 5,309,404 |
Trustees’ fees and expenses | 30,242 |
Custodian fee | 186,220 |
Transfer and dividend disbursing agent fees | 8,952 |
Legal and accounting services | 33,100 |
Printing and postage | 202,011 |
Miscellaneous | 50,382 |
Total expenses | $ 5,820,311 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 1,152 |
Total expense reductions | $ 1,152 |
Net expenses | $ 5,819,159 |
Net investment income | $ 7,542,089 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 2,459,096 |
Written options | 59,317,648 |
Foreign currency transactions | (174,168) |
Net realized gain | $ 61,602,576 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (276,513,542) |
Written options | 10,452,543 |
Foreign currency | (126,455) |
Net change in unrealized appreciation (depreciation) | $(266,187,454) |
Net realized and unrealized loss | $(204,584,878) |
Net decrease in net assets from operations | $(197,042,789) |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 7,542,089 | $ 8,526,619 |
Net realized gain | 61,602,576 | 76,196,734 |
Net change in unrealized appreciation (depreciation) | (266,187,454) | 75,979,280 |
Net increase (decrease) in net assets from operations | $ (197,042,789) | $ 160,702,633 |
Distributions to shareholders | $ (47,693,456) | $ (74,532,361) |
Tax return of capital to shareholders | $ — | $ (19,532,395) |
Capital share transactions: | ||
Proceeds from shelf offering, net of offering costs (see Note 5) | $ 5,083,716 | $ 12,205,210 |
Reinvestment of distributions | 1,230,705 | 2,876,688 |
Net increase in net assets from capital share transactions | $ 6,314,421 | $ 15,081,898 |
Net increase (decrease) in net assets | $ (238,421,824) | $ 81,719,775 |
Net Assets | ||
At beginning of period | $1,189,319,344 | $ 1,107,599,569 |
At end of period | $ 950,897,520 | $1,189,319,344 |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 10.930 | $ 10.300 | $ 10.470 | $ 9.690 | $ 11.590 | $ 10.710 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.069 | $ 0.079 | $ 0.087 | $ 0.129 | $ 0.141 | $ 0.135 |
Net realized and unrealized gain (loss) | (1.874) | 1.421 | 0.615 | 1.523 | (0.950) | 1.850 |
Total income (loss) from operations | $ (1.805) | $ 1.500 | $ 0.702 | $ 1.652 | $ (0.809) | $ 1.985 |
Less Distributions | ||||||
From net investment income | $ (0.436) | $ (0.164) | $ (0.080) | $ (0.142) | $ (0.129) | $ (0.149) |
From net realized gain | — | (0.527) | (0.436) | (0.089) | (0.550) | — |
Tax return of capital | — | (0.181) | (0.356) | (0.641) | (0.413) | (0.956) |
Total distributions | $ (0.436) | $ (0.872) | $ (0.872) | $ (0.872) | $ (1.092) | $ (1.105) |
Premium from common shares sold through shelf offering (see Note 5)(1) | $ 0.001 | $ 0.002 | $ — | $ — | $ 0.001 | $ — |
Net asset value — End of period | $ 8.690 | $ 10.930 | $ 10.300 | $ 10.470 | $ 9.690 | $ 11.590 |
Market value — End of period | $ 8.310 | $ 11.190 | $ 9.680 | $ 10.370 | $ 9.530 | $ 11.920 |
Total Investment Return on Net Asset Value(2) | (16.76)% (3) | 15.19% | 8.55% | 18.05% | (7.72)% | 19.28% |
Total Investment Return on Market Value(2) | (22.25)% (3) | 25.48% | 3.00% | 18.88% | (11.76)% | 30.47% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $950,898 | $1,189,319 | $1,107,600 | $1,125,503 | $1,040,883 | $1,236,915 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.10% (4)(5) | 1.09% | 1.10% | 1.10% | 1.09% | 1.09% |
Net investment income | 1.42% (4) | 0.74% | 0.91% | 1.26% | 1.27% | 1.20% |
Portfolio Turnover | 2% (3) | 3% | 7% | 2% | 4% | 1% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
Aggregate cost | $ 378,814,505 |
Gross unrealized appreciation | $ 585,513,019 |
Gross unrealized depreciation | (12,270,749) |
Net unrealized appreciation | $ 573,242,270 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Written options | $ — | $(6,017,121) |
(1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Written options | $59,317,648 | $10,452,543 |
(1) | Statement of Operations location: Net realized gain (loss): Written options. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $ — | $41,230,131 | $(36,936,334) | $ — | $ — | $4,293,797 | $10,531 | 4,293,797 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Communication Services | $ 67,888,011 | $ 21,869,583 | $ — | $ 89,757,594 |
Consumer Discretionary | 65,244,479 | 57,525,894 | — | 122,770,373 |
Consumer Staples | 33,029,270 | 51,194,937 | — | 84,224,207 |
Energy | 11,916,312 | 20,583,493 | — | 32,499,805 |
Financials | 37,721,941 | 47,552,042 | — | 85,273,983 |
Health Care | 65,269,953 | 60,224,433 | — | 125,494,386 |
Industrials | 31,680,890 | 55,659,529 | — | 87,340,419 |
Information Technology | 186,715,450 | 53,080,706 | — | 239,796,156 |
Materials | 7,415,926 | 43,695,233 | — | 51,111,159 |
Real Estate | 7,327,300 | 2,490,349 | — | 9,817,649 |
Utilities | 11,192,496 | 14,501,872 | — | 25,694,368 |
Total Common Stocks | $ 525,402,028 | $ 428,378,071* | $ — | $ 953,780,099 |
Short-Term Investments | $ 4,293,797 | $ — | $ — | $ 4,293,797 |
Total Investments | $ 529,695,825 | $ 428,378,071 | $ — | $ 958,073,896 |
Liability Description | ||||
Written Call Options | $ (3,742,308) | $ (2,274,813) | $ — | $ (6,017,121) |
Total | $ (3,742,308) | $ (2,274,813) | $ — | $ (6,017,121) |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Number of Shares | ||||
Nominees for Trustee | For | Withheld | ||
George J. Gorman | 86,051,291 | 1,870,618 | ||
William H. Park* | 86,038,696 | 1,883,213 | ||
Keith Quinton | 86,159,423 | 1,762,486 | ||
Susan J. Sutherland | 86,246,051 | 1,675,858 |
Officers | |
Edward J. Perkin President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Ms. Wiser began serving as a Trustee effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
State Street Financial Center, One Lincoln Street
Boston, MA 02111
6201 15th Avenue
Brooklyn, NY 11219
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. | |
(c) | Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
By: | /s/ Edward J. Perkin | |
Edward J. Perkin President | ||
Date: | August 22, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner Treasurer | ||
Date: | August 22, 2022 |
By: | /s/ Edward J. Perkin | |
Edward J. Perkin President | ||
Date: | August 22, 2022 |