Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

 

 

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

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2016

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund (ETW)

Semiannual Report

June 30, 2016

 

 

 

 

LOGO


 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.0973 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.

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

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


Semiannual Report June 30, 2016

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

Table of Contents

 

Performance

     2   

Fund Profile

     3   

Fund Snapshot

     4   

Endnotes and Additional Disclosures

     5   

Financial Statements

     6   

Annual Meeting of Shareholders

     24   

Board of Trustees’ Contract Approval

     25   

Officers and Trustees

     28   

Important Notices

     29   


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Performance1

 

Portfolio Managers Michael A. Allison, CFA and Thomas C. Seto

 

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

Fund at NAV

     09/30/2005         –0.57      –2.00      6.37      5.83

Fund at Market Price

             –2.17         –2.12         7.50         5.68   

S&P 500 Index

             3.84      3.99      12.09      7.42

FTSE Eurotop 100 Index

             –4.36         –11.07         0.75         1.64   

CBOE S&P 500 BuyWrite Index

             2.43         3.99         6.96         4.62   

CBOE NASDAQ–100 BuyWrite Index

             –1.26         3.47         6.23         3.74   
              
% Premium/Discount to NAV2                                        
                 –4.42
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.584   

Distribution Rate at NAV

                 10.74

Distribution Rate at Market Price

                 11.24

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Fund Profile

 

 

Sector Allocation (% of total investments)4

 

 

 

LOGO

Country Allocation (% of total investments)4

 

 

 

LOGO

Top 10 Holdings (% of total investments)4

 

 

 

Apple, Inc.

    3.7

Microsoft Corp.

    2.9   

Amazon.com, Inc.

    2.4   

Nestle SA

    2.1   

Roche Holding AG PC

    1.7   

Alphabet, Inc., Class A

    1.7   

Facebook, Inc., Class A

    1.6   

Novartis AG

    1.6   

Comcast Corp., Class A

    1.4   

Alphabet, Inc., Class C

    1.4   

Total

    20.5
 

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Fund Snapshot

 

 

Objective   The primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.
Strategy   The Fund invests in a diversified portfolio of common stocks and writes call options on one or more U.S. and foreign indices on a substantial portion of the value of its common stock portfolio to generate current earnings from the option premium. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the Fund.

Options Strategy

  Write Index Covered Calls

Equity Benchmarks1

 

S&P 500 Index

FTSE Eurotop 100 Index

Morningstar Category

  World Stock

Distribution Frequency

  Monthly
Common Stock Portfolio    

Positions Held

  404

% US / Non-US

  55.2/44.8

Average Market Cap

  $132.4 Billion
Call Options Written    

% of Stock Portfolio

  94%

Average Days to Expiration

  14 days

% Out of the Money

  1.2%
The following terms as used in the Fund snapshot:
Average Market Cap: An indicator of the size of the companies in which the Fund invests and is the sum of each security’s weight in the portfolio multiplied by its market cap. Market Cap is determined by multiplying the price of a share of a company’s common stock by the number of shares outstanding.
Call Option: For an index call option, the buyer has the right to receive from the seller (or writer) a cash payment at the option expiration date equal to any positive difference between the value of the index at contract expiration and the exercise price. The buyer of a call option makes a cash payment (premium) to the seller (writer) of the option upon entering into the option contract.
Covered Call Strategy: A strategy of owning a portfolio of common stocks and writing call options on all or a portion of such stocks to generate current earnings from option premium.

Out of the Money: For a call option on an index, the extent to which the exercise price of the option exceeds the current price of the value of the index.

 

 

    

 

 

See Endnotes and Additional Disclosures in this report.

 

  4  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Endnotes and Additional Disclosures

 

 

1 S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. FTSE Eurotop 100 Index is a tradable index designed to represent the performance of the 100 most highly capitalized blue-chip companies in Europe. The return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. CBOE NASDAQ–100 BuyWrite Index 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. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

2 The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund 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 http://eatonvance.com/closedend.

 

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.

 

4 Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.

 

   Fund snapshot and profile subject to change due to active management.
 

 

  5  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited)

 

 

Common Stocks — 99.9%   
   
Security   Shares     Value  

Aerospace & Defense — 1.9%

  

Airbus Group SE

    97,477      $ 5,587,374   

General Dynamics Corp.

    6,866        956,022   

Honeywell International, Inc.

    31,549        3,669,780   

L-3 Communications Holdings, Inc.

    5,966        875,153   

Northrop Grumman Corp.

    13,028        2,895,864   

Raytheon Co.

    33,521        4,557,180   

Rolls-Royce Holdings PLC

    306,584        2,926,332   

Textron, Inc.

    30,061        1,099,030   
                 
    $ 22,566,735   
                 

Air Freight & Logistics — 0.3%

  

Deutsche Post AG

    61,060      $ 1,720,212   

Expeditors International of Washington, Inc.

    33,631        1,649,264   

United Parcel Service, Inc., Class B

    2,894        311,742   
                 
    $ 3,681,218   
                 

Airlines — 0.2%

  

Delta Air Lines, Inc.

    28,000      $ 1,020,040   

International Consolidated Airlines Group SA

    154,503        766,287   
                 
    $ 1,786,327   
                 

Auto Components — 0.8%

  

Aisin Seiki Co., Ltd.

    10,200      $ 415,479   

Compagnie Generale des Etablissements Michelin, Class B

    26,277        2,476,359   

Dana Holding Corp.

    25,444        268,689   

Denso Corp.

    60,300        2,121,675   

Johnson Controls, Inc.

    55,056        2,436,779   

Toyoda Gosei Co., Ltd.

    12,800        227,959   

Toyota Industries Corp.

    6,400        254,463   

Yokohama Rubber Co., Ltd. (The)

    75,500        946,922   
                 
    $ 9,148,325   
                 

Automobiles — 1.3%

  

Daimler AG

    142,505      $ 8,527,259   

Ford Motor Co.

    97,101        1,220,559   

Honda Motor Co., Ltd.

    66,900        1,678,203   

Isuzu Motors, Ltd.

    99,500        1,225,540   

Mazda Motor Corp.

    49,000        648,430   

Toyota Motor Corp.

    21,500        1,059,918   

Volkswagen AG, PFC Shares

    4,332        524,693   
                 
    $ 14,884,602   
                 
Security   Shares     Value  

Banks — 4.8%

  

Banco Bilbao Vizcaya Argentaria SA

    1,093,541      $ 6,265,387   

Banco Santander SA

    344,280        1,336,038   

Bank of America Corp.

    84,035        1,115,144   

Barclays PLC

    368,179        684,770   

BB&T Corp.

    22,204        790,684   

BNP Paribas SA

    127,193        5,578,114   

Citigroup, Inc.

    10,022        424,833   

Credit Agricole SA

    243,088        2,043,624   

Danske Bank A/S

    77,886        2,049,989   

Fifth Third Bancorp

    112,006        1,970,186   

First Horizon National Corp.

    19,470        268,297   

Hiroshima Bank, Ltd. (The)

    87,000        290,699   

HSBC Holdings PLC

    595,388        3,688,755   

Huntington Bancshares, Inc.

    307,053        2,745,054   

ING Groep NV

    203,360        2,103,942   

Intesa Sanpaolo SpA

    2,776,853        5,289,100   

JPMorgan Chase & Co.

    47,825        2,971,845   

KBC Group NV(1)

    22,722        1,117,488   

KeyCorp

    238,919        2,640,055   

Lloyds Banking Group PLC

    2,800,127        2,028,101   

Mizuho Financial Group, Inc.

    155,441        223,689   

PNC Financial Services Group, Inc. (The)

    27,907        2,271,351   

Shinsei Bank, Ltd.

    336,000        489,546   

Societe Generale SA

    75,000        2,346,441   

Sumitomo Mitsui Financial Group, Inc.

    3,508        101,294   

SunTrust Banks, Inc.

    19,446        798,842   

U.S. Bancorp

    20,850        840,880   

Wells Fargo & Co.

    51,808        2,452,073   

Zions Bancorporation

    14,099        354,308   
                 
    $ 55,280,529   
                 

Beverages — 2.1%

  

Anheuser-Busch Inbev SA/NV

    11,465      $ 1,516,089   

Coca-Cola Co. (The)

    100,476        4,554,577   

Constellation Brands, Inc., Class A

    33,994        5,622,608   

Heineken Holding NV

    24,773        2,007,149   

Heineken NV

    7,692        705,524   

Kirin Holdings Co., Ltd.

    59,000        995,104   

PepsiCo, Inc.

    70,441        7,462,520   

SABMiller PLC

    9,335        544,408   

Takara Holdings, Inc.

    84,000        772,156   
                 
    $ 24,180,135   
                 
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Biotechnology — 3.4%

  

AbbVie, Inc.

    48,532      $ 3,004,616   

Amgen, Inc.

    81,478        12,396,878   

BioMarin Pharmaceutical, Inc.(1)

    19,589        1,524,024   

Celgene Corp.(1)

    102,074        10,067,558   

Gilead Sciences, Inc.

    146,835        12,248,976   
                 
    $ 39,242,052   
                 

Building Products — 0.5%

  

Daikin Industries, Ltd.

    63,100      $ 5,303,224   
                 
    $ 5,303,224   
                 

Capital Markets — 0.8%

  

Aberdeen Asset Management PLC

    487,115      $ 1,827,601   

Affiliated Managers Group, Inc.(1)

    4,285        603,200   

Franklin Resources, Inc.

    27,848        929,288   

GAM Holding AG

    58,376        623,185   

Julius Baer Group, Ltd.

    60,191        2,422,585   

Morgan Stanley

    65,092        1,691,090   

State Street Corp.

    25,132        1,355,117   
                 
    $ 9,452,066   
                 

Chemicals — 2.4%

  

Air Products and Chemicals, Inc.

    32,423      $ 4,605,363   

Akzo Nobel NV

    10,908        677,613   

BASF SE

    108,986        8,356,906   

Daicel Corp.

    51,000        528,465   

Dow Chemical Co. (The)

    14,120        701,905   

Eastman Chemical Co.

    22,750        1,544,725   

Johnson Matthey PLC

    77,449        2,904,897   

Kaneka Corp.

    57,000        380,318   

Linde AG

    16,210        2,258,645   

Mitsubishi Gas Chemical Co., Inc.

    55,000        286,930   

Nitto Denko Corp.

    39,400        2,499,306   

Shin-Etsu Chemical Co., Ltd.

    23,600        1,382,687   

Showa Denko K.K.

    15,100        142,351   

Solvay SA

    5,637        526,540   

Sumitomo Chemical Co., Ltd.

    25,000        103,152   

Toray Industries, Inc.

    59,000        503,441   

Tosoh Corp.

    173,000        797,985   
                 
    $ 28,201,229   
                 
Security   Shares     Value  

Commercial Services & Supplies — 0.4%

  

SECOM Co., Ltd.

    44,800      $ 3,312,189   

Waste Management, Inc.

    23,366        1,548,465   
                 
    $ 4,860,654   
                 

Communications Equipment — 1.3%

  

Cisco Systems, Inc.

    394,295      $ 11,312,323   

Nokia Oyj

    585,778        3,336,264   
                 
    $ 14,648,587   
                 

Construction & Engineering — 0.2%

  

Chiyoda Corp.

    42,000      $ 277,750   

Ferrovial SA

    81,605        1,597,660   

JGC Corp.

    18,000        257,681   

Quanta Services, Inc.(1)

    17,703        409,293   
                 
    $ 2,542,384   
                 

Construction Materials — 0.2%

  

CRH PLC

    62,332      $ 1,816,375   

Imerys SA

    4,825        307,863   

Vulcan Materials Co.

    4,339        522,242   
                 
    $ 2,646,480   
                 

Consumer Finance — 0.3%

  

American Express Co.

    42,280      $ 2,568,933   

Navient Corp.

    50,603        604,706   
                 
    $ 3,173,639   
                 

Containers & Packaging — 0.2%

  

International Paper Co.

    16,999      $ 720,418   

Sealed Air Corp.

    27,433        1,261,095   

Toyo Seikan Kaisha, Ltd.

    19,800        378,339   
                 
    $ 2,359,852   
                 

Distributors — 0.4%

  

Genuine Parts Co.

    28,642      $ 2,900,002   

LKQ Corp.(1)

    53,930        1,709,581   
                 
    $ 4,609,583   
                 

Diversified Financial Services — 1.0%

  

Berkshire Hathaway, Inc., Class B(1)

    16,883      $ 2,444,490   

CME Group, Inc.

    4,775        465,085   

Deutsche Boerse AG

    11,870        975,176   

Groupe Bruxelles Lambert SA

    4,239        347,622   
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Diversified Financial Services (continued)

  

Investor AB, Class B

    56,000      $ 1,881,364   

Moody’s Corp.

    18,539        1,737,290   

ORIX Corp.

    41,300        534,441   

S&P Global, Inc.

    27,142        2,911,251   
                 
    $ 11,296,719   
                 

Diversified Telecommunication Services — 2.4%

  

AT&T, Inc.

    113,635      $ 4,910,168   

BT Group PLC

    1,077,585        5,923,050   

Deutsche Telekom AG

    220,347        3,757,414   

Frontier Communications Corp.

    123,229        608,751   

Orange SA

    196,573        3,196,376   

Proximus SADP

    25,589        813,179   

Telefonica SA

    271,701        2,579,478   

Verizon Communications, Inc.

    105,653        5,899,664   
                 
    $ 27,688,080   
                 

Electric Utilities — 0.8%

  

Acciona SA

    8,786      $ 641,135   

Duke Energy Corp.

    8,897        763,274   

Edison International

    51,169        3,974,296   

Hokkaido Electric Power Co., Inc.

    52,600        427,278   

Iberdrola SA

    585,464        3,993,780   
                 
    $ 9,799,763   
                 

Electrical Equipment — 0.8%

  

ABB, Ltd.

    292,957      $ 5,798,231   

Fujikura, Ltd.

    69,000        318,693   

Legrand SA

    47,726        2,443,156   

Mabuchi Motor Co., Ltd.

    10,000        423,547   
                 
    $ 8,983,627   
                 

Electronic Equipment, Instruments & Components — 0.8%

  

Alps Electric Co., Ltd.

    123,800      $ 2,351,990   

Corning, Inc.

    19,975        409,088   

Kyocera Corp.

    67,600        3,216,597   

OMRON Corp.

    16,500        538,573   

Taiyo Yuden Co., Ltd.

    124,900        1,090,125   

TDK Corp.

    40,200        2,250,246   
                 
    $ 9,856,619   
                 

Energy Equipment & Services — 0.4%

  

Halliburton Co.

    50,931      $ 2,306,665   

Schlumberger, Ltd.

    31,786        2,513,637   
                 
    $ 4,820,302   
                 
Security   Shares     Value  

Food & Staples Retailing — 1.7%

  

Carrefour SA

    208,600      $ 5,130,650   

CVS Health Corp.

    71,786        6,872,792   

Seven & i Holdings Co., Ltd.

    59,900        2,511,493   

UNY Group Holdings Co., Ltd.

    62,700        527,534   

Wal-Mart Stores, Inc.

    23,122        1,688,368   

Walgreens Boots Alliance, Inc.

    32,000        2,664,640   
                 
    $ 19,395,477   
                 

Food Products — 3.4%

  

Campbell Soup Co.

    14,087      $ 937,208   

Kraft Heinz Co. (The)

    26,742        2,366,132   

Mondelez International, Inc., Class A

    224,275        10,206,755   

Nestle SA

    317,170        24,573,794   

Nissin Foods Holdings Co., Ltd.

    11,700        638,948   

Toyo Suisan Kaisha, Ltd.

    6,000        243,378   

Yakult Honsha Co., Ltd.

    15,300        795,189   
                 
    $ 39,761,404   
                 

Gas Utilities — 0.1%

  

Snam SpA

    175,073      $ 1,046,661   
                 
    $ 1,046,661   
                 

Health Care Equipment & Supplies — 1.1%

  

Abbott Laboratories

    113,910      $ 4,477,802   

Analogic Corp.

    10,189        809,414   

Hologic, Inc.(1)

    17,554        607,369   

Medtronic PLC

    28,517        2,474,420   

Olympus Corp.

    6,900        257,657   

Smith & Nephew PLC

    100,000        1,698,115   

Terumo Corp.

    60,500        2,581,858   
                 
    $ 12,906,635   
                 

Health Care Providers & Services — 0.9%

  

DaVita HealthCare Partners, Inc.(1)

    17,963      $ 1,388,899   

McKesson Corp.

    16,774        3,130,867   

Tenet Healthcare Corp.(1)

    44,863        1,240,014   

UnitedHealth Group, Inc.

    34,811        4,915,313   
                 
    $ 10,675,093   
                 

Hotels, Restaurants & Leisure — 1.2%

  

Accor SA

    26,214      $ 1,004,419   

McDonald’s Corp.

    47,986        5,774,635   

Six Flags Entertainment Corp.

    32,001        1,854,458   

Yum! Brands, Inc.

    68,297        5,663,187   
                 
    $ 14,296,699   
                 
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Household Durables — 0.3%

  

Casio Computer Co., Ltd.

    63,200      $ 910,094   

PulteGroup, Inc.

    70,920        1,382,231   

Sekisui Chemical Co., Ltd.

    61,000        751,568   
                 
    $ 3,043,893   
                 

Household Products — 1.1%

  

Clorox Co. (The)

    18,837      $ 2,606,852   

Colgate-Palmolive Co.

    7,994        585,161   

Henkel AG & Co. KGaA, PFC Shares

    18,309        2,237,552   

Kimberly-Clark Corp.

    21,147        2,907,289   

Procter & Gamble Co. (The)

    19,407        1,643,191   

Reckitt Benckiser Group PLC

    24,714        2,478,111   

Unicharm Corp.

    37,200        835,794   
                 
    $ 13,293,950   
                 

Industrial Conglomerates — 1.8%

  

3M Co.

    27,304      $ 4,781,476   

General Electric Co.

    93,111        2,931,134   

Nisshinbo Holdings, Inc.

    109,000        987,576   

Siemens AG

    113,166        11,613,224   
                 
    $ 20,313,410   
                 

Insurance — 4.4%

  

Ageas

    22,500      $ 782,084   

Allianz SE

    69,106        9,858,483   

Allstate Corp. (The)

    16,927        1,184,044   

Assicurazioni Generali SpA

    356,879        4,208,453   

Chubb, Ltd.

    23,988        3,135,472   

Cincinnati Financial Corp.

    52,936        3,964,377   

Hartford Financial Services Group, Inc.

    48,969        2,173,244   

Lincoln National Corp.

    22,183        860,035   

Marsh & McLennan Cos., Inc.

    70,718        4,841,354   

MetLife, Inc.

    62,093        2,473,164   

MS&AD Insurance Group Holdings, Inc.

    37,200        963,856   

Principal Financial Group, Inc.

    44,331        1,822,447   

Prudential Financial, Inc.

    37,177        2,652,207   

Prudential PLC

    349,752        5,934,906   

SCOR SE

    63,370        1,873,536   

Sony Financial Holdings, Inc.

    6,900        78,017   

Standard Life PLC

    392,564        1,548,804   

Swiss Life Holding AG

    8,264        1,909,792   

T&D Holdings, Inc.

    54,600        463,665   
                 
    $ 50,727,940   
                 
Security   Shares     Value  

Internet & Catalog Retail — 3.1%

  

Amazon.com, Inc.(1)

    39,470      $ 28,245,521   

Netflix, Inc.(1)

    26,789        2,450,658   

Priceline Group, Inc. (The)(1)

    3,947        4,927,474   
                 
    $ 35,623,653   
                 

Internet Software & Services — 4.9%

  

Alphabet, Inc., Class A(1)

    28,162      $ 19,812,812   

Alphabet, Inc., Class C(1)

    23,637        16,359,168   

Facebook, Inc., Class A(1)

    163,423        18,675,980   

United Internet AG

    32,975        1,370,735   
                 
    $ 56,218,695   
                 

IT Services — 2.0%

  

Amadeus IT Holding SA, Class A

    24,489      $ 1,078,954   

Atos SE

    5,628        464,022   

Capgemini SA

    34,597        2,985,469   

Cognizant Technology Solutions Corp., Class A(1)

    79,444        4,547,375   

Fidelity National Information Services, Inc.

    51,873        3,822,003   

Indra Sistemas SA(1)

    100,870        1,071,813   

International Business Machines Corp.

    10,407        1,579,575   

MasterCard, Inc., Class A

    32,320        2,846,099   

Nomura Research Institute, Ltd.

    7,400        271,397   

NTT Data Corp.

    21,300        1,005,965   

Obic Co., Ltd.

    7,300        401,838   

Otsuka Corp.

    7,800        364,738   

PayPal Holdings, Inc.(1)

    53,998        1,971,467   

Visa, Inc., Class A

    9,000        667,530   
                 
    $ 23,078,245   
                 

Leisure Products — 0.2%

  

Hasbro, Inc.

    21,651      $ 1,818,467   
                 
    $ 1,818,467   
                 

Life Sciences Tools & Services — 0.4%

  

Agilent Technologies, Inc.

    13,037      $ 578,321   

PerkinElmer, Inc.

    27,425        1,437,619   

Thermo Fisher Scientific, Inc.

    17,359        2,564,966   
                 
    $ 4,580,906   
                 

Machinery — 1.5%

  

Dover Corp.

    7,424      $ 514,632   

Ebara Corp.

    278,000        1,531,436   

FANUC Corp.

    48,127        7,828,975   

IHI Corp.

    213,000        574,139   
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Machinery (continued)

  

Kawasaki Heavy Industries, Ltd.

    107,000      $ 301,702   

Komatsu, Ltd.

    34,000        590,637   

Kurita Water Industries, Ltd.

    6,200        138,209   

Makita Corp.

    6,700        444,860   

MAN SE

    7,139        728,599   

NSK, Ltd.

    6,000        43,920   

Parker-Hannifin Corp.

    7,147        772,233   

SMC Corp.

    1,900        467,450   

Snap-on, Inc.

    6,143        969,488   

Stanley Black & Decker, Inc.

    24,657        2,742,352   
                 
    $ 17,648,632   
                 

Marine — 0.0%(2)

  

Kirby Corp.(1)

    2,780      $ 173,444   
                 
    $ 173,444   
                 

Media — 3.1%

  

Charter Communications, Inc.(1)

    11,359      $ 2,597,122   

Comcast Corp., Class A

    253,083        16,498,481   

Dentsu, Inc.

    26,600        1,246,897   

Hakuhodo DY Holdings, Inc.

    20,900        250,503   

IMAX Corp.(1)

    13,812        407,178   

Interpublic Group of Cos., Inc.

    40,333        931,692   

Omnicom Group, Inc.

    18,166        1,480,347   

ProSiebenSat.1 Media SE

    27,382        1,197,745   

Sky PLC

    447,757        5,088,058   

Time Warner, Inc.

    11,566        850,564   

Walt Disney Co. (The)

    58,917        5,763,261   

Wolters Kluwer NV

    961        38,912   
                 
    $ 36,350,760   
                 

Metals & Mining — 1.1%

  

Dowa Holdings Co., Ltd.

    105,000      $ 541,205   

Glencore PLC

    1,472,251        3,034,483   

Mitsubishi Materials Corp.

    80,000        191,549   

Nucor Corp.

    23,673        1,169,683   

Randgold Resources, Ltd.

    17,745        1,991,297   

Rio Tinto PLC

    157,688        4,898,816   

Sumitomo Metal Mining Co., Ltd.

    44,000        447,585   
                 
    $ 12,274,618   
                 

Multi-Utilities — 1.7%

  

Centrica PLC

    735,861      $ 2,225,236   

CMS Energy Corp.

    126,690        5,810,003   

Consolidated Edison, Inc.

    13,824        1,112,003   

Dominion Resources, Inc.

    27,793        2,165,909   
Security   Shares     Value  

Multi-Utilities (continued)

  

Engie SA

    7,424      $ 119,205   

National Grid PLC

    391,659        5,759,471   

NiSource, Inc.

    42,420        1,124,978   

Veolia Environnement SA

    37,663        813,317   
                 
    $ 19,130,122   
                 

Multiline Retail — 0.9%

  

Isetan Mitsukoshi Holdings, Ltd.

    71,332      $ 634,911   

Macy’s, Inc.

    46,244        1,554,261   

Marks & Spencer Group PLC

    432,844        1,853,664   

Next PLC

    41,584        2,747,698   

Nordstrom, Inc.

    19,173        729,533   

Target Corp.

    34,031        2,376,044   
                 
    $ 9,896,111   
                 

Oil, Gas & Consumable Fuels — 4.8%

  

Anadarko Petroleum Corp.

    15,000      $ 798,750   

BP PLC

    971,040        5,683,994   

Chevron Corp.

    72,650        7,615,899   

Columbia Pipeline Group, Inc.

    42,420        1,081,286   

ConocoPhillips

    13,543        590,475   

Eni SpA

    113,282        1,824,652   

EOG Resources, Inc.

    5,000        417,100   

Exxon Mobil Corp.

    73,457        6,885,859   

Idemitsu Kosan Co., Ltd.

    10,000        217,101   

Marathon Petroleum Corp.

    27,916        1,059,691   

Newfield Exploration Co.(1)

    11,510        508,512   

Occidental Petroleum Corp.

    20,000        1,511,200   

Phillips 66

    36,105        2,864,571   

Pioneer Natural Resources Co.

    4,000        604,840   

Royal Dutch Shell PLC, Class A

    222,909        6,122,227   

Royal Dutch Shell PLC, Class B

    234,515        6,479,315   

Southwestern Energy Co.(1)

    30,000        377,400   

Total SA

    236,859        11,358,808   
                 
    $ 56,001,680   
                 

Paper & Forest Products — 0.0%(2)

  

OJI Paper Co., Ltd.

    95,000      $ 364,706   
                 
    $ 364,706   
                 

Personal Products — 1.4%

  

Estee Lauder Cos., Inc. (The), Class A

    25,480      $ 2,319,189   

Kao Corp.

    61,054        3,555,914   

Unilever NV

    193,140        9,020,128   

Unilever PLC

    15,759        755,095   
                 
    $ 15,650,326   
                 
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Pharmaceuticals — 8.1%

  

Allergan PLC(1)

    11,024      $ 2,547,536   

Astellas Pharma, Inc.

    269,300        4,223,254   

AstraZeneca PLC

    117,424        7,020,013   

Bayer AG

    43,122        4,330,949   

Chugai Pharmaceutical Co., Ltd.

    99,100        3,531,746   

Eisai Co., Ltd.

    43,946        2,453,773   

Eli Lilly & Co.

    17,949        1,413,484   

GlaxoSmithKline PLC

    55,889        1,200,215   

Hisamitsu Pharmaceutical Co., Inc.

    3,300        190,283   

Indivior PLC

    25,431        85,571   

Johnson & Johnson

    60,088        7,288,674   

Mallinckrodt PLC(1)

    6,475        393,550   

Merck & Co., Inc.

    103,665        5,972,141   

Mitsubishi Tanabe Pharma Corp.

    10,000        180,682   

Novartis AG

    218,832        18,062,064   

Pfizer, Inc.

    104,651        3,684,762   

Roche Holding AG PC

    75,965        20,045,627   

Sanofi

    124,447        10,339,390   

Takeda Pharmaceutical Co., Ltd.

    14,631        631,008   

UCB SA

    9,177        689,077   
                 
    $ 94,283,799   
                 

Professional Services — 0.3%

  

Equifax, Inc.

    15,217      $ 1,953,863   

Experian PLC

    29,123        552,523   

Intertek Group PLC

    7,167        333,934   

Robert Half International, Inc.

    30,884        1,178,533   
                 
    $ 4,018,853   
                 

Real Estate Investment Trusts (REITs) — 1.0%

  

American Tower Corp.

    17,793      $ 2,021,463   

AvalonBay Communities, Inc.

    5,904        1,065,022   

British Land Co. PLC (The)

    107,910        876,152   

Intu Properties PLC

    189,600        737,124   

Japan Real Estate Investment Corp.

    74        457,067   

Nippon Building Fund, Inc.

    80        492,803   

Simon Property Group, Inc.

    26,522        5,752,622   
                 
    $ 11,402,253   
                 

Real Estate Management & Development — 0.5%

  

Capital & Counties Properties PLC

    189,600      $ 754,880   

CBRE Group, Inc., Class A(1)

    41,385        1,095,875   

Daito Trust Construction Co., Ltd.

    6,300        1,022,883   

Heiwa Real Estate Co., Ltd.

    40,500        515,130   

Nomura Real Estate Holdings, Inc.

    27,400        478,791   
Security   Shares     Value  

Real Estate Management & Development (continued)

  

NTT Urban Development Corp.

    44,300      $ 476,253   

Sumitomo Realty & Development Co., Ltd.

    34,000        921,990   
                 
    $ 5,265,802   
                 

Road & Rail — 0.7%

               

Central Japan Railway Co.

    5,500      $ 978,250   

CSX Corp.

    115,014        2,999,565   

East Japan Railway Co.

    11,200        1,037,941   

Kansas City Southern

    15,468        1,393,512   

Keio Corp.

    76,000        716,897   

Ryder System, Inc.

    7,154        437,396   

Tobu Railway Co., Ltd.

    135,000        740,951   
                 
    $ 8,304,512   
                 

Semiconductors & Semiconductor Equipment — 3.9%

  

ARM Holdings PLC

    320,204      $ 4,863,806   

Cypress Semiconductor Corp.

    72,447        764,316   

Intel Corp.

    339,510        11,135,928   

Marvell Technology Group, Ltd.

    84,177        802,207   

Microchip Technology, Inc.

    10,000        507,600   

NXP Semiconductors NV(1)

    54,841        4,296,244   

QUALCOMM, Inc.

    134,301        7,194,505   

ROHM Co., Ltd.

    1,200        47,364   

Texas Instruments, Inc.

    157,242        9,851,211   

Tokyo Electron, Ltd.

    62,400        5,273,340   
                 
    $ 44,736,521   
                 

Software — 4.1%

               

Citrix Systems, Inc.(1)

    34,110      $ 2,731,870   

Electronic Arts, Inc.(1)

    53,174        4,028,462   

Microsoft Corp.

    662,825        33,916,755   

Oracle Corp.

    156,176        6,392,284   

Trend Micro, Inc.

    14,097        504,165   
                 
    $ 47,573,536   
                 

Specialty Retail — 2.3%

               

CarMax, Inc.(1)

    5,464      $ 267,900   

Fast Retailing Co., Ltd.

    37,800        10,148,558   

Gap, Inc. (The)

    52,447        1,112,925   

Groupe FNAC SA(1)

    922        49,429   

Home Depot, Inc. (The)

    67,721        8,647,294   

Lowe’s Cos., Inc.

    55,810        4,418,478   

Tiffany & Co.

    22,083        1,339,113   

USS Co., Ltd.

    27,200        449,523   
                 
    $ 26,433,220   
                 
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Technology Hardware, Storage & Peripherals — 4.0%

  

Apple, Inc.

    446,510      $ 42,686,356   

Brother Industries, Ltd.

    18,000        193,074   

Canon, Inc.

    19,100        545,309   

Hewlett Packard Enterprise Co.

    78,955        1,442,508   

HP, Inc.

    78,955        990,885   

Konica Minolta, Inc.

    66,500        484,423   

NEC Corp.

    77,000        179,400   
                 
    $ 46,521,955   
                 

Textiles, Apparel & Luxury Goods — 1.6%

  

Adidas AG

    11,824      $ 1,697,326   

Asics Corp.

    20,000        337,898   

Christian Dior SE

    10,660        1,707,643   

Coach, Inc.

    16,626        677,343   

Hanesbrands, Inc.

    32,716        822,153   

Kering SA

    7,380        1,188,047   

LVMH Moet Hennessy Louis Vuitton SE

    36,778        5,543,717   

NIKE, Inc., Class B

    98,464        5,435,213   

Onward Holdings Co., Ltd.

    30,000        187,163   

Swatch Group AG (The), Bearer Shares

    2,352        684,436   
                 
    $ 18,280,939   
                 

Tobacco — 2.9%

  

British American Tobacco PLC

    243,393      $ 15,778,927   

Imperial Brands PLC

    143,738        7,795,301   

Japan Tobacco, Inc.

    76,500        3,083,116   

Philip Morris International, Inc.

    64,219        6,532,357   

Reynolds American, Inc.

    2,998        161,682   
                 
    $ 33,351,383   
                 

Trading Companies & Distributors — 0.4%

  

Marubeni Corp.

    30,000      $ 135,532   

Mitsubishi Corp.

    71,200        1,253,642   

Sumitomo Corp.

    96,700        974,725   

Wolseley PLC

    47,906        2,480,745   
                 
    $ 4,844,644   
                 

Transportation Infrastructure — 0.1%

  

ADP

    6,667      $ 730,507   

Kamigumi Co., Ltd.

    46,000        425,169   
                 
    $ 1,155,676   
                 
Security   Shares     Value  

Wireless Telecommunication Services — 1.2%

  

KDDI Corp.

    206,300      $ 6,273,527   

SoftBank Group Corp.

    131,298        7,425,168   

Vodafone Group PLC

    252,439        769,650   
                 
    $ 14,468,345   
                 

Total Common Stocks — 99.9%
(identified cost $629,645,524)

    $ 1,155,925,696   
                 
Call Options Written — (1.1)%   
Exchange-Traded Options — (0.4)%   
       
Description   Number of
Contracts
    Strike
Price
    Expiration
Date
    Value  

NASDAQ 100 Index

    135      $ 4,550        7/1/16      $ (2,025

NASDAQ 100 Index

    135        4,525        7/8/16        (19,238

NASDAQ 100 Index

    135        4,475        7/15/16        (282,150

NASDAQ 100 Index

    140        4,425        7/22/16        (802,900

NASDAQ 100 Index

    135        4,425        7/29/16        (868,690

S&P 500 Index

    435        2,110        7/1/16        (52,200

S&P 500 Index

    220        2,115        7/6/16        (72,600

S&P 500 Index

    220        2,115        7/8/16        (125,400

S&P 500 Index

    210        2,095        7/13/16        (407,400

S&P 500 Index

    210        2,100        7/15/16        (382,200

S&P 500 Index

    220        2,090        7/20/16        (603,900

S&P 500 Index

    220        2,090        7/22/16        (641,300

S&P 500 Index

    215        2,090        7/27/16        (676,175

S&P 500 Index

    215        2,095        7/29/16        (403,787
                                 
  $ (5,339,965
                                 
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Over-the-Counter Options — (0.7)%   
         
Description   Counterparty     Number of
Contracts
    Strike
Price
    Expiration
Date
    Value  

Dow Jones Euro Stoxx 50 Index

   
 
Credit Suisse
International
  
  
    14,900      EUR 3,125        7/1/16      $   

Dow Jones Euro Stoxx 50 Index

   
 
Credit Suisse
International
  
  
    15,200      EUR 3,000        7/8/16        (45,512

Dow Jones Euro Stoxx 50 Index

   
 
Credit Suisse
International
  
  
    15,600      EUR 2,950        7/15/16        (334,190

Dow Jones Euro Stoxx 50 Index

   
 
Credit Suisse
International
  
  
    15,500      EUR 2,925        7/29/16        (796,851

Dow Jones Euro Stoxx 50 Index

    Société Générale        14,100      EUR 2,900        7/22/16        (749,792

FTSE 100 Index

    Barclays Bank PLC        7,250      GBP 6,400        7/15/16        (1,530,486

FTSE 100 Index

   
 
 
Morgan Stanley
& Co. International
PLC
  
  
  
    7,550      GBP 6,225        7/15/16        (3,048,923

Nikkei 225 Index

    Deutsche Bank AG        195,000      JPY 16,125        7/15/16        (217,678

Nikkei 225 Index

   
 
 
Morgan Stanley &
Co. International
PLC
  
  
  
    190,000      JPY 16,750        7/8/16        (14,339

Nikkei 225 Index

   
 
 
Morgan Stanley &
Co. International
PLC
  
  
  
    185,000      JPY  16,000        7/22/16        (378,521

Nikkei 225 Index

    UBS AG        190,000      JPY 17,000        7/1/16         

SMI Index

    Deutsche Bank AG        3,050      CHF 7,950        7/15/16        (423,438

SMI Index

    Société Générale        3,000      CHF 8,100        7/15/16        (181,918
                                         
          $ (7,721,648
                                         

Total Call Options Written
(premiums received $15,360,458)

   

  $ (13,061,613
                                         

Other Assets, Less Liabilities — 1.2%

  

  $ 13,645,181   
                                         

Net Assets — 100.0%

  

  $ 1,156,509,264   
                                         

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

 

(1)  Non-income producing security.

 

(2)  Amount is less than 0.05%.
Country Concentration of Portfolio   
   
Country   Percentage
of Total Investments
    Value  

United States

    55.2   $ 638,173,125   

Japan

    11.2        129,689,447   

United Kingdom

    10.6        122,076,045   

Switzerland

    6.4        74,119,714   

France

    5.8        67,287,466   

Germany

    5.1        59,154,918   

Spain

    1.7        19,330,532   

Netherlands

    1.6        18,849,512   

Italy

    1.1        12,368,866   

Belgium

    0.5        5,792,079   

Finland

    0.3        3,336,264   

Denmark

    0.2        2,049,989   

Sweden

    0.2        1,881,364   

Ireland

    0.1        1,816,375   
                 

Total Investments

    100.0   $ 1,155,925,696   
                 

Abbreviations:

 

PC     Participation Certificate
PFC Shares     Preference Shares

Currency Abbreviations:

 

CHF     Swiss Franc
EUR     Euro
GBP     British Pound Sterling
JPY     Japanese Yen
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets   June 30, 2016  

Investments, at value (identified cost, $629,645,524)

  $ 1,155,925,696   

Cash

    6,221,729   

Foreign currency, at value (identified cost, $1,658,396)

    1,632,773   

Dividends receivable

    1,420,288   

Receivable for investments sold

    28,978   

Receivable for premiums on written options

    2,582,082   

Tax reclaims receivable

    2,964,422   

Total assets

  $ 1,170,775,968   
Liabilities        

Written options outstanding, at value (premiums received, $15,360,458)

  $ 13,061,613   

Payable to affiliates:

 

Investment adviser fee

    957,150   

Trustees’ fees

    16,623   

Accrued expenses

    231,318   

Total liabilities

  $ 14,266,704   

Net Assets

  $ 1,156,509,264   
Sources of Net Assets        

Common shares, $0.01 par value, unlimited number of shares authorized, 106,442,735 shares issued and outstanding

  $ 1,064,427   

Additional paid-in capital

    699,723,846   

Accumulated net realized loss

    (19,225,965

Accumulated distributions in excess of net investment income

    (53,470,902

Net unrealized appreciation

    528,417,858   

Net Assets

  $ 1,156,509,264   
Net Asset Value        

($1,156,509,264 ÷ 106,442,735 common shares issued and outstanding)

  $ 10.87   

 

  14   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Statement of Operations (Unaudited)

 

 

Investment Income  

Six Months Ended

June 30, 2016

 

Dividends (net of foreign taxes, $1,392,779)

  $ 18,879,966   

Total investment income

  $ 18,879,966   
Expenses        

Investment adviser fee

  $ 5,795,914   

Trustees’ fees and expenses

    32,868   

Custodian fee

    186,073   

Transfer and dividend disbursing agent fees

    10,461   

Legal and accounting services

    38,913   

Printing and postage

    205,881   

Miscellaneous

    109,458   

Total expenses

  $ 6,379,568   

Net investment income

  $ 12,500,398   
Realized and Unrealized Gain (Loss)        

Net realized gain (loss) —

 

Investment transactions

  $ 12,794,713   

Written options

    10,947,496   

Foreign currency transactions

    52,382   

Net realized gain

  $ 23,794,591   

Change in unrealized appreciation (depreciation) —

 

Investments

  $ (48,194,315

Written options

    77,692   

Foreign currency

    26,846   

Net change in unrealized appreciation (depreciation)

  $ (48,089,777

Net realized and unrealized loss

  $ (24,295,186

Net decrease in net assets from operations

  $ (11,794,788

 

  15   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets  

Six Months Ended

June 30, 2016
(Unaudited)

   

Year Ended

December 31, 2015

 

From operations —

   

Net investment income

  $ 12,500,398      $ 19,471,011   

Net realized gain from investment transactions, written options and foreign currency transactions

    23,794,591        38,614,753   

Net change in unrealized appreciation (depreciation) from investments, written options and foreign currency

    (48,089,777     (11,434,605

Net increase (decrease) in net assets from operations

  $ (11,794,788   $ 46,651,159   

Distributions to shareholders —

   

From net investment income

  $ (62,141,269 )*    $ (19,446,346

Tax return of capital

           (104,836,192

Total distributions

  $ (62,141,269   $ (124,282,538

Net decrease in net assets

  $ (73,936,057   $ (77,631,379
Net Assets                

At beginning of period

  $ 1,230,445,321      $ 1,308,076,700   

At end of period

  $ 1,156,509,264      $ 1,230,445,321   
Accumulated distributions in excess of net investment income
included in net assets
               

At end of period

  $ (53,470,902   $ (3,830,031

 

* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 

  16   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Financial Highlights

 

 

    Six Months Ended
June 30, 2016
(Unaudited)
    Year Ended December 31,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period

  $ 11.560      $ 12.290      $ 13.130      $ 12.370      $ 12.220      $ 13.320   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.117      $ 0.183      $ 0.233      $ 0.173      $ 0.223      $ 0.198   

Net realized and unrealized gain (loss)

    (0.223     0.255        0.095        1.754        1.084        (0.088

Total income (loss) from operations

  $ (0.106   $ 0.438      $ 0.328      $ 1.927      $ 1.307      $ 0.110   
Less Distributions                                                

From net investment income

  $ (0.584 )*    $ (0.183   $ (0.242   $ (0.189   $ (0.233   $ (0.194

Tax return of capital

           (0.985     (0.926     (0.979     (0.935     (1.016

Total distributions

  $ (0.584   $ (1.168   $ (1.168   $ (1.168   $ (1.168   $ (1.210

Anti-dilutive effect of share repurchase program (see Note 5)(1)

  $      $      $      $ 0.001      $ 0.011      $   

Net asset value — End of period

  $ 10.870      $ 11.560      $ 12.290      $ 13.130      $ 12.370      $ 12.220   

Market value — End of period

  $ 10.390      $ 11.230      $ 11.020      $ 12.100      $ 10.690      $ 10.280   

Total Investment Return on Net Asset Value(2)

    (0.57 )%(3)      3.92     2.97     17.46     12.46     2.21

Total Investment Return on Market Value(2)

    (2.17 )%(3)      12.59     0.19     25.26     15.53     (6.50 )% 
Ratios/Supplemental Data                                                

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

  $ 1,156,509      $ 1,230,445      $ 1,308,077      $ 1,397,576      $ 1,317,270      $ 1,309,944   

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

           

Expenses(4)

    1.10 %(5)      1.09     1.10     1.10     1.08     1.08

Net investment income

    2.16 %(5)      1.50     1.80     1.37     1.77     1.53

Portfolio Turnover

    3 %(3)      7     2     2     5     17

 

(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)  Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5)  Annualized.

 

* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 

  17   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Notes to Financial Statements (Unaudited)

 

 

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 Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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.

Derivatives. Exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options. 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 period of time until option expiration.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s 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 relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial 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 taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended June 30, 2016, the Fund recorded no income for reclaims of previously withheld dividend taxes and approximately $56,000 of previously recorded income for dividend tax reclaims is unpaid and included in Tax reclaims receivable in the Statement of Assets and Liabilities. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of June 30, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

 

  18  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 that may be 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 Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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 Fund’s 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. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the strike price of the option (in the case of a call) at contract termination. 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.

J  Interim Financial Statements — The interim financial statements relating to June 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

Subject to its Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended June 30, 2016, the amount of distributions estimated to be a tax return of capital was approximately $54,784,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

At December 31, 2015, the Fund, for federal income tax purposes, had deferred capital losses of $40,965,666, which would 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 would 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. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2015, $40,965,666 are short-term.

Additionally, at December 31, 2015, the Fund had a late year ordinary loss of $216,281, related to certain specified losses realized after October 31, 2015, which it has elected to defer to the following taxable year pursuant to income tax regulations.

 

  19  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 633,515,537   

Gross unrealized appreciation

  $ 545,411,387   

Gross unrealized depreciation

    (23,001,228

Net unrealized appreciation

  $ 522,410,159   

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 Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2016, the Fund’s investment adviser fee amounted to $5,795,914. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2016, 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 $38,320,486 and $78,559,003, respectively, for the six months ended June 30, 2016.

5  Common Shares of Beneficial Interest

The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended June 30, 2016 and the year ended December 31, 2015.

The Board of Trustees of the Fund approved the continuation of the Fund’s share repurchase program that has been in effect since August 6, 2012. Pursuant to the terms of the reauthorization of the program, the Fund may repurchase up to 10% of its common shares outstanding as of September 30, 2013 in open market transactions at a discount to net asset value (NAV). The terms of the reauthorization increased the number of shares available for repurchase. The repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended June 30, 2016 and the year ended December 31, 2015.

6  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 obligations under these financial instruments at June 30, 2016 is included in the Portfolio of Investments. All of the securities of the Fund, unless otherwise pledged, are subject to segregation to satisfy the requirements of the escrow agent with respect to exchange-traded options. At June 30, 2016, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

 

  20  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

Written options activity for the six months ended June 30, 2016 was as follows:

 

     Number of
Contracts
     Premiums
Received
 

Outstanding, beginning of period

    851,940       $ 11,844,677   

Options written

    5,269,355         81,813,400   

Options terminated in closing purchase transactions

    (1,429,855      (29,054,716

Options exercised

    (1,265      (5,563,099

Options expired

    (3,831,180      (43,679,804

Outstanding, end of period

    858,995       $ 15,360,458   

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes 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 Fund enters into over-the-counter (OTC) written options that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At June 30, 2016, the fair value of derivatives with credit-related contingent features in a net liability position was $7,721,648. At June 30, 2016, there were no assets pledged by the Fund for such liability.

The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2016 was as follows:

 

    Fair Value  
Derivative   Asset Derivative      Liability Derivative  

Written options

  $         —       $ (13,061,613 )(1) 

Derivatives not subject to master netting or similar agreements

  $       $ (5,339,965

Total Derivatives subject to master netting or similar agreements

  $       $ (7,721,648

 

(1)  Statement of Assets and Liabilities location: Written options outstanding, at value.

 

  21  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

The Fund’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Fund for such liabilities as of June 30, 2016.

 

Counterparty   Derivative
Liabilities Subject to
Master Netting
Agreement
     Derivatives
Available
for Offset
     Non-cash
Collateral
Pledged
(a)
     Cash
Collateral
Pledged
(a)
     Net Amount
of Derivative
Liabilities
(b)
 

Barclays Bank PLC

  $ (1,530,486    $       $       $       $ (1,530,486

Credit Suisse International

    (1,176,553                              (1,176,553

Deutsche Bank AG

    (641,116                              (641,116

Morgan Stanley & Co. International PLC

    (3,441,783                              (3,441,783

Société Générale

    (931,710                              (931,710
    $ (7,721,648    $         —       $         —       $         —       $ (7,721,648

 

(a)  In some instances, the actual collateral pledged may be more than the amount shown due to overcollateralization.

 

(b)  Net amount represents the net amount payable to the counterparty in the event of default.

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 six months ended June 30, 2016 was as follows:

 

Derivative  

Realized Gain (Loss)

on Derivatives Recognized
in Income

     Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
 

Written options

  $ 10,947,496 (1)     $ 77,692 (2) 

 

(1)  Statement of Operations location: Net realized gain (loss) – Written options.

 

(2)  Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options.

7  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 securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

  Level 1 – quoted prices in active markets for identical investments

 

  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

 

  22  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2016, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description   Level 1      Level 2      Level 3      Total  

Common Stocks

          

Consumer Discretionary

  $ 116,561,143       $ 57,825,109       $       $ 174,386,252   

Consumer Staples

    59,131,321         86,501,354                 145,632,675   

Energy

    29,135,885         31,686,097                 60,821,982   

Financials

    67,995,328         78,603,620                 146,598,948   

Health Care

    84,167,203         77,521,282                 161,688,485   

Industrials

    39,839,461         66,343,879                 106,183,340   

Information Technology

    208,744,551         33,889,607                 242,634,158   

Materials

    10,525,431         35,321,454                 45,846,885   

Telecommunication Services

    11,418,583         30,737,842                 42,156,425   

Utilities

    14,950,463         15,026,083                 29,976,546   

Total Common Stocks

  $ 642,469,369       $ 513,456,327    $       $ 1,155,925,696   

Total Investments

  $ 642,469,369       $ 513,456,327       $       $ 1,155,925,696   

Liability Description

                                  

Call Options Written

  $ (5,339,965    $ (7,721,648    $       $ (13,061,613

Total

  $ (5,339,965    $ (7,721,648    $         —       $ (13,061,613

 

* 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.

The Fund held no investments or other financial instruments as of December 31, 2015 whose fair value was determined using Level 3 inputs. At June 30, 2016, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

9  Legal Proceedings

In November 2010, the Fund was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (Tribune) in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced by a Litigation Trustee pursuant to Tribune’s plan of reorganization, seeks to recover payments of the proceeds of the LBO. This action is now part of a multi-district litigation proceeding in the Southern District of New York. A motion to dismiss the FitzSimons case is currently pending. The value of the proceeds received by the Fund is approximately $891,000 (equal to 0.08% of net assets at June 30, 2016).

The Fund cannot predict the outcome of these proceedings or the effect, if any, on the Fund’s net asset value. The attorneys’ fees and costs related to these actions are expensed by the Fund as incurred.

 

  23  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Annual Meeting of Shareholders (Unaudited)

 

 

The Fund held its Annual Meeting of Shareholders on April 21, 2016. The following action was taken by the shareholders:

Item 1:  The election of George J. Gorman, William H. Park, Susan J. Sutherland and Harriett Tee Taggart as Class II Trustees of the Fund for a three-year term expiring in 2019.

 

Nominee for Trustee

Elected by All Shareholders

  Number of Shares(1)  
  For      Withheld  

George J. Gorman

    94,311,613         1,960,636   

William H. Park

    94,302,102         1,970,148   

Susan J. Sutherland

    94,218,375         2,053,875   

Harriett Tee Taggart

    94,142,816         2,129,434   

 

(1)  Excludes fractional shares.

 

  24  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Board of Trustees’ Contract Approval

 

 

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 continuation is approved at least annually by the fund’s 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 registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment 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 its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

 

  A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

 

  A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

 

  A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

  Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

 

  For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

  Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

 

  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’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

 

  Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

  Data relating to portfolio turnover rates of each fund;

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;

 

  The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

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

 

  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

  Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

 

  A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  25  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

  Information concerning the nature, cost and character of the administrative and other non-investment advisory 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 investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten 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, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s 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, independent 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 investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment 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 investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

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 continuation 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 agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material 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 agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s 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, including recent changes to such personnel. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser and coordinating its activities in implementing the Fund’s investment strategy. In particular, the Board considered, where relevant, the abilities and experience of such investment professionals in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on one or more U.S. and foreign indices. The Board considered that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. With respect to the Sub-adviser, the Board noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services.

 

  26  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Board of Trustees’ Contract Approval — continued

 

 

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board 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 fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2015 for the Fund. On the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, 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 without regard to marketing support 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 fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

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 the Sub-adviser, are deemed not to be excessive.

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 economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. The Board concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

 

  27  


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2016

 

Officers and Trustees

 

 

Officers of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

 

 

Michael A. Allison

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

 

 

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

 

 

* Interested Trustee

 

 

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 closed-end management investment company and has no employees.

Number of Shareholders

As of June 30, 2016, Fund records indicate that there are 32 registered shareholders and approximately 54,293 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 Fund 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.

 

  28  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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 customer’s 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. 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 customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Your financial advisor may household the mailing of your documents indefinitely unless you instruct your financial advisor otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by your financial advisor.

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 SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s 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 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

7746    6.30.16


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

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance Family of Funds by D&T,


certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds (the “Funds”) within the Eaton Vance Funds’ investment company complex implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee that it believes that, in light of the facts surrounding its lending relationships, its ability to exercise objective and impartial judgment on all issues encompassed within D&T’s audit engagement has not been impaired. D&T has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016)) related to the auditor independence issue described above. In that letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the no-action letter appear to be met with respect to D&T’s lending relationships described above. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

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 second fiscal quarter of 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. 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/ Michael A. Allison

  Michael A. Allison
  President
Date:   August 18, 2016

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 18, 2016
By:  

/s/ Michael A. Allison

  Michael A. Allison
  President
Date:   August 18, 2016