Regulatory Filings • Aug 25, 2011
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Download Source FileN-CSRS 1 b87765a1nvcsrs.htm EATON VANCE TAX-MANAGED GLOBAL BUY-WRITE OPPORTUNITIES FUND Eaton Vance Tax-Managed Global Buy-Write Opportuni PAGEBREAK
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21745
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2011
Date of Reporting Period
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Item 1. Reports to Stockholders
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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) Semiannual Report June 30, 2011
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Managed Distribution Plan. On March 10, 2009, the Fund received authorization from the Securities and Exchange Commission to distribute long-term capital gains to shareholders more frequently than once per year. In this connection, the Board of Trustees formally approved the implementation of a Managed Distribution Plan (MDP) to make quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
The Fund intends to pay quarterly cash distributions equal to $0.3024 per share. You should not draw any conclusions about the Funds investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Funds Board of Trustees.
With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information required by the Funds exemptive order. The Funds Board of Trustees may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.
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.
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Semiannual Report June 30, 2011
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
Table of Contents
| Performance | 2 |
|---|---|
| Fund Profile | 3 |
| Endnotes and Additional Disclosures | 4 |
| Financial Statements | 5 |
| Annual Meeting of Shareholders | 23 |
| Board of Trustees Contract Approval | 24 |
| Officers and Trustees | 27 |
| Important Notices | 28 |
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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund June 30, 2011
Performance
Portfolio Managers Walter A. Row, III, CFA, CMT; Thomas Seto; David Stein, Ph.D
| New York Stock Exchange (NYSE) Symbol | |
|---|---|
| Inception Date (9/30/05) | ETW |
| % Average Annual Total Returns at net asset value (NAV) | |
| Six Months | 5.48 |
| One Year | 28.43 |
| Five Years | 5.29 |
| Since Inception | 5.52 |
| % Average Annual Total Returns at market price, NYSE | |
| Six Months | 3.98 |
| One Year | 19.96 |
| Five Years | 3.90 |
| Since Inception | 3.74 |
| % Premium/Discount to NAV (6/30/11) | -9.34 |
| Distributions | |
| Total Distributions per share (12/31/10 6/30/11) | $ 0.605 |
| Distribution Rate at NAV 1 | 9.04 % |
| Distribution Rate at market price 1 | 9.97 % |
| Comparative Performance 2 | |
|---|---|
| S&P 500 Index | |
| Six Months | 6.02 |
| One Year | 30.69 |
| Five Years | 2.94 |
| Since Inception (9/30/05) | 3.40 |
| CBOE S&P 500 BuyWrite Index | |
| Six Months | 2.42 |
| One Year | 19.52 |
| Five Years | 2.32 |
| Since Inception (9/30/05) | 2.49 |
| CBOE NASDAQ-100 BuyWrite Index | |
| Six Months | -0.78 |
| One Year | 17.43 |
| Five Years | 1.30 |
| Since Inception (9/30/05) | 0.96 |
| FTSE Eurotop 100 Index | |
| Six Months | 10.33 |
| One Year | 35.62 |
| Five Years | 2.53 |
| Since Inception (9/30/05) | 4.59 |
See Endnotes and Additional Disclosures on page 4.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. 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 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 www.eatonvance.com.
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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund June 30, 2011
Fund Profile
Top 10 Holdings (% of total investments) 3
| Apple, Inc. | 4.0 |
|---|---|
| Microsoft Corp. | 2.6 |
| Oracle Corp. | 1.9 |
| QUALCOMM, Inc. | 1.5 |
| Google, Inc., Class A | 1.5 |
| Nestle SA | 1.5 |
| Intel Corp. | 1.4 |
| Exxon Mobil Corp. | 1.3 |
| Siemens AG | 1.2 |
| Cisco Systems, Inc. | 1.1 |
| Total % of total investments | 18.0 |
See Endnotes and Additional Disclosures on page 4.
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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund June 30, 2011
Endnotes and Additional Disclosures
| 1. | The Distribution Rate is based on the
Funds last regular distribution per share in the
period (annualized) divided by the Funds NAV or
market price at the end of the period. The Funds
distributions may be comprised of ordinary income,
net realized capital gains and return of capital. |
| --- | --- |
| 2. | S&P 500 Index is an unmanaged index of
large-cap stocks commonly used as a measure of U.S.
stock market performance. 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. 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. Unless otherwise
stated, indices do not reflect any applicable sales
charges, commissions, leverage, taxes or other
expenses of investing. It is not possible to invest
directly in an index. |
| 3. | Depictions do not reflect the Funds
options positions. Excludes cash and cash
equivalents. |
| | Fund profile subject to change due to active management. |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited)
| Common Stocks 101.5% — Security | Shares | Value |
|---|---|---|
| Aerospace & | ||
| Defense 1.2% | ||
| European Aeronautic Defence & Space Co. | 56,122 | $ 1,878,267 |
| General Dynamics Corp. | 33,624 | 2,505,660 |
| Honeywell International, Inc. | 59,872 | 3,567,773 |
| Raytheon Co. | 74,944 | 3,735,958 |
| Rockwell Collins, Inc. | 25,533 | 1,575,131 |
| Rolls-Royce Holdings | ||
| PLC (1) | 272,487 | 2,821,848 |
| Textron, Inc. | 29,211 | 689,672 |
| $ 16,774,309 | ||
| Air Freight & | ||
| Logistics 0.7% | ||
| CH Robinson Worldwide, Inc. | 56,332 | $ 4,441,215 |
| Deutsche Post AG | 82,457 | 1,585,207 |
| Expeditors International of Washington, Inc. | 73,976 | 3,786,831 |
| $ 9,813,253 | ||
| Airlines 0.1% | ||
| International Consolidated Airlines Group | ||
| SA (1) | 483,403 | $ 1,973,261 |
| $ 1,973,261 | ||
| Auto | ||
| Components 0.7% | ||
| Aisin Seiki Co., Ltd. | 10,200 | $ 394,694 |
| Compagnie Generale des Etablissements Michelin | 26,277 | 2,573,562 |
| Cooper Tire & Rubber Co. | 23,193 | 458,989 |
| Dana Holding | ||
| Corp. (1) | 28,066 | 513,608 |
| Denso Corp. | 60,300 | 2,242,705 |
| Goodyear Tire & Rubber Co. | ||
| (The) (1) | 31,887 | 534,745 |
| Johnson Controls, Inc. | 63,322 | 2,637,994 |
| Lear Corp. | 10,000 | 534,800 |
| Toyota Boshoku Corp. | 11,900 | 197,719 |
| Toyota Industries Corp. | 8,600 | 283,932 |
| $ 10,372,748 | ||
| Automobiles 1.4% | ||
| Daimler AG | 132,059 | $ 9,958,766 |
| Ford Motor | ||
| Co. (1) | 75,528 | 1,041,531 |
| Honda Motor Co., Ltd. | 103,900 | 4,002,947 |
| Isuzu Motors, Ltd. | 116,000 | 549,136 |
| Mazda Motor | ||
| Corp. (1) | 115,000 | 303,048 |
| Suzuki Motor Corp. | 52,800 | 1,190,193 |
| Toyota Motor Corp. | 50,407 | 2,075,719 |
| Yamaha Motor Co., | ||
| Ltd. (1) | 18,800 | 345,312 |
| $ 19,466,652 | ||
| Beverages 1.4% | ||
| Carlsberg A/S, Class B | 8,450 | $ 920,060 |
| Coca-Cola Co. (The) | 82,128 | 5,526,393 |
| Coca-Cola West Co., Ltd. | 26,200 | 502,022 |
| Constellation Brands, Inc., | ||
| Class A (1) | 33,994 | 707,755 |
| Heineken Holding NV | 24,773 | 1,268,214 |
| Heineken NV | 30,199 | 1,817,584 |
| Kirin Holdings Co., Ltd. | 90,000 | 1,254,682 |
| PepsiCo, Inc. | 77,079 | 5,428,674 |
| Pernod-Ricard SA | 15,528 | 1,531,465 |
| Sapporo Holdings, Ltd. | 128,000 | 526,171 |
| $ 19,483,020 | ||
| Biotechnology 2.2% | ||
| Amgen, | ||
| Inc. (1) | 146,962 | $ 8,575,233 |
| Biogen Idec, | ||
| Inc. (1) | 65,997 | 7,056,399 |
| BioMarin Pharmaceutical, | ||
| Inc. (1) | 19,589 | 533,017 |
| Celgene | ||
| Corp. (1) | 108,131 | 6,522,462 |
| Gilead Sciences, | ||
| Inc. (1) | 169,876 | 7,034,565 |
| Regeneron Pharmaceuticals, | ||
| Inc. (1) | 23,758 | 1,347,316 |
| $ 31,068,992 | ||
| Building | ||
| Products 0.3% | ||
| Armstrong World Industries, Inc. | 18,531 | $ 844,272 |
| Asahi Glass Co., Ltd. | 76,776 | 898,454 |
| Daikin Industries, Ltd. | 63,300 | 2,243,754 |
| Masco Corp. | 59,062 | 710,516 |
| $ 4,696,996 | ||
| Capital | ||
| Markets 1.7% | ||
| Affiliated Managers Group, | ||
| Inc. (1) | 5,077 | $ 515,062 |
| Artio Global Investors, Inc. | 28,136 | 317,937 |
| Bank of New York Mellon Corp. (The) | 54,215 | 1,388,988 |
| Charles Schwab Corp. (The) | 66,662 | 1,096,590 |
| Deutsche Bank AG | 134,582 | 7,943,097 |
| Duff & Phelps Corp., Class A | 30,762 | 394,676 |
| Franklin Resources, Inc. | 19,250 | 2,527,332 |
| GAM Holding, | ||
| Ltd. (1) | 58,376 | 960,483 |
| Goldman Sachs Group, Inc. (The) | 20,456 | 2,722,489 |
| ICAP PLC | 178,286 | 1,352,182 |
| Julius Baer Group, | ||
| Ltd. (1) | 76,144 | 3,145,358 |
| Man Group PLC | 355,866 | 1,353,629 |
| Matsui Securities Co., Ltd. | 66,800 | 322,270 |
| Mizuho Securities Co., | ||
| Ltd. (1) | 105,000 | 253,059 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Capital Markets (continued) | ||
| SBI Holdings, Inc. | 1,116 | $ 103,710 |
| State Street Corp. | 11,567 | 521,556 |
| $ 24,918,418 | ||
| Chemicals 2.2% | ||
| Air Products and Chemicals, Inc. | 37,115 | $ 3,547,452 |
| Akzo Nobel NV | 18,556 | 1,172,382 |
| BASF SE | 66,034 | 6,472,738 |
| Daicel Chemical Industries, Ltd. | 51,000 | 336,922 |
| Dow Chemical Co. (The) | 75,839 | 2,730,204 |
| Eastman Chemical Co. | 11,375 | 1,161,046 |
| Hitachi Chemical Co., Ltd. | 16,800 | 333,299 |
| Johnson Matthey PLC | 85,911 | 2,712,982 |
| Kaneka Corp. | 57,000 | 374,523 |
| Linde AG | 19,853 | 3,483,136 |
| Mitsubishi Gas Chemical Co., Inc. | 55,000 | 402,960 |
| Monsanto Co. | 29,335 | 2,127,961 |
| Nitto Denko Corp. | 5,900 | 299,786 |
| PPG Industries, Inc. | 4,498 | 408,373 |
| Shin-Etsu Chemical Co., Ltd. | 58,200 | 3,119,621 |
| Showa Denko KK | 236,000 | 488,854 |
| Sumitomo Chemical Co., Ltd. | 160,000 | 798,895 |
| Toray Industries, Inc. | 56,000 | 413,514 |
| Tosoh Corp. | 173,000 | 694,710 |
| $ 31,079,358 | ||
| Commercial | ||
| Banks 5.9% | ||
| Banco Popolare SC | 182,477 | $ 420,247 |
| Banco Santander SA | 1,132,101 | 13,041,960 |
| Barclays PLC | 1,085,798 | 4,454,324 |
| BNP Paribas | 130,141 | 10,035,036 |
| Criteria Caixacorp SA | 267,829 | 1,864,993 |
| Fifth Third Bancorp | 152,511 | 1,944,515 |
| Gunma Bank, Ltd. (The) | 106,000 | 560,252 |
| Hachijuni Bank, Ltd. (The) | 89,000 | 500,083 |
| Hiroshima Bank, Ltd. (The) | 87,000 | 379,671 |
| HSBC Holdings PLC | 1,235,349 | 12,248,157 |
| IBERIABANK Corp. | 13,247 | 763,557 |
| Intesa Sanpaolo SpA | 1,486,339 | 3,957,786 |
| Lloyds Banking Group | ||
| PLC (1) | 3,975,334 | 3,123,952 |
| Mizuho Financial Group, Inc. | 401,941 | 660,641 |
| Natixis | 165,993 | 832,854 |
| PNC Financial Services Group, Inc. | 37,644 | 2,243,959 |
| PrivateBancorp, Inc. | 30,683 | 423,425 |
| Regions Financial Corp. | 114,022 | 706,936 |
| Shinsei Bank, Ltd. | 390,000 | 390,098 |
| Societe Generale | 111,185 | 6,585,044 |
| Standard Chartered PLC | 220,000 | 5,778,888 |
| Sterling Bancshares, Inc. | 108,059 | 881,761 |
| Sumitomo Mitsui Financial Group, Inc. | 13,208 | 407,265 |
| Texas Capital Bancshares, | ||
| Inc. (1) | 10,000 | 258,300 |
| UniCredit SpA | 2,422,488 | 5,127,717 |
| Wells Fargo & Co. | 245,542 | 6,889,909 |
| $ 84,481,330 | ||
| Commercial Services & | ||
| Supplies 0.7% | ||
| Avery Dennison Corp. | 23,372 | $ 902,860 |
| RR Donnelley & Sons Co. | 48,703 | 955,066 |
| SECOM Co., Ltd. | 60,200 | 2,886,383 |
| Serco Group PLC | 156,826 | 1,391,131 |
| Waste Management, Inc. | 114,399 | 4,263,651 |
| $ 10,399,091 | ||
| Communications | ||
| Equipment 3.2% | ||
| Alcatel-Lucent (1) | 295,793 | $ 1,706,914 |
| Brocade Communications Systems, | ||
| Inc. (1) | 67,859 | 438,369 |
| Cisco Systems, Inc. | 1,003,285 | 15,661,279 |
| Nokia Oyj | 447,577 | 2,887,184 |
| QUALCOMM, Inc. | 393,928 | 22,371,171 |
| Research In Motion, | ||
| Ltd. (1) | 92,426 | 2,666,490 |
| $ 45,731,407 | ||
| Computers & | ||
| Peripherals 4.4% | ||
| Apple, | ||
| Inc. (1) | 172,593 | $ 57,934,292 |
| Hewlett-Packard Co. | 122,878 | 4,472,759 |
| NEC | ||
| Corp. (1) | 258,000 | 589,163 |
| $ 62,996,214 | ||
| Construction & | ||
| Engineering 0.4% | ||
| Bouygues SA | 19,011 | $ 835,993 |
| Chiyoda Corp. | 69,000 | 795,362 |
| Ferrovial SA | 95,985 | 1,212,822 |
| Fluor Corp. | 9,129 | 590,281 |
| Hochtief AG | 11,977 | 1,000,811 |
| JGC Corp. | 71,000 | 1,945,195 |
| $ 6,380,464 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Construction | ||
| Materials 0.2% | ||
| Imerys SA | 22,993 | $ 1,617,448 |
| Lafarge SA | 22,039 | 1,404,314 |
| Vulcan Materials Co. | 10,264 | 395,472 |
| $ 3,417,234 | ||
| Consumer | ||
| Finance 0.3% | ||
| American Express Co. | 45,990 | $ 2,377,683 |
| Credit Saison Co., Ltd. | 51,200 | 861,880 |
| SLM Corp. | 50,603 | 850,636 |
| $ 4,090,199 | ||
| Containers & | ||
| Packaging 0.1% | ||
| Sealed Air Corp. | 14,782 | $ 351,664 |
| Toyo Seikan Kaisha, Ltd. | 68,100 | 1,146,583 |
| $ 1,498,247 | ||
| Distributors 0.3% | ||
| Canon Marketing Japan, Inc. | 14,600 | $ 165,455 |
| Genuine Parts Co. | 56,294 | 3,062,393 |
| LKQ | ||
| Corp. (1) | 34,742 | 906,419 |
| $ 4,134,267 | ||
| Diversified Financial | ||
| Services 1.3% | ||
| Bank of America Corp. | 469,938 | $ 5,150,520 |
| Citigroup, Inc. | 83,023 | 3,457,078 |
| CME Group, Inc. | 1,702 | 496,286 |
| Deutsche Boerse AG | 36,045 | 2,736,878 |
| JPMorgan Chase & Co. | 154,746 | 6,335,301 |
| Moodys Corp. | 18,539 | 710,971 |
| ORIX Corp. | 4,130 | 401,733 |
| $ 19,288,767 | ||
| Diversified Telecommunication | ||
| Services 2.8% | ||
| AT&T, Inc. | 258,166 | $ 8,108,994 |
| Deutsche Telekom AG | 325,887 | 5,085,185 |
| France Telecom SA | 222,265 | 4,726,129 |
| Frontier Communications Corp. | 295,887 | 2,387,808 |
| Telefonica SA | 512,662 | 12,521,117 |
| Verizon Communications, Inc. | 161,847 | 6,025,564 |
| Windstream Corp. | 133,199 | 1,726,259 |
| $ 40,581,056 | ||
| Electric | ||
| Utilities 1.6% | ||
| Duke Energy Corp. | 144,296 | $ 2,717,094 |
| E.ON AG | 274,138 | 7,792,204 |
| EDF SA | 41,600 | 1,630,924 |
| Edison International | 51,169 | 1,982,799 |
| Enel SpA | 692,425 | 4,524,423 |
| Hokkaido Electric Power Co., Inc. | 13,500 | 224,557 |
| Iberdrola | ||
| SA (1) | 494,257 | 4,397,301 |
| Kyushu Electric Power Co., Inc. | 7,400 | 133,241 |
| Shikoku Electric Power Co., Inc. | 8,200 | 186,214 |
| $ 23,588,757 | ||
| Electrical | ||
| Equipment 0.9% | ||
| ABB, | ||
| Ltd. (1) | 334,273 | $ 8,685,184 |
| Cooper Industries PLC, Class A | 21,762 | 1,298,539 |
| Fujikura, Ltd. | 87,000 | 398,663 |
| GS Yuasa Corp. | 82,000 | 547,264 |
| Legrand SA | 47,726 | 2,008,905 |
| Mabuchi Motor Co., Ltd. | 5,000 | 252,339 |
| $ 13,190,894 | ||
| Electronic Equipment, Instruments | ||
| & Components 0.9% | ||
| Alps Electric Co., Ltd. | 162,200 | $ 1,648,773 |
| Corning, Inc. | 39,985 | 725,728 |
| Keyence Corp. | 1,110 | 315,163 |
| Kyocera Corp. | 53,734 | 5,471,086 |
| Nippon Electric Glass Co., Ltd. | 96,000 | 1,231,789 |
| Omron Corp. | 16,500 | 458,838 |
| TDK Corp. | 64,400 | 3,552,398 |
| $ 13,403,775 | ||
| Energy Equipment & | ||
| Services 1.0% | ||
| CGGVeritas (1) | 31,600 | $ 1,158,116 |
| Halliburton Co. | 123,425 | 6,294,675 |
| Schlumberger, Ltd. | 62,861 | 5,431,190 |
| Technip SA | 9,124 | 978,015 |
| $ 13,861,996 | ||
| Food & Staples | ||
| Retailing 1.9% | ||
| Casino Guichard-Perrachon SA | 11,211 | $ 1,056,638 |
| CVS Caremark Corp. | 172,603 | 6,486,421 |
| Delhaize Group SA | 27,344 | 2,051,770 |
| Koninklijke Ahold NV | 134,328 | 1,806,076 |
| Kroger Co. (The) | 47,687 | 1,182,638 |
| Metro AG | 26,403 | 1,598,910 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Food & Staples | ||
| Retailing (continued) | ||
| Safeway, Inc. | 20,063 | $ 468,872 |
| Seven & i Holdings Co., Ltd. | 69,200 | 1,861,063 |
| Sysco Corp. | 78,426 | 2,445,323 |
| UNY Co., Ltd. | 64,000 | 594,722 |
| Wal-Mart Stores, Inc. | 133,551 | 7,096,900 |
| Walgreen Co. | 22,317 | 947,580 |
| $ 27,596,913 | ||
| Food Products 2.8% | ||
| Campbell Soup Co. | 17,968 | $ 620,794 |
| ConAgra Foods, Inc. | 77,043 | 1,988,480 |
| Green Mountain Coffee Roasters, | ||
| Inc. (1) | 12,869 | 1,148,687 |
| H.J. Heinz Co. | 47,559 | 2,533,944 |
| Kraft Foods, Inc., Class A | 88,500 | 3,117,855 |
| Nestle SA | 345,106 | 21,475,426 |
| Nissin Foods Holdings Co., Ltd. | 11,700 | 426,211 |
| Parmalat | ||
| SpA (1) | 161,950 | 609,205 |
| Toyo Suisan Kaisha, Ltd. | 15,000 | 354,864 |
| Unilever NV | 203,126 | 6,666,722 |
| Yakult Honsha Co., Ltd. | 19,700 | 569,864 |
| $ 39,512,052 | ||
| Gas Utilities 0.1% | ||
| Gas Natural SDG SA | 45,614 | $ 955,394 |
| Snam Rete Gas SpA | 175,073 | 1,036,258 |
| $ 1,991,652 | ||
| Health Care Equipment & | ||
| Supplies 0.9% | ||
| Boston Scientific | ||
| Corp. (1) | 216,231 | $ 1,494,156 |
| Covidien PLC | 51,806 | 2,757,634 |
| Edwards Lifesciences | ||
| Corp. (1) | 5,485 | 478,182 |
| Hologic, | ||
| Inc. (1) | 76,941 | 1,551,900 |
| Immucor, | ||
| Inc. (1) | 15,993 | 326,577 |
| Medtronic, Inc. | 47,166 | 1,817,306 |
| Olympus Corp. | 60,000 | 2,024,523 |
| Terumo Corp. | 54,000 | 2,923,265 |
| $ 13,373,543 | ||
| Health Care Providers & | ||
| Services 1.0% | ||
| AmerisourceBergen Corp. | 43,561 | $ 1,803,425 |
| DaVita, | ||
| Inc. (1) | 17,678 | 1,531,092 |
| Laboratory Corp. of America | ||
| Holdings (1) | 16,119 | 1,560,158 |
| Lincare Holdings, Inc. | 57,193 | 1,674,039 |
| McKesson Corp. | 22,301 | 1,865,479 |
| Medco Health Solutions, | ||
| Inc. (1) | 28,789 | 1,627,154 |
| UnitedHealth Group, Inc. | 64,272 | 3,315,150 |
| VCA Antech, | ||
| Inc. (1) | 69,119 | 1,465,323 |
| $ 14,841,820 | ||
| Hotels, Restaurants & | ||
| Leisure 1.6% | ||
| Accor SA | 26,214 | $ 1,172,749 |
| Bally Technologies, | ||
| Inc. (1) | 11,183 | 454,924 |
| Carnival Corp. | 69,217 | 2,604,636 |
| International Game Technology | 42,344 | 744,407 |
| Marriott International, Inc., Class A | 38,496 | 1,366,223 |
| McDonalds Corp. | 87,419 | 7,371,170 |
| Wynn Resorts, Ltd. | 27,627 | 3,965,580 |
| Yum! Brands, Inc. | 83,058 | 4,588,124 |
| $ 22,267,813 | ||
| Household | ||
| Durables 0.3% | ||
| Casio Computer Co., Ltd. | 85,000 | $ 599,872 |
| Ryland Group, Inc. | 18,520 | 306,136 |
| Sekisui Chemical Co., Ltd. | 61,000 | 521,188 |
| Sony Corp. | 57,600 | 1,519,791 |
| Whirlpool Corp. | 9,068 | 737,410 |
| $ 3,684,397 | ||
| Household | ||
| Products 0.8% | ||
| Clorox Co. (The) | 20,211 | $ 1,363,030 |
| Colgate-Palmolive Co. | 3,997 | 349,378 |
| Henkel AG & Co. KGaA, PFC Shares | 20,000 | 1,390,763 |
| Kimberly-Clark Corp. | 23,485 | 1,563,161 |
| Procter & Gamble Co. | 78,880 | 5,014,401 |
| Reckitt Benckiser Group PLC | 30,271 | 1,671,930 |
| Uni-Charm Corp. | 12,400 | 541,753 |
| $ 11,894,416 | ||
| Industrial | ||
| Conglomerates 2.1% | ||
| 3M Co. | 53,517 | $ 5,076,087 |
| General Electric Co. | 372,123 | 7,018,240 |
| Hankyu Hanshin Holdings, Inc. | 38,128 | 150,928 |
| Siemens AG | 126,201 | 17,342,639 |
| $ 29,587,894 | ||
| Insurance 3.9% | ||
| ACE, Ltd. | 25,406 | $ 1,672,223 |
| Aflac, Inc. | 17,276 | 806,444 |
| Allianz SE | 66,135 | 9,222,312 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Insurance (continued) | ||
| American International Group, | ||
| Inc. (1) | 7,978 | $ 233,915 |
| AON Corp. | 3,503 | 179,704 |
| AXA SA | 297,994 | 6,764,507 |
| Berkshire Hathaway, Inc., | ||
| Class B (1) | 31,563 | 2,442,661 |
| Chubb Corp. | 4,667 | 292,201 |
| Cincinnati Financial Corp. | 95,829 | 2,796,290 |
| CNP Assurances | 56,816 | 1,236,900 |
| Delta Lloyd NV | 38,000 | 902,609 |
| Genworth Financial, Inc., | ||
| Class A (1) | 46,638 | 479,439 |
| HCC Insurance Holdings, Inc. | 54,556 | 1,718,514 |
| Mapfre SA | 129,606 | 480,867 |
| Marsh & McLennan Cos., Inc. | 94,701 | 2,953,724 |
| MetLife, Inc. | 107,541 | 4,717,824 |
| MS&AD Insurance Group Holdings, Inc. | 24,200 | 566,445 |
| Principal Financial Group, Inc. | 36,247 | 1,102,634 |
| Prudential Financial, Inc. | 37,177 | 2,364,085 |
| Prudential PLC | 349,752 | 4,038,519 |
| Resolution, Ltd. | 95,702 | 451,148 |
| RSA Insurance Group PLC | 678,764 | 1,468,160 |
| SCOR SE | 63,370 | 1,798,701 |
| Sony Financial Holdings, Inc. | 27,200 | 491,765 |
| Standard Life PLC | 479,801 | 1,621,685 |
| Swiss Life Holding, | ||
| Ltd. (1) | 5,941 | 974,332 |
| Swiss Reinsurance Co., | ||
| Ltd. (1) | 33,066 | 1,856,730 |
| T&D Holdings, Inc. | 27,300 | 649,799 |
| Tryg A/S | 15,498 | 894,956 |
| $ 55,179,093 | ||
| Internet & Catalog | ||
| Retail 1.3% | ||
| Amazon.com, | ||
| Inc. (1) | 61,374 | $ 12,550,369 |
| Expedia, Inc. | 33,882 | 982,239 |
| Priceline.com, | ||
| Inc. (1) | 11,209 | 5,738,224 |
| $ 19,270,832 | ||
| Internet Software & | ||
| Services 2.9% | ||
| Baidu, Inc. | ||
| ADR (1) | 53,449 | $ 7,489,808 |
| eBay, | ||
| Inc. (1) | 206,059 | 6,649,524 |
| Google, Inc., | ||
| Class A (1) | 43,140 | 21,845,233 |
| Monster Worldwide, | ||
| Inc. (1) | 36,048 | 528,464 |
| Rackspace Hosting, | ||
| Inc. (1) | 20,000 | 854,800 |
| United Internet AG | 44,534 | 936,235 |
| VeriSign, Inc. | 98,783 | 3,305,279 |
| $ 41,609,343 | ||
| IT Services 2.1% | ||
| Accenture PLC, Class A | 9,748 | $ 588,974 |
| CapGemini SA | 56,171 | 3,289,244 |
| Cognizant Technology Solutions Corp., | ||
| Class A (1) | 77,532 | 5,686,197 |
| Fidelity National Information Services, Inc. | 51,873 | 1,597,170 |
| Infosys, Ltd. ADR | 53,234 | 3,472,454 |
| International Business Machines Corp. | 62,600 | 10,739,030 |
| MasterCard, Inc., Class A | 5,904 | 1,779,111 |
| Nomura Research Institute, Ltd. | 6,800 | 148,949 |
| NTT Data Corp. | 581 | 1,930,881 |
| Obic Co., Ltd. | 730 | 136,443 |
| Otsuka Corp. | 2,600 | 161,874 |
| Western Union Co. | 55,901 | 1,119,697 |
| $ 30,650,024 | ||
| Leisure Equipment & | ||
| Products 0.2% | ||
| Hasbro, Inc. | 21,651 | $ 951,128 |
| Nikon Corp. | 63,000 | 1,489,846 |
| Sankyo Co., Ltd. | 4,300 | 222,170 |
| $ 2,663,144 | ||
| Life Sciences Tools & | ||
| Services 0.1% | ||
| PerkinElmer, Inc. | 27,425 | $ 738,007 |
| Thermo Fisher Scientific, | ||
| Inc. (1) | 17,359 | 1,117,746 |
| $ 1,855,753 | ||
| Machinery 2.6% | ||
| AGCO | ||
| Corp. (1) | 23,446 | $ 1,157,295 |
| Caterpillar, Inc. | 35,948 | 3,827,024 |
| Dover Corp. | 15,298 | 1,037,204 |
| Eaton Corp. | 45,472 | 2,339,534 |
| Ebara Corp. | 104,000 | 613,426 |
| Fanuc, Ltd. | 52,827 | 8,833,889 |
| Hitachi Construction Machinery Co., Ltd. | 66,900 | 1,499,740 |
| IHI Corp. | 213,000 | 550,382 |
| Japan Steel Works, Ltd. | 78,000 | 534,678 |
| Kawasaki Heavy Industries, Ltd. | 107,000 | 426,317 |
| Komatsu, Ltd. | 87,800 | 2,741,390 |
| Kurita Water Industries, Ltd. | 7,400 | 220,764 |
| Makita Corp. | 6,700 | 312,213 |
| MAN AG | 10,039 | 1,337,193 |
| Meidensha Corp. | 259,000 | 1,116,896 |
| Minebea Co., Ltd. | 67,127 | 358,150 |
| NTN Corp. | 132,000 | 751,957 |
| Pall Corp. | 30,660 | 1,724,012 |
| Parker Hannifin Corp. | 29,259 | 2,625,703 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Machinery (continued) | ||
| SMC Corp. | 1,900 | $ 342,513 |
| Snap-On, Inc. | 15,120 | 944,698 |
| Stanley Black & Decker, Inc. | 45,820 | 3,301,331 |
| Sumitomo Heavy Industries, Ltd. | 119,000 | 830,604 |
| Titan International, Inc. | 13,412 | 325,375 |
| $ 37,752,288 | ||
| Marine 0.1% | ||
| Kawasaki Kisen Kaisha, Ltd. | 174,000 | $ 608,331 |
| Mitsui O.S.K. Lines, Ltd. | 83,000 | 446,603 |
| $ 1,054,934 | ||
| Media 2.6% | ||
| British Sky Broadcasting Group PLC | 447,757 | $ 6,078,794 |
| Comcast Corp., Class A | 367,504 | 9,312,551 |
| DIRECTV, | ||
| Class A (1) | 89,322 | 4,539,344 |
| Focus Media Holding, Ltd. | ||
| ADR (1) | 10,518 | 327,110 |
| Hakuhodo DY Holdings, Inc. | 9,590 | 512,142 |
| JC Decaux | ||
| SA (1) | 44,715 | 1,434,874 |
| McGraw-Hill Cos., Inc. (The) | 27,142 | 1,137,521 |
| Omnicom Group, Inc. | 54,629 | 2,630,933 |
| Virgin Media, Inc. | 100,424 | 3,005,690 |
| Walt Disney Co. (The) | 174,880 | 6,827,315 |
| Wolters Kluwer NV | 45,032 | 998,386 |
| $ 36,804,660 | ||
| Metals & | ||
| Mining 3.1% | ||
| AK Steel Holding Corp. | 20,960 | $ 330,330 |
| Alcoa, Inc. | 118,506 | 1,879,505 |
| Anglo American PLC | 100,152 | 4,966,932 |
| Aperam | 10,013 | 323,436 |
| ArcelorMittal | 192,366 | 6,689,777 |
| BHP Billiton PLC | 189,390 | 7,441,848 |
| Boliden AB | 86,800 | 1,603,075 |
| Cliffs Natural Resources, Inc. | 9,184 | 849,061 |
| Dowa Holdings Co., Ltd. | 105,000 | 651,669 |
| JFE Holdings, Inc. | 8,900 | 244,765 |
| Kobe Steel, Ltd. | 216,000 | 491,197 |
| Mitsubishi Materials Corp. | 80,000 | 252,059 |
| Newmont Mining Corp. | 30,985 | 1,672,260 |
| Pacific Metals Co., Ltd. | 62,000 | 458,827 |
| Rio Tinto PLC | 128,971 | 9,312,447 |
| Sumitomo Metal Industries, Ltd. | 112,000 | 251,603 |
| Sumitomo Metal Mining Co., Ltd. | 101,000 | 1,659,353 |
| United States Steel Corp. | 27,078 | 1,246,671 |
| Xstrata PLC | 195,335 | 4,302,331 |
| $ 44,627,146 | ||
| Multi-Utilities 1.6% | ||
| Centrica PLC | 498,444 | $ 2,588,157 |
| CMS Energy Corp. | 137,634 | 2,710,014 |
| Consolidated Edison, Inc. | 38,721 | 2,061,506 |
| Dominion Resources, Inc. | 42,535 | 2,053,164 |
| GDF Suez | 222,427 | 8,129,168 |
| NiSource, Inc. | 42,420 | 859,005 |
| Public Service Enterprise Group, Inc. | 116,940 | 3,816,922 |
| RWE AG, PFC Shares | 10,079 | 514,412 |
| $ 22,732,348 | ||
| Multiline | ||
| Retail 0.8% | ||
| H2O Retailing Corp. | 29,000 | $ 225,451 |
| Isetan Mitsukoshi Holdings, Ltd. | 71,332 | 698,823 |
| Kohls Corp. | 44,325 | 2,216,693 |
| Macys, Inc. | 20,000 | 584,800 |
| Marks & Spencer Group PLC | 432,844 | 2,509,178 |
| Nordstrom, Inc. | 19,173 | 899,981 |
| PPR SA | 7,380 | 1,314,415 |
| Target Corp. | 70,056 | 3,286,327 |
| $ 11,735,668 | ||
| Office | ||
| Electronics 0.5% | ||
| Brother Industries, Ltd. | 22,000 | $ 325,419 |
| Canon, Inc. | 78,200 | 3,719,684 |
| Konica Minolta Holdings, Inc. | 70,500 | 588,850 |
| Ricoh Co., Ltd. | 59,000 | 654,509 |
| Xerox Corp. | 208,743 | 2,173,015 |
| $ 7,461,477 | ||
| Oil, Gas & Consumable | ||
| Fuels 7.4% | ||
| Anadarko Petroleum Corp. | 35,234 | $ 2,704,562 |
| BP PLC | 1,583,192 | 11,657,030 |
| Chesapeake Energy Corp. | 11,230 | 333,419 |
| Chevron Corp. | 95,020 | 9,771,857 |
| ConocoPhillips | 102,909 | 7,737,728 |
| Devon Energy Corp. | 8,417 | 663,344 |
| El Paso Corp. | 56,715 | 1,145,643 |
| ENI SpA | 227,582 | 5,393,451 |
| Exxon Mobil Corp. | 233,306 | 18,986,442 |
| Hess Corp. | 20,723 | 1,549,251 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Oil, Gas & Consumable | ||
| Fuels (continued) | ||
| Idemitsu Kosan Co., Ltd. | 3,100 | $ 330,842 |
| Japan Petroleum Exploration Co. | 3,900 | 183,094 |
| Petrohawk Energy | ||
| Corp. (1) | 38,373 | 946,662 |
| Royal Dutch Shell PLC, Class A | 338,811 | 12,056,106 |
| Royal Dutch Shell PLC, Class B | 292,028 | 10,421,292 |
| Southwestern Energy | ||
| Co. (1) | 24,167 | 1,036,281 |
| Spectra Energy Corp. | 35,562 | 974,754 |
| Suncor Energy, Inc. | 23,244 | 908,840 |
| Total SA | 268,726 | 15,535,980 |
| Williams Cos., Inc. | 118,494 | 3,584,443 |
| $ 105,921,021 | ||
| Paper & Forest | ||
| Products 0.1% | ||
| International Paper Co. | 12,829 | $ 382,561 |
| OJI Paper Co., Ltd. | 76,000 | 364,501 |
| $ 747,062 | ||
| Personal | ||
| Products 0.1% | ||
| Kao Corp. | 69,654 | $ 1,831,495 |
| USANA Health Sciences, | ||
| Inc. (1) | 7,218 | 225,779 |
| $ 2,057,274 | ||
| Pharmaceuticals 7.2% | ||
| Abbott Laboratories | 115,361 | $ 6,070,296 |
| Allergan, Inc. | 27,084 | 2,254,743 |
| Astellas Pharma, Inc. | 58,400 | 2,265,983 |
| AstraZeneca PLC | 135,442 | 6,769,566 |
| Bayer AG | 25,635 | 2,058,915 |
| Chugai Pharmaceutical Co., Ltd. | 52,900 | 867,436 |
| Daiichi Sankyo Co., Ltd. | 62,300 | 1,217,408 |
| Eisai Co., Ltd. | 59,846 | 2,334,936 |
| Eli Lilly & Co. | 31,198 | 1,170,861 |
| GlaxoSmithKline PLC | 541,207 | 11,600,371 |
| Hisamitsu Pharmaceutical Co., Inc. | 4,800 | 204,483 |
| Johnson & Johnson | 119,421 | 7,943,885 |
| Medicines | ||
| Co. (1) | 28,661 | 473,193 |
| Merck & Co., Inc. | 177,326 | 6,257,835 |
| Mitsubishi Tanabe Pharma Corp. | 10,000 | 167,366 |
| Novartis AG | 240,605 | 14,745,986 |
| Ono Pharmaceutical Co., Ltd. | 5,000 | 267,492 |
| Pfizer, Inc. | 496,812 | 10,234,327 |
| Roche Holding AG | 75,396 | 12,622,851 |
| Sanofi SA | 90,640 | 7,291,135 |
| Shionogi & Co., Ltd. | 56,000 | 917,030 |
| Takeda Pharmaceutical Co., Ltd. | 39,731 | 1,836,244 |
| Watson Pharmaceuticals, | ||
| Inc. (1) | 48,108 | 3,306,463 |
| $ 102,878,805 | ||
| Professional | ||
| Services 0.3% | ||
| Equifax, Inc. | 15,217 | $ 528,334 |
| Manpower, Inc. | 24,829 | 1,332,076 |
| Randstad Holding NV | 13,594 | 628,557 |
| Robert Half International, Inc. | 59,863 | 1,618,097 |
| $ 4,107,064 | ||
| Real Estate Investment Trusts | ||
| (REITs) 0.7% | ||
| AvalonBay Communities, Inc. | 19,158 | $ 2,459,887 |
| British Land Co. PLC | 195,831 | 1,914,652 |
| Capital Shopping Centres Group PLC | 189,600 | 1,216,412 |
| Japan Real Estate Investment Corp. | 37 | 364,038 |
| Japan Retail Fund Investment Corp. | 200 | 308,207 |
| Nippon Building Fund, Inc. | 40 | 390,883 |
| Simon Property Group, Inc. | 32,545 | 3,782,705 |
| $ 10,436,784 | ||
| Real Estate Management & | ||
| Development 0.2% | ||
| Capital & Counties Properties PLC | 189,600 | $ 599,368 |
| Daito Trust Construction Co., Ltd. | 6,300 | 534,869 |
| Heiwa Real Estate Co., Ltd. | 324,000 | 702,781 |
| Nomura Real Estate Holdings, Inc. | 27,400 | 456,844 |
| NTT Urban Development Corp. | 443 | 380,011 |
| $ 2,673,873 | ||
| Road & | ||
| Rail 0.6% | ||
| Central Japan Railway Co. | 55 | $ 432,371 |
| CSX Corp. | 115,014 | 3,015,667 |
| East Japan Railway Co. | 12,600 | 721,612 |
| Kansas City | ||
| Southern (1) | 19,740 | 1,171,174 |
| Keio Corp. | 139,000 | 766,667 |
| Kintetsu Corp. | 105,000 | 337,200 |
| Ryder System, Inc. | 14,154 | 804,655 |
| Tobu Railway Co., Ltd. | 135,000 | 568,256 |
| $ 7,817,602 | ||
| Semiconductors & Semiconductor | ||
| Equipment 3.2% | ||
| Advanced Micro Devices, | ||
| Inc. (1) | 43,780 | $ 306,022 |
| Advantest Corp. | 111,000 | 2,043,444 |
| Applied Materials, Inc. | 313,048 | 4,072,754 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Value | |
|---|---|---|
| Semiconductors & Semiconductor | ||
| Equipment (continued) | ||
| Broadcom Corp., | ||
| Class A (1) | 124,725 | $ 4,195,749 |
| Cirrus Logic, | ||
| Inc. (1) | 62,702 | 996,962 |
| Cree, | ||
| Inc. (1) | 28,924 | 971,557 |
| Cypress Semiconductor | ||
| Corp. (1) | 217,447 | 4,596,829 |
| Elpida Memory, | ||
| Inc. (1) | 41,000 | 482,928 |
| Intel Corp. | 897,323 | 19,884,678 |
| MEMC Electronic Materials, | ||
| Inc. (1) | 57,209 | 487,993 |
| Micron Technology, | ||
| Inc. (1) | 100,000 | 748,000 |
| NXP Semiconductors | ||
| NV (1) | 18,406 | 491,992 |
| ON Semiconductor | ||
| Corp. (1) | 53,708 | 562,323 |
| Shinko Electric Industries Co., Ltd. | 17,200 | 162,153 |
| Sumco | ||
| Corp. (1) | 14,600 | 247,184 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 91,231 | 1,150,423 |
| Tessera Technologies, | ||
| Inc. (1) | 48,321 | 828,222 |
| Texas Instruments, Inc. | 27,000 | 886,410 |
| Tokyo Electron, Ltd. | 53,500 | 2,925,532 |
| $ 46,041,155 | ||
| Software 5.5% | ||
| Citrix Systems, | ||
| Inc. (1) | 46,346 | $ 3,707,680 |
| Compuware | ||
| Corp. (1) | 52,384 | 511,268 |
| Concur Technologies, | ||
| Inc. (1) | 56,008 | 2,804,321 |
| Konami Corp. | 62,100 | 1,470,899 |
| Microsoft Corp. | 1,460,131 | 37,963,406 |
| Oracle Corp. | 820,908 | 27,016,082 |
| Symantec | ||
| Corp. (1) | 199,867 | 3,941,377 |
| TiVo, | ||
| Inc. (1) | 17,135 | 176,319 |
| Trend Micro, Inc. | 57,397 | 1,783,169 |
| $ 79,374,521 | ||
| Specialty | ||
| Retail 1.6% | ||
| Abercrombie & Fitch Co., Class A | 10,682 | $ 714,839 |
| American Eagle Outfitters, Inc. | 42,783 | 545,483 |
| Best Buy Co., Inc. | 47,984 | 1,507,178 |
| Fast Retailing Co., Ltd. | 53,900 | 8,717,154 |
| Gap, Inc. (The) | 73,351 | 1,327,653 |
| Home Depot, Inc. | 62,734 | 2,272,226 |
| Limited Brands, Inc. | 33,514 | 1,288,613 |
| Office Depot, | ||
| Inc. (1) | 190,264 | 802,914 |
| Shimamura Co., Ltd. | 2,400 | 228,788 |
| Staples, Inc. | 222,003 | 3,507,647 |
| Tiffany & Co. | 26,337 | 2,067,981 |
| USS Co., Ltd. | 2,720 | 211,000 |
| Yamada Denki Co., Ltd. | 4,360 | 355,251 |
| $ 23,546,727 | ||
| Textiles, Apparel & Luxury | ||
| Goods 0.8% | ||
| Adidas AG | 18,804 | $ 1,490,812 |
| Asics Corp. | 20,000 | 298,526 |
| Christian Dior SA | 10,660 | 1,675,156 |
| Coach, Inc. | 16,626 | 1,062,900 |
| Hanesbrands, | ||
| Inc. (1) | 30,207 | 862,410 |
| NIKE, Inc., Class B | 30,110 | 2,709,298 |
| Nisshinbo Holdings, Inc. | 82,000 | 781,321 |
| Onward Holdings Co., Ltd. | 30,000 | 253,000 |
| Swatch Group AG, Class B | 3,924 | 1,980,472 |
| $ 11,113,895 | ||
| Thrifts & Mortgage | ||
| Finance 0.1% | ||
| BankUnited, Inc. | 27,114 | $ 719,606 |
| $ 719,606 | ||
| Tobacco 2.0% | ||
| Altria Group, Inc. | 43,018 | $ 1,136,105 |
| British American Tobacco PLC | 275,025 | 12,060,284 |
| Imperial Tobacco Group PLC | 177,291 | 5,902,457 |
| Japan Tobacco, Inc. | 409 | 1,578,769 |
| Philip Morris International, Inc. | 113,533 | 7,580,599 |
| $ 28,258,214 | ||
| Trading Companies & | ||
| Distributors 0.4% | ||
| Marubeni Corp. | 147,000 | $ 976,934 |
| Mitsubishi Corp. | 81,800 | 2,043,188 |
| Sumitomo Corp. | 96,700 | 1,315,532 |
| Wolseley PLC | 51,754 | 1,689,328 |
| $ 6,024,982 | ||
| Transportation | ||
| Infrastructure 0.1% | ||
| ADP | 13,565 | $ 1,275,564 |
| Kamigumi Co., Ltd. | 46,000 | 429,907 |
| $ 1,705,471 | ||
| Wireless Telecommunication | ||
| Services 2.0% | ||
| American Tower Corp., | ||
| Class A (1) | 19,546 | $ 1,022,842 |
| KDDI Corp. | 537 | 3,863,681 |
| MetroPCS Communications, | ||
| Inc. (1) | 31,693 | 545,436 |
| Rogers Communications, Inc., Class B | 46,378 | 1,832,859 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Portfolio of Investments (Unaudited) continued
| Security | Shares | Value |
|---|---|---|
| Wireless Telecommunication | ||
| Services (continued) | ||
| Softbank Corp. | 175,398 | $ 6,642,721 |
| Vodafone Group PLC | 5,349,088 | 14,183,859 |
| $ 28,091,398 | ||
| Total Common Stocks | ||
| (identified | ||
| cost $1,214,436,548) | $ 1,456,353,369 | |
| Rights | ||
| 0.0% (2) | ||
| Security | Shares | Value |
| Commercial | ||
| Banks 0.0% (2) | ||
| Criteria Caixacorp SA, Exp. | ||
| 7/15/11 (1) | 267,829 | $ 20,196 |
| Total Rights | ||
| (identified cost $19,711) | $ 20,196 | |
| Total Investments 101.5% | ||
| (identified | ||
| cost $1,214,456,259) | $ 1,456,373,565 |
| Call Options Written (2.4)% | Number of | Strike | Expiration | |||
|---|---|---|---|---|---|---|
| Description | Contracts | Price | Date | Value | ||
| Dow Jones Euro Stoxx 50 Index | 36,450 | EUR | 2,800 | 7/15/11 | $ (3,863,917 | ) |
| Dow Jones Euro Stoxx 50 Index | 25,200 | EUR | 2,825 | 7/15/11 | (2,026,352 | ) |
| FTSE 100 Index | 8,150 | GBP | 5,800 | 7/15/11 | (2,168,068 | ) |
| FTSE 100 Index | 3,800 | GBP | 5,850 | 7/15/11 | (771,500 | ) |
| FTSE 100 Index | 5,100 | GBP | 5,900 | 7/15/11 | (736,672 | ) |
| NASDAQ 100 Index | 775 | $ | 2,240 | 7/16/11 | (7,052,500 | ) |
| NASDAQ 100 Index | 555 | $ | 2,260 | 7/16/11 | (4,068,150 | ) |
| Nikkei 225 Index | 1,200,000 | JPY | 9,500 | 7/8/11 | (5,142,538 | ) |
| S&P 500 Index | 630 | $ | 1,295 | 7/16/11 | (1,946,700 | ) |
| S&P 500 Index | 1,445 | $ | 1,300 | 7/16/11 | (3,706,425 | ) |
| S&P 500 Index | 1,385 | $ | 1,310 | 7/16/11 | (2,742,300 | ) |
| SMI Index | 4,500 | CHF | 6,300 | 7/15/11 | (105,174 | ) |
| SMI Index | 3,750 | CHF | 6,350 | 7/15/11 | (45,049 | ) |
| Total Call Options Written | ||||||
| (premiums received $16,409,378) | $ (34,375,345 | ) | ||||
| Other Assets, Less | ||||||
| Liabilities 0.9% | $ 12,430,252 | |||||
| Net Assets 100.0% | $ 1,434,428,472 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
| ADR | - American Depositary Receipt |
|---|---|
| PFC Shares | - Preference Shares |
| CHF | - Swiss Franc |
| EUR | - Euro |
| GBP | - British Pound Sterling |
| JPY | - Japanese Yen |
| (1) | Non-income producing security. |
|---|---|
| (2) | Amount is less than 0.05%. |
| Country Concentration of Portfolio | ||
|---|---|---|
| Percentage | ||
| Country | of Net Assets | Value |
| United States | 54.1 % | $ 776,480,184 |
| United Kingdom | 12.0 | 171,758,947 |
| Japan | 10.8 | 155,434,250 |
| France | 6.3 | 89,599,750 |
| Germany | 5.7 | 81,950,213 |
| Switzerland | 4.8 | 68,119,045 |
| Spain | 2.5 | 36,467,911 |
| Italy | 1.5 | 21,069,087 |
| Netherlands | 1.2 | 17,630,789 |
| China | 0.5 | 7,816,918 |
| Luxembourg | 0.5 | 7,013,213 |
| Canada | 0.4 | 5,408,189 |
| Ireland | 0.3 | 4,645,147 |
| Other Countries, less than 0.3% each | 0.9 | 12,979,922 |
| Total Investments | 101.5 % | $ 1,456,373,565 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Statement of Assets and Liabilities (Unaudited)
| Assets | June 30, 2011 | |
|---|---|---|
| Investments, at value (identified cost, $1,214,456,259) | $ 1,456,373,565 | |
| Cash | 1,282,810 | |
| Restricted cash* | 8,020,000 | |
| Foreign currency, at value (identified cost, $419,049) | 421,082 | |
| Dividends receivable | 2,077,504 | |
| Receivable for investments sold | 40,845 | |
| Tax reclaims receivable | 2,032,937 | |
| Total assets | $ 1,470,248,743 | |
| Liabilities | ||
| Written options outstanding, at value (premiums received, | ||
| $16,409,378) | $ 34,375,345 | |
| Payable for investments purchased | 19,808 | |
| Payable to affiliates: | ||
| Investment adviser fee | 1,179,490 | |
| Trustees fees | 11,793 | |
| Accrued expenses | 233,835 | |
| Total liabilities | $ 35,820,271 | |
| Net Assets | $ 1,434,428,472 | |
| Sources of Net Assets | ||
| Common shares, $0.01 par value, unlimited number of shares | ||
| authorized, 107,229,535 shares issued and outstanding | $ 1,072,295 | |
| Additional paid-in capital | 1,225,104,874 | |
| Accumulated net realized gain | 36,067,913 | |
| Accumulated distributions in excess of net investment income | (52,063,125 | ) |
| Net unrealized appreciation | 224,246,515 | |
| Net Assets | $ 1,434,428,472 | |
| Net Asset Value | ||
| ($1,434,428,472 ¸ 107,229,535 common shares issued and outstanding) | $ 13.38 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Statement of Operations (Unaudited)
| Investment Income | Six Months Ended — June 30, 2011 | |
|---|---|---|
| Dividends (net of foreign taxes, $1,753,965) | $ 21,958,231 | |
| Total investment income | $ 21,958,231 | |
| Expenses | ||
| Investment adviser fee | $ 7,231,423 | |
| Trustees fees and expenses | 24,186 | |
| Custodian fee | 230,278 | |
| Transfer and dividend disbursing agent fees | 9,701 | |
| Legal and accounting services | 34,724 | |
| Printing and postage | 176,205 | |
| Miscellaneous | 72,645 | |
| Total expenses | $ 7,779,162 | |
| Deduct | ||
| Reduction of custodian fee | $ 5,424 | |
| Total expense reductions | $ 5,424 | |
| Net expenses | $ 7,773,738 | |
| Net investment income | $ 14,184,493 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) | ||
| Investment transactions | $ 20,108,653 | |
| Written options | 18,314,169 | |
| Foreign currency transactions | (9,006 | ) |
| Net realized gain | $ 38,413,816 | |
| Change in unrealized appreciation (depreciation) | ||
| Investments | $ 42,712,496 | |
| Written options | (24,026,654 | ) |
| Foreign currency | 156,163 | |
| Net change in unrealized appreciation (depreciation) | $ 18,842,005 | |
| Net realized and unrealized gain | $ 57,255,821 | |
| Net increase in net assets from operations | $ 71,440,314 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Statements of Changes in Net Assets
| Six Months Ended — June 30, 2011 | Year Ended | |||
|---|---|---|---|---|
| Increase (Decrease) | ||||
| in Net Assets | (Unaudited) | December 31, 2010 | ||
| From operations | ||||
| Net investment income | $ 14,184,493 | $ 17,122,279 | ||
| Net realized gain (loss) from investment transactions, written | ||||
| options, and foreign currency transactions | 38,413,816 | (2,028,394 | ) | |
| Net change in unrealized appreciation (depreciation) from | ||||
| investments, written options and foreign currency | 18,842,005 | 86,501,593 | ||
| Net increase in net assets from operations | $ 71,440,314 | $ 101,595,478 | ||
| Distributions to shareholders | ||||
| From net investment income | $ (64,852,423 | )* | $ (17,676,961 | ) |
| From net realized gain | | (2,063,115 | ) | |
| Tax return of capital | | (137,807,191 | ) | |
| Total distributions | $ (64,852,423 | ) | $ (157,547,267 | ) |
| Capital share transactions | ||||
| Reinvestment of distributions | $ | $ 5,549,924 | ||
| Net increase in net assets from capital share transactions | $ | $ 5,549,924 | ||
| Net increase (decrease) in net assets | $ 6,587,891 | $ (50,401,865 | ) | |
| Net Assets | ||||
| At beginning of period | $ 1,427,840,581 | $ 1,478,242,446 | ||
| At end of period | $ 1,434,428,472 | $ 1,427,840,581 | ||
| Accumulated distributions in excess | ||||
| of net investment income included in net assets | ||||
| At end of period | $ (52,063,125 | ) | $ (1,395,195 | ) |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Financial Highlights
| Six Months Ended | Year Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2011 | ||||||||||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||
| Net asset value Beginning of period | $ 13.320 | $ 13.840 | $ 12.450 | $ 19.670 | $ 19.560 | $ 18.610 | ||||||
| Income (Loss) From Operations | ||||||||||||
| Net investment | ||||||||||||
| income (1) | $ 0.132 | $ 0.160 | $ 0.199 | $ 0.287 | $ 0.213 | $ 0.242 | ||||||
| Net realized and unrealized gain (loss) | 0.533 | 0.792 | 2.991 | (5.707 | ) | 1.697 | 2.510 | |||||
| Total income (loss) from operations | $ 0.665 | $ 0.952 | $ 3.190 | $ (5.420 | ) | $ 1.910 | $ 2.752 | |||||
| Less Distributions | ||||||||||||
| From net investment income | $ (0.605 | )* | $ (0.167 | ) | $ (0.204 | ) | $ (0.285 | ) | $ (0.039 | ) | $ (0.241 | ) |
| From net realized gain | | (0.019 | ) | | | (0.098 | ) | (0.126 | ) | |||
| Tax return of capital | | (1.286 | ) | (1.596 | ) | (1.515 | ) | (1.663 | ) | (1.433 | ) | |
| Total distributions | $ (0.605 | ) | $ (1.472 | ) | $ (1.800 | ) | $ (1.800 | ) | $ (1.800 | ) | $ (1.800 | ) |
| Offering costs charged to paid-in | ||||||||||||
| capital (1) | $ | $ | $ | $ | $ | $ (0.002 | ) | |||||
| Net asset value End of period | $ 13.380 | $ 13.320 | $ 13.840 | $ 12.450 | $ 19.670 | $ 19.560 | ||||||
| Market value End of period | $ 12.130 | $ 12.250 | $ 13.890 | $ 10.120 | $ 17.360 | $ 20.320 | ||||||
| Total Investment Return on Net Asset | ||||||||||||
| Value (2) | 5.48 | % (3) | 8.24 | % | 28.83 | % | (27.36 | )% | 10.55 | % | 15.47 | % |
| Total Investment Return on Market | ||||||||||||
| Value (2) | 3.98 | % (3) | (0.81 | )% | 59.07 | % | (33.09 | )% | (6.08 | )% | 29.79 | % |
| Ratios/Supplemental Data | ||||||||||||
| Net assets, end of period (000s omitted) | $ 1,434,428 | $ 1,427,841 | $ 1,478,242 | $ 1,323,987 | $ 2,091,164 | $ 2,075,159 | ||||||
| Ratios (as a percentage of average daily net assets): | ||||||||||||
| Expenses (4) | 1.08 | % (5) | 1.09 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % |
| Net investment income | 1.96 | % (5) | 1.23 | % | 1.57 | % | 1.76 | % | 1.07 | % | 1.26 | % |
| Portfolio Turnover | 4 | % (3) | 12 | % | 31 | % | 33 | % | 13 | % | 14 | % |
| (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. | |
| (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. |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
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 Funds 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.
A Investment Valuation Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale 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 or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Exchange-traded options are valued at the 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 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 Funds Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the securitys value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys or entitys financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds understanding of the applicable countries tax rules and rates.
D Federal Taxes The Funds policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
At December 31, 2010, the Fund had a net capital loss of $98,821 attributable to foreign currency transactions incurred after October 31, 2010. This net capital loss is treated as arising on the first day of the Funds taxable year ending December 31, 2011.
As of June 30, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds federal tax returns filed in the 3-year period ended December 31, 2010 remains subject to examination by the Internal Revenue Service.
E Expense Reduction State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Funds custodian fees are reported as a reduction of expenses in the Statement of Operations.
F Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Notes to Financial Statements (Unaudited) continued
gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications Under the Funds organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Funds Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws 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 Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Written Options Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Funds policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. 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, 2011 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders
Subject to its Managed Distribution Plan, the Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Funds dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended June 30, 2011, the amount of distributions estimated to be a tax return of capital was approximately $14,350,000. The final determination of tax characteristics of the Funds distributions will occur at the end of the year, at which time it will be reported to the shareholders.
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Funds average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2011, the Funds investment adviser fee amounted to $7,231,423. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM. EVM pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Except for Trustees of the Fund who are not members of EVMs organization, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Notes to Financial Statements (Unaudited) continued
4 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $66,052,428 and 108,693,302, respectively, for the six months ended June 30, 2011.
5 Common Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no transactions in common shares for the six months ended June 30, 2011. Common shares issued pursuant to the Funds dividend reinvestment plan for the year ended December 31, 2010 were 424,054.
6 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2011, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ | |
|---|---|---|
| Gross unrealized appreciation | $ 312,008,139 | |
| Gross unrealized depreciation | (71,971,370 | ) |
| Net unrealized appreciation | $ 240,036,769 |
7 Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of written call options at June 30, 2011 is included in the Portfolio of Investments.
Written call options activity for the six months ended June 30, 2011 was as follows:
| Contracts | Received | |||
|---|---|---|---|---|
| Outstanding, beginning of period | 1,350,910 | $ | 22,312,888 | |
| Options written | 7,834,355 | 99,533,283 | ||
| Options terminated in closing purchase transactions | (5,365,920 | ) | (90,139,129 | ) |
| Options expired | (2,527,605 | ) | (15,297,664 | ) |
| Outstanding, end of period | 1,291,740 | $ | 16,409,378 |
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At June 30, 2011, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
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 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 Funds 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, 2011 the fair value of derivatives with credit-related contingent features in a net liability position was $14,859,270. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $8,020,000 at June 30, 2011.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Notes to Financial Statements (Unaudited) continued
The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2011 was as follows:
| | Fair Value — Asset Derivative | Liability
Derivative (1) | |
| --- | --- | --- | --- |
| Written options | $ | $ (34,375,345 | ) |
(1) Statement of Assets and Liabilities location: Written options outstanding, at value.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2011 was as follows:
| Realized Gain (Loss) — on Derivatives Recognized | Change in Unrealized — Appreciation (Depreciation) on | ||
|---|---|---|---|
| in | |||
| Income (1) | Derivatives Recognized in | ||
| Income (2) | |||
| Written options | $ 18,314,169 | $ (24,026,654 | ) |
| (1) | Statement of Operations location: Net realized gain
(loss) Written options. |
| --- | --- |
| (2) | Statement of Operations location: Change in unrealized
appreciation (depreciation) Written options. |
8 Risks Associated with Foreign Investments
Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.
9 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| | Level 1 quoted prices in active markets for
identical investments |
| --- | --- |
| | Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.) |
| | Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments) |
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.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Notes to Financial Statements (Unaudited) continued
At June 30, 2011, the hierarchy of inputs used in valuing the Funds investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total | |||
|---|---|---|---|---|---|---|---|
| Common Stocks | |||||||
| Consumer Discretionary | $ 109,491,403 | $ 55,569,400 | $ | $ 165,060,803 | |||
| Consumer Staples | 57,541,974 | 71,259,915 | | 128,801,889 | |||
| Energy | 62,069,091 | 57,713,926 | | 119,783,017 | |||
| Financials | 73,554,053 | 128,234,017 | | 201,788,070 | |||
| Health Care | 93,903,923 | 70,114,990 | | 164,018,913 | |||
| Industrials | 67,713,931 | 83,564,572 | | 151,278,503 | |||
| Information Technology | 292,118,895 | 35,149,021 | | 327,267,916 | |||
| Materials | 17,082,560 | 64,286,487 | | 81,369,047 | |||
| Telecommunication Services | 21,649,762 | 47,022,692 | | 68,672,454 | |||
| Utilities | 16,714,916 | 31,597,841 | | 48,312,757 | |||
| Total Common Stocks | $ 811,840,508 | $ 644,512,861 | * | $ | $ 1,456,353,369 | ||
| Rights | $ 20,196 | $ | $ | $ 20,196 | |||
| Total Investments | $ 811,860,704 | $ 644,512,861 | $ | $ 1,456,373,565 | |||
| Liability Description | |||||||
| Call Options Written | $ (19,516,075 | ) | $ (14,859,270 | ) | $ | $ (34,375,345 | ) |
| Total | $ (19,516,075 | ) | $ (14,859,270 | ) | $ | $ (34,375,345 | ) |
The Fund held no investments or other financial instruments as of December 31, 2010 whose fair value was determined using Level 3 inputs. At June 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the six months then ended was not significant.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Annual Meeting of Shareholders (Unaudited)
The Fund held its Annual Meeting of Shareholders on April 22, 2011. The following action was taken by the shareholders:
Item 1: The election of Helen Frame Peters, Lynn A. Stout and Ralph F. Verni as Class III Trustees of the Fund for a three-year term expiring in 2014.
| Nominee for Trustee | Number of Shares | |
|---|---|---|
| Elected by All Shareholders | For | Withheld |
| Helen Frame Peters | 95,965,079 | 2,648,944 |
| Lynn A. Stout | 96,043,213 | 2,570,810 |
| Ralph F. Verni | 96,016,892 | 2,597,131 |
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
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 continuance is approved at least annually by the funds board of trustees, including by a vote of a majority of the trustees who are not interested persons of the fund (Independent Trustees), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a Board) of the Eaton Vance group of mutual funds (the Eaton Vance Funds) held on April 25, 2011, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held between February and April 2011. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
| | An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds; |
| --- | --- |
| | An independent report comparing each funds total expense
ratio and its components to comparable funds; |
| | An independent report comparing the investment performance of
each fund (including yield data and Sharpe and information
ratios where relevant) to the investment performance of
comparable funds over various time periods; |
| | Data regarding investment performance in comparison to relevant
peer groups of similarly managed funds and appropriate indices; |
| | For each fund, comparative information concerning the fees
charged and the services provided by each adviser in managing
other mutual 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
| | Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel; |
| --- | --- |
| | Information about the allocation of brokerage and the benefits
received by each adviser as a result of brokerage allocation,
including information concerning the acquisition of research
through client commission arrangements and/or the
funds policies with respect to soft dollar
arrangements; |
| | Data relating to portfolio turnover rates of each fund; |
| | The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes; |
Information about each Adviser
| | Reports detailing the financial results and condition of each
adviser; |
| --- | --- |
| | Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts; |
| | Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes; |
| | Copies of or descriptions of each advisers policies and
procedures relating to proxy voting, the handling of corporate
actions and class actions; |
| | Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions; |
| | Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates; |
| | A description of Eaton Vance Managements procedures for
overseeing third party advisers and sub-advisers; |
Other Relevant Information
| | Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates; |
| --- | --- |
| | Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and |
| | The terms of each advisory agreement. |
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2011, with respect to one
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Board of Trustees Contract Approval continued
or more funds, the Board met nine 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 nine, fifteen, seven, eight and twelve times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the funds investment objective including, where relevant, the use of derivative instruments, as well as trading policies and procedures and risk management techniques.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the funds investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the Fund) with Eaton Vance Management (the Adviser) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the Sub-adviser), including their fee structures, are 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 as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory 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 Advisers and the Sub-advisers management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and whose responsibilities include supervising the Sub-adviser and coordinating its activities in implementing the Funds investment strategy. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on the S&P 500 Index and the NASDAQ 100. With respect to the Sub-adviser, the Board noted the Sub-advisers experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests 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 family of funds.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-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 Funds investment performance to a relevant universe of comparable funds identified by an independent data provider as well as a peer group of similarly managed funds and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three- and five-year periods ended September 30, 2010 for the Fund. The Board concluded that the performance of the Fund was satisfactory.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Board of Trustees Contract Approval continued
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates payable by the Fund (referred to as management fees). As part of its review, the Board considered the management fees and the Funds total expense ratio for the year ended September 30, 2010, as compared to a group of similarly managed funds selected by an independent data provider. 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, as well as actions being taken to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.
After reviewing 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
The Board reviewed 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 with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser or 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 reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board 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. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the Advisers profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
Officers and Trustees
| Officers of Eaton Vance Tax-Managed
Global Buy-Write Opportunities Fund | |
| --- | --- |
| Walter A. Row, III President Duncan W. Richardson Vice President Barbara E. Campbell Treasurer | Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer |
| Trustees of Eaton Vance Tax-Managed
Global Buy-Write Opportunities Fund | |
| --- | --- |
| Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman | William H. Park Ronald A. Pearlman Helen Frame Peters Lynn A. Stout |
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, 2011, Fund records indicate that there are 147 registered shareholders and approximately 66,385 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.
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Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2011
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 customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers. |
| | Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information. |
| | We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the
link on our homepage: www.eatonvance.com. |
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Managements 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 customers account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisors privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vances Privacy Policy, please call 1-800-262-1122.
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. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial 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 SECs website at www.sec.gov. Form N-Q may also be reviewed and copied at the SECs public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SECs website at www.sec.gov.
Additional Notice to Shareholders. The Fund may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that the Fund will take such action or that such purchases would reduce the discount.
Closed-End Fund Information. The Eaton Vance closed-end funds make certain quarterly fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each calendar quarter-end. Certain month end fund performance data for the funds, including total returns, are posted to the website shortly after the end of each calendar month. Portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following the end of the quarter. 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
200 Clarendon Street
Boston, MA 02116
Transfer Agent American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Fund Offices Two International Place
Boston, MA 02110
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2552-8/11 CE-TMGBWOFSRC
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link2 "Item 2. Code of Ethics"
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
link2 "Item 3. Audit Committee Financial Expert"
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Chief Financial Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).
link2 "Item 4. Principal Accountant Fees and Services"
Item 4. Principal Accountant Fees and Services
Not required in this filing
link2 "Item 5. Audit Committee of Listed Registrants"
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
link2 "Item 6. Schedule of Investments"
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.
link2 "Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies"
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that
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list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov .
link2 "Item 8. Portfolio Managers of Closed-End Management Investment Companies"
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
link2 "Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers"
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
link2 "Item 10. Submission of Matters to a Vote of Security Holders"
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
link2 "Item 11. Controls and Procedures"
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
link2 "Item 12. Exhibits"
Item 12. Exhibits
| (a)(1) | Registrants Code of Ethics Not applicable (please see Item 2). |
|---|---|
| (a)(2)(i) | Treasurers Section 302 certification. |
| (a)(2)(ii) | Presidents Section 302 certification. |
| (b) | Combined Section 906 certification. |
| (c) | Registrants notices to shareholders pursuant to Registrants exemptive order |
| granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding | |
| distributions paid pursuant to the Registrants Managed Distribution Plan. |
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link1 "Signatures"
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/ Walter A. Row, III Walter A. Row, III President |
| Date: | August 9, 2011 |
| 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/ Barbara E. Campbell |
| Barbara E. Campbell Treasurer | |
| Date: | August 9, 2011 |
| By: | /s/ Walter A. Row, III |
| Walter A. Row, III President | |
| Date: | August 9, 2011 |
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