N-CSRS 1 b76806a1nvcsrs.htm EATON VANCE TAX-MANAGED BUY WRITE OPPORTUNITIES FUND Eaton Vance Tax-Managed Buy Write Opportunities Fu
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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 Street, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place Street, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(registrant’s Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2009
Date of Reporting Period
 
 

 


TABLE OF CONTENTS

Item 1. Reports to Stockholders
Item 2. Code of Ethics
Item 3. Audit Committee Financial Expert
Item 4. Principal Accountant Fees and Services
Item 5. Audit Committee of Listed registrants
Item 6. Schedule of Investments
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Item 10. Submission of Matters to a Vote of Security Holders
Item 11. Controls and Procedures
Item 12. Exhibits
Signatures
EX-99.CERT Section 906 Certification
EX-99.906CERT Section 906 Certification
EX-99.12(C) Registrants Notice to Shareholders


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Item 1. Reports to Stockholders

 


Table of Contents

(GRAPHICS)
S e m i a n n u a l R e p o r t J u n e 3 0 , 2 0 0 9 EATON VANCE TAX-MANAGED GLOBAL BUY-WRITE OPPORTUNITIES FUND


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IMPORTANT NOTICES REGARDING DISTRIBUTIONS,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
 
Managed Distribution Plan. On March 10, 2009, the Fund received authorization from the Securities and Exchange Commission to distribute long-term capital gains to shareholders more frequently than once per year. In this connection, the Board of Trustees formally approved the implementation of a Managed Distribution Plan (MDP) to make quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
 
The Fund intends to pay quarterly cash distributions during March, June, September and December equal to $0.45 per share. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees.
 
With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information required by the Fund’s exemptive order. The Fund’s Board of Trustees may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.
 
 
 
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
 
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
 
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
 
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
 
 
 
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www. sec.gov.
 
Please refer to the inside back cover of this report for an important notice about
the privacy policies adopted by the Eaton Vance organization.
 


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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
INVESTMENT UPDATE
Economic and Market Conditions
(PHOTO OF WALTER A. ROW)
Walter A. Row, CFA
Eaton Vance Management
Co-Portfolio Manager
(PHOTO OF THOMAS SETO)
Thomas Seto
Parametric Portfolio Associates, LLC
Co-Portfolio Manager
  In some ways, the six-month period ending June 30, 2009, was a healing period for equity markets. After a dismal January and February, stocks rallied sharply as investors became more comfortable with riskier assets, encouraged by the economic “green shoots” and the improvements in many parts of the credit markets — the epicenter of the financial crisis. Many large banks and financial institutions were able to access the capital markets and did so to raise cash and strengthen their balance sheets. In addition, the federal government demonstrated a clear commitment to repair the domestic economy and financial system with a tsunami of government-sponsored programs.
 
  After six consecutive quarters of negative returns, stocks generated strong returns in the second quarter of 2009 and extended the rally that began in early March. For the six months overall, the NASDAQ Composite gained 16.36%—reflecting investors’ renewed interest in technology stocks—and the S&P 500 Index increased 3.19%. Elsewhere on the capitalization spectrum, the Russell 2000 Index rose 2.64%, but the Dow Jones Industrial Average declined 2.01%.1
 
  Meanwhile, growth outperformed value across the market-cap spectrum. This dichotomy came as investors migrated from the traditional value sectors of financials and industrials to the information technology and health care sectors that are more heavily weighted in the growth benchmarks.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. The Fund has no current intention to utilize leverage, but may do so in the future through borrowings and other permitted methods. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

Fund 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.
Management Discussion
(PHOTO OF RONALD M. EGALKA)
Ronald M. Egalka
Rampart Investment Management
Co-Portfolio Manager
(PHOTO OF DAVID STEIN)
David Stein, Ph.D.
Parametric Portfolio Associates, LLC
Co-Portfolio Manager
  The Fund is a closed-end fund and trades on the New York Stock Exchange (NYSE) under the symbol “ETW.” At net asset value (NAV), the Fund outperformed the S&P 500 Index, the CBOE S&P 500 BuyWrite Index and the FTSE Eurotop 100 Index, as well as its Lipper peer group, for the six months ending June 30, 2009, while underperforming the CBOE NASDAQ-100 BuyWrite Index. The Fund’s market price traded at a 4.92% discount to NAV as of June 30, 2009.
 
  The Fund’s primary objective is to provide current income and gains, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing in a diversified portfolio of common stocks, including stocks of U.S. issuers (the “U.S. Segment”) and stocks of non-U.S. issuers (the “International Segment”). Under normal market conditions, the Fund seeks to generate current earnings in part by employing an options strategy of writing (selling) index call options on a substantial portion of the value of the Fund’s total investments.
Total Return Performance 12/31/08 – 6/30/092
             
NYSE Symbol       ETW
 
At Net Asset Value (NAV)
        9.82 %
At Market Price
        28.45 %
 
           
S&P 500 Index1
        3.19 %
CBOE S&P 500 BuyWrite Index1
        7.71 %
CBOE NASDAQ-100 BuyWrite Index1
        22.79 %
FTSE Eurotop 100 Index1
        3.32 %
Lipper Options Arbitrage/Options Strategies Funds Average1
        6.69 %
 
           
Premium/(Discount) to NAV (6/30/09)
        -4.92 %
Total Distributions per share
      $ 0.90  
Distribution Rate3
  At NAV     14.30 %
 
  At Market Price     15.04 %
See page 3 for more performance information.
 
1   It is not possible to invest directly in an Index or a Lipper Classification. The Indices’ total returns do not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. The Lipper total return is the average total return, at net asset value, of the funds that are in the same Lipper Classification as the Fund.
 
2   Six-month returns are cumulative.
 
3   The Distribution Rate is based on the Fund’s most recent quarterly distribution per share (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s quarterly distributions may be comprised of ordinary income, net realized capital gains and return of capital.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
INVESTMENT UPDATE
    During the six months ending June 30, 2009, the Fund continued to provide shareholders with attractive quarterly distributions.
 
  As of June 30, 2009, the Fund held a diversified portfolio encompassing a broad range of the U.S. economy, as well as investments in a variety of foreign countries. The Fund’s investments in the U.S. Segment constituted approximately 52% of total investments, while those in the International Segment represented approximately 48% of total investments. The majority of the Fund’s non-U.S. investments were divided between European markets and Japan. Among the Fund’s common stock holdings, its largest sector weightings were information technology, financials, health care, consumer discretionary and energy.
 
  As of June 30, 2009, the Fund had written call options on approximately 100% of its equity holdings. The Fund seeks current earnings in part from option premiums, which can vary with investors’ expectations of the future volatility (“implied volatility”) of the underlying assets. The first three months of 2009 witnessed very high levels of implied volatility in concert with a significant level of actual volatility in the equity markets. Those high volatility levels moderated somewhat in the second quarter of 2009 in light of the strong market advance, which resulted in reduced option premium levels.

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Fund’s current or future investments and may change due to active management.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
FUND PERFORMANCE
         
Fund Performance    
NYSE Symbol   ETW
 
Average Annual Total Returns (at market price, New York Stock Exchange)
       
Six Months
    28.45 %
One Year
    -9.59  
Life of Fund (9/30/05)
    -0.89  
 
       
Average Annual Total Returns (at net asset value)
       
Six Months
    9.82 %
One Year
    -14.25  
Life of Fund (9/30/05)
    0.45  
 
  Six-month returns are cumulative.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. The Fund has no current intention to utilize leverage, but may do so in the future through borrowings and other permitted methods. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Fund Composition
Top 10 Holdings1
By total investments
         
Apple, Inc.
    3.6 %
Microsoft Corp.
    2.4  
QUALCOMM, Inc.
    1.9  
Exxon Mobil Corp.
    1.6  
Nestle SA
    1.6  
Google, Inc., Class A
    1.5  
Banco Santander Central Hispano SA
    1.5  
Total SA
    1.4  
BP PLC
    1.4  
Telefonica SA
    1.3  
 
1   Top 10 Holdings represented 18.2% of the Fund’s total investments as of 6/30/09. The Top 10 Holdings are presented without the offsetting effect of the Fund’s written option positions at 6/30/09. Excludes cash equivalents.
Sector Weightings2
By total investments
(BAR GRAPH)
 
2   Reflects the Fund’s total investments as of 6/30/09. Sector Weightings are presented without the offsetting effect of the Fund’s written option positions at 6/30/09. Excludes cash equivalents.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Common Stocks — 100.3%
 
Security   Shares     Value      
 
 
 
Aerospace & Defense — 0.9%
 
European Aeronautic Defence & Space Co. 
    47,383     $ 769,519      
General Dynamics Corp. 
    43,377       2,402,652      
Honeywell International, Inc. 
    105,874       3,324,444      
L-3 Communications Holdings, Inc. 
    18,594       1,290,052      
Rockwell Collins, Inc. 
    59,584       2,486,440      
Rolls-Royce Group PLC(1)
    286,623       1,713,712      
 
 
            $ 11,986,819      
 
 
 
 
Air Freight & Logistics — 0.8%
 
CH Robinson Worldwide, Inc. 
    78,091     $ 4,072,446      
Deutsche Post AG
    122,561       1,600,266      
Expeditors International of Washington, Inc. 
    94,273       3,143,062      
FedEx Corp. 
    28,786       1,601,077      
 
 
            $ 10,416,851      
 
 
 
 
Auto Components — 0.4%
 
Aisin Seiki Co., Ltd. 
    15,600     $ 337,013      
Cooper Tire & Rubber Co. 
    30,158       299,167      
Denso Corp. 
    65,300       1,673,812      
Johnson Controls, Inc. 
    114,456       2,485,984      
Tokai Rika Co., Ltd. 
    26,100       415,206      
Toyota Boshoku Corp. 
    13,400       199,753      
Toyota Industries Corp. 
    8,600       213,756      
 
 
            $ 5,624,691      
 
 
 
 
Automobiles — 1.4%
 
Daimler AG
    122,491     $ 4,448,322      
Honda Motor Co., Ltd. 
    119,500       3,287,545      
Isuzu Motors, Ltd. 
    265,000       425,142      
Mazda Motor Corp. 
    125,000       319,686      
Nissan Motor Co., Ltd. 
    169,300       1,027,463      
Toyota Motor Corp. 
    61,907       2,341,159      
Volkswagen AG
    18,687       6,330,826      
Yamaha Motor Co., Ltd. 
    22,100       245,503      
 
 
            $ 18,425,646      
 
 
 
 
Beverages — 1.2%
 
Coca-Cola Co. (The)
    90,906     $ 4,362,579      
Coca-Cola West Co., Ltd. 
    26,200       501,093      
Constellation Brands, Inc., Class A(1)
    34,264       434,468      
Heineken NV
    30,199       1,125,465      
Heineken Holding NV
    51,223       1,636,621      
Kirin Holdings Co., Ltd. 
    43,000       599,917      
Pepsi Bottling Group, Inc. 
    34,449       1,165,754      
PepsiCo, Inc. 
    91,627       5,035,820      
Pernod-Ricard SA
    11,630       735,285      
Sapporo Holdings, Ltd. 
    128,000       732,118      
 
 
            $ 16,329,120      
 
 
 
 
Biotechnology — 3.0%
 
Amgen, Inc.(1)
    222,654     $ 11,787,303      
Biogen Idec, Inc.(1)
    134,180       6,058,227      
Celgene Corp.(1)
    168,251       8,049,128      
Gilead Sciences, Inc.(1)
    276,406       12,946,857      
Martek Biosciences Corp. 
    49,531       1,047,581      
Regeneron Pharmaceuticals, Inc.(1)
    42,972       770,058      
 
 
            $ 40,659,154      
 
 
 
 
Building Products — 0.3%
 
Asahi Glass Co., Ltd. 
    38,776     $ 310,595      
Daikin Industries, Ltd. 
    78,700       2,532,838      
Masco Corp. 
    59,062       565,814      
 
 
            $ 3,409,247      
 
 
 
 
Capital Markets — 1.7%
 
Bank of New York Mellon Corp. (The)
    104,137     $ 3,052,256      
Charles Schwab Corp. (The)
    115,113       2,019,082      
Franklin Resources, Inc. 
    43,596       3,139,348      
Goldman Sachs Group, Inc. 
    27,535       4,059,760      
Investec PLC
    400,000       2,154,860      
Julius Baer Holding AG
    35,944       1,397,940      
Man Group PLC
    355,866       1,631,252      
Nomura Holdings, Inc. 
    183,400       1,548,051      
Northern Trust Corp. 
    30,206       1,621,458      
Schroders PLC
    115,586       1,563,985      
Shinko Securities Co., Ltd. 
    105,000       328,596      
 
 
            $ 22,516,588      
 
 
 
 
Chemicals — 1.8%
 
Air Products and Chemicals, Inc. 
    32,297     $ 2,086,063      
BASF AG
    241,118       9,606,507      
Daicel Chemical Industries, Ltd. 
    50,000       303,014      
Dow Chemical Co. (The)
    92,442       1,492,014      
Eastman Chemical Co. 
    22,700       860,330      
Hitachi Chemical Co., Ltd. 
    20,200       325,232      
Kaneka Corp. 
    57,000       405,020      
Mitsubishi Gas Chemical Co., Inc. 
    89,000       485,259      

 
See notes to financial statements

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
Chemicals (continued)
 
                     
Monsanto Co. 
    38,287     $ 2,846,256      
Nitto Denko Corp. 
    11,900       362,814      
Shin-Etsu Chemical Co., Ltd. 
    47,300       2,193,721      
Showa Denko KK
    293,000       522,577      
Sumitomo Chemical Co., Ltd. 
    134,000       602,618      
Taiyo Nippon Sanso Corp. 
    50,000       477,934      
Toray Industries, Inc. 
    132,000       671,899      
Tosoh Corp. 
    172,000       486,523      
 
 
            $ 23,727,781      
 
 
 
 
Commercial Banks — 6.8%
 
Banco Santander Central Hispano SA
    1,664,786     $ 20,124,119      
Bank of Nova Scotia
    32,994       1,237,275      
Barclays PLC
    725,000       3,369,110      
BNP Paribas SA
    184,080       12,004,253      
Gunma Bank, Ltd. (The)
    132,000       733,835      
Hachijuni Bank, Ltd. (The)
    113,000       638,465      
Hiroshima Bank, Ltd. (The)
    126,000       525,183      
HSBC Holdings PLC
    2,025,426       16,874,173      
Intesa Sanpaolo ADR(1)
    1,681,641       5,434,227      
Lloyds Banking Group PLC
    2,187,944       2,522,239      
Mizuho Financial Group, Inc. 
    137,000       318,297      
Royal Bank of Canada
    37,315       1,524,318      
Royal Bank of Scotland Group PLC(1)
    922,000       586,018      
Shinsei Bank, Ltd.(1)
    256,000       408,716      
Societe Generale
    152,547       8,373,366      
Standard Chartered PLC
    220,000       4,136,666      
Sumitomo Mitsui Financial Group, Inc. 
    9,208       372,604      
Toronto-Dominion Bank
    29,261       1,513,086      
UniCredit SpA(1)
    1,219,002       3,083,199      
Wells Fargo & Co. 
    299,713       7,271,037      
 
 
            $ 91,050,186      
 
 
 
 
Commercial Services & Supplies — 0.4%
 
Avery Dennison Corp. 
    23,372     $ 600,193      
Republic Services, Inc. 
    15,222       371,569      
SECOM Co., Ltd. 
    67,500       2,739,535      
Serco Group PLC
    144,136       1,003,027      
Waste Management, Inc. 
    41,988       1,182,382      
 
 
            $ 5,896,706      
 
 
 
 
Communications Equipment — 4.8%
 
Brocade Communications Systems, Inc.(1)
    97,320     $ 761,042      
Cisco Systems, Inc.(1)
    859,885       16,028,256      
Corning, Inc. 
    98,620       1,583,837      
Harris Corp. 
    26,933       763,820      
Harris Stratex Networks, Inc., Class A(1)
    11,360       73,613      
Nokia Oyj
    655,135       9,595,804      
QUALCOMM, Inc. 
    581,653       26,290,716      
Research In Motion, Ltd.(1)
    124,600       8,852,830      
Riverbed Technology, Inc.(1)
    30,785       713,904      
 
 
            $ 64,663,822      
 
 
 
 
Computers & Peripherals — 5.2%
 
Apple, Inc.(1)
    335,896     $ 47,841,667      
Dell, Inc.(1)
    314,244       4,314,570      
Hewlett-Packard Co. 
    152,818       5,906,416      
International Business Machines Corp. 
    78,992       8,248,345      
Mitsumi Electric Co., Ltd. 
    38,000       811,740      
NEC Corp.(1)
    122,000       477,212      
Seagate Technology
    198,519       2,076,509      
 
 
            $ 69,676,459      
 
 
 
 
Construction & Engineering — 0.4%
 
Bouygues SA
    25,787     $ 975,208      
Chiyoda Corp. 
    78,000       631,201      
Fluor Corp. 
    9,129       468,226      
Granite Construction, Inc. 
    21,951       730,529      
Hochtief AG
    28,374       1,432,822      
JGC Corp. 
    69,000       1,110,617      
Obayashi Corp. 
    112,000       548,252      
 
 
            $ 5,896,855      
 
 
 
 
Construction Materials — 0.1%
 
Lafarge SA(1)
    7,094     $ 482,658      
Taiheiyo Cement Corp. 
    250,000       428,417      
Vulcan Materials Co. 
    24,404       1,051,812      
 
 
            $ 1,962,887      
 
 
 
 
Consumer Finance — 0.3%
 
American Express Co. 
    65,608     $ 1,524,730      
Capital One Financial Corp. 
    32,500       711,100      
Discover Financial Services
    59,731       613,437      
ORIX Corp. 
    6,230       370,810      
SLM Corp.(1)
    97,247       998,727      
Takefuji Corp. 
    30,880       168,507      
 
 
            $ 4,387,311      
 
 
 

 
See notes to financial statements

5


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Containers & Packaging — 0.2%
 
Bemis Co., Inc. 
    27,217     $ 685,868      
Rexam PLC
    104,266       490,070      
Toyo Seikan Kaisha, Ltd. 
    51,400       1,087,493      
 
 
            $ 2,263,431      
 
 
 
 
Distributors — 0.3%
 
Canon Marketing Japan, Inc. 
    39,000     $ 545,216      
Genuine Parts Co. 
    56,294       1,889,227      
LKQ Corp.(1)
    61,787       1,016,396      
 
 
            $ 3,450,839      
 
 
 
 
Diversified Consumer Services — 0.1%
 
H&R Block, Inc. 
    65,199     $ 1,123,379      
 
 
            $ 1,123,379      
 
 
 
 
Diversified Financial Services — 1.2%
 
Citigroup, Inc. 
    413,438     $ 1,227,911      
CME Group, Inc. 
    7,388       2,298,481      
Compagnie Nationale a Portefeuille
    9,100       440,420      
Groupe Bruxelles Lambert SA
    6,437       471,865      
JPMorgan Chase & Co. 
    285,692       9,744,954      
Moody’s Corp. 
    76,959       2,027,870      
 
 
            $ 16,211,501      
 
 
 
 
Diversified Telecommunication Services — 2.9%
 
AT&T, Inc. 
    317,811     $ 7,894,425      
Deutsche Telekom AG
    217,859       2,575,633      
France Telecom SA
    142,154       3,234,503      
Frontier Communications Corp. 
    88,967       635,225      
Nippon Telegraph & Telephone Corp. 
    5,600       228,062      
Telefonica SA
    796,352       18,084,752      
Verizon Communications, Inc. 
    168,710       5,184,458      
Windstream Corp. 
    100,356       838,976      
 
 
            $ 38,676,034      
 
 
 
 
Electric Utilities — 2.0%
 
Duke Energy Corp. 
    129,531     $ 1,889,857      
E.ON AG
    283,085       10,048,868      
Edison International
    92,595       2,913,039      
Enel SpA
    1,595,999       7,774,915      
Hokkaido Electric Power Co., Inc. 
    13,500       252,770      
Iberdrola SA
    371,167       3,026,699      
Kyushu Electric Power Co., Inc. 
    13,400       288,389      
Shikoku Electric Power Co., Inc. 
    6,300       187,895      
Tokyo Electric Power Co., Inc. 
    16,201       416,549      
 
 
            $ 26,798,981      
 
 
 
 
Electrical Equipment — 0.9%
 
ABB, Ltd.(1)
    433,638     $ 6,847,436      
Cooper Industries Ltd., Class A
    30,705       953,390      
Energy Conversion Devices, Inc.(1)
    7,332       103,748      
First Solar, Inc.(1)
    18,250       2,958,690      
Fujikura, Ltd. 
    69,000       345,893      
Suntech Power Holdings Co., Ltd. ADR(1)
    19,232       343,483      
 
 
            $ 11,552,640      
 
 
 
 
Electronic Equipment, Instruments & Components — 0.8%
 
Hoya Corp. 
    13,600     $ 272,434      
Ibiden Co., Ltd. 
    10,400       291,614      
Keyence Corp. 
    2,310       470,613      
Kyocera Corp. 
    65,834       4,942,427      
Mabuchi Motor Co., Ltd. 
    10,900       525,863      
Nippon Electric Glass Co., Ltd. 
    32,000       357,743      
Omron Corp. 
    16,500       239,055      
Taiyo Yuden Co., Ltd. 
    83,000       913,546      
TDK Corp. 
    61,300       2,877,681      
Yaskawa Electric Corp. 
    50,000       332,034      
 
 
            $ 11,223,010      
 
 
 
 
Energy Equipment & Services — 0.6%
 
CARBO Ceramics, Inc. 
    29,215     $ 999,153      
Complete Production Services, Inc.(1)
    41,752       265,543      
Halliburton Co. 
    130,037       2,691,766      
Schlumberger, Ltd. 
    59,785       3,234,966      
Transocean, Ltd.(1)
    7,256       539,048      
Willbros Group, Inc.(1)
    25,872       323,659      
 
 
            $ 8,054,135      
 
 
 
 
Food & Staples Retailing — 1.9%
 
Circle K Sunkus Co., Ltd. 
    16,500     $ 257,377      
CVS Caremark Corp. 
    191,781       6,112,060      
FamilyMart Co., Ltd. 
    8,900       279,657      
Koninklijke Ahold NV
    122,728       1,414,861      
Kroger Co. (The)
    115,650       2,550,083      
Lawson, Inc. 
    5,300       233,285      
Metro AG
    28,658       1,369,218      
Safeway, Inc. 
    20,063       408,683      

 
See notes to financial statements

6


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
Food & Staples Retailing (continued)
 
                     
Seven & I Holdings Co., Ltd. 
    67,100     $ 1,573,669      
Sysco Corp. 
    99,048       2,226,599      
UNY Co., Ltd. 
    52,000       444,297      
Wal-Mart Stores, Inc. 
    178,434       8,643,343      
 
 
            $ 25,513,132      
 
 
 
 
Food Products — 3.0%
 
Cadbury PLC
    63,336     $ 541,377      
Campbell Soup Co. 
    17,968       528,619      
ConAgra Foods, Inc. 
    77,043       1,468,440      
H.J. Heinz Co. 
    59,510       2,124,507      
Hershey Co. (The)
    54,133       1,948,788      
Kraft Foods, Inc., Class A
    88,500       2,242,590      
Nestle SA
    558,806       21,099,642      
Nippon Suisan Kaisha, Ltd. 
    181,600       476,275      
Nissin Foods Holdings Co., Ltd. 
    11,700       353,788      
Toyo Suisan Kaisha, Ltd. 
    8,000       164,826      
Unilever NV
    368,724       8,917,950      
Yakult Honsha Co., Ltd. 
    11,000       210,134      
 
 
            $ 40,076,936      
 
 
 
 
Gas Utilities — 0.1%
 
Gas Natural SDG SA
    45,614     $ 832,994      
Snam Rete Gas SpA
    260,064       1,142,397      
 
 
            $ 1,975,391      
 
 
 
 
Health Care Equipment & Supplies — 1.1%
 
Boston Scientific Corp.(1)
    231,022     $ 2,342,563      
Cooper Cos., Inc. (The)
    15,076       372,829      
Covidien, Ltd. 
    30,412       1,138,625      
Edwards Lifesciences Corp.(1)
    7,026       477,979      
Hologic, Inc.(1)
    67,694       963,286      
Immucor, Inc.(1)
    15,993       220,064      
Intuitive Surgical, Inc.(1)
    14,216       2,326,590      
Medtronic, Inc. 
    103,989       3,628,176      
Olympus Corp. 
    37,000       871,326      
Terumo Corp. 
    65,400       2,883,296      
 
 
            $ 15,224,734      
 
 
 
 
Health Care Providers & Services — 1.0%
 
DaVita, Inc.(1)
    22,729     $ 1,124,176      
Humana, Inc.(1)
    35,364       1,140,843      
Laboratory Corp. of America Holdings(1)
    18,314       1,241,506      
Lincare Holdings, Inc.(1)
    56,738       1,334,478      
McKesson Corp. 
    49,680       2,185,920      
Medco Health Solutions, Inc.(1)
    67,551       3,081,001      
UnitedHealth Group, Inc. 
    113,398       2,832,682      
 
 
            $ 12,940,606      
 
 
 
 
Health Care Technology — 0.0%
 
IMS Health, Inc. 
    20,213     $ 256,705      
 
 
            $ 256,705      
 
 
 
 
Hotels, Restaurants & Leisure — 0.8%
 
Accor SA
    26,214     $ 1,044,420      
Carnival Corp., Unit
    22,815       587,942      
International Game Technology
    64,170       1,020,303      
Marriott International, Inc., Class A
    97,406       2,149,753      
Wynn Resorts, Ltd.(1)
    27,627       975,233      
Yum! Brands, Inc. 
    157,714       5,258,185      
 
 
            $ 11,035,836      
 
 
 
 
Household Durables — 0.6%
 
Casio Computer Co., Ltd. 
    77,300     $ 692,361      
Makita Corp. 
    9,200       222,627      
Ryland Group, Inc. 
    37,074       621,360      
Sekisui Chemical Co., Ltd. 
    100,000       626,833      
Sharp Corp. 
    88,000       912,933      
Snap-On, Inc. 
    15,120       434,549      
Sony Corp. 
    81,400       2,123,645      
Stanley Works (The)
    48,688       1,647,602      
Whirlpool Corp. 
    26,354       1,121,626      
 
 
            $ 8,403,536      
 
 
 
 
Household Products — 1.1%
 
Clorox Co. (The)
    30,648     $ 1,711,078      
Colgate-Palmolive Co. 
    28,351       2,005,550      
Kao Corp. 
    97,654       2,124,987      
Procter & Gamble Co. 
    152,165       7,775,631      
Uni-Charm Corp. 
    8,500       649,358      
 
 
            $ 14,266,604      
 
 
 
 
Independent Power Producers & Energy Traders — 0.2%
 
AES Corp. (The)(1)
    97,536     $ 1,132,393      
NRG Energy, Inc.(1)
    39,661       1,029,600      
 
 
            $ 2,161,993      
 
 
 

 
See notes to financial statements

7


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Industrial Conglomerates — 1.7%
 
3M Co. 
    64,134     $ 3,854,454      
General Electric Co. 
    616,068       7,220,317      
Hankyu Hanshin Holdings, Inc. 
    39,128       183,179      
Siemens AG
    155,733       10,769,269      
Textron, Inc. 
    29,211       282,178      
 
 
            $ 22,309,397      
 
 
 
 
Insurance — 3.2%
 
ACE, Ltd. 
    70,355     $ 3,111,802      
Aioi Insurance Co., Ltd. 
    108,000       492,249      
Allianz SE
    85,301       7,868,334      
AON Corp. 
    38,325       1,451,368      
AXA SA
    428,404       8,108,339      
Cincinnati Financial Corp. 
    140,338       3,136,554      
CNP Assurances
    14,204       1,359,032      
Mapfre SA
    200,954       656,543      
Marsh & McLennan Cos., Inc. 
    111,769       2,249,910      
MetLife, Inc. 
    112,391       3,372,854      
Muenchener Rueckversicherungs-Gesellschaft AG
    47,495       6,416,797      
Nipponkoa Insurance Co., Ltd. 
    39,000       226,895      
Old Mutual PLC
    914,549       1,221,352      
RSA Insurance Group PLC
    330,365       655,992      
Sony Financial Holdings, Inc. 
    136       374,974      
T & D Holdings, Inc. 
    32,550       929,984      
TrygVesta AS
    13,598       802,098      
 
 
            $ 42,435,077      
 
 
 
 
Internet & Catalog Retail — 0.6%
 
Amazon.com, Inc.(1)
    86,133     $ 7,205,887      
Liberty Media Corp. - Interactive, Class A(1)
    269,363       1,349,508      
 
 
            $ 8,555,395      
 
 
 
 
Internet Software & Services — 2.5%
 
Akamai Technologies, Inc.(1)
    49,843     $ 955,989      
eBay, Inc.(1)
    265,244       4,543,629      
Google, Inc., Class A(1)
    49,010       20,662,126      
MercadoLibre, Inc.(1)
    23,884       642,002      
Omniture, Inc.(1)
    29,159       366,237      
VeriSign, Inc.(1)
    132,262       2,444,202      
Yahoo!, Inc.(1)
    222,843       3,489,721      
 
 
            $ 33,103,906      
 
 
 
 
IT Services — 1.3%
 
Accenture, Ltd., Class A
    22,699     $ 759,508      
CapGemini SA
    47,121       1,743,916      
Cognizant Technology Solutions Corp.(1)
    179,418       4,790,461      
CSK Holdings Corp.(1)
    126,500       595,718      
Fidelity National Information Services, Inc. 
    51,873       1,035,385      
Infosys Technologies, Ltd. ADR
    89,768       3,301,667      
MasterCard, Inc., Class A
    2,641       441,866      
Nomura Research Institute, Ltd. 
    14,000       310,341      
NTT Data Corp. 
    638       2,059,405      
Obic Co., Ltd. 
    1,290       209,044      
Otsuka Corp. 
    4,700       251,002      
Western Union Co. 
    89,601       1,469,456      
 
 
            $ 16,967,769      
 
 
 
 
Leisure Equipment & Products — 0.2%
 
Hasbro, Inc. 
    26,234     $ 635,912      
Mattel, Inc. 
    31,709       508,929      
Nikon Corp. 
    75,000       1,297,541      
Sankyo Co., Ltd. 
    4,000       213,374      
 
 
            $ 2,655,756      
 
 
 
 
Life Sciences Tools & Services — 0.1%
 
PerkinElmer, Inc. 
    27,425     $ 477,195      
Thermo Fisher Scientific, Inc.(1)
    33,544       1,367,589      
 
 
            $ 1,844,784      
 
 
 
 
Machinery — 1.8%
 
AGCO Corp.(1)
    30,980     $ 900,589      
Caterpillar, Inc. 
    46,992       1,552,616      
Dover Corp. 
    15,298       506,211      
Eaton Corp. 
    46,216       2,061,696      
Fanuc, Ltd. 
    62,027       4,970,612      
Hitachi Construction Machinery Co., Ltd. 
    71,800       1,166,836      
Ingersoll-Rand Co., Ltd., Class A
    85,188       1,780,429      
Japan Steel Works, Ltd. 
    71,000       875,004      
Kawasaki Heavy Industries, Ltd. 
    107,000       294,741      
Komatsu, Ltd. 
    93,000       1,435,878      
Kurita Water Industries, Ltd. 
    11,900       384,318      
MAN AG
    18,989       1,168,377      
Minebea Co., Ltd. 
    67,127       285,677      
Mitsui Engineering & Shipbuilding Co., Ltd. 
    212,000       497,974      
NGK Insulators, Ltd. 
    66,000       1,345,195      
NSK, Ltd. 
    96,000       485,967      
NTN Corp. 
    195,000       781,044      
Pall Corp. 
    30,660       814,330      
Parker Hannifin Corp. 
    13,311       571,840      
Sandvik AB
    140,200       1,044,949      
Scania AB, Class B
    77,000       766,126      

 
See notes to financial statements

8


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
Machinery (continued)
 
                     
SMC Corp. 
    3,400     $ 365,072      
Titan International, Inc. 
    23,159       172,998      
 
 
            $ 24,228,479      
 
 
 
 
Marine — 0.1%
 
Mitsui O.S.K. Lines, Ltd. 
    131,000     $ 846,567      
 
 
            $ 846,567      
 
 
 
 
Media — 2.3%
 
British Sky Broadcasting Group PLC
    561,886     $ 4,217,922      
CBS Corp., Class B
    203,865       1,410,746      
Comcast Corp., Class A
    770,212       11,160,372      
Comcast Corp., Special Class A
    144,653       2,039,607      
Daily Mail & General Trust NV, Class A
    123,299       578,398      
Focus Media Holding, Ltd. ADR(1)
    44,518       358,815      
Gannett Co., Inc. 
    51,742       184,719      
Omnicom Group, Inc. 
    107,696       3,401,040      
Publicis Groupe
    82,745       2,533,200      
Walt Disney Co. (The)
    204,307       4,766,482      
Wolters Kluwer NV
    39,260       688,735      
 
 
            $ 31,340,036      
 
 
 
 
Metals & Mining — 2.1%
 
Alcoa, Inc. 
    129,184     $ 1,334,471      
Anglo American PLC
    148,533       4,342,972      
Antofagasta PLC
    167,985       1,630,952      
ArcelorMittal
    142,034       4,700,321      
JFE Holdings, Inc. 
    8,400       282,217      
Kobe Steel, Ltd. 
    216,000       402,281      
Lonmin PLC
    36,876       714,754      
Mitsubishi Materials Corp. 
    211,000       656,922      
Mitsui Mining & Smelting Co., Ltd.(1)
    112,000       289,162      
Newmont Mining Corp. 
    31,226       1,276,207      
Norsk Hydro ASA(1)
    335,400       1,728,177      
Pacific Metals Co., Ltd. 
    42,000       324,379      
Rio Tinto PLC
    160,570       5,560,772      
Sumitomo Metal Industries, Ltd. 
    112,000       297,727      
Sumitomo Metal Mining Co., Ltd. 
    71,000       997,397      
Toho Zinc Co., Ltd. 
    117,000       468,513      
United States Steel Corp. 
    40,717       1,455,226      
Xstrata PLC
    140,000       1,521,558      
 
 
            $ 27,984,008      
 
 
 
Multiline Retail — 1.0%
 
H2O Retailing Corp. 
    29,000     $ 165,016      
Isetan Mitsukoshi Holdings, Ltd. 
    71,332       725,764      
Kohl’s Corp.(1)
    35,420       1,514,205      
Marks & Spencer Group PLC
    683,034       3,444,283      
PPR SA
    27,056       2,217,963      
Sears Holdings Corp.(1)
    41,037       2,729,781      
Target Corp. 
    70,056       2,765,110      
 
 
            $ 13,562,122      
 
 
 
 
Multi-Utilities — 1.6%
 
Centrica PLC
    307,754     $ 1,131,622      
CMS Energy Corp. 
    312,086       3,769,999      
Consolidated Edison, Inc. 
    32,494       1,215,925      
Dominion Resources, Inc. 
    34,329       1,147,275      
GDF Suez
    234,378       8,773,254      
NorthWestern Corp. 
    25,742       585,888      
Public Service Enterprise Group, Inc. 
    144,782       4,724,237      
United Utilities Group PLC
    56,864       466,290      
 
 
            $ 21,814,490      
 
 
 
 
Office Electronics — 0.3%
 
Brother Industries, Ltd. 
    31,000     $ 274,192      
Canon, Inc. 
    43,600       1,424,151      
Konica Minolta Holdings, Inc. 
    90,000       940,360      
Ricoh Co., Ltd. 
    59,000       760,048      
 
 
            $ 3,398,751      
 
 
 
 
Oil, Gas & Consumable Fuels — 8.8%
 
Anadarko Petroleum Corp. 
    39,019     $ 1,771,072      
BP PLC
    2,313,196       18,278,438      
Chevron Corp. 
    135,963       9,007,549      
ConocoPhillips
    116,689       4,907,939      
El Paso Corp. 
    56,715       523,480      
ENI SpA
    426,500       10,115,283      
Exxon Mobil Corp. 
    309,486       21,636,166      
Foundation Coal Holdings, Inc. 
    29,553       830,735      
Goodrich Petroleum Corp.(1)
    6,636       163,179      
Hess Corp. 
    20,723       1,113,861      
Idemitsu Kosan Co., Ltd. 
    3,100       265,586      
Independent Tankers Corp., Ltd.(1)
    215       117      
Nippon Mining Holdings, Inc. 
    118,000       609,764      
Peabody Energy Corp. 
    39,631       1,195,271      
Petrohawk Energy Corp.(1)
    38,373       855,718      
Royal Dutch Shell PLC, Class A
    435,696       10,929,136      
Royal Dutch Shell PLC, Class B
    372,555       9,379,226      

 
See notes to financial statements

9


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
Oil, Gas & Consumable Fuels (continued)
 
                     
Southwestern Energy Co.(1)
    24,167     $ 938,888      
Suncor Energy, Inc. 
    47,858       1,452,012      
TonenGeneral Sekiyu KK
    39,000       396,943      
Total SA
    356,989       19,348,917      
Williams Cos., Inc. 
    157,397       2,456,967      
XTO Energy, Inc. 
    46,681       1,780,413      
 
 
            $ 117,956,660      
 
 
 
 
Paper & Forest Products — 0.1%
 
International Paper Co. 
    57,584     $ 871,246      
OJI Paper Co., Ltd. 
    143,000       614,396      
 
 
            $ 1,485,642      
 
 
 
 
Personal Products — 0.3%
 
Alberto-Culver Co. 
    11,849     $ 301,320      
Beiersdorf AG
    28,716       1,352,700      
Estee Lauder Cos., Inc., Class A
    41,517       1,356,360      
Oriflame Cosmetics SA
    29,484       1,285,352      
USANA Health Sciences, Inc.(1)
    9,533       283,416      
 
 
            $ 4,579,148      
 
 
 
 
Pharmaceuticals — 8.1%
 
Abbott Laboratories
    148,126     $ 6,967,847      
Allergan, Inc. 
    41,914       1,994,268      
Astellas Pharma, Inc. 
    71,400       2,521,287      
AstraZeneca PLC
    166,221       7,329,095      
Chugai Pharmaceutical Co., Ltd. 
    52,900       1,006,625      
Daiichi Sankyo Co., Ltd. 
    72,200       1,288,730      
Eisai Co., Ltd. 
    63,146       2,242,010      
Eli Lilly & Co. 
    66,581       2,306,366      
Endo Pharmaceuticals Holdings, Inc.(1)
    20,952       375,460      
Forest Laboratories, Inc.(1)
    34,694       871,166      
GlaxoSmithKline PLC
    758,256       13,393,317      
Johnson & Johnson
    151,741       8,618,889      
King Pharmaceuticals, Inc.(1)
    86,183       829,942      
Medicines Co.(1)
    28,661       240,466      
Merck & Co., Inc. 
    167,343       4,678,910      
Mitsubishi Tanabe Pharma Corp. 
    17,000       195,307      
Mylan, Inc.(1)
    78,674       1,026,696      
Novartis AG
    281,243       11,448,620      
Ono Pharmaceutical Co., Ltd. 
    12,000       532,311      
Pfizer, Inc. 
    529,325       7,939,875      
Roche Holding AG
    91,418       12,455,895      
Sanofi-Aventis SA
    136,593       8,071,202      
Santen Pharmaceutical Co., Ltd. 
    9,700       295,502      
Schering-Plough Corp. 
    121,284       3,046,654      
Shionogi & Co., Ltd. 
    56,000       1,081,976      
Shire PLC
    52,086       718,882      
Takeda Pharmaceutical Co., Ltd. 
    61,231       2,380,657      
Wyeth
    99,104       4,498,331      
 
 
            $ 108,356,286      
 
 
 
 
Professional Services — 0.3%
 
Equifax, Inc. 
    15,217     $ 397,164      
Manpower, Inc. 
    13,198       558,803      
Monster Worldwide, Inc.(1)
    92,909       1,097,255      
Robert Half International, Inc. 
    73,835       1,743,983      
 
 
            $ 3,797,205      
 
 
 
 
Real Estate Investment Trusts (REITs) — 0.4%
 
British Land Co. PLC
    87,921     $ 553,626      
Japan Real Estate Investment Corp. 
    50       414,746      
Japan Retail Fund Investment Corp. 
    50       230,665      
Liberty International PLC
    189,600       1,242,934      
Nippon Building Fund, Inc. 
    40       341,919      
Simon Property Group, Inc. 
    36,949       1,900,287      
 
 
            $ 4,684,177      
 
 
 
 
Real Estate Management & Development — 0.2%
 
Daito Trust Construction Co., Ltd. 
    5,400     $ 254,623      
Heiwa Real Estate Co., Ltd. 
    448,500       1,466,422      
LEOPALACE21 Corp. 
    37,600       335,992      
 
 
            $ 2,057,037      
 
 
 
 
Road & Rail — 0.6%
 
Central Japan Railway Co. 
    64     $ 393,439      
CSX Corp. 
    48,354       1,674,499      
East Japan Railway Co. 
    12,600       758,594      
JB Hunt Transport Services, Inc. 
    57,889       1,767,351      
Keio Corp. 
    139,000       807,400      
Kintetsu Corp. 
    91,000       401,121      
Norfolk Southern Corp. 
    41,055       1,546,542      
Ryder System, Inc. 
    14,154       395,180      
Tobu Railway Co., Ltd. 
    135,000       792,418      
 
 
            $ 8,536,544      
 
 
 
 
Semiconductors & Semiconductor Equipment — 3.1%
 
Advantest Corp. 
    110,000     $ 2,003,125      
Applied Materials, Inc. 
    356,268       3,908,260      

 
See notes to financial statements

10


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
Semiconductors & Semiconductor Equipment (continued)
 
                     
ASML Holding NV
    60,300     $ 1,306,996      
Atheros Communications, Inc.(1)
    60,993       1,173,505      
Broadcom Corp., Class A(1)
    115,327       2,858,956      
Cavium Networks, Inc.(1)
    65,144       1,095,071      
Cypress Semiconductor Corp.(1)
    146,371       1,346,613      
Intel Corp. 
    738,400       12,220,520      
KLA-Tencor Corp. 
    137,578       3,473,845      
MEMC Electronic Materials, Inc.(1)
    40,523       721,715      
Microchip Technology, Inc. 
    80,397       1,812,952      
National Semiconductor Corp. 
    69,755       875,425      
NVIDIA Corp.(1)
    180,137       2,033,747      
ON Semiconductor Corp.(1)
    150,228       1,030,564      
ROHM Co., Ltd. 
    4,700       342,808      
Shinko Electric Industries
    17,700       218,711      
Sumco Corp. 
    19,900       282,721      
Tessera Technologies, Inc.(1)
    51,311       1,297,655      
Tokyo Electron, Ltd. 
    61,200       2,953,505      
 
 
            $ 40,956,694      
 
 
 
 
Software — 5.1%
 
Ariba, Inc.(1)
    55,338     $ 544,526      
BMC Software, Inc.(1)
    31,383       1,060,432      
Check Point Software Technologies, Ltd.(1)
    77,469       1,818,198      
Citrix Systems, Inc.(1)
    92,876       2,961,816      
Compuware Corp.(1)
    52,384       359,354      
Concur Technologies, Inc.(1)
    23,180       720,434      
Konami Corp. 
    47,400       907,647      
Microsoft Corp. 
    1,345,833       31,990,450      
Nintendo Co., Ltd. 
    1,100       304,430      
Oracle Corp. 
    824,350       17,657,577      
Oracle Corp. Japan
    15,200       557,427      
Red Hat, Inc.(1)
    19,525       393,038      
Symantec Corp.(1)
    346,140       5,385,938      
TiVo, Inc.(1)
    108,706       1,139,239      
Trend Micro, Inc. 
    63,397       2,024,367      
 
 
            $ 67,824,873      
 
 
 
 
Specialty Retail — 1.6%
 
AutoNation, Inc.(1)
    74,875     $ 1,299,081      
Best Buy Co., Inc. 
    47,984       1,606,984      
Fast Retailing Co., Ltd. 
    58,100       7,571,849      
Home Depot, Inc. 
    114,605       2,708,116      
Limited Brands, Inc. 
    36,921       441,945      
O’Reilly Automotive, Inc.(1)
    32,951       1,254,774      
Staples, Inc. 
    222,003       4,477,801      
Tiffany & Co. 
    33,012       837,184      
TJX Companies, Inc. (The)
    25,596       805,250      
Urban Outfitters, Inc.(1)
    30,282       631,985      
Yamada Denki Co., Ltd. 
    4,660       271,111      
 
 
            $ 21,906,080      
 
 
 
 
Textiles, Apparel & Luxury Goods — 0.8%
 
Burberry Group PLC
    689,590     $ 4,805,882      
Christian Dior SA
    12,210       914,634      
Coach, Inc.(1)
    38,372       1,031,439      
Hanesbrands, Inc.(1)
    4,073       61,136      
Nike, Inc., Class B
    44,559       2,307,265      
Nisshinbo Holdings, Inc. 
    111,000       1,252,202      
Swatch Group AG, Class B
    6,168       992,696      
 
 
            $ 11,365,254      
 
 
 
 
Tobacco — 1.8%
 
Altria Group, Inc. 
    130,438     $ 2,137,879      
British American Tobacco PLC
    280,829       7,752,052      
Imperial Tobacco Group PLC
    232,493       6,051,224      
Japan Tobacco, Inc. 
    425       1,328,478      
Philip Morris International, Inc. 
    136,553       5,956,442      
Swedish Match AB
    64,387       1,048,920      
 
 
            $ 24,274,995      
 
 
 
 
Trading Companies & Distributors — 0.2%
 
Marubeni Corp. 
    55,000     $ 243,253      
Mitsubishi Corp. 
    79,800       1,472,567      
Sumitomo Corp. 
    133,900       1,361,051      
 
 
            $ 3,076,871      
 
 
 
 
Transportation Infrastructure — 0.2%
 
ADP
    11,573     $ 850,844      
Cintra Concesiones de Infraestructuras de Transporte SA
    78,300       487,810      
Societe des Autoroutes Paris-Rhin-Rhone
    18,585       1,268,584      
 
 
            $ 2,607,238      
 
 
 
 
Water Utilities — 0.1%
 
 
Severn Trent PLC
    52,773     $ 951,659      
 
 
            $ 951,659      
 
 
 

 
See notes to financial statements

11


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Wireless Telecommunication Services — 1.5%
 
KDDI Corp. 
    567     $ 3,008,527      
NTT DoCoMo, Inc. 
    121       176,979      
Rogers Communications, Inc., Class B
    48,136       1,239,502      
Softbank Corp. 
    167,698       3,266,912      
Vodafone Group PLC
    6,688,119       13,007,991      
 
 
            $ 20,699,911      
 
 
     
Total Common Stocks
   
(identified cost $1,375,764,936)
  $ 1,344,002,357      
 
 
                     
                     
Investment Funds — 0.1%
 
Security   Shares     Value      
 
 
Alliance Trust PLC (The)
    163,948     $ 736,140      
 
 
     
Total Investment Funds
   
(identified cost $683,208)
  $ 736,140      
 
 
                     
                     
Rights — 0.1%
 
Security   Shares     Value      
 
 
 
Diversified Financial Services — 0.0%
 
Fortis, Expires 7/4/14(1)(2)
    111,868     $ 0      
 
 
            $ 0      
 
 
 
 
Metals & Mining — 0.1%
 
Rio Tinto PLC, Expires 7/1/09(1)
    84,299     $ 968,047      
 
 
            $ 968,047      
 
 
     
Total Rights
   
(identified cost $1,059,595)
  $ 968,047      
 
 
     
Total Investments — 100.5%
   
(identified cost $1,377,507,739)
  $ 1,345,706,544      
 
 
                     
                     
Covered Call Options Written — (1.3)%
 
                     
                     
 
                                             
    Number of
                Expiration
           
Description   Contracts     Strike Price     Date     Value      
 
 
Dow Jones Euro Stoxx 50 Index
    39,288       EUR       2,450       7/17/09     $ (1,813,288 )    
Dow Jones Euro Stoxx 50 Index
    38,665       EUR       2,500       7/17/09       (949,220 )    
FTSE 100 Index
    10,420       GBP       4,350       7/17/09       (651,433 )    
FTSE 100 Index
    10,205       GBP       4,400       7/17/09       (402,942 )    
NASDAQ 100 Index
    1,336       $       1,475       7/18/09       (4,114,880 )    
NASDAQ 100 Index
    667       $       1,500       7/18/09       (1,267,300 )    
Nikkei 225 Index
    1,374,251       JPY       10,000       7/10/09       (2,308,742 )    
S&P 500 Index
    1,527       $       930       7/18/09       (1,861,413 )    
S&P 500 Index
    975       $       935       7/18/09       (984,750 )    
S&P 500 Index
    2,287       $       940       7/18/09       (1,921,080 )    
SMI Index
    9,966       CHF       5,450       7/17/09       (630,127 )    
 
 
             
Total Covered Call Options Written
           
(premiums received $27,576,018)
  $ (16,905,175 )    
 
 
             
Other Assets, Less Liabilities — 0.8%
  $ 9,930,353      
 
 
                             
Net Assets — 100.0%
                  $ 1,338,731,722      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
 
ADR - American Depository Receipt
 
CHF - Swiss Franc
 
EUR - Euro
 
GBP - British Pound Sterling
 
JPY - Japanese Yen
 
(1) Non-income producing security.
 
(2) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 
 
 
                     
Country Concentration of Portfolio
 
    Percentage
           
Country   of Net Assets     Value      
 
 
United States
    52.2 %   $ 699,395,129      
United Kingdom
    11.8       158,171,005      
Japan
    10.6       141,898,023      
France
    6.1       82,039,578      
Germany
    4.9       64,987,939      
Switzerland
    4.3       57,893,079      
Spain
    3.2       43,212,917      
Italy
    2.0       27,550,021      
Netherlands
    1.2       15,860,147      
Canada
    1.2       15,819,023      
Finland
    0.7       9,595,804      
Luxembourg
    0.5       5,985,673      
Other Countries, less than 0.3% each
    1.8       23,298,206      
 
 
Total Investments
    100.5 %   $ 1,345,706,544      
 
 

 
See notes to financial statements

12


Table of Contents

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
FINANCIAL STATEMENTS (Unaudited)
 
Statement of Assets and Liabilities
 
             
As of June 30, 2009          
 
Assets
 
Investments, at value (identified cost, $1,377,507,739)
  $ 1,345,706,544      
Restricted cash*
    16,165,430      
Foreign currency, at value (identified cost, $547,052)
    548,142      
Dividends receivable
    2,546,886      
Receivable for investments sold
    432,266      
Tax reclaims receivable
    1,407,274      
 
 
Total assets
  $ 1,366,806,542      
 
 
             
             
 
Liabilities
 
Written options outstanding, at value
(premiums received, $27,576,018)
  $ 16,905,175      
Payable for investments purchased
    2,058,714      
Due to custodian
    7,790,820      
Payable to affiliates:
           
Investment adviser fee
    1,112,230      
Trustees’ fees
    12,625      
Accrued expenses
    195,256      
 
 
Total liabilities
  $ 28,074,820      
 
 
Net Assets
  $ 1,338,731,722      
 
 
             
             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized, 106,308,067 shares issued and outstanding
  $ 1,063,081      
Additional paid-in capital
    1,510,222,529      
Accumulated net realized loss
    (71,136,360 )    
Accumulated distributions in excess of net investment income
    (80,380,778 )    
Net unrealized depreciation
    (21,036,750 )    
 
 
Net Assets
  $ 1,338,731,722      
 
 
             
             
 
Net Asset Value
 
($1,338,731,722 ¸ 106,308,067 common shares issued and outstanding)
  $ 12.59      
 
 
Represents restricted cash on deposit at the custodian for written options.
Statement of Operations
 
             
For the Six Months
         
Ended June 30, 2009          
 
Investment Income
 
Dividends (net of foreign taxes, $1,710,884)
  $ 22,324,564      
 
 
Total investment income
  $ 22,324,564      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 6,261,563      
Trustees’ fees and expenses
    24,875      
Custodian fee
    310,367      
Transfer and dividend disbursing agent fees
    10,440      
Legal and accounting services
    33,411      
Printing and postage
    136,519      
Miscellaneous
    57,892      
 
 
Total expenses
  $ 6,835,067      
 
 
Deduct —
           
Reduction of custodian fee
  $ 2      
 
 
Total expense reductions
  $ 2      
 
 
             
Net expenses
  $ 6,835,065      
 
 
             
Net investment income
  $ 15,489,499      
 
 
             
             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
           
Investment transactions
  $ (70,999,036 )    
Written options
    36,064,567      
Foreign currency transactions
    97,338      
 
 
Net realized loss
  $ (34,837,131 )    
 
 
Change in unrealized appreciation (depreciation) —
           
Investments
  $ 142,380,801      
Written options
    (12,735,321 )    
Foreign currency
    123,708      
 
 
Net change in unrealized appreciation (depreciation)
  $ 129,769,188      
 
 
             
Net realized and unrealized gain
  $ 94,932,057      
 
 
             
Net increase in net assets from operations
  $ 110,421,556      
 
 

 
See notes to financial statements

13


Table of Contents

 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
FINANCIAL STATEMENTS CONT’D
 
Statements of Changes in Net Assets
 
                     
    Six Months Ended
           
Increase (Decrease)
  June 30, 2009
    Year Ended
     
in Net Assets   (Unaudited)     December 31, 2008      
 
From operations —
                   
Net investment income
  $ 15,489,499     $ 30,550,494      
Net realized loss from investment transactions, written options and foreign currency transactions
    (34,837,131 )     (37,311,128 )    
Net change in unrealized appreciation (depreciation) from investments, written options and foreign currency
    129,769,188       (569,061,069 )    
 
 
Net increase (decrease) in net assets from operations
  $ 110,421,556     $ (575,821,703 )    
 
 
Distributions —
                   
From net investment income
  $ (95,677,260 )*   $ (30,257,963 )    
Tax return of capital
          (161,096,558 )    
 
 
Total distributions
  $ (95,677,260 )   $ (191,354,521 )    
 
 
                     
Net increase (decrease) in net assets
  $ 14,744,296     $ (767,176,224 )    
 
 
                     
                     
 
Net Assets
 
At beginning of period
  $ 1,323,987,426     $ 2,091,163,650      
 
 
At end of period
  $ 1,338,731,722     $ 1,323,987,426      
 
 
                     
                     
 
Accumulated distributions
in excess of net
investment income
included in net assets
 
At end of period
  $ (80,380,778 )   $ (193,017 )    
 
 
A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 
See notes to financial statements

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
FINANCIAL STATEMENTS CONT’D
 
Financial Highlights
 
                                             
    Six Months Ended
                             
    June 30, 2009
    Year Ended December 31,     Period Ended
     
    (Unaudited)     2008     2007     2006     December 31, 2005(1)       
 
 
Net asset value — Beginning of period
  $ 12.450     $ 19.670     $ 19.560     $ 18.610     $ 19.100 (2)    
 
 
                                             
                                             
 
Income (Loss) From Operations
 
Net investment income(3)
  $ 0.146     $ 0.287     $ 0.213     $ 0.242     $ 0.031      
Net realized and unrealized gain (loss)
    0.894       (5.707 )     1.697       2.510       (0.063 )    
 
 
Total income (loss) from operations
  $ 1.040     $ (5.420 )   $ 1.910     $ 2.752     $ (0.032 )    
 
 
                                             
                                             
 
Less Distributions
 
From net investment income
  $ (0.900 )*   $ (0.285 )   $ (0.039 )   $ (0.241 )   $ (0.031 )    
From net realized gain
                (0.098 )     (0.126 )     (0.145 )    
Tax return of capital
          (1.515 )     (1.663 )     (1.433 )     (0.274 )    
 
 
Total distributions
  $ (0.900 )   $ (1.800 )   $ (1.800 )   $ (1.800 )   $ (0.450 )    
 
 
                                             
Offering costs charged to paid-in capital(3)
  $     $     $     $ (0.002 )   $ (0.008 )    
 
 
                                             
Net asset value — End of period
  $ 12.590     $ 12.450     $ 19.670     $ 19.560     $ 18.610      
 
 
                                             
Market value — End of period
  $ 11.970     $ 10.120     $ 17.360     $ 20.320     $ 17.200      
 
 
                                             
Total Investment Return on Net Asset Value(4)
    9.82 %(8)     (27.36 )%     10.55 %     15.47 %     (0.04 )%(5)(8)    
                                             
Total Investment Return on Market Value(4)
    28.45 %(8)     (33.09 )%     (6.08 )%     29.79 %     (7.62 )%(5)(8)    
                                             
                                             
 
Ratios/Supplemental Data
 
Net assets, end of period (000’s omitted)
  $ 1,338,732     $ 1,323,987     $ 2,091,164     $ 2,075,159     $ 1,966,620      
Ratios (as a percentage of average daily net assets):
                                           
Expenses before custodian fee reduction(6)
    1.09 %(7)     1.08 %     1.08 %     1.07 %     1.07 %(7)    
Net investment income
    2.47 %(7)     1.76 %     1.07 %     1.26 %     0.64 %(7)    
Portfolio Turnover
    12 %(8)     33 %     13 %     14 %     6 %(8)    
 
 
 
(1) For the period from the start of business, September 30, 2005, to December 31, 2005.
 
(2) Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder from the $20.00 offering price.
 
(3) Computed using average shares outstanding.
 
(4) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
 
(5) Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested.
 
(6) Excludes the effect of custody fee credits, if any, of less than 0.005%.
 
(7) Annualized.
 
(8) Not annualized.
 
* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 
See notes to financial statements

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
1   Significant Accounting Policies
 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing primarily in a diversified portfolio of domestic and foreign common stocks. Under normal market conditions, the Fund seeks to generate current earnings in part by employing an options strategy of writing index call options on a substantial portion of its common stock portfolio.
 
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.
 
A  Investment Valuation — Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on any exchange on which the option is listed or, in the absence of sales on such date, at the mean between the closing bid and asked prices therefore as reported by the Options Price Reporting Authority. Over-the-counter options are valued based on broker quotations, when available and deemed reliable. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of 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 security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
 
C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
 
D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
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, 2008, the Fund, for federal income tax purposes, had a capital loss carryforward of $15,037,165 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on December 31, 2016.
 
Additionally, at December 31, 2008, the Fund had net capital losses of $3,189,843 attributable to security transactions incurred after October 31, 2008. These net capital losses are treated as arising on the first day of the Fund’s taxable year ending December 31, 2009.
 
As of June 30, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended December 31, 2008 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 Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.
 
F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
 
G  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
 
H  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
 
I  Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. 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, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
 
2   Distributions to Shareholders
 
Subject to its Managed Distribution Plan, the Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains, if any.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
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, 2009, the amount of distributions estimated to be a tax return of capital was approximately $64,126,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.
 
3   Investment Adviser Fee and Other Transactions with Affiliates
 
The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2009, the investment adviser fee amounted to $6,261,563. Pursuant to sub-advisory agreements, EVM has delegated a portion of the investment management to Parametric Portfolio Associates, LLC (Parametric), an affiliate of EVM, and delegated the investment management of the Fund’s options strategy to Rampart Investment Management Company, Inc. (Rampart). EVM pays Parametric and Rampart 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 EVM’s 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, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
 
4   Purchases and Sales of Investments
 
Purchases and sales of investments, other than short-term obligations, aggregated $156,661,589 and $223,100,593, respectively, for the six months ended June 30, 2009.
 
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, 2009 and the year ended December 31, 2008.
 
6   Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2009, as determined on a federal income tax basis, were as follows:
 
             
Aggregate cost
  $ 1,377,703,196      
 
 
Gross unrealized appreciation
  $ 137,283,084      
Gross unrealized depreciation
    (169,279,736 )    
 
 
Net unrealized depreciation
  $ (31,996,652 )    
 
 
 
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, 2009 is included in the Portfolio of Investments.
 
Written call options activity for the six months ended June 30, 2009 was as follows:
 
                     
    Number of
    Premiums
     
    Contracts     Received      
 
Outstanding, beginning of period
    1,731,429     $ 46,546,455      
Options written
    8,983,884       219,038,790      
Options terminated in closing purchase transactions
    (9,189,643 )     (222,308,861 )    
Options expired
    (36,083 )     (15,700,366 )    
 
 
Outstanding, end of period
    1,489,587     $ 27,576,018      
 
 
 
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At June 30, 2009, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
 
The Fund adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”, effective January 1,

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
2009. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. The disclosure below includes additional information as a result of implementing FAS 161.
 
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund generally intends to write index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline.
 
The fair value of derivative instruments (not accounted for as hedging instruments under FASB Statement of Financial Accounting Standards No. 133 (FAS 133)) and whose primary underlying risk exposure is equity price risk at June 30, 2009 was as follows:
 
                     
    Fair Value
Derivative   Asset Derivatives     Liability Derivatives(1)       
 
Written options
  $           —     $ (16,905,175 )    
 
 
 
(1) Statement of Assets and Liabilities location: Written options outstanding, at value.
 
The effect of derivative instruments (not accounted for as hedging instruments under FAS 133) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2009 was as follows:
 
                     
          Change in
     
          Unrealized
     
    Realized
    Appreciation
     
    Gain (Loss)
    (Depreciation)
     
    on Derivatives
    on Derivatives
     
    Recognized in
    Recognized
     
Derivative   Income(1)      in Income(2)       
 
Written options
  $ 36,064,567     $ (12,735,321 )    
 
 
 
(1) Statement of Operations location: Net realized gain (loss) – written options.
 
(2) Statement of Operations location: Change unrealized appreciation (depreciation) – written options.
 
8   Overdraft Advances
 
Pursuant to the custodian agreement, SSBT may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At June 30, 2009, the Fund had payments due to SSBT pursuant to the foregoing arrangement of $7,790,820.
 
9   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.
 
10   Fair Value Measurements
 
FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •  Level 1 – quoted prices in active markets for identical investments
 
  •  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund as of June 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At June 30, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                     
    Quoted
                       
    Prices in
                       
    Active
    Significant
    Significant
           
    Markets for
    Other
    Unobser-
           
    Identical
    Observable
    vable
           
    Assets     Inputs     Inputs            
     
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total      
 
Common Stocks
                                   
Consumer Discretionary
  $ 78,124,779     $ 59,323,791     $      —     $ 137,448,570      
Consumer Staples
    60,780,009       64,259,926             125,039,935      
Energy
    56,687,385       69,323,410             126,010,795      
Financials
    59,807,605       123,534,272             183,341,877      
Health Care
    110,566,231       68,716,038             179,282,269      
Industrials
    55,496,632       59,064,787             114,561,419      
Information Technology
    266,237,604       41,577,680             307,815,284      
Materials
    13,959,493       43,464,256             57,423,749      
Telecommunication Services
    15,792,586       43,583,359             59,375,945      
Utilities
    18,408,213       35,294,301             53,702,514      
 
 
Total Common Stocks
  $ 735,860,537     $ 608,141,820     $     $ 1,344,002,357      
 
 
Investment Funds
  $     $ 736,140     $     $ 736,140      
Rights
          968,047       0       968,047      
 
 
Total Investments
  $ 735,860,537     $ 609,846,007     $ 0     $ 1,345,706,544      
 
 
                                     
                                     
Liability Description
                                   
 
 
Covered Call Options Written
  $ (14,596,433 )   $ (2,308,742 )   $     $ (16,905,175 )    
 
 
Total
  $ (14,596,433 )   $ (2,308,742 )   $     $ (16,905,175 )    
 
 
 
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
 
             
    Investments-Rights      
 
Balance as of December 31, 2008
  $ 0      
Realized gains (losses)
         
Change in net unrealized appreciation (depreciation)*
    0      
Net purchases (sales)
         
Accrued discount (premium)
         
Net transfer to (from) Level 3
         
 
 
Balance as of June 30, 2009
  $ 0      
 
 
Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2009*
  $ 0      
 
 
 
* Amount is included in the related amount on investments in the Statement of Operations.
 
All Level 3 investments held at June 30, 2009 and December 31, 2008 were valued at $0.
 
11   Review for Subsequent Events
 
In connection with the preparation of the financial statements of the Fund as of and for the six months ended June 30, 2009, events and transactions subsequent to June 30, 2009 through August 14, 2009 the date the financial statements were issued, have been evaluated by the Fund’s management for possible adjustment and/or disclosure. Management has not identified any subsequent events requiring financial statement disclosure as of the date these financial statements were issued.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 
 
ANNUAL MEETING OF SHAREHOLDERS (Unaudited)
 
The Fund held its Annual Meeting of Shareholders on April 24, 2009. The following action was taken by the shareholders:
 
Item 1: The election of Benjamin C. Esty, Thomas E. Faust Jr. and Allen R. Freedman as Class I Trustees of the Fund for a three-year term expiring in 2012; the election of Helen Frame Peters as Class III Trustee of the Fund for a two-year term expiring in 2011.
 
                     
Nominee for Trustee
  Number of Shares      
Elected by All Shareholders   For     Withheld      
 
 
Benjamin C. Esty
    92,766,893       3,969,488      
Thomas E. Faust Jr. 
    92,750,084       3,986,297      
Allen R. Freedman
    92,759,998       3,976,383      
Helen Frame Peters
    92,664,118       4,072,263      

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
 
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 fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.
 
At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:
 
Information about Fees, Performance and Expenses
 
  •  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
  •  An independent report comparing each fund’s total expense ratio and its components to comparable funds;
  •  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
  •  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
  •  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
  •  Profitability analyses for each adviser with respect to each fund;
 
Information about Portfolio Management
 
  •  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
  •  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
  •  Data relating to portfolio turnover rates of each fund;
  •  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
 
Information about each Adviser
 
  •  Reports detailing the financial results and condition of each adviser;
  •  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
  •  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
  •  Copies of or descriptions of each adviser’s proxy voting policies and procedures;
  •  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
  •  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
 
Other Relevant Information
 
  •  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
  •  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
  •  The terms of each advisory agreement.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENTS CONT’D
 
 
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.
 
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
 
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
 
Results of the Process
 
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), and the sub-advisory agreements with Parametric Portfolio Associates, LLC (“PPA”) and Rampart Investment Management Company, Inc. (“Rampart,” and with PPA, the “Sub-advisers”) including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the respective agreements. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreements for the Fund.
 
Nature, Extent and Quality of Services
 
In considering whether to approve the investment advisory and sub-advisory agreements of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-advisers.
 
The Board considered the Adviser’s and the Sub-advisers’ management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and whose responsibilities include supervising each Sub-adviser and coordinating their activities in implementing the Fund’s investment strategy. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on the S&P 500 Index and the NASDAQ 100. With respect to PPA, the Board noted PPA’s experience in deploying quantitative-based investment strategies. With respect to Rampart, the Board considered Rampart’s business reputation and its options strategy and its past experience in implementing this strategy. The Board also took into consideration the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
 
The Board also reviewed the compliance programs of the Adviser and Sub-advisers and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
 
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENTS CONT’D
 
The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.
 
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-advisers, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory and sub-advisory agreements.
 
Fund Performance
 
The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one- and three-year periods ended September 30, 2008 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that, under the circumstances, the Fund’s performance was satisfactory.
 
Management Fees and Expenses
 
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.
 
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.
 
Profitability
 
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof, including PPA, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates, including PPA, in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients. The Board also concluded that, in light of its role as a sub-adviser not affiliated with the Adviser, Rampart’s profitability in managing the Fund was not a material factor.
 
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including PPA, are reasonable.
 
Economies of Scale
 
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.

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Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund 
 
OFFICERS AND TRUSTEES
 
     
Officers
Duncan W. Richardson
President

Thomas E. Faust Jr.
Vice President and Trustee

Walter A. Row, III
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer
 
Trustees
Ralph F. Verni
Chairman

Benjamin C. Esty

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout

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IMPORTANT NOTICE ABOUT PRIVACY
 
The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
 
•   Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
•   None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
•   Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
•   We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
 
In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
 
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
 
Investment Adviser and Administrator of
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
Eaton Vance Management
Two International Place
Boston, MA 02110
 
 
 
Sub-Advisers of
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
Parametric Portfolio Associates, LLC
1151 Fairview Avenue N.
Seattle, WA 98109
 
 
 
Rampart Investment Management Company, Inc.
One International Place
Boston, MA 02110
 
 
 
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, New York 10038
 
 
 
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
Two International Place
Boston, MA 02110


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Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
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 Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s 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 Fund’s 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 Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s 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

 


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proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s 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 adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.

 


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Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
     
(a)(1)
  Registrant’s Code of Ethics — Not applicable (please see Item 2).
 
(a)(2)(i)
  Treasurer’s Section 302 certification.
 
(a)(2)(ii)
  President’s Section 302 certification.
 
(b)
  Combined Section 906 certification.
 
(c)
  Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

 


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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/ Duncan W. Richardson    
 
       
 
  Duncan W. Richardson    
 
  President    
 
       
Date:
  August 10, 2009    
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 10, 2009    
 
       
By:
  /s/ Duncan W. Richardson    
 
       
 
  Duncan W. Richardson    
 
  President    
 
       
Date:
  August 10, 2009