Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21745

Investment Company Act File Number

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

December 31

Date of Fiscal Year End

March 31, 2018

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

March 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.3%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 2.1%

     

Airbus SE(1)

     56,122      $ 6,496,554  

General Dynamics Corp.(1)

     6,866        1,516,699  

L3 Technologies, Inc.(1)

     5,966        1,240,928  

Northrop Grumman Corp.(1)

     13,028        4,548,335  

Raytheon Co.(1)

     33,521        7,234,502  

Rolls-Royce Holdings PLC

     156,584        1,914,415  

Textron, Inc.(1)

     30,061        1,772,697  
     

 

 

 
      $ 24,724,130  
     

 

 

 

Air Freight & Logistics — 0.3%

     

Deutsche Post AG(1)

     61,060      $ 2,674,384  

Expeditors International of Washington, Inc.(1)

     16,714        1,057,996  
     

 

 

 
      $ 3,732,380  
     

 

 

 

Airlines — 0.1%

     

Alaska Air Group, Inc.

     7,744      $ 479,818  

International Consolidated Airlines Group SA

     65,562        565,888  
     

 

 

 
      $ 1,045,706  
     

 

 

 

Auto Components — 0.9%

     

Aisin Seiki Co., Ltd.

     10,200      $ 556,644  

Cie Generale des Etablissements Michelin SCA(1)

     26,277        3,890,118  

Denso Corp.

     60,300        3,316,768  

Toyoda Gosei Co., Ltd.

     12,800        296,442  

Toyota Industries Corp.

     6,400        386,907  

Yokohama Rubber Co., Ltd. (The)

     75,500        1,749,812  
     

 

 

 
      $ 10,196,691  
     

 

 

 

Automobiles — 1.3%

     

Daimler AG(1)

     132,059      $ 11,251,428  

Honda Motor Co., Ltd.

     29,800        1,031,574  

Isuzu Motors, Ltd.

     99,500        1,524,486  

Mazda Motor Corp.

     46,900        627,232  

Toyota Motor Corp.

     14,400        935,016  

Volkswagen AG, PFC Shares

     1,805        359,761  
     

 

 

 
      $ 15,729,497  
     

 

 

 

Banks — 6.9%

     

Banco Bilbao Vizcaya Argentaria SA

     41,559      $ 329,129  

Banco Santander SA(1)

     1,477,141        9,668,443  

Bank of America Corp.(1)

     50,000        1,499,500  

BNP Paribas SA(1)

     100,600        7,460,565  

Citigroup, Inc.

     10,022        676,485  

 

1

 

 


                                                 
Security    Shares      Value  

Credit Agricole SA(1)

     243,088      $ 3,963,551  

Danske Bank A/S(1)

     72,886        2,730,913  

Fifth Third Bancorp(1)

     112,006        3,556,191  

First Horizon National Corp.

     9,470        178,320  

Hiroshima Bank, Ltd. (The)

     43,500        331,811  

HSBC Holdings PLC(1)

     802,083        7,532,130  

Huntington Bancshares, Inc.(1)

     307,053        4,636,500  

ING Groep NV(1)

     426,434        7,196,158  

Intesa Sanpaolo SpA(1)

     2,091,453        7,614,984  

JPMorgan Chase & Co.(1)

     47,825        5,259,315  

KBC Group NV

     22,722        1,978,605  

KeyCorp(1)

     218,919        4,279,867  

Lloyds Banking Group PLC

     927,572        843,743  

PNC Financial Services Group, Inc. (The)

     6,406        968,844  

Shinsei Bank, Ltd.

     31,400        487,111  

Societe Generale SA(1)

     130,261        7,074,522  

SunTrust Banks, Inc.(1)

     19,446        1,323,106  

Wells Fargo & Co.(1)

     51,808        2,715,257  
     

 

 

 
      $ 82,305,050  
     

 

 

 

Beverages — 1.3%

     

Anheuser-Busch InBev SA/NV

     3,893      $ 428,023  

Coca-Cola Co. (The)(1)

     24,571        1,067,119  

Constellation Brands, Inc., Class A(1)

     29,994        6,836,232  

Heineken Holding NV

     24,773        2,554,328  

Heineken NV

     7,692        827,305  

Kirin Holdings Co., Ltd.

     59,000        1,570,702  

PepsiCo, Inc.(1)

     17,854        1,948,764  

Takara Holdings, Inc.

     20,500        227,921  
     

 

 

 
      $ 15,460,394  
     

 

 

 

Biotechnology — 3.2%

     

AbbVie, Inc.(1)

     47,758      $ 4,520,295  

Amgen, Inc.(1)

     71,478        12,185,569  

BioMarin Pharmaceutical, Inc.(1)(2)

     19,589        1,588,080  

Celgene Corp.(1)(2)

     92,074        8,213,922  

Gilead Sciences, Inc.(1)

     143,508        10,819,068  

Shire PLC(1)

     22,601        1,124,848  
     

 

 

 
      $ 38,451,782  
     

 

 

 

Building Products — 0.5%

     

Daikin Industries, Ltd.

     53,200      $ 5,910,154  
     

 

 

 
      $ 5,910,154  
     

 

 

 

Capital Markets — 1.7%

     

CME Group, Inc.

     2,281      $ 368,929  

GAM Holding AG

     43,549        733,292  

Moody’s Corp.(1)

     18,539        2,990,341  

Morgan Stanley(1)

     65,092        3,512,364  

S&P Global, Inc.(1)

     27,142        5,185,751  

Schroders PLC(1)

     62,659        2,811,399  

St. James’s Place PLC(1)

     209,534        3,194,529  

State Street Corp.(1)

     17,058        1,701,194  
     

 

 

 
      $ 20,497,799  
     

 

 

 

 

2

 

 


                                                 
Security    Shares      Value  

Chemicals — 3.0%

     

AdvanSix, Inc.(2)

     1,261      $ 43,858  

Air Products and Chemicals, Inc.(1)

     31,040        4,936,291  

Akzo Nobel NV

     10,908        1,030,619  

BASF SE(1)

     108,986        11,053,060  

Daicel Corp.(1)

     51,000        560,029  

DowDuPont, Inc.(1)

     14,120        899,585  

Eastman Chemical Co.(1)

     20,943        2,211,162  

Johnson Matthey PLC(1)

     77,449        3,304,070  

Linde AG(1)

     16,210        3,255,995  

Mitsubishi Gas Chemical Co., Inc.

     23,700        571,946  

Nitto Denko Corp.

     35,200        2,660,384  

Shin-Etsu Chemical Co., Ltd.

     22,800        2,378,248  

Sumitomo Chemical Co., Ltd.

     25,000        145,042  

Toray Industries, Inc.

     56,000        532,697  

Tosoh Corp.

     86,500        1,705,823  
     

 

 

 
      $ 35,288,809  
     

 

 

 

Commercial Services & Supplies — 0.4%

     

SECOM Co., Ltd.

     36,900      $ 2,748,503  

Waste Management, Inc.(1)

     23,366        1,965,548  
     

 

 

 
      $ 4,714,051  
     

 

 

 

Communications Equipment — 1.3%

     

Cisco Systems, Inc.(1)

     334,101      $ 14,329,592  

Nokia Oyj

     245,912        1,357,954  
     

 

 

 
      $ 15,687,546  
     

 

 

 

Construction & Engineering — 0.2%

     

Ferrovial SA

     83,418      $ 1,744,079  

Quanta Services, Inc.(2)

     10,281        353,152  
     

 

 

 
      $ 2,097,231  
     

 

 

 

Construction Materials — 0.2%

     

CRH PLC

     62,332      $ 2,111,303  

Imerys SA

     4,825        468,912  
     

 

 

 
      $ 2,580,215  
     

 

 

 

Consumer Finance — 0.4%

     

American Express Co.(1)

     42,280      $ 3,943,879  

Navient Corp.

     50,603        663,911  
     

 

 

 
      $ 4,607,790  
     

 

 

 

Containers & Packaging — 0.2%

     

International Paper Co.

     16,999      $ 908,257  

Sealed Air Corp.(1)

     23,147        990,460  

Toyo Seikan Kaisha, Ltd.

     1,600        23,874  
     

 

 

 
      $ 1,922,591  
     

 

 

 

Distributors — 0.2%

     

LKQ Corp.(1)(2)

     53,930      $ 2,046,644  
     

 

 

 
      $ 2,046,644  
     

 

 

 

 

3

 

 


                                                 
Security    Shares      Value  

Diversified Financial Services — 0.7%

     

Berkshire Hathaway, Inc., Class B(1)(2)

     16,883      $ 3,367,821  

Groupe Bruxelles Lambert SA

     4,239        484,828  

Investor AB, Class B

     56,000        2,487,717  

ORIX Corp.

     41,300        740,136  

Standard Life Aberdeen PLC

     192,564        972,001  
     

 

 

 
      $ 8,052,503  
     

 

 

 

Diversified Telecommunication Services — 1.2%

     

AT&T, Inc.(1)

     78,358      $ 2,793,463  

BT Group PLC(1)

     454,642        1,451,131  

Deutsche Telekom AG(1)

     220,347        3,605,031  

Orange SA

     56,906        967,279  

Proximus SA

     25,589        795,617  

Verizon Communications, Inc.(1)

     101,639        4,860,377  
     

 

 

 
      $ 14,472,898  
     

 

 

 

Electric Utilities — 0.6%

     

Acciona SA

     8,786      $ 667,979  

Edison International(1)

     19,359        1,232,394  

Iberdrola SA(1)

     800,751        5,888,233  
     

 

 

 
      $ 7,788,606  
     

 

 

 

Electrical Equipment — 0.9%

     

ABB, Ltd.(1)

     258,273      $ 6,141,265  

Fujikura, Ltd.

     69,000        465,726  

Legrand SA(1)

     47,726        3,744,611  

Mabuchi Motor Co., Ltd.

     3,600        179,092  
     

 

 

 
      $ 10,530,694  
     

 

 

 

Electronic Equipment, Instruments & Components — 1.0%

     

Alps Electric Co., Ltd.

     113,800      $ 2,817,022  

Corning, Inc.

     19,975        556,903  

Kyocera Corp.

     38,900        2,205,554  

Omron Corp.

     16,500        964,533  

Taiyo Yuden Co., Ltd.

     100,500        1,691,048  

TDK Corp.

     40,200        3,581,364  
     

 

 

 
      $ 11,816,424  
     

 

 

 

Energy Equipment & Services — 0.2%

     

Halliburton Co.(1)

     50,055      $ 2,349,582  
     

 

 

 
      $ 2,349,582  
     

 

 

 

Equity Real Estate Investment Trusts (REITs) — 0.7%

     

American Tower Corp.(1)

     17,793      $ 2,586,035  

British Land Co. PLC (The)

     324,390        2,924,163  

Simon Property Group, Inc.(1)

     19,951        3,079,437  
     

 

 

 
      $ 8,589,635  
     

 

 

 

Food & Staples Retailing — 0.7%

     

CVS Health Corp.(1)

     71,786      $ 4,465,807  

FamilyMart UNY Holdings Co., Ltd.

     8,600        716,526  

Seven & i Holdings Co., Ltd.

     44,200        1,893,189  

Walmart, Inc.(1)

     8,421        749,216  
     

 

 

 
      $ 7,824,738  
     

 

 

 

 

4

 

 


                                                 
Security    Shares      Value  

Food Products — 2.5%

     

Kraft Heinz Co. (The)(1)

     26,742      $ 1,665,759  

Mondelez International, Inc., Class A(1)

     224,275        9,358,996  

Nestle SA

     225,170        17,797,772  

Nissin Foods Holdings Co., Ltd.

     11,700        811,752  

Toyo Suisan Kaisha, Ltd.

     5,000        197,583  

Yakult Honsha Co., Ltd.

     5,700        427,267  
     

 

 

 
      $ 30,259,129  
     

 

 

 

Gas Utilities — 0.0%(3)

     

Italgas SpA

     35,014      $ 209,220  
     

 

 

 
      $ 209,220  
     

 

 

 

Health Care Equipment & Supplies — 1.0%

     

Abbott Laboratories(1)

     113,910      $ 6,825,487  

Analogic Corp.

     8,867        850,345  

Hologic, Inc.(2)

     17,554        655,817  

Olympus Corp.

     6,900        263,850  

Terumo Corp.

     56,300        2,928,266  
     

 

 

 
      $ 11,523,765  
     

 

 

 

Health Care Providers & Services — 0.9%

     

DaVita, Inc.(1)(2)

     12,963      $ 854,780  

Fresenius SE & Co. KGaA

     8,764        670,138  

McKesson Corp.(1)

     16,774        2,362,953  

UnitedHealth Group, Inc.(1)

     34,811        7,449,554  
     

 

 

 
      $ 11,337,425  
     

 

 

 

Hotels, Restaurants & Leisure — 0.7%

     

Accor SA

     26,214      $ 1,416,207  

Six Flags Entertainment Corp.(1)

     29,121        1,813,073  

Yum! Brands, Inc.(1)

     56,109        4,776,559  
     

 

 

 
      $ 8,005,839  
     

 

 

 

Household Durables — 0.6%

     

Barratt Developments PLC(1)

     337,253      $ 2,509,606  

Casio Computer Co., Ltd.

     63,200        941,416  

PulteGroup, Inc.(1)

     70,920        2,091,431  

Sekisui Chemical Co., Ltd.

     61,000        1,069,753  
     

 

 

 
      $ 6,612,206  
     

 

 

 

Household Products — 0.7%

     

Clorox Co. (The)(1)

     13,090      $ 1,742,410  

Henkel AG & Co. KGaA, PFC Shares

     18,309        2,406,774  

Kimberly-Clark Corp.

     6,527        718,818  

Procter & Gamble Co. (The)

     2,074        164,427  

Reckitt Benckiser Group PLC

     20,566        1,735,932  

Unicharm Corp.

     37,200        1,072,979  
     

 

 

 
      $ 7,841,340  
     

 

 

 

Industrial Conglomerates — 2.2%

     

3M Co.(1)

     27,304      $ 5,993,774  

Honeywell International, Inc.(1)

     31,549        4,559,146  

Nisshinbo Holdings, Inc.

     109,000        1,476,213  

Siemens AG(1)

     113,166        14,439,673  
     

 

 

 
      $ 26,468,806  
     

 

 

 

 

5

 

 


                                                 
Security    Shares      Value  

Insurance — 4.2%

     

Ageas

     22,500      $ 1,161,102  

Allianz SE(1)

     66,106        14,943,733  

Allstate Corp. (The)(1)

     14,927        1,415,080  

Brighthouse Financial, Inc.(2)

     1,104        56,746  

Chubb, Ltd.

     7,404        1,012,645  

Cincinnati Financial Corp.(1)

     23,801        1,767,462  

Hartford Financial Services Group, Inc.(1)

     45,077        2,322,367  

Lincoln National Corp.(1)

     22,183        1,620,690  

Marsh & McLennan Cos., Inc.(1)

     42,316        3,494,878  

MetLife, Inc.(1)

     47,093        2,161,098  

MS&AD Insurance Group Holdings, Inc.

     37,200        1,155,562  

Principal Financial Group, Inc.(1)

     36,247        2,207,805  

Prudential Financial, Inc.(1)

     27,177        2,814,178  

Prudential PLC(1)

     349,752        8,739,838  

SCOR SE(1)

     63,370        2,587,092  

Swiss Life Holding AG(1)

     8,264        2,945,020  
     

 

 

 
      $ 50,405,296  
     

 

 

 

Internet & Direct Marketing Retail — 4.6%

     

Amazon.com, Inc.(1)(2)

     28,144      $ 40,733,937  

Booking Holdings, Inc.(1)(2)

     3,947        8,211,299  

Netflix, Inc.(1)(2)

     21,000        6,202,350  
     

 

 

 
      $ 55,147,586  
     

 

 

 

Internet Software & Services — 5.9%

     

Alphabet, Inc., Class A(1)(2)

     21,560      $ 22,360,738  

Alphabet, Inc., Class C(1)(2)

     19,187        19,796,955  

Facebook, Inc., Class A(1)(2)

     162,612        25,983,772  

LogMeIn, Inc.

     5,861        677,239  

United Internet AG

     32,975        2,077,774  
     

 

 

 
      $ 70,896,478  
     

 

 

 

IT Services — 2.6%

     

Amadeus IT Group SA

     24,489      $ 1,812,262  

Atos SE

     5,628        771,088  

Capgemini SE(1)

     34,597        4,316,820  

Cognizant Technology Solutions Corp., Class A(1)

     79,444        6,395,242  

DXC Technology Co.

     4,294        431,676  

Fidelity National Information Services, Inc.(1)

     44,273        4,263,490  

Indra Sistemas SA(2)

     58,122        804,718  

International Business Machines Corp.(1)

     236        36,209  

Mastercard, Inc., Class A(1)

     32,320        5,661,171  

Nomura Research Institute, Ltd.

     8,100        382,718  

NTT Data Corp.

     74,000        777,573  

Obic Co., Ltd.

     7,300        615,156  

Otsuka Corp.

     15,600        795,332  

PayPal Holdings, Inc.(1)(2)

     52,937        4,016,330  
     

 

 

 
      $ 31,079,785  
     

 

 

 

Leisure Products — 0.2%

     

Hasbro, Inc.(1)

     21,651      $ 1,825,179  
     

 

 

 
      $ 1,825,179  
     

 

 

 

 

6

 

 


                                                 
Security    Shares      Value  

Life Sciences Tools & Services — 0.3%

     

PerkinElmer, Inc.

     6,547      $ 495,739  

Thermo Fisher Scientific, Inc.(1)

     17,359        3,583,939  
     

 

 

 
      $ 4,079,678  
     

 

 

 

Machinery — 1.7%

     

Dover Corp.

     7,424      $ 729,185  

Ebara Corp.

     30,600        1,091,517  

FANUC Corp.

     37,427        9,631,953  

Kawasaki Heavy Industries, Ltd.

     3,100        100,036  

Komatsu, Ltd.

     29,200        978,169  

Makita Corp.

     13,400        663,757  

MAN SE

     7,139        832,474  

NSK, Ltd.

     6,000        80,720  

Parker-Hannifin Corp.(1)

     7,147        1,222,352  

SMC Corp.

     1,900        772,918  

Snap-on, Inc.

     6,143        906,338  

Stanley Black & Decker, Inc.(1)

     24,657        3,777,452  
     

 

 

 
      $ 20,786,871  
     

 

 

 

Media — 3.0%

     

Charter Communications, Inc.(1)(2)

     10,343      $ 3,218,948  

Comcast Corp., Class A(1)

     406,882        13,903,158  

Dentsu, Inc.

     11,400        503,799  

Hakuhodo DY Holdings, Inc.

     20,900        288,507  

Interpublic Group of Cos., Inc. (The)

     40,333        928,869  

Omnicom Group, Inc.

     9,804        712,457  

ProSiebenSat.1 Media SE

     27,382        948,415  

Sky PLC(1)

     447,757        8,154,590  

Time Warner, Inc.

     9,190        869,190  

Walt Disney Co. (The)(1)

     58,917        5,917,624  
     

 

 

 
      $ 35,445,557  
     

 

 

 

Metals & Mining — 1.4%

     

Glencore PLC(1)

     1,472,251      $ 7,315,955  

Mitsubishi Materials Corp.

     8,000        237,139  

Nippon Light Metal Holdings Co., Ltd.

     200,000        522,900  

Nucor Corp.(1)

     23,673        1,446,184  

Rio Tinto PLC(1)

     142,688        7,240,570  
     

 

 

 
      $ 16,762,748  
     

 

 

 

Multi-Utilities — 0.7%

     

CMS Energy Corp.(1)

     118,010      $ 5,344,673  

Engie SA

     62,752        1,047,863  

NiSource, Inc.(1)

     42,420        1,014,262  

Veolia Environnement SA

     37,663        894,774  
     

 

 

 
      $ 8,301,572  
     

 

 

 

Multiline Retail — 0.6%

     

Isetan Mitsukoshi Holdings, Ltd.

     62,132      $ 687,529  

Marks & Spencer Group PLC

     398,770        1,514,710  

Next PLC(1)

     41,584        2,779,849  

Nordstrom, Inc.

     12,439        602,172  

Target Corp.(1)

     16,910        1,174,061  
     

 

 

 
      $ 6,758,321  
     

 

 

 

 

7

 

 


                                                 
Security    Shares      Value  

Oil, Gas & Consumable Fuels — 4.0%

     

BP PLC(1)

     1,013,220      $ 6,834,272  

Chevron Corp.(1)

     65,240        7,439,970  

ConocoPhillips(1)

     20,000        1,185,800  

ENI SpA(1)

     351,386        6,189,751  

EOG Resources, Inc.

     361        38,002  

Exxon Mobil Corp.(1)

     28,722        2,142,948  

Idemitsu Kosan Co., Ltd.

     6,200        237,216  

Marathon Petroleum Corp.(1)

     27,916        2,040,939  

Newfield Exploration Co.(2)

     4,233        103,370  

Phillips 66(1)

     36,105        3,463,192  

Pioneer Natural Resources Co.

     4,000        687,120  

Royal Dutch Shell PLC, Class A(1)

     189,507        5,995,725  

Royal Dutch Shell PLC, Class B

     30,575        983,856  

Snam SpA

     175,073        804,776  

Total SA(1)

     166,408        9,538,444  
     

 

 

 
      $ 47,685,381  
     

 

 

 

Paper & Forest Products — 0.0%(3)

     

OJI Paper Co., Ltd.

     13,000      $ 83,788  
     

 

 

 
      $ 83,788  
     

 

 

 

Personal Products — 1.7%

     

Estee Lauder Cos., Inc. (The), Class A(1)

     25,480      $ 3,814,866  

Kao Corp.(1)

     61,054        4,583,534  

Unilever NV(1)

     193,140        10,901,867  

Unilever PLC

     15,759        874,034  
     

 

 

 
      $ 20,174,301  
     

 

 

 

Pharmaceuticals — 6.2%

     

Allergan PLC(1)

     1,971      $ 331,700  

Astellas Pharma, Inc.

     215,900        3,302,402  

AstraZeneca PLC(1)

     97,424        6,697,048  

Bayer AG(1)

     31,622        3,564,865  

Chugai Pharmaceutical Co., Ltd.

     92,300        4,685,916  

Eisai Co., Ltd.

     13,646        878,619  

Eli Lilly & Co.(1)

     13,232        1,023,760  

Hisamitsu Pharmaceutical Co., Inc.

     1,400        108,225  

Indivior PLC(2)

     25,431        145,372  

Johnson & Johnson(1)

     60,088        7,700,277  

Merck & Co., Inc.(1)

     103,665        5,646,632  

Mitsubishi Tanabe Pharma Corp.

     10,000        202,033  

Novartis AG

     177,832        14,383,208  

Pfizer, Inc.

     14,458        513,114  

Roche Holding AG PC

     59,291        13,601,178  

Sanofi(1)

     124,447        9,985,630  

Takeda Pharmaceutical Co., Ltd.

     13,231        645,160  

UCB SA

     9,177        747,359  
     

 

 

 
      $ 74,162,498  
     

 

 

 

Professional Services — 0.5%

     

Equifax, Inc.(1)

     15,217      $ 1,792,715  

Experian PLC

     85,608        1,851,417  

Robert Half International, Inc.(1)

     30,884        1,787,875  

Wolters Kluwer NV

     961        51,110  
     

 

 

 
      $ 5,483,117  
     

 

 

 

 

8

 

 


                                                 
Security    Shares      Value  

Real Estate Management & Development — 0.4%

     

Capital & Counties Properties PLC

     189,600      $ 724,117  

CBRE Group, Inc., Class A(1)(2)

     37,761        1,783,074  

Daito Trust Construction Co., Ltd.

     6,300        1,072,681  

Heiwa Real Estate Co., Ltd.

     34,400        665,633  

Sumitomo Realty & Development Co., Ltd.

     23,000        859,432  
     

 

 

 
      $ 5,104,937  
     

 

 

 

Road & Rail — 0.8%

     

Central Japan Railway Co.

     3,400      $ 648,864  

CSX Corp.(1)

     115,014        6,407,430  

East Japan Railway Co.

     6,400        598,361  

Kansas City Southern(1)

     15,468        1,699,160  

Keio Corp.

     15,200        655,125  
     

 

 

 
      $ 10,008,940  
     

 

 

 

Semiconductors & Semiconductor Equipment — 3.9%

     

Intel Corp.(1)

     280,224      $ 14,594,066  

Marvell Technology Group, Ltd.(1)

     84,177        1,767,717  

NXP Semiconductors NV(1)(2)

     49,589        5,801,913  

QUALCOMM, Inc.(1)

     86,673        4,802,551  

Texas Instruments, Inc.(1)

     110,334        11,462,599  

Tokyo Electron, Ltd.

     42,200        7,806,625  

Versum Materials, Inc.

     16,211        610,020  
     

 

 

 
      $ 46,845,491  
     

 

 

 

Software — 5.1%

     

Citrix Systems, Inc.(1)(2)

     34,110      $ 3,165,408  

Electronic Arts, Inc.(1)(2)

     53,174        6,446,816  

Konami Holdings Corp.

     5,500        280,098  

Microsoft Corp.(1)

     473,394        43,206,670  

Oracle Corp.(1)

     143,065        6,545,224  

Trend Micro, Inc.

     14,097        831,325  
     

 

 

 
      $ 60,475,541  
     

 

 

 

Specialty Retail — 2.1%

     

CarMax, Inc.(2)

     5,464      $ 338,440  

Fast Retailing Co., Ltd.

     26,300        10,565,573  

Fnac Darty SA(2)

     922        98,671  

Home Depot, Inc. (The)(1)

     42,734        7,616,908  

Lowe’s Cos., Inc.(1)

     50,810        4,458,578  

Tiffany & Co.(1)

     19,173        1,872,435  

USS Co., Ltd.

     27,200        556,713  
     

 

 

 
      $ 25,507,318  
     

 

 

 

Technology Hardware, Storage & Peripherals — 4.6%

     

Apple, Inc.(1)

     302,586      $ 50,767,879  

Brother Industries, Ltd.

     18,000        417,374  

Canon, Inc.

     19,100        692,915  

Hewlett Packard Enterprise Co.

     78,955        1,384,871  

HP, Inc.(1)

     54,791        1,201,019  
     

 

 

 
      $ 54,464,058  
     

 

 

 

 

9

 

 


                                                       
Security    Shares      Value  

Textiles, Apparel & Luxury Goods — 2.0%

     

adidas AG

     11,824      $ 2,876,748  

Asics Corp.

     20,000        372,519  

Hanesbrands, Inc.

     32,716        602,629  

Hermes International

     1,733        1,027,238  

Kering SA(1)

     7,380        3,539,572  

LVMH Moet Hennessy Louis Vuitton SE(1)

     32,072        9,883,729  

NIKE, Inc., Class B(1)

     83,464        5,545,348  
     

 

 

 
      $ 23,847,783  
     

 

 

 

Tobacco — 2.1%

     

British American Tobacco PLC(1)

     211,393      $ 12,219,966  

Imperial Brands PLC(1)

     143,738        4,894,206  

Japan Tobacco, Inc.

     76,500        2,185,375  

Philip Morris International, Inc.(1)

     64,219        6,383,369  
     

 

 

 
      $ 25,682,916  
     

 

 

 

Trading Companies & Distributors — 0.5%

     

Ferguson PLC(1)

     47,906      $ 3,603,004  

Marubeni Corp.

     20,000        146,051  

Mitsubishi Corp.

     32,700        880,253  

Sumitomo Corp.

     96,700        1,619,970  
     

 

 

 
      $ 6,249,278  
     

 

 

 

Transportation Infrastructure — 0.1%

     

Aeroports de Paris

     6,667      $ 1,452,484  
     

 

 

 
      $ 1,452,484  
     

 

 

 

Wireless Telecommunication Services — 1.3%

     

KDDI Corp.

     151,600      $ 3,904,369  

SoftBank Group Corp.

     94,098        7,018,889  

Vodafone Group PLC

     1,847,125        5,053,791  
     

 

 

 
      $ 15,977,049  
     

 

 

 

Total Common Stocks — 99.3%
(identified cost $454,723,697)

      $ 1,185,375,221  
     

 

 

 

Total Written Call Options — (0.4)%
(premiums received $9,428,441)

      $ (5,108,031
     

 

 

 

Other Assets, Less Liabilities — 1.1%

      $ 13,691,416  
     

 

 

 

Net Assets — 100.0%

      $ 1,193,958,606  
     

 

 

 

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

 

(1) Security (or a portion thereof) has been pledged as collateral for written options.

 

(2) Non-income producing security.

 

(3) Amount is less than 0.05%.

 

10

 

 


Country Concentration of Portfolio

 

                                                 
Country    Percentage of
Total Investments
    Value  

United States

     54.7   $ 648,788,321  

Japan

     11.0       130,512,718  

United Kingdom

     9.8       115,940,287  

France

     6.8       80,625,724  

Germany

     6.3       74,960,253  

Switzerland

     4.7       55,601,735  

Netherlands

     2.4       28,363,300  

Spain

     1.8       21,480,731  

Italy

     1.3       14,818,731  

Belgium

     0.5       5,595,534  

Denmark

     0.2       2,730,913  

Sweden

     0.2       2,487,717  

Ireland

     0.2       2,111,303  

Finland

     0.1       1,357,954  
  

 

 

   

 

 

 

Total Investments

     100.0   $     1,185,375,221  
  

 

 

   

 

 

 

Written Call Options — (0.4)%

Exchange-Traded Options — (0.4)%

 

                                                                                                                            
Description   Number of
Contracts
    Notional
Amount
    Exercise
Price
    Expiration
Date
    Value  

Dow Jones Euro Stoxx 50 Index

    1,410     EUR 47,397,150     EUR 3,475       4/6/18     $ (16,206

Dow Jones Euro Stoxx 50 Index

    1,415     EUR 47,565,225     EUR 3,450       4/13/18       (116,902

Dow Jones Euro Stoxx 50 Index

    1,415     EUR 47,565,225     EUR 3,375       4/20/18       (625,687

Dow Jones Euro Stoxx 50 Index

    1,380     EUR 46,388,700     EUR 3,375       4/27/18       (598,960

FTSE 100 Index

    550     GBP 38,811,355     GBP 7,225       4/20/18       (150,280

FTSE 100 Index

    550     GBP 38,811,355     GBP 7,275       4/20/18       (94,136

NASDAQ 100 Index

    95     USD 62,520,697     USD 7,050       4/6/18       (20,425

NASDAQ 100 Index

    90     USD 59,230,134     USD 7,075       4/13/18       (46,350

NASDAQ 100 Index

    95     USD 62,520,697     USD 6,950       4/20/18       (229,425

NASDAQ 100 Index

    95     USD 62,520,697     USD 6,750       4/27/18       (948,575

Nikkei 225 Index

    160     JPY 3,432,688,000     JPY 22,000       4/6/18       (37,946

Nikkei 225 Index

    155     JPY 3,325,416,500     JPY 22,125       4/13/18       (73,581

Nikkei 225 Index

    155     JPY 3,325,416,500     JPY 21,500       4/20/18       (391,572

Nikkei 225 Index

    155     JPY   3,325,416,500     JPY 21,875       4/27/18       (386,025

S&P 500 Index

    115     USD 30,370,005     USD 2,775       4/4/18       (2,013

S&P 500 Index

    115     USD 30,370,005     USD 2,795       4/6/18       (3,163

S&P 500 Index

    115     USD 30,370,005     USD 2,775       4/11/18       (16,963

S&P 500 Index

    115     USD 30,370,005     USD 2,790       4/13/18       (17,538

S&P 500 Index

    115     USD 30,370,005     USD 2,765       4/16/18       (39,675

S&P 500 Index

    115     USD 30,370,005     USD 2,760       4/18/18       (59,225

S&P 500 Index

    120     USD 31,690,440     USD 2,710       4/20/18       (196,200

S&P 500 Index

    120     USD 31,690,440     USD 2,685       4/23/18       (309,600

S&P 500 Index

    115     USD 30,370,005     USD 2,700       4/25/18       (250,125

S&P 500 Index

    120     USD 31,690,440     USD 2,675       4/27/18       (398,400

SMI Index

    540     CHF 47,201,238     CHF 9,000       4/20/18       (79,059
         

 

 

 

Total

          $ (5,108,031
         

 

 

 

 

11

 

 


Abbreviations:

 

PC

  -   Participation Certificate

PFC Shares

  -   Preference Shares
Currency Abbreviations:

CHF

  -   Swiss Franc

EUR

  -   Euro

GBP

  -   British Pound Sterling

JPY

  -   Japanese Yen

USD

  -   United States Dollar

At March 31, 2018, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline.

At March 31, 2018, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is equity price risk was $5,108,031.

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

 

  Level 1 — quoted prices in active markets for identical investments

 

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

 

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

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

 

12

 

 


At March 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  
Common Stocks            

Consumer Discretionary

   $ 115,461,289      $ 75,661,332      $      $ 191,122,621  

Consumer Staples

     38,915,783        68,327,035               107,242,818  

Energy

     19,450,923        30,584,040               50,034,963  

Financials

     65,700,524        100,167,914               165,868,438  

Health Care

     75,621,031        63,934,117               139,555,148  

Industrials

     49,045,102        74,158,740               123,203,842  

Information Technology

     256,266,070        34,999,253               291,265,323  

Materials

     11,435,797        45,202,354               56,638,151  

Real Estate

     7,448,546        6,246,026               13,694,572  

Telecommunication Services

     7,653,840        22,796,107               30,449,947  

Utilities

     7,591,329        8,708,069               16,299,398  

Total Common Stocks

   $ 654,590,234      $ 530,784,987    $  —      $ 1,185,375,221  

Total Investments

   $     654,590,234      $     530,784,987      $      $     1,185,375,221  
Liability Description                                

Written Call Options

   $ (2,537,677    $ (2,570,354    $      $ (5,108,031

Total

   $ (2,537,677 )      $ (2,570,354 )      $      $ (5,108,031

 

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

At March 31, 2018, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

13

 

 


Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

 

By:   /s/ Edward J. Perkin
  Edward J. Perkin
  President
Date:   May 24, 2018

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/ Edward J. Perkin
  Edward J. Perkin
  President
Date:   May 24, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   May 24, 2018