SEC Form N-CSRS filed by Eaton Vance Corporation Eaton Vance Tax-Managed Global Buy-Wri
$ETW
Investment Managers
Finance
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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2025
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
(ETW)
Semi-Annual Report
June 30, 2025
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation
by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The
investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the
operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity
pool operators. The adviser and Parametric are also registered as commodity trading advisors.
Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year.
Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
The Fund currently distributes monthly cash distributions
equal to $0.0664 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic
review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination
of the MDP.
The Fund may distribute more than its net
investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with
“yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts
and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form
1099-DIV for each calendar year.
Fund shares are not
insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Performance
Portfolio Manager(s) Gordon
Wotherspoon and Xiaozhen Li of Parametric Portfolio Associates LLC and Charles B. Gaffney and Douglas R. Rogers, CFA, CMT of Eaton Vance Management
| % Average Annual Total Returns1 | Inception Date | Six Months | One Year | Five Years | Ten Years |
| Fund at NAV | 09/30/2005 | 6.99% | 12.03% | 10.05% | 7.09% |
| Fund at Market Price | — | 7.71 | 14.95 | 9.46 | 6.57 |
|
| |||||
| MSCI World Index | — | 9.47% | 16.26% | 14.54% | 10.65% |
| S&P 500® Index | — | 6.20 | 15.16 | 16.63 | 13.63 |
| MSCI Europe Index | — | 23.05 | 18.38 | 12.37 | 6.77 |
| Cboe S&P 500 BuyWrite IndexSM | — | (1.25) | 10.25 | 10.16 | 6.42 |
| Cboe NASDAQ–100 BuyWrite IndexSM | — | (3.75) | 9.71 | 8.67 | 8.13 |
| % Premium/Discount to NAV2 | |
| As of period end | (8.85)% |
| Distributions 3 | |
| Total Distributions per share for the period | $0.40 |
| Distribution Rate at NAV | 8.40% |
| Distribution Rate at Market Price | 9.21 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results.
Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and
distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for
periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end,
please refer to eatonvance.com.
2
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Fund Profile
Footnotes:
| 1 | Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
3
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Endnotes and
Additional Disclosures
| 1 | MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI Europe Index is an unmanaged index designed to measure the developed equity market performance of Europe. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Cboe NASDAQ–100 BuyWrite IndexSM measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ–100® Index and writes (sells) NASDAQ–100® Index covered call options. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
| 3 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
| Fund profile subject to change due to active management. |
4
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited)
5
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited) — continued
6
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited) — continued
7
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited) — continued
8
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited) — continued
9
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited) — continued
| Written Call Options (Exchange-Traded) — (1.6)% | |||||||
| Description | Number
of Contracts |
Notional
Amount |
Exercise
Price |
Expiration
Date |
Value | ||
| Euro Stoxx 50 Index | 830 | EUR | 44,016,892 | EUR | 5,425 | 7/11/25 | $ (94,427) |
| Euro Stoxx 50 Index | 840 | EUR | 44,547,216 | EUR | 5,400 | 7/18/25 | (274,137) |
| Euro Stoxx 50 Index | 840 | EUR | 44,547,216 | EUR | 5,400 | 7/25/25 | (368,028) |
| Euro Stoxx 50 Index | 840 | EUR | 44,547,216 | EUR | 5,425 | 7/31/25 | (414,928) |
| FTSE 100 Index | 610 | GBP | 53,441,856 | GBP | 8,975 | 7/18/25 | (88,163) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,100 | 7/1/25 | (443,552) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,200 | 7/2/25 | (327,920) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,100 | 7/7/25 | (488,320) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,300 | 7/9/25 | (371,760) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,150 | 7/11/25 | (496,800) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,300 | 7/14/25 | (405,544) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,200 | 7/16/25 | (504,800) |
10
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Portfolio of
Investments (Unaudited) — continued
| Written Call Options (Exchange-Traded) (continued) | |||||||
| Description | Number
of Contracts |
Notional
Amount |
Exercise
Price |
Expiration
Date |
Value | ||
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,200 | 7/18/25 | $ (529,120) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,500 | 7/21/25 | (373,920) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,700 | 7/23/25 | (298,400) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 22,900 | 7/25/25 | (238,800) |
| NASDAQ 100 Index | 8 | USD | 18,143,208 | USD | 23,000 | 7/28/25 | (210,744) |
| Nikkei 225 Index | 400 | JPY | 16,194,956,000 | JPY | 39,000 | 7/11/25 | (4,608,906) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,075 | 7/1/25 | (583,660) |
| S&P 500 Index | 43 | USD | 26,681,285 | USD | 6,090 | 7/2/25 | (492,393) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,075 | 7/7/25 | (621,940) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,125 | 7/9/25 | (417,120) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,090 | 7/11/25 | (583,484) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,125 | 7/14/25 | (514,800) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,090 | 7/16/25 | (643,720) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,060 | 7/18/25 | (756,008) |
| S&P 500 Index | 43 | USD | 26,681,285 | USD | 6,150 | 7/21/25 | (443,631) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,200 | 7/23/25 | (390,544) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,250 | 7/25/25 | (297,132) |
| S&P 500 Index | 44 | USD | 27,301,780 | USD | 6,275 | 7/28/25 | (240,240) |
| SMI Index | 330 | CHF | 39,340,818 | CHF | 12,200 | 7/18/25 | (143,189) |
| Total | $(16,666,130) | ||||||
| Abbreviations: | |
| PC | – Participation Certificate |
| PFC Shares | – Preference Shares |
| REITs | – Real Estate Investment Trusts |
| Currency Abbreviations: | |
| CHF | – Swiss Franc |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| JPY | – Japanese Yen |
| USD | – United States Dollar |
11
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Statement of Assets
and Liabilities (Unaudited)
| June 30, 2025 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $280,070,997) | $ 1,042,090,691 |
| Affiliated investments, at value (identified cost $737,324) | 737,324 |
| Foreign currency, at value (identified cost $1,917,842) | 1,944,139 |
| Dividends receivable | 741,990 |
| Dividends receivable from affiliated investments | 15,342 |
| Receivable for premiums on written options | 1,698,206 |
| Tax reclaims receivable | 2,864,158 |
| Trustees' deferred compensation plan | 214,861 |
| Total assets | $1,050,306,711 |
| Liabilities | |
| Written options outstanding, at value (premiums received $8,573,942) | $ 16,666,130 |
| Payable for closed written options | 1,658,650 |
| Due to custodian | 462,970 |
| Payable to affiliates: | |
| Investment adviser fee | 828,957 |
| Trustees' fees | 16,244 |
| Trustees' deferred compensation plan | 214,861 |
| Accrued expenses | 378,649 |
| Total liabilities | $ 20,226,461 |
| Net Assets | $1,030,080,250 |
| Sources of Net Assets | |
| Common shares, $0.01 par value, unlimited number of shares authorized | $ 1,085,978 |
| Additional paid-in capital | 306,907,419 |
| Distributable earnings | 722,086,853 |
| Net Assets | $1,030,080,250 |
| Common Shares Issued and Outstanding | 108,597,786 |
| Net Asset Value Per Common Share | |
| Net assets ÷ common shares issued and outstanding | $ 9.49 |
12
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Statement of
Operations (Unaudited)
| Six Months Ended | |
| June 30, 2025 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $1,217,233) | $ 12,437,545 |
| Dividend income from affiliated investments | 106,946 |
| Interest income | 156 |
| Other income | 388,470 |
| Total investment income | $ 12,933,117 |
| Expenses | |
| Investment adviser fee | $ 4,953,038 |
| Trustees’ fees and expenses | 32,892 |
| Custodian fee | 183,223 |
| Transfer and dividend disbursing agent fees | 9,069 |
| Legal and accounting services | 100,110 |
| Printing and postage | 175,713 |
| Miscellaneous | 57,957 |
| Total expenses | $ 5,512,002 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 3,723 |
| Total expense reductions | $ 3,723 |
| Net expenses | $ 5,508,279 |
| Net investment income | $ 7,424,838 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ 58,661,479 |
| Written options | (40,122,820) |
| Foreign currency transactions | 136,767 |
| Net realized gain | $ 18,675,426 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 48,851,482 |
| Written options | (12,296,051) |
| Foreign currency | 343,798 |
| Net change in unrealized appreciation (depreciation) | $ 36,899,229 |
| Net realized and unrealized gain | $ 55,574,655 |
| Net increase in net assets from operations | $ 62,999,493 |
13
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Statements of Changes
in Net Assets
| Six
Months Ended June 30, 2025 (Unaudited) |
Year
Ended December 31, 2024 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 7,424,838 | $ 12,597,578 |
| Net realized gain | 18,675,426 | 70,933,286 |
| Net change in unrealized appreciation (depreciation) | 36,899,229 | 27,475,197 |
| Net increase in net assets from operations | $ 62,999,493 | $ 111,006,061 |
| Distributions to shareholders | $ (43,265,358)* | $ (84,335,598) |
| Cost of shares repurchased | $ — | $ (8,268,244) |
| Net decrease in net assets from capital share transactions | $ — | $ (8,268,244) |
| Net increase in net assets | $ 19,734,135 | $ 18,402,219 |
| Net Assets | ||
| At beginning of period | $ 1,010,346,115 | $ 991,943,896 |
| At end of period | $1,030,080,250 | $1,010,346,115 |
| * | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
14
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Financial
Highlights
| Six
Months Ended June 30, 2025 (Unaudited) |
Year Ended December 31, | |||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||
| Net asset value — Beginning of period | $ 9.30 | $ 9.05 | $ 8.38 | $ 10.93 | $ 10.30 | $ 10.47 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.07 | $ 0.12 | $ 0.10 | $ 0.10 | $ 0.08 | $ 0.09 |
| Net realized and unrealized gain (loss) | 0.52 | 0.89 | 1.27 | (1.81) | 1.42 | 0.61 |
| Total income (loss) from operations | $ 0.59 | $ 1.01 | $ 1.37 | $ (1.71) | $ 1.50 | $ 0.70 |
| Less Distributions | ||||||
| From net investment income | $ (0.40)* | $ (0.13) | $ (0.13) | $ (0.11) | $ (0.16) | $ (0.08) |
| From net realized gain | — | (0.64) | (0.30) | (0.65) | (0.53) | (0.43) |
| Tax return of capital | — | — | (0.27) | (0.08) | (0.18) | (0.36) |
| Total distributions | $ (0.40) | $ (0.77) | $ (0.70) | $ (0.84) | $ (0.87) | $ (0.87) |
| Anti-dilutive effect of share repurchase program | $ — | $ 0.01 | $ — | $ — | $ — | $ — |
| Premium from common shares sold through shelf offering (see Note 5)(1) | $ — | $ — | $ — | $ 0.00(2) | $ 0.00(2) | $ — |
| Net asset value — End of period | $ 9.49 | $ 9.30 | $ 9.05 | $ 8.38 | $ 10.93 | $ 10.30 |
| Market value — End of period | $ 8.65 | $ 8.42 | $ 7.77 | $ 7.76 | $ 11.19 | $ 9.68 |
| Total Investment Return on Net Asset Value(3) | 6.99% (4) | 12.77% | 17.88% | (15.73)% | 15.19% | 8.55% |
| Total Investment Return on Market Value(3) | 7.71% (4) | 18.91% | 9.29% | (23.77)% | 25.48% | 3.00% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,030,080 | $1,010,346 | $991,944 | $918,958 | $1,189,319 | $1,107,600 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.11% (6) | 1.10% | 1.11% | 1.11% | 1.09% | 1.11% |
| Net expenses | 1.11% (6)(7) | 1.10% (7) | 1.11% (7) | 1.11% (7) | 1.09% | 1.11% |
| Net investment income | 1.50% (6) | 1.24% | 1.09% | 1.11% | 0.74% | 0.91% |
| Portfolio Turnover | 5% | 3% | 5% | 12% | 3% | 7% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $0.005. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022). |
| * | A portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end. See Note 2. |
15
See Notes to Financial Statements.
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Notes to Financial
Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
(the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund's primary investment objective is to provide current
income and gains, with a secondary objective of capital appreciation.
The following is a summary of significant accounting policies
of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting
Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask
prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System 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 ask prices.
Derivatives. U.S.
exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options are valued by a third party pricing
service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine
the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such
securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock
Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable
foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection
with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the
investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current
sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the
existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has
passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the
applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (the
“EU reclaims”). These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU
reclaims, and the potential timing of payment, the EU reclaims are recorded as income only when the likelihood of their receipt becomes certain. During the six months ended June 30, 2025, the Fund received approximately $388,000 from France for EU
reclaims and interest thereon. Such amount is included in Other income on the Statement of Operations.
D Federal
Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable
to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax
is necessary.
As of June 30, 2025, the Fund had no
uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue
Service for a period of three years from the date of filing.
16
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Notes to Financial
Statements (Unaudited) — continued
E 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.
F Use of
Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
G Indemnifications—Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability
for the obligations of the Fund. However, the Fund's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, the defense
on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from
such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet occurred.
H Written
Options—Upon the writing of a call or a put option, the premium received by the Fund is included in
the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations
discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the
transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put)
or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund.
The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or
other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
I Segment
Reporting—FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), requires incremental disclosures related to a public entity’s
reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund’s President acts as the Fund's Chief Operating Decision
Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial
statements.
J Interim Financial
Statements—The interim financial statements relating to June 30, 2025 and for the six months then
ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the
financial statements.
2 Distributions
to Shareholders and Income Tax Information
Subject to its
Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and
unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with
income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and
tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of
capital component. For the six months ended June 30, 2025, the amount of distributions estimated to be a tax return of capital was approximately $24,647,000. 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.
17
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Notes to Financial
Statements (Unaudited) — continued
The
cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at June 30, 2025, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $284,778,426 |
| Gross unrealized appreciation | $ 750,791,654 |
| Gross unrealized depreciation | (9,408,195) |
| Net unrealized appreciation | $741,383,459 |
3 Investment Adviser Fee
and Other Transactions with Affiliates
The investment
adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for 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, as defined in the investment advisory agreement, and is payable monthly. For purposes of this calculation, gross assets represent net assets plus obligations attributable to investment leverage. During the six months
ended June 30, 2025, the Fund had no obligations attributable to investment leverage. For the six months ended June 30, 2025, the investment adviser fee amounted to $4,953,038.
Pursuant to an investment sub-advisory agreement, EVM has
delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser fee for
sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management
investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration
fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended June 30, 2025, the investment adviser fee paid was reduced by $3,723 relating to the Fund’s investment in the Liquidity Fund. EVM also serves as
administrator of the Fund, but receives no compensation.
Trustees and officers of the Fund who are members of
EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. 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 $50,236,628 and $123,493,279, respectively, for the six months ended June 30, 2025.
5 Common Shares of Beneficial Interest and Shelf
Offering
The Fund may issue common shares pursuant to its
dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended June 30, 2025 and the year ended December 31, 2024.
In August 2012, the Board of Trustees initially approved a
share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the
prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund
for the six months ended June 30, 2025 and the year ended December 31, 2024.
Pursuant to its most recent registration statement filed with
the SEC, the Fund is authorized to issue up to an additional 10,790,376 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Fund, subject to market conditions, may raise additional
capital from time to time and in varying amounts and offering methods at a net price at or above the Fund's net asset value per common share. During the six months ended June 30, 2025 and the year ended December 31, 2024, there were no shares sold
by the Fund pursuant to its shelf offering.
18
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Notes to Financial
Statements (Unaudited) — continued
6 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The
notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks
associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2025 is included in the Portfolio of Investments. At June 30,
2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The Fund is subject to equity price risk in the normal course
of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable
index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the value of the underlying index decline.
The fair value of open derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2025 was as follows:
| Fair Value | ||
| Derivative | Asset Derivative | Liability Derivative(1) |
| Written options | $ — | $(16,666,130) |
| (1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2025 was as follows:
| Derivative | Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
Change
in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
| Written options | $(40,122,820) | $(12,296,051) |
| (1) | Statement of Operations location: Net realized gain (loss): Written options. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
The average number of written options contracts outstanding
during the six months ended June 30, 2025, which is indicative of the volume of this derivative type, was 5,646 contracts.
7 Affiliated Investments
At June 30, 2025, the value of the Fund's investment in funds
that may be deemed to be affiliated was $737,324, which represents 0.1% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended June 30, 2025 were as follows:
| Name | Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Shares,
end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $3,924,399 | $100,481,696 | $(103,668,771) | $ — | $ — | $737,324 | $106,946 | 737,324 |
19
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Notes to Financial
Statements (Unaudited) — continued
8 Fair Value Measurements
Under generally accepted accounting principles for fair value
measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities.
At June 30, 2025, the hierarchy of inputs used in valuing the
Fund’s investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ 76,886,852 | $ 23,912,646 | $ — | $ 100,799,498 |
| Consumer Discretionary | 69,372,795 | 57,140,055 | — | 126,512,850 |
| Consumer Staples | 29,361,848 | 39,661,123 | — | 69,022,971 |
| Energy | 12,194,170 | 18,192,530 | — | 30,386,700 |
| Financials | 52,293,938 | 86,357,110 | — | 138,651,048 |
| Health Care | 44,494,885 | 51,527,535 | — | 96,022,420 |
| Industrials | 36,499,627 | 89,599,949 | — | 126,099,576 |
| Information Technology | 224,724,044 | 64,085,670 | — | 288,809,714 |
| Materials | 7,553,486 | 23,695,479 | — | 31,248,965 |
| Real Estate | 7,437,231 | 1,848,612 | — | 9,285,843 |
| Utilities | 9,073,099 | 16,178,007 | — | 25,251,106 |
| Total Common Stocks | $ 569,891,975 | $ 472,198,716* | $ — | $ 1,042,090,691 |
| Short-Term Investments | $ 737,324 | $ — | $ — | $ 737,324 |
| Total Investments | $ 570,629,299 | $ 472,198,716 | $ — | $ 1,042,828,015 |
| Liability Description | ||||
| Written Call Options | $ (11,089,280) | $ (5,576,850) | $ — | $ (16,666,130) |
| Total | $ (11,089,280) | $ (5,576,850) | $ — | $ (16,666,130) |
| * | 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. |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers
because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United
States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in
currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
20
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Annual Meeting of
Shareholders (Unaudited)
The
Fund held its Annual Meeting of Shareholders on April 9, 2025. The following action was taken by the shareholders:
Proposal 1(b): The election of
George J. Gorman, Keith Quinton and Susan J. Sutherland as Class II Trustees of the Fund for a three-year term expiring in 2028.
| Number of Shares | ||||
| Nominees for Trustee | For | Withheld | ||
| George J. Gorman | 84,019,888 | 3,938,434 | ||
| Keith Quinton | 84,096,652 | 3,861,670 | ||
| Susan J. Sutherland | 83,878,867 | 4,079,455 | ||
21
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including 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 held on June 12, 2025, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is
a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information
specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review
Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the
investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds,
which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying
portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or
substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;
• Profitability analyses on a
fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the
effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-Adviser
• Reports regarding the
financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and
Research are referred to collectively as the “adviser.”
22
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Board of
Trustees’ Contract Approval — continued
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other funds and investment accounts, as applicable;
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;
• Information regarding the
adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;
• The personal trading codes of
ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the
adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the
nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule),
and Rule 2a-5 (the Fair Valuation Rule);
• For the Eaton Vance Fund
structured as an interval fund, information regarding the interval fund’s periodic repurchase offers under Rule 23c-3 and related policies and procedures;
• For each Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;
• The risks that the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such
risks, if any); and
• The
terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees
over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and
performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection
with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in
reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive
sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
Each of the Contract Review Committee and the Board was advised
throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their
own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each
investment advisory agreement 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 and Board may have placed varying
emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other
terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
23
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Board of
Trustees’ Contract Approval — continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Global Buy-Write Opportunities
Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with
respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board,
including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.
The Board considered the Adviser’s and the
Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. Regarding the
Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating its activities in implementing the Fund’s investment strategies. In particular, the Board considered the abilities
and experience of the Adviser’s investment professionals in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on one or more U.S. and foreign indices. The Board
considered that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. With respect to the Sub-adviser, the Board considered the experience of the
Sub-adviser’s investment professionals in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and
other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton
Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative
services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and
operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience monitoring and assessing trading price discounts and
premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and
relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and
procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange
Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or
overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety
of asset classes and investment disciplines.
After
consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to
that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and
ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of
the Fund was higher than one of its secondary benchmark indexes and lower than its primary, blended and all other secondary benchmark indexes for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods,
and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,
2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio
relative to comparable funds, as identified by management in response to requests from the Contract Review Committee.
24
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Board of
Trustees’ Contract Approval — continued
After
considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are
reasonable.
Profitability and
“Fall-Out” Benefits
The Board considered the
level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of
profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are not excessive.
The Board also considered direct or indirect fall-out benefits
received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result
of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for
recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser.
The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the implementation of
breakpoints in the advisory fee schedule is warranted at this time.
25
Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund
June 30, 2025
Officers and
Trustees
| Officers | |
| R.
Kelly Williams, Jr. President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
26
Eaton Vance Funds
| U.S. Customer Privacy Notice | March 2024 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does
Eaton Vance share? |
Can
you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| For nonaffiliates to market to you | No | We don’t share |
| To
limit our sharing |
Call toll-free 1-800-262-1122 or email: [email protected]Please note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: [email protected] |
27
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.) |
| What we do | |
| How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
| What
happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance does not jointly market. |
| Other important information | |
28
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 3
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
29
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial
intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed 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.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. You may also access
proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
proxyvoting.
proxyvoting.
Share Repurchase
Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
30
(b) Not applicable.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
| (a) | Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.
Item 16. 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 control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | Principal Financial Officer’s Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
| (c) | Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
| By: | /s/ R. Kelly Williams, Jr. | |
| R. Kelly Williams, Jr. | ||
| Principal Executive Officer | ||
| Date: | August 26, 2025 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Principal Financial Officer | ||
| Date: | August 26, 2025 | |
| By: | /s/ R. Kelly Williams, Jr. | |
| R. Kelly Williams, Jr. | ||
| Principal Executive Officer | ||
| Date: | August 26, 2025 | |