N-Q 1 d378862dnq.htm EATON VANCE TAX-MANAGED GLOBAL BUY-WRITE OPPORTUNITIES FUND 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, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

March 31, 2017

Portfolio of Investments (Unaudited)

Common Stocks — 99.9%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.9%

      

Airbus SE(1)

      97,477      $ 7,433,762  

General Dynamics Corp.

      6,866        1,285,315  

L3 Technologies, Inc.

      5,966        986,120  

Northrop Grumman Corp.

      13,028        3,098,580  

Raytheon Co.

      33,521        5,111,952  

Rolls-Royce Holdings PLC(1)

      306,584        2,896,317  

Textron, Inc.

      30,061        1,430,603  
     

 

 

  
      $ 22,242,649  
     

 

 

  

Air Freight & Logistics — 0.4%

      

Deutsche Post AG

      61,060      $ 2,089,688  

Expeditors International of Washington, Inc.

      33,631        1,899,815  

United Parcel Service, Inc., Class B

      2,894        310,526  
     

 

 

  
      $ 4,300,029  
     

 

 

  

Airlines — 0.2%

      

Alaska Air Group, Inc.

      16,774      $ 1,546,898  

International Consolidated Airlines Group SA

      65,562        434,502  
     

 

 

  
      $ 1,981,400  
     

 

 

  

Auto Components — 0.8%

      

Aisin Seiki Co., Ltd.

      10,200      $ 502,371  

BorgWarner, Inc.

      11,315        472,854  

Compagnie Generale des Etablissements Michelin, Class B

      26,277        3,193,121  

Denso Corp.

      60,300        2,660,562  

Toyoda Gosei Co., Ltd.

      12,800        326,465  

Toyota Industries Corp.

      6,400        318,369  

Yokohama Rubber Co., Ltd. (The)

      75,500        1,479,713  
     

 

 

  
      $ 8,953,455  
     

 

 

  

Automobiles — 1.2%

      

Daimler AG(1)

      132,059      $ 9,745,890  

Honda Motor Co., Ltd.

      41,600        1,255,864  

Isuzu Motors, Ltd.

      99,500        1,317,806  

Mazda Motor Corp.

      49,000        707,310  

Toyota Motor Corp.

      18,900        1,025,851  

Volkswagen AG, PFC Shares

      4,332        631,521  
     

 

 

  
      $ 14,684,242  
     

 

 

  

Banks — 6.5%

      

Banco Bilbao Vizcaya Argentaria SA

      41,559      $ 322,609  

Banco Santander SA(1)

      1,466,812        8,978,805  

Bank of America Corp.

      50,000        1,179,500  

BNP Paribas SA(1)

      135,540        9,019,378  

Citigroup, Inc.

      10,022        599,516  

Credit Agricole SA

      243,088        3,285,740  

Danske Bank A/S

      77,886        2,655,594  

 

1

 

 

                                                 
Security    Shares      Value  

Fifth Third Bancorp

      112,006      $ 2,844,952  

First Horizon National Corp.

      19,470        360,195  

Hiroshima Bank, Ltd. (The)

      87,000        370,030  

HSBC Holdings PLC

      802,083        6,542,470  

Huntington Bancshares, Inc.

      307,053        4,111,440  

ING Groep NV(1)

      426,434        6,440,971  

Intesa Sanpaolo SpA(1)

      2,091,453        5,688,967  

JPMorgan Chase & Co.

      47,825        4,200,948  

KBC Group NV

      22,722        1,506,308  

KeyCorp

      218,919        3,892,380  

Lloyds Banking Group PLC

      927,572        771,443  

PNC Financial Services Group, Inc. (The)

      6,406        770,258  

Shinsei Bank, Ltd.

      336,000        619,121  

Societe Generale SA(1)

      135,261        6,853,040  

SunTrust Banks, Inc.

      19,446        1,075,364  

U.S. Bancorp

      20,850        1,073,775  

Wells Fargo & Co.

      51,808        2,883,633  
     

 

 

  
      $ 76,046,437  
     

 

 

  

Beverages — 1.6%

      

Anheuser-Busch InBev SA/NV

      6,893      $ 755,302  

Coca-Cola Co. (The)

      50,472        2,142,032  

Constellation Brands, Inc., Class A

      29,994        4,861,128  

Heineken Holding NV

      24,773        1,967,714  

Heineken NV

      7,692        654,577  

Kirin Holdings Co., Ltd.

      59,000        1,116,063  

PepsiCo, Inc.

      60,441        6,760,930  

Takara Holdings, Inc.

      84,000        908,429  
     

 

 

  
      $ 19,166,175  
     

 

 

  

Biotechnology — 3.5%

      

AbbVie, Inc.

      47,758      $ 3,111,911  

Amgen, Inc.

      71,478        11,727,396  

BioMarin Pharmaceutical, Inc.(2)

      19,589        1,719,522  

Celgene Corp.(2)

      92,074        11,456,768  

Gilead Sciences, Inc.

      143,508        9,747,063  

Shire PLC(1)

      52,601        3,064,909  
     

 

 

  
      $ 40,827,569  
     

 

 

  

Building Products — 0.5%

      

Daikin Industries, Ltd.(1)

      62,200      $ 6,272,136  
     

 

 

  
      $ 6,272,136  
     

 

 

  

Capital Markets — 1.2%

      

CME Group, Inc.

      4,775      $ 567,270  

GAM Holding AG

      58,376        719,316  

Moody’s Corp.

      18,539        2,077,110  

Morgan Stanley

      65,092        2,788,541  

S&P Global, Inc.

      27,142        3,548,545  

Schroders PLC

      62,659        2,378,017  

State Street Corp.

      21,373        1,701,505  
     

 

 

  
      $ 13,780,304  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Chemicals — 2.8%

      

AdvanSix, Inc.(2)

      1,261      $ 34,451  

Air Products and Chemicals, Inc.

      32,423        4,386,508  

Akzo Nobel NV

      10,908        903,006  

BASF SE(1)

      108,986        10,791,100  

Daicel Corp.

      51,000        615,849  

Dow Chemical Co. (The)

      14,120        897,185  

Eastman Chemical Co.

      22,750        1,838,200  

Johnson Matthey PLC

      77,449        2,988,140  

Kaneka Corp.

      47,000        351,522  

Linde AG

      16,210        2,700,924  

Mitsubishi Gas Chemical Co., Inc.

      27,500        572,780  

Nitto Denko Corp.

      39,400        3,047,983  

Shin-Etsu Chemical Co., Ltd.

      22,800        1,981,759  

Sumitomo Chemical Co., Ltd.

      25,000        140,028  

Toray Industries, Inc.

      56,000        498,404  

Tosoh Corp.

      173,000        1,522,144  
     

 

 

  
      $ 33,269,983  
     

 

 

  

Commercial Services & Supplies — 0.4%

      

SECOM Co., Ltd.

      42,900      $ 3,082,681  

Waste Management, Inc.

      23,366        1,703,848  
     

 

 

  
      $ 4,786,529  
     

 

 

  

Communications Equipment — 1.2%

      

Cisco Systems, Inc.

      357,128      $ 12,070,926  

Nokia Oyj

      341,209        1,833,944  
     

 

 

  
      $ 13,904,870  
     

 

 

  

Construction & Engineering — 0.2%

      

Ferrovial SA

      81,605      $ 1,631,072  

Quanta Services, Inc.(2)

      17,703        656,959  
     

 

 

  
      $ 2,288,031  
     

 

 

  

Construction Materials — 0.3%

      

CRH PLC

      62,332      $ 2,196,523  

Imerys SA

      4,825        409,218  

Vulcan Materials Co.

      4,339        522,763  
     

 

 

  
      $ 3,128,504  
     

 

 

  

Consumer Finance — 0.3%

      

American Express Co.

      42,280      $ 3,344,771  

Navient Corp.

      50,603        746,900  
     

 

 

  
      $ 4,091,671  
     

 

 

  

Containers & Packaging — 0.2%

      

International Paper Co.

      16,999      $ 863,209  

Sealed Air Corp.

      27,433        1,195,530  

Toyo Seikan Kaisha, Ltd.

      15,800        257,106  
     

 

 

  
      $ 2,315,845  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Distributors — 0.4%

      

Genuine Parts Co.

      28,642      $ 2,646,807  

LKQ Corp.(2)

      53,930        1,578,531  
     

 

 

  
      $ 4,225,338  
     

 

 

  

Diversified Financial Services — 0.5%

      

Berkshire Hathaway, Inc., Class B(2)

      16,883      $ 2,814,058  

Groupe Bruxelles Lambert SA

      4,239        384,703  

Investor AB, Class B

      56,000        2,354,627  

ORIX Corp.

      41,300        612,997  
     

 

 

  
      $ 6,166,385  
     

 

 

  

Diversified Telecommunication Services — 1.5%

      

AT&T, Inc.

      99,124      $ 4,118,602  

BT Group PLC(1)

      454,642        1,815,440  

Deutsche Telekom AG(1)

      220,347        3,861,058  

Orange SA

      103,522        1,607,238  

Proximus SA

      25,589        801,882  

Verizon Communications, Inc.

      105,653        5,150,584  
     

 

 

  
      $ 17,354,804  
     

 

 

  

Electric Utilities — 0.9%

      

Acciona SA

      8,786      $ 702,737  

Edison International

      51,169        4,073,564  

Iberdrola SA(1)

      784,069        5,602,086  
     

 

 

  
      $ 10,378,387  
     

 

 

  

Electrical Equipment — 0.9%

      

ABB, Ltd.(1)

      292,957      $ 6,856,801  

Fujikura, Ltd.

      69,000        497,806  

Legrand SA

      47,726        2,872,988  

Mabuchi Motor Co., Ltd.

      6,600        372,562  
     

 

 

  
      $ 10,600,157  
     

 

 

  

Electronic Equipment, Instruments & Components — 1.0%

      

Alps Electric Co., Ltd.(1)

      123,800      $ 3,510,312  

Corning, Inc.

      19,975        539,325  

Kyocera Corp.

      45,400        2,536,378  

OMRON Corp.

      16,500        724,990  

Taiyo Yuden Co., Ltd.

      124,900        1,584,397  

TDK Corp.

      40,200        2,552,497  
     

 

 

  
      $ 11,447,899  
     

 

 

  

Energy Equipment & Services — 0.2%

      

Halliburton Co.

      50,055      $ 2,463,207  

Schlumberger, Ltd.

      4,074        318,179  
     

 

 

  
      $ 2,781,386  
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Equity Real Estate Investment Trusts (REITs) — 0.9%

      

American Tower Corp.

      17,793      $ 2,162,561  

AvalonBay Communities, Inc.

      5,904        1,083,975  

British Land Co. PLC (The)

      324,390        2,479,664  

Japan Real Estate Investment Corp.

      74        392,828  

Nippon Building Fund, Inc.

      80        438,551  

Simon Property Group, Inc.

      26,522        4,562,580  
     

 

 

  
      $ 11,120,159  
     

 

 

  

Food & Staples Retailing — 0.9%

      

CVS Health Corp.

      71,786      $ 5,635,201  

FamilyMart UNY Holdings Co., Ltd.

      8,600        513,136  

Kroger Co. (The)

      20,000        589,800  

Seven & i Holdings Co., Ltd.

      44,200        1,736,336  

Wal-Mart Stores, Inc.

      33,122        2,387,434  
     

 

 

  
      $ 10,861,907  
     

 

 

  

Food Products — 3.2%

      

Campbell Soup Co.

      14,087      $ 806,340  

Kraft Heinz Co. (The)

      26,742        2,428,441  

Mondelez International, Inc., Class A

      224,275        9,661,767  

Nestle SA(1)

      301,170        23,115,314  

Nissin Foods Holdings Co., Ltd.

      11,700        649,987  

Toyo Suisan Kaisha, Ltd.

      6,000        223,844  

Yakult Honsha Co., Ltd.

      8,800        489,760  
     

 

 

  
      $ 37,375,453  
     

 

 

  

Gas Utilities — 0.0%(3)

      

Italgas SpA(2)

      35,014      $ 153,429  
     

 

 

  
      $ 153,429  
     

 

 

  

Health Care Equipment & Supplies — 0.9%

      

Abbott Laboratories

      113,910      $ 5,058,743  

Analogic Corp.

      10,189        773,345  

Dentsply Sirona, Inc.

      10,000        624,400  

Hologic, Inc.(2)

      17,554        746,923  

Medtronic PLC

      8,000        644,480  

Olympus Corp.

      6,900        266,316  

Terumo Corp.

      60,500        2,103,161  
     

 

 

  
      $ 10,217,368  
     

 

 

  

Health Care Providers & Services — 0.8%

      

DaVita, Inc.(2)

      12,963      $ 881,095  

Fresenius SE & Co. KGaA

      8,764        704,240  

McKesson Corp.

      16,774        2,486,913  

UnitedHealth Group, Inc.

      34,811        5,709,352  
     

 

 

  
      $ 9,781,600  
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Hotels, Restaurants & Leisure — 0.9%

      

Accor SA

      26,214      $ 1,090,348  

McDonald’s Corp.

      25,986        3,368,046  

Six Flags Entertainment Corp.

      32,001        1,903,740  

Yum! Brands, Inc.

      58,297        3,725,178  
     

 

 

  
      $ 10,087,312  
     

 

 

  

Household Durables — 0.5%

      

Barratt Developments PLC

      337,253      $ 2,310,191  

Casio Computer Co., Ltd.

      63,200        881,136  

PulteGroup, Inc.

      70,920        1,670,166  

Sekisui Chemical Co., Ltd.

      61,000        1,028,341  
     

 

 

  
      $ 5,889,834  
     

 

 

  

Household Products — 1.0%

      

Clorox Co. (The)

      18,837      $ 2,539,793  

Colgate-Palmolive Co.

      7,994        585,081  

Henkel AG & Co. KGaA, PFC Shares

      18,309        2,346,757  

Kimberly-Clark Corp.

      21,147        2,783,580  

Procter & Gamble Co. (The)

      14,713        1,321,963  

Reckitt Benckiser Group PLC

      20,566        1,877,505  

Unicharm Corp.

      37,200        894,010  
     

 

 

  
      $ 12,348,689  
     

 

 

  

Industrial Conglomerates — 2.2%

      

3M Co.

      27,304      $ 5,224,074  

Honeywell International, Inc.

      31,549        3,939,524  

Nisshinbo Holdings, Inc.

      109,000        1,093,261  

Siemens AG(1)

      113,166        15,500,592  
     

 

 

  
      $ 25,757,451  
     

 

 

  

Insurance — 4.5%

      

Ageas

      22,500      $ 878,641  

Allianz SE(1)

      69,106        12,815,442  

Allstate Corp. (The)

      16,927        1,379,381  

Chubb, Ltd.

      13,104        1,785,420  

Cincinnati Financial Corp.

      42,936        3,102,985  

Hartford Financial Services Group, Inc.

      48,969        2,353,940  

Lincoln National Corp.

      22,183        1,451,877  

Marsh & McLennan Cos., Inc.

      55,718        4,117,003  

MetLife, Inc.

      47,093        2,487,452  

MS&AD Insurance Group Holdings, Inc.

      37,200        1,188,189  

Principal Financial Group, Inc.

      36,247        2,287,548  

Prudential Financial, Inc.

      27,177        2,899,242  

Prudential PLC(1)

      349,752        7,387,920  

SCOR SE

      63,370        2,394,946  

St. James’s Place PLC(1)

      209,534        2,789,094  

Standard Life PLC

      192,564        856,207  

Swiss Life Holding AG

      8,264        2,664,832  
     

 

 

  
      $ 52,840,119  
     

 

 

  

Internet & Direct Marketing Retail — 3.4%

      

Amazon.com, Inc.(2)

      34,303      $ 30,410,982  

Netflix, Inc.(2)

      21,000        3,104,010  

Priceline Group, Inc. (The)(2)

      3,947        7,025,541  
     

 

 

  
      $ 40,540,533  
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Internet Software & Services — 5.3%

      

Alphabet, Inc., Class A(2)

      24,574      $ 20,833,837  

Alphabet, Inc., Class C(2)

      20,237        16,787,806  

Facebook, Inc., Class A(2)

      163,423        23,214,237  

LogMeIn, Inc.

      5,861        571,447  

United Internet AG

      32,975        1,458,539  
     

 

 

  
      $ 62,865,866  
     

 

 

  

IT Services — 2.3%

      

Amadeus IT Group SA

      24,489      $ 1,240,822  

Atos SE

      5,628        695,511  

Capgemini SA

      34,597        3,193,498  

Cognizant Technology Solutions Corp., Class A(2)

      79,444        4,728,507  

Fidelity National Information Services, Inc.

      51,873        4,130,128  

Indra Sistemas SA(2)

      100,870        1,285,897  

International Business Machines Corp.

      10,407        1,812,275  

Mastercard, Inc., Class A

      32,320        3,635,030  

Nomura Research Institute, Ltd.

      8,100        298,605  

NTT Data Corp.

      14,800        702,801  

Obic Co., Ltd.

      7,300        348,755  

Otsuka Corp.

      7,800        423,816  

PayPal Holdings, Inc.(2)

      52,937        2,277,350  

Worldpay Group PLC(4)

      662,238        2,448,441  
     

 

 

  
      $ 27,221,436  
     

 

 

  

Leisure Products — 0.2%

      

Hasbro, Inc.

      21,651      $ 2,161,203  
     

 

 

  
      $ 2,161,203  
     

 

 

  

Life Sciences Tools & Services — 0.3%

      

PerkinElmer, Inc.

      6,547      $ 380,119  

Thermo Fisher Scientific, Inc.

      17,359        2,666,342  
     

 

 

  
      $ 3,046,461  
     

 

 

  

Machinery — 1.7%

      

Dover Corp.

      7,424      $ 596,518  

Ebara Corp.

      45,600        1,491,676  

FANUC Corp.(1)

      44,827        9,228,594  

Kawasaki Heavy Industries, Ltd.

      31,000        94,173  

Komatsu, Ltd.

      34,000        890,571  

Makita Corp.

      13,400        469,962  

MAN SE

      7,139        735,869  

NSK, Ltd.

      6,000        85,952  

Parker-Hannifin Corp.

      7,147        1,145,807  

SMC Corp.

      1,900        563,283  

Snap-on, Inc.

      6,143        1,036,140  

Stanley Black & Decker, Inc.

      24,657        3,276,176  
     

 

 

  
      $ 19,614,721  
     

 

 

  

 

7

 

 

                                                 
Security    Shares      Value  

Media — 3.3%

      

Charter Communications, Inc.(2)

      10,343      $ 3,385,471  

Comcast Corp., Class A

      451,476        16,970,983  

Dentsu, Inc.

      25,100        1,366,991  

Hakuhodo DY Holdings, Inc.

      20,900        248,606  

Interpublic Group of Cos., Inc.

      40,333        990,982  

Omnicom Group, Inc.

      18,166        1,566,091  

ProSiebenSat.1 Media SE

      27,382        1,212,493  

Sky PLC(1)

      447,757        5,475,978  

Time Warner, Inc.

      10,926        1,067,579  

Walt Disney Co. (The)

      58,917        6,680,598  
     

 

 

  
      $ 38,965,772  
     

 

 

  

Metals & Mining — 1.3%

      

Glencore PLC(1)(2)

      1,472,251      $ 5,776,453  

Mitsubishi Materials Corp.

      8,000        242,823  

Nippon Light Metal Holdings Co., Ltd.

      200,000        441,412  

Nisshin Steel Co., Ltd.

      38,900        513,799  

Nucor Corp.

      23,673        1,413,751  

Rio Tinto PLC(1)

      157,688        6,349,732  
     

 

 

  
      $ 14,737,970  
     

 

 

  

Multi-Utilities — 1.2%

      

CMS Energy Corp.

      126,690      $ 5,668,110  

Consolidated Edison, Inc.

      13,824        1,073,572  

Dominion Resources, Inc.

      27,793        2,155,903  

Engie SA

      62,752        886,787  

National Grid PLC

      171,659        2,177,889  

NiSource, Inc.

      42,420        1,009,172  

Veolia Environnement SA

      37,663        706,252  
     

 

 

  
      $ 13,677,685  
     

 

 

  

Multiline Retail — 0.5%

      

Isetan Mitsukoshi Holdings, Ltd.

      71,332      $ 784,030  

Marks & Spencer Group PLC

      398,770        1,684,355  

Next PLC

      41,584        2,249,563  

Nordstrom, Inc.

      12,439        579,284  

Target Corp.

      17,970        991,764  
     

 

 

  
      $ 6,288,996  
     

 

 

  

Oil, Gas & Consumable Fuels — 4.1%

      

Anadarko Petroleum Corp.

      15,000      $ 930,000  

BP PLC

      1,013,220        5,832,211  

Chevron Corp.

      72,650        7,800,431  

ENI SpA(1)

      351,386        5,753,342  

EOG Resources, Inc.

      5,000        487,750  

Exxon Mobil Corp.

      65,795        5,395,848  

Idemitsu Kosan Co., Ltd.

      10,000        348,092  

Marathon Petroleum Corp.

      27,916        1,410,875  

 

8

 

 

                                                 
Security    Shares      Value  

Newfield Exploration Co.(2)

      11,510      $ 424,834  

Phillips 66

      36,105        2,860,238  

Pioneer Natural Resources Co.

      4,000        744,920  

Royal Dutch Shell PLC, Class A(1)

      189,507        4,995,077  

Royal Dutch Shell PLC, Class B

      38,145        1,048,583  

Snam SpA

      175,073        756,654  

Total SA

      196,408        9,931,055  
     

 

 

  
      $ 48,719,910  
     

 

 

  

Paper & Forest Products — 0.0%(3)

      

OJI Paper Co., Ltd.

      41,000      $ 192,283  
     

 

 

  
      $ 192,283  
     

 

 

  

Personal Products — 1.3%

      

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

      25,480      $ 2,160,449  

Kao Corp.(1)

      61,054        3,352,874  

Unilever NV(1)

      193,140        9,589,231  

Unilever PLC

      15,759        777,349  
     

 

 

  
      $ 15,879,903  
     

 

 

  

Pharmaceuticals — 7.6%

      

Allergan PLC

      11,024      $ 2,633,854  

Astellas Pharma, Inc.(1)

      269,300        3,551,775  

AstraZeneca PLC(1)

      97,424        5,990,316  

Bayer AG(1)

      43,122        4,968,234  

Chugai Pharmaceutical Co., Ltd.(1)

      99,100        3,411,347  

Eisai Co., Ltd.

      23,146        1,202,022  

Eli Lilly & Co.

      17,949        1,509,690  

Hisamitsu Pharmaceutical Co., Inc.

      3,300        188,934  

Indivior PLC

      25,431        102,678  

Johnson & Johnson

      60,088        7,483,960  

Mallinckrodt PLC(2)

      6,475        288,591  

Merck & Co., Inc.

      103,665        6,586,874  

Mitsubishi Tanabe Pharma Corp.

      10,000        208,790  

Novartis AG(1)

      218,832        16,249,920  

Pfizer, Inc.

      104,651        3,580,111  

Roche Holding AG PC

      74,965        19,171,070  

Sanofi(1)

      124,447        11,249,410  

Takeda Pharmaceutical Co., Ltd.

      14,631        688,785  

UCB SA

      9,177        711,843  
     

 

 

  
      $ 89,778,204  
     

 

 

  

Professional Services — 0.5%

      

Equifax, Inc.

      15,217      $ 2,080,772  

Experian PLC

      85,608        1,746,511  

Intertek Group PLC

      7,167        352,779  

Robert Half International, Inc.

      30,884        1,508,066  

Wolters Kluwer NV

      961        39,884  
     

 

 

  
      $ 5,728,012  
     

 

 

  

 

9

 

 

                                                 
Security    Shares      Value  

Real Estate Management & Development — 0.4%

      

Capital & Counties Properties PLC

      189,600      $ 691,711  

CBRE Group, Inc., Class A(2)

      41,385        1,439,784  

Daito Trust Construction Co., Ltd.

      6,300        866,228  

Heiwa Real Estate Co., Ltd.

      40,500        574,142  

Sumitomo Realty & Development Co., Ltd.

      23,000        597,366  
     

 

 

  
      $ 4,169,231  
     

 

 

  

Road & Rail — 0.7%

      

Central Japan Railway Co.

      5,500      $ 898,369  

CSX Corp.

      115,014        5,353,902  

East Japan Railway Co.

      6,400        558,858  

Kansas City Southern

      15,468        1,326,536  

Keio Corp.

      76,000        603,774  
     

 

 

  
      $ 8,741,439  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.7%

      

Intel Corp.

      312,510      $ 11,272,236  

Marvell Technology Group, Ltd.

      84,177        1,284,541  

Microchip Technology, Inc.

      10,000        737,800  

NXP Semiconductors NV(2)

      54,841        5,676,044  

QUALCOMM, Inc.

      112,812        6,468,640  

Texas Instruments, Inc.

      134,483        10,833,950  

Tokyo Electron, Ltd.(1)

      61,100        6,689,004  

Versum Materials, Inc.(2)

      16,211        496,057  
     

 

 

  
      $ 43,458,272  
     

 

 

  

Software — 4.5%

      

Citrix Systems, Inc.(2)

      34,110      $ 2,844,433  

Electronic Arts, Inc.(2)

      53,174        4,760,136  

Konami Holdings Corp.

      5,500        233,609  

Microsoft Corp.

      563,131        37,087,808  

Oracle Corp.

      156,176        6,967,011  

Trend Micro, Inc.

      14,097        627,464  
     

 

 

  
      $ 52,520,461  
     

 

 

  

Specialty Retail — 2.0%

      

CarMax, Inc.(2)

      5,464      $ 323,578  

Fast Retailing Co., Ltd.(1)

      34,100        10,730,692  

Groupe FNAC SA(2)

      922        66,505  

Home Depot, Inc. (The)

      42,734        6,274,634  

Lowe’s Cos., Inc.

      50,810        4,177,090  

Tiffany & Co.

      19,173        1,827,187  

USS Co., Ltd.

      27,200        455,558  
     

 

 

  
      $ 23,855,244  
     

 

 

  

Technology Hardware, Storage & Peripherals — 4.8%

      

Apple, Inc.

      366,429      $ 52,641,190  

Brother Industries, Ltd.

      18,000        376,419  

Canon, Inc.

      19,100        596,467  

Hewlett Packard Enterprise Co.

      78,955        1,871,234  

HP, Inc.

      58,955        1,054,115  
     

 

 

  
      $ 56,539,425  
     

 

 

  

 

10

 

 

                                                 
Security    Shares      Value  

Textiles, Apparel & Luxury Goods — 1.7%

      

adidas AG

      11,824      $ 2,249,302  

Asics Corp.

      20,000        321,793  

Christian Dior SE

      10,660        2,474,475  

Hanesbrands, Inc.

      32,716        679,184  

Kering SA

      7,380        1,907,470  

LVMH Moet Hennessy Louis Vuitton SE(1)

      36,778        8,083,519  

NIKE, Inc., Class B

      83,464        4,651,449  
     

 

 

  
      $ 20,367,192  
     

 

 

  

Tobacco — 2.7%

      

British American Tobacco PLC

      221,393      $ 14,688,544  

Imperial Brands PLC(1)

      143,738        6,966,070  

Japan Tobacco, Inc.

      76,500        2,489,887  

Philip Morris International, Inc.

      64,219        7,250,325  
     

 

 

  
      $ 31,394,826  
     

 

 

  

Trading Companies & Distributors — 0.4%

      

Marubeni Corp.

      20,000      $ 123,539  

Mitsubishi Corp.

      37,000        801,885  

Sumitomo Corp.

      96,700        1,304,566  

Wolseley PLC(1)

      47,906        3,016,234  
     

 

 

  
      $ 5,246,224  
     

 

 

  

Transportation Infrastructure — 0.1%

      

ADP

      6,667      $ 823,679  
     

 

 

  
      $ 823,679  
     

 

 

  

Wireless Telecommunication Services — 1.5%

      

KDDI Corp.(1)

      164,300      $ 4,321,219  

SoftBank Group Corp.(1)

      112,298        7,963,627  

Vodafone Group PLC(1)

      2,099,564        5,471,430  
     

 

 

  
      $ 17,756,276  
     

 

 

  

Total Common Stocks — 99.9%
(identified cost $530,861,197)

       $ 1,175,718,730  
     

 

 

  

 

                                                                                                   

Call Options Written — (0.8)%

 

Exchange-Traded Options — (0.8)%

 

Description    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

Dow Jones Euro Stoxx 50 Index

      1,405      EUR  3,425        4/7/17      $ (1,076,964 ) 

Dow Jones Euro Stoxx 50 Index

      1,400      EUR  3,450        4/13/17        (918,711 ) 

Dow Jones Euro Stoxx 50 Index

      1,365      EUR  3,450        4/21/17        (1,053,324 ) 

Dow Jones Euro Stoxx 50 Index

      1,360      EUR  3,475        4/28/17        (877,908 ) 

FTSE 100 Index

      730      GBP  7,400        4/21/17        (249,825 ) 

FTSE 100 Index

      730      GBP  7,450        4/21/17        (143,207 ) 

NASDAQ 100 Index

      115      USD  5,380        4/7/17        (731,975 ) 

NASDAQ 100 Index

      115      USD  5,425        4/13/17        (466,325 ) 

NASDAQ 100 Index

      115      USD  5,375        4/21/17        (1,016,600 ) 

 

11

 

 

                                                                                                   
Description    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

NASDAQ 100 Index

      115      USD  5,450        4/28/17      $ (686,550 ) 

Nikkei 225 Index

      175      JPY  19,625        4/7/17        (8,305 ) 

Nikkei 225 Index

      175      JPY  19,625        4/14/17        (46,470 ) 

Nikkei 225 Index

      170      JPY  19,375        4/21/17        (175,268 ) 

Nikkei 225 Index

      170      JPY  19,125        4/28/17        (382,861 ) 

S&P 500 Index

      130      USD  2,385        4/3/17        (2,275 ) 

S&P 500 Index

      130      USD  2,375        4/5/17        (31,200 ) 

S&P 500 Index

      130      USD  2,380        4/7/17        (36,725 ) 

S&P 500 Index

      130      USD  2,380        4/10/17        (49,400 ) 

S&P 500 Index

      130      USD  2,380        4/12/17        (70,850 ) 

S&P 500 Index

      130      USD  2,390        4/13/17        (46,150 ) 

S&P 500 Index

      130      USD  2,380        4/17/17        (96,200 ) 

S&P 500 Index

      135      USD  2,355        4/19/17        (298,350 ) 

S&P 500 Index

      130      USD  2,365        4/21/17        (226,850 ) 

S&P 500 Index

      130      USD  2,350        4/24/17        (403,000 ) 

S&P 500 Index

      135      USD  2,365        4/26/17        (307,125 ) 

S&P 500 Index

      130      USD  2,365        4/28/17        (311,350 ) 

SMI Index

      280      CHF  8,650        4/21/17        (164,962 ) 

SMI Index

      305      CHF  8,700        4/21/17        (122,443 ) 
           

 

 

  

Total Call Options Written
(premiums received $11,203,208)

 

       $ (10,001,173 ) 
           

 

 

  

Other Assets, Less Liabilities — 0.9%

 

       $ 10,826,186  
           

 

 

  

Net Assets — 100.0%

 

       $ 1,176,543,743  
           

 

 

  

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 and/or segregated as collateral in connection with open foreign exchange-traded options.

 

(2) Non-income producing security.

 

(3) Amount is less than 0.05%.

 

(4) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2017, the aggregate value of these securities is $2,448,441 or 0.2% of the Fund’s net assets.

Country Concentration of Portfolio

 

                                                 
Country    Percentage of
Total Investments		     Value  

United States

      54.5 %    $ 641,334,593  

Japan

      10.9       127,716,358  

United Kingdom

      9.9       115,999,221  

France

      6.6       78,177,940  

Germany

      6.1       71,811,649  

Switzerland

      5.9       68,777,253  

Netherlands

      2.1       25,271,427  

Spain

      1.7       20,198,530  

Italy

      1.1       12,352,392  

 

12

 

 

                                                 
Country    Percentage of
Total Investments		     Value  

Belgium

      0.4 %    $ 5,038,679  

Denmark

      0.2       2,655,594  

Sweden

      0.2       2,354,627  

Ireland

      0.2       2,196,523  

Finland

      0.2       1,833,944  
  

 

 

    

 

 

  

Total Investments

      100.0 %    $     1,175,718,730  
  

 

 

    

 

 

  

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

Written options activity for the fiscal year to date ended March 31, 2017 was as follows:

 

     Number of
Contracts		      Premiums
Received		  
Outstanding, beginning of period      760,620      $ 11,251,134  
Options written      777,095        34,376,411  
Options terminated in closing purchase transactions      (441,795 )       (18,176,114 ) 
Options exercised      (9,250 )       (8,061,647 ) 
Options expired      (1,076,375 )       (8,186,576 ) 
  

 

 

     

 

 

  

Outstanding, end of period

      10,295      $     11,203,208  
  

 

 

     

 

 

  

All of the securities of the Fund, unless otherwise pledged and/or segregated, are subject to segregation to satisfy the requirements of the escrow agent with respect to U.S. exchange-traded options. At March 31, 2017, 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, 2017, 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 $10,001,173.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     534,306,474  
  

 

 

  

Gross unrealized appreciation

    $ 642,744,760  

Gross unrealized depreciation

      (1,332,504 ) 
  

 

 

  

Net unrealized appreciation

    $ 641,412,256  
  

 

 

  

 

13

 

 

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 March 31, 2017, 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

    $ 108,232,932      $ 67,786,189      $ —      $ 176,019,121  

Consumer Staples

      51,914,264        75,112,689        —        127,026,953  

Energy

      22,836,282        28,665,014        —        51,501,296  

Financials

      62,445,509        90,479,407        —        152,924,916  

Health Care

      79,817,452        73,833,750        —        153,651,202  

Industrials

      43,518,131        74,864,326        —        118,382,457  

Information Technology

      234,596,063        33,362,166        —        267,958,229  

Materials

      11,151,597        42,492,988        —        53,644,585  

Real Estate

      9,248,900        6,040,490        —        15,289,390  

Telecommunication Services

      9,269,186        25,841,894        —        35,111,080  

Utilities

      13,980,321        10,229,180        —        24,209,501  

Total Common Stocks

    $     647,010,637      $     528,708,093 *     $     —      $     1,175,718,730  

Total Investments

    $ 647,010,637      $ 528,708,093      $ —      $ 1,175,718,730  
Liability Description                                

Call Options Written

    $ (4,780,925 )     $ (5,220,248 )     $ —      $ (10,001,173 ) 

Total

    $ (4,780,925 )     $ (5,220,248 )     $ —      $ (10,001,173 ) 

 

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

The Fund held no investments or other financial instruments as of December 31, 2016 whose fair value was determined using Level 3 inputs. At March 31, 2017, the value of investments transferred between Level 1 and Level 2 during the fiscal year to date then ended was not significant.

U.S. exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority. 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.

For additional 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.

 

14

 

 

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 23, 2017

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 23, 2017

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   May 23, 2017