Edgar Filing: Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

Eaton Vance Tax-Managed Global Buy-Write Opportuni

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21745

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2012

Date of Reporting Period

Item 1. Reports to Stockholders


Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) Semiannual Report June 30, 2012

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 quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes quarterly cash distributions equal to $0.2920 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.

Semiannual Report June 30, 2012

Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund

Table of Contents


Performance			2
Fund Profile			3
Endnotes and Additional Disclosures			4
Financial Statements			5
Annual Meeting of Shareholders			23
Board of Trustees’ Contract Approval			24
Officers and Trustees			27
Important Notices			28

Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio Managers Walter A. Row III, CFA, CMT, David Stein, Ph.D. and Thomas Seto

Performance¹


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Since Inception

Fund at NAV		9/30/2005		6.10	%		2.81	%		2.55	%		5.11	%
Fund at Market Price		—		7.55			-3.30			-0.07			2.66
S&P 500 Index		9/30/2005		9.49	%		5.45	%		0.22	%		3.70	%
CBOE S&P 500 BuyWrite Index		—		4.78			8.15			1.59			3.31
CBOE NASDAQ-100 BuyWrite Index		—		6.99			9.52			0.86			2.19
FTSE Eurotop 100 Index		—		1.29			-16.32			-6.10			1.19

% Premium/Discount to NAV

													-14.73	%

Distributions²

Total Distributions per share for the period												$	0.584
Distribution Rate at NAV													9.50	%
Distribution Rate at Market Price													11.15	%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Fund Profile

Sector Allocation (% of total investments)³

Country Allocation (% of total investments)

Top 10 Holdings (% of total investments)³


Apple, Inc.	6.0	%
Microsoft Corp.	2.9
Google, Inc., Class A	1.8
Nestle SA	1.8
Intel Corp.	1.6
Total SA	1.4
Exxon Mobil Corp.	1.3
QUALCOMM, Inc.	1.3
Oracle Corp.	1.2
Roche Holding AG PC	1.2

Total	20.5	%

See Endnotes and Additional Disclosures in this report.

Eaton Vance
Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Endnotes and Additional Disclosures


¹		S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. CBOE NASDAQ-100 BuyWrite Index measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ-100 Index and writes (sells) NASDAQ-100 Index covered call options. FTSE Eurotop 100 Index is a tradable index designed to represent the performance of the 100 most highly capitalized blue-chip companies in Europe. The return for the FTSE Eurotop 100 Index is calculated in U.S. dollars. Unless otherwise stated, 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 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 composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital.

³		Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.

		Fund profile subject to change due to active management.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited)


Common Stocks — 101.1%

Security	Shares		Value



Aerospace & Defense — 1.5%

European Aeronautic Defence & Space Co.		56,122	$	1,991,810
General Dynamics Corp.		33,624		2,217,839
Honeywell International, Inc.		59,872		3,343,252
L-3 Communications Holdings, Inc.		5,966		441,544
Northrop Grumman Corp.		15,716		1,002,524
Raytheon Co.		74,944		4,241,081
Rockwell Collins, Inc.		25,533		1,260,053
Rolls-Royce Holdings PLC⁽¹⁾		272,487		3,672,513
Textron, Inc.		43,608		1,084,531


			$	19,255,147




Air Freight & Logistics — 0.4%

Deutsche Post AG		82,457	$	1,458,949
Expeditors International of Washington, Inc.		71,807		2,782,521
United Parcel Service, Inc., Class B		5,565		438,300


			$	4,679,770




Auto Components — 0.7%

Aisin Seiki Co., Ltd.		10,200	$	340,964
Compagnie Generale des Etablissements Michelin, Class B		26,277		1,719,206
Dana Holding Corp.		46,794		599,431
Denso Corp.		60,300		2,060,511
Goodyear Tire & Rubber Co. (The)⁽¹⁾		61,752		729,291
Johnson Controls, Inc.		63,322		1,754,653
Toyoda Gosei Co., Ltd.		12,800		295,078
Toyota Industries Corp.		6,400		183,494
Yokohama Rubber Co., Ltd. (The)		229,000		1,727,518


			$	9,410,146




Automobiles — 1.2%

Bayerische Motoren Werke AG, PFC Shares		10,558	$	520,813
Daimler AG		132,059		5,934,650
Fiat SpA⁽¹⁾		471,780		2,378,619
Honda Motor Co., Ltd.		103,900		3,625,646
Isuzu Motors, Ltd.		264,000		1,414,084
Mazda Motor Corp.⁽¹⁾		300,000		408,526
Suzuki Motor Corp.		52,800		1,084,135
Toyota Motor Corp.		10,000		403,622
Yamaha Motor Co., Ltd.		18,800		180,021


			$	15,950,116




Beverages — 1.5%

Coca-Cola Co. (The)		82,128	$	6,421,588
Coca-Cola West Co., Ltd.		26,200		456,831
Constellation Brands, Inc., Class A⁽¹⁾		33,994		919,878
Heineken Holding NV		24,773		1,109,605
Heineken NV		30,199		1,574,775
Kirin Holdings Co., Ltd.		121,000		1,426,110
PepsiCo, Inc.		77,079		5,446,402
Pernod-Ricard SA		15,528		1,660,442
Takara Holdings, Inc.		84,000		541,667


			$	19,557,298




Biotechnology — 2.1%

Amgen, Inc.		86,623	$	6,326,944
Biogen Idec, Inc.⁽¹⁾		59,278		8,558,558
BioMarin Pharmaceutical, Inc.⁽¹⁾		19,589		775,332
Celgene Corp.⁽¹⁾		98,098		6,293,968
Gilead Sciences, Inc.⁽¹⁾		124,934		6,406,615


			$	28,361,417




Building Products — 0.2%

Asahi Glass Co., Ltd.		76,776	$	517,946
Daikin Industries, Ltd.		89,000		2,506,447


			$	3,024,393




Capital Markets — 1.5%

Affiliated Managers Group, Inc.⁽¹⁾		5,077	$	555,678
Deutsche Bank AG		160,226		5,783,075
Franklin Resources, Inc.		19,250		2,136,557
GAM Holding, Ltd.⁽¹⁾		58,376		651,721
Greenhill & Co., Inc.		19,111		681,307
ICAP PLC		178,286		943,710
Janus Capital Group, Inc.		55,930		437,373
Julius Baer Group, Ltd.⁽¹⁾		76,144		2,760,727
Lazard, Ltd., Class A		58,066		1,509,135
Morgan Stanley		119,686		1,746,219
Northern Trust Corp.		22,312		1,026,798
State Street Corp.		39,300		1,754,352


			$	19,986,652




Chemicals — 2.2%

Air Products and Chemicals, Inc.		37,115	$	2,996,294
Akzo Nobel NV		18,556		873,330
BASF SE		123,106		8,560,099
Daicel Chemical Industries, Ltd.		51,000		313,731
Dow Chemical Co. (The)		14,120		444,780
Eastman Chemical Co.		22,750		1,145,917

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Chemicals (continued)


Hitachi Chemical Co., Ltd.		16,800	$	264,672
Johnson Matthey PLC		85,911		2,979,379
Kaneka Corp.		57,000		315,237
Linde AG		19,853		3,091,918
Mitsubishi Gas Chemical Co., Inc.		55,000		312,675
Monsanto Co.		12,777		1,057,680
Nitto Denko Corp.		5,900		252,784
Shin-Etsu Chemical Co., Ltd.		34,500		1,899,846
Showa Denko KK		236,000		458,506
Solvay SA		5,637		556,548
Sumitomo Chemical Co., Ltd.		341,000		1,048,184
Toray Industries, Inc.		201,000		1,370,594
Tosoh Corp.		173,000		471,803


			$	28,413,977




Commercial Banks — 5.3%

Banco Bilbao Vizcaya Argentaria SA		1,124,211	$	8,028,387
Banco Santander SA		667,076		4,412,876
Barclays PLC		1,338,304		3,419,702
BB&T Corp.		34,843		1,074,907
BNP Paribas		76,501		2,949,472
CaixaBank SA		267,829		872,001
Credit Agricole SA⁽¹⁾		468,955		2,069,236
Danske Bank A/S⁽¹⁾		101,100		1,405,737
DNB ASA		23,300		231,683
Fifth Third Bancorp		192,006		2,572,880
First Horizon National Corp.		169,470		1,465,915
First Republic Bank⁽¹⁾		23,946		804,586
Gunma Bank, Ltd. (The)		106,000		501,523
Hachijuni Bank, Ltd. (The)		89,000		462,635
Hiroshima Bank, Ltd. (The)		87,000		313,778
HSBC Holdings PLC		1,091,510		9,618,211
Huntington Bancshares, Inc.		307,053		1,965,139
Intesa Sanpaolo SpA		1,391,117		1,979,902
KBC Groep NV		22,722		480,512
KeyCorp		306,709		2,373,928
Lloyds Banking Group PLC⁽¹⁾		3,975,334		1,941,987
Mizuho Financial Group, Inc.		155,441		262,578
Natixis		165,993		447,128
PNC Financial Services Group, Inc.		42,872		2,619,908
Shinsei Bank, Ltd.		390,000		474,474
Standard Chartered PLC		335,442		7,286,799
Sumitomo Mitsui Financial Group, Inc.		25,108		829,441
SunTrust Banks, Inc.		46,137		1,117,899
U.S. Bancorp		114,393		3,678,879
UniCredit SpA⁽¹⁾		366,503		1,389,634
Wells Fargo & Co.		60,937		2,037,733
Zions Bancorporation		41,793		811,620


			$	69,901,090




Commercial Services & Supplies — 0.4%

SECOM Co., Ltd.		60,200	$	2,760,721
Toppan Printing Co., Ltd.		28,000		187,034
Waste Management, Inc.		81,625		2,726,275


			$	5,674,030




Communications Equipment — 2.6%

Alcatel-Lucent⁽¹⁾		295,793	$	486,842
Cisco Systems, Inc.		901,321		15,475,681
JDS Uniphase Corp.⁽¹⁾		28,713		315,843
Juniper Networks, Inc.⁽¹⁾		78,925		1,287,267
Nokia Oyj		90,521		184,662
QUALCOMM, Inc.		305,753		17,024,327


			$	34,774,622




Computers & Peripherals — 6.3%

Apple, Inc.⁽¹⁾		136,860	$	79,926,240
EMC Corp.⁽¹⁾		76,080		1,949,930
NEC Corp.⁽¹⁾		163,000		253,627
Toshiba Corp.		313,000		1,191,390


			$	83,321,187




Construction & Engineering — 0.4%

Bouygues SA		19,011	$	510,134
Chiyoda Corp.		69,000		845,411
Ferrovial SA		95,985		1,082,480
Fluor Corp.		9,129		450,425
JGC Corp.		67,000		1,942,419


			$	4,830,869




Construction Materials — 0.2%

CRH PLC		79,131	$	1,516,001
Imerys SA		10,993		560,429
Lafarge SA		6,791		303,274


			$	2,379,704




Consumer Finance — 0.4%

American Express Co.		45,990	$	2,677,078
Capital One Financial Corp.		10,344		565,403

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Consumer Finance (continued)


Credit Saison Co., Ltd.		45,600	$	1,013,870
SLM Corp.		50,603		794,973


			$	5,051,324




Containers & Packaging — 0.2%

Owens-Illinois, Inc.⁽¹⁾		41,898	$	803,185
Sealed Air Corp.		79,892		1,233,532
Toyo Seikan Kaisha, Ltd.		51,400		623,800


			$	2,660,517




Distributors — 0.3%

Canon Marketing Japan, Inc.		14,600	$	185,809
Genuine Parts Co.		56,294		3,391,713
LKQ Corp.⁽¹⁾		30,965		1,034,231


			$	4,611,753




Diversified Financial Services — 0.6%

CME Group, Inc.		955	$	256,045
Deutsche Boerse AG		36,045		1,944,664
Groupe Bruxelles Lambert SA		4,239		287,741
ING Groep NV⁽¹⁾		203,360		1,363,345
Investor AB, Class B		56,000		1,069,218
JPMorgan Chase & Co.		72,740		2,599,000
Moody’s Corp.		18,539		677,601
ORIX Corp.		4,130		384,899


			$	8,582,513




Diversified Telecommunication Services — 2.6%

AT&T, Inc.		258,166	$	9,206,200
Belgacom SA		25,589		727,679
BT Group PLC		454,642		1,506,469
Deutsche Telekom AG		380,834		4,173,722
France Telecom SA		351,722		4,624,575
Telefonica SA		572,588		7,537,225
Verizon Communications, Inc.		129,319		5,746,936
Windstream Corp.		133,199		1,286,702


			$	34,809,508




Electric Utilities — 1.1%

Duke Energy Corp.		69,890	$	1,611,663
E.ON AG		281,153		6,075,467
EDF SA		41,600		925,582
Edison International		51,169		2,364,008
Enel SpA		692,425		2,235,740
Fortum Oyj		90,266		1,714,188


			$	14,926,648




Electrical Equipment — 0.8%

ABB, Ltd.⁽¹⁾		397,061	$	6,483,291
Cooper Industries PLC		21,762		1,483,733
Fujikura, Ltd.		69,000		206,520
Legrand SA		47,726		1,619,836
Mabuchi Motor Co., Ltd.		5,000		199,311


			$	9,992,691




Electronic Equipment, Instruments & Components — 0.9%

Alps Electric Co., Ltd.		82,200	$	580,525
Corning, Inc.		26,615		344,132
Keyence Corp.		1,210		299,321
Kyocera Corp.		53,734		4,650,135
Molex, Inc.		34,890		835,267
Nippon Electric Glass Co., Ltd.		75,000		447,941
OMRON Corp.		16,500		349,661
Taiyo Yuden Co., Ltd.		154,000		1,514,337
TDK Corp.		54,600		2,222,681


			$	11,244,000




Energy Equipment & Services — 0.8%

CGGVeritas⁽¹⁾		31,600	$	817,325
Halliburton Co.		118,799		3,372,704
Saipem SpA		17,353		772,803
Schlumberger, Ltd.		62,861		4,080,307
Technip SA		9,124		950,866


			$	9,994,005




Food & Staples Retailing — 2.2%

Carrefour SA		208,600	$	3,851,879
Casino Guichard-Perrachon SA		11,211		985,430
CVS Caremark Corp.		157,620		7,365,583
Delhaize Group SA		27,344		1,001,661
Koninklijke Ahold NV		134,328		1,663,960
Kroger Co. (The)		14,980		347,386
Metro AG		26,403		769,914
Seven & i Holdings Co., Ltd.		88,400		2,664,848
Sysco Corp.		28,621		853,192
UNY Co., Ltd.		23,000		251,926
Wal-Mart Stores, Inc.		133,551		9,311,176


			$	29,066,955

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Food Products — 3.1%

Archer-Daniels-Midland Co.		12,901	$	380,838
Campbell Soup Co.		17,968		599,772
ConAgra Foods, Inc.		14,029		363,772
H.J. Heinz Co.		47,559		2,586,258
Kerry Group PLC, Class A		15,000		657,589
Kraft Foods, Inc., Class A		88,500		3,417,870
Maruha Nichiro Holdings, Inc.		111,000		175,649
Nestle SA		396,585		23,667,348
Nissin Foods Holdings Co., Ltd.		11,700		444,918
Toyo Suisan Kaisha, Ltd.		15,000		400,005
Unilever NV		206,666		6,903,765
Yakult Honsha Co., Ltd.		19,700		771,471


			$	40,369,255




Gas Utilities — 0.1%

Gas Natural SDG SA		45,614	$	585,668
Snam Rete Gas SpA		175,073		784,348


			$	1,370,016




Health Care Equipment & Supplies — 0.7%

Analogic Corp.		12,942	$	802,404
Covidien PLC		51,806		2,771,621
Edwards Lifesciences Corp.⁽¹⁾		5,485		566,600
Hologic, Inc.⁽¹⁾		28,813		519,787
Medtronic, Inc.		35,589		1,378,362
Orthofix International NV⁽¹⁾		16,715		689,494
Terumo Corp.		71,500		2,938,415


			$	9,666,683




Health Care Providers & Services — 1.1%

AmerisourceBergen Corp.		43,561	$	1,714,125
DaVita, Inc.⁽¹⁾		17,678		1,736,157
Laboratory Corp. of America Holdings⁽¹⁾		16,119		1,492,781
Lincare Holdings, Inc.		46,110		1,568,662
McKesson Corp.		22,301		2,090,719
Team Health Holdings, Inc.⁽¹⁾		17,059		410,951
Tenet Healthcare Corp.⁽¹⁾		159,375		835,125
UnitedHealth Group, Inc.		64,272		3,759,912
WellPoint, Inc.		7,456		475,618


			$	14,084,050




Hotels, Restaurants & Leisure — 1.2%

Accor SA		26,214	$	821,476
Bally Technologies, Inc.⁽¹⁾		11,183		521,799
Carnival Corp.		46,402		1,590,196
International Game Technology		42,344		666,918
Marriott International, Inc., Class A		10,655		417,676
McDonald’s Corp.		73,173		6,478,006
Six Flags Entertainment Corp.		17,977		973,994
Yum! Brands, Inc.		68,297		4,399,693


			$	15,869,758




Household Durables — 0.2%

Casio Computer Co., Ltd.		85,000	$	557,348
PulteGroup, Inc.⁽¹⁾		84,375		902,812
Sekisui Chemical Co., Ltd.		61,000		566,736
Sony Corp.		57,600		823,637


			$	2,850,533




Household Products — 1.0%

Clorox Co. (The)		20,211	$	1,464,489
Colgate-Palmolive Co.		3,997		416,088
Henkel AG & Co. KGaA, PFC Shares		20,000		1,328,916
Kimberly-Clark Corp.		23,485		1,967,338
Procter & Gamble Co.		78,880		4,831,400
Reckitt Benckiser Group PLC		37,889		2,002,698
Uni-Charm Corp.		12,400		705,823


			$	12,716,752




Industrial Conglomerates — 1.6%

3M Co.		53,517	$	4,795,123
General Electric Co.		197,680		4,119,651
Nisshinbo Holdings, Inc.		82,000		626,420
Siemens AG		143,421		12,051,243


			$	21,592,437




Insurance — 3.6%

ACE, Ltd.		25,406	$	1,883,347
Ageas NV SA		225,000		446,821
Allianz SE		84,009		8,450,027
Allstate Corp. (The)		16,927		593,969
Aon PLC		3,503		163,870
Assicurazioni Generali SpA		284,622		3,859,138
Berkshire Hathaway, Inc., Class B⁽¹⁾		16,883		1,406,860
Chubb Corp.		4,667		339,851
Cincinnati Financial Corp.		95,829		3,648,210
CNP Assurances⁽¹⁾		56,816		693,948
Delta Lloyd NV		38,000		528,450
Hartford Financial Services Group, Inc.		64,880		1,143,834
HCC Insurance Holdings, Inc.		27,655		868,367
Lincoln National Corp.		41,690		911,760
Mapfre SA		129,606		263,664

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Insurance (continued)


Marsh & McLennan Cos., Inc.		88,523	$	2,853,096
MetLife, Inc.		107,541		3,317,640
MS&AD Insurance Group Holdings, Inc.		68,100		1,191,429
Principal Financial Group, Inc.		44,331		1,162,802
Prudential Financial, Inc.		37,177		1,800,482
Prudential PLC		349,752		4,055,381
Resolution, Ltd.		95,702		294,395
RSA Insurance Group PLC		678,764		1,152,262
SCOR SE		63,370		1,536,246
Sony Financial Holdings, Inc.		27,200		443,950
Standard Life PLC		479,801		1,756,758
Swiss Life Holding AG⁽¹⁾		9,633		907,937
T&D Holdings, Inc.		54,600		581,648
Tryg A/S		15,498		871,210


			$	47,127,352




Internet & Catalog Retail — 1.5%

Amazon.com, Inc.⁽¹⁾		61,374	$	14,014,753
priceline.com, Inc.⁽¹⁾		9,664		6,421,921


			$	20,436,674




Internet Software & Services — 2.6%

Baidu, Inc. ADR⁽¹⁾		47,339	$	5,443,038
eBay, Inc.⁽¹⁾		83,100		3,491,031
Google, Inc., Class A⁽¹⁾		41,753		24,219,663
United Internet AG		44,534		765,586


			$	33,919,318




IT Services — 2.1%

Accenture PLC, Class A		11,810	$	709,663
Amadeus IT Holding SA, Class A		24,489		518,829
AtoS		5,628		336,571
CapGemini SA		56,171		2,067,412
Cognizant Technology Solutions Corp., Class A⁽¹⁾		81,339		4,880,340
Fidelity National Information Services, Inc.		51,873		1,767,832
Indra Sistemas SA		107,008		996,249
International Business Machines Corp.		62,048		12,135,348
MasterCard, Inc., Class A		3,924		1,687,752
Nomura Research Institute, Ltd.		6,800		149,638
NTT Data Corp.		209		641,475
Obic Co., Ltd.		730		140,101
Otsuka Corp.		2,600		221,345
Western Union Co.		49,601		835,281


			$	27,087,836




Leisure Equipment & Products — 0.2%

Hasbro, Inc.		21,651	$	733,319
Nikon Corp.		63,000		1,917,765
Sankyo Co., Ltd.		4,300		209,837


			$	2,860,921




Life Sciences Tools & Services — 0.2%

Agilent Technologies, Inc.		13,037	$	511,572
Bruker Corp.⁽¹⁾		41,491		552,245
PerkinElmer, Inc.		27,425		707,565
Thermo Fisher Scientific, Inc.		17,359		901,106


			$	2,672,488




Machinery — 2.2%

Caterpillar, Inc.		35,948	$	3,052,345
Dover Corp.		15,298		820,126
Eaton Corp.		45,472		1,802,055
Ebara Corp.		188,000		728,004
Fanuc, Ltd.		55,727		9,160,460
IHI Corp.		213,000		455,604
Japan Steel Works, Ltd.		71,000		392,006
Kawasaki Heavy Industries, Ltd.		107,000		293,442
Komatsu, Ltd.		67,800		1,618,476
Kone Oyj, Class B		7,667		463,035
Kurita Water Industries, Ltd.		7,400		171,169
Makita Corp.		6,700		235,033
MAN AG		10,039		1,026,746
Minebea Co., Ltd.		290,127		1,156,194
NSK, Ltd.		32,000		207,344
NTN Corp.		52,000		163,691
Okuma Corp.		32,000		217,197
Pall Corp.		23,035		1,262,548
Parker Hannifin Corp.		13,311		1,023,350
SMC Corp.		1,900		329,418
Snap-On, Inc.		15,120		941,220
Stanley Black & Decker, Inc.		40,728		2,621,254
Sumitomo Heavy Industries, Ltd.		119,000		535,852
Titan International, Inc.		13,412		328,996


			$	29,005,565




Marine — 0.1%

Kirby Corp.⁽¹⁾		3,948	$	185,872
Nippon Yusen KK		473,000		1,251,011


			$	1,436,883

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Media — 3.2%

British Sky Broadcasting Group PLC		480,276	$	5,235,918
Comcast Corp., Class A		435,803		13,932,622
Focus Media Holding, Ltd. ADR		10,518		246,963
Hakuhodo DY Holdings, Inc.		9,590		636,402
IMAX Corp.⁽¹⁾		77,253		1,856,390
Interpublic Group of Cos., Inc.		50,333		546,113
JC Decaux SA		44,715		986,082
Jupiter Telecommunications Co., Ltd.		210		214,424
McGraw-Hill Cos., Inc. (The)		27,142		1,221,390
Omnicom Group, Inc.		54,629		2,654,969
ProSiebenSat.1 Media AG, PFC Shares		27,382		613,827
Time Warner Cable, Inc.		21,148		1,736,251
Time Warner, Inc.		10,926		420,651
Virgin Media, Inc.		100,424		2,449,341
Walt Disney Co. (The)		172,419		8,362,322
Wolters Kluwer NV		45,032		715,992


			$	41,829,657




Metals & Mining — 2.2%

Anglo American PLC		100,152	$	3,291,530
ArcelorMittal		66,297		1,014,311
BHP Billiton PLC		189,390		5,382,925
Boliden AB		55,800		778,624
Cliffs Natural Resources, Inc.		9,184		452,679
Dowa Holdings Co., Ltd.		105,000		651,129
JFE Holdings, Inc.		8,900		148,960
Kobe Steel, Ltd.		216,000		259,837
Mitsubishi Materials Corp.		80,000		231,991
Newmont Mining Corp.		25,922		1,257,476
Nucor Corp.		23,673		897,207
Pacific Metals Co., Ltd.		42,000		172,810
Randgold Resources, Ltd.		9,456		848,981
Rio Tinto PLC		168,867		8,025,179
Sumitomo Metal Industries, Ltd.		307,000		506,429
Sumitomo Metal Mining Co., Ltd.		66,000		743,760
Umicore SA		13,474		622,971
United States Steel Corp.		51,234		1,055,420
Xstrata PLC		205,850		2,588,236


			$	28,930,455




Multi-Utilities — 1.6%

Centrica PLC		778,444	$	3,892,191
CMS Energy Corp.		137,634		3,234,399
Consolidated Edison, Inc.		24,350		1,514,326
Dominion Resources, Inc.		27,793		1,500,822
GDF Suez		354,611		8,456,698
NiSource, Inc.		42,420		1,049,895
Public Service Enterprise Group, Inc.		58,826		1,911,845


			$	21,560,176




Multiline Retail — 1.0%

Isetan Mitsukoshi Holdings, Ltd.		71,332	$	757,858
Kohl’s Corp.		23,927		1,088,439
Macy’s, Inc.		48,120		1,652,922
Marks & Spencer Group PLC		432,844		2,207,349
Next PLC		41,584		2,088,022
Nordstrom, Inc.		19,173		952,706
PPR SA		7,380		1,051,882
Target Corp.		54,531		3,173,159


			$	12,972,337




Office Electronics — 0.4%

Brother Industries, Ltd.		22,000	$	251,879
Canon, Inc.		76,200		3,041,181
Konica Minolta Holdings, Inc.		66,500		523,884
Ricoh Co., Ltd.		23,000		194,110
Xerox Corp.		208,743		1,642,807


			$	5,653,861




Oil, Gas & Consumable Fuels — 7.7%

Anadarko Petroleum Corp.		35,234	$	2,332,491
BP PLC		1,041,156		6,953,046
Cairn Energy PLC⁽¹⁾		244,242		1,017,036
Chevron Corp.		95,020		10,024,610
ConocoPhillips		90,139		5,036,967
Cosmo Oil Co., Ltd.		79,000		201,075
Devon Energy Corp.		8,417		488,102
ENI SpA		367,347		7,804,339
Exxon Mobil Corp.		207,138		17,724,799
Hess Corp.		20,723		900,414
Idemitsu Kosan Co., Ltd.		3,100		278,075
Marathon Petroleum Corp.		21,876		982,670
Phillips 66⁽¹⁾		36,105		1,200,130
Royal Dutch Shell PLC, Class A		338,811		11,415,546
Royal Dutch Shell PLC, Class B		320,700		11,200,041
Southwestern Energy Co.⁽¹⁾		24,167		771,652
Spectra Energy Corp.		35,562		1,033,432
Suncor Energy, Inc.		17,376		503,035
Total SA		405,019		18,229,449
Williams Cos., Inc.		108,727		3,133,512
WPX Energy, Inc.⁽¹⁾		16,500		266,970


			$	101,497,391

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Paper & Forest Products — 0.1%

International Paper Co.		29,828	$	862,328
OJI Paper Co., Ltd.		44,000		168,587


			$	1,030,915




Personal Products — 0.3%

Estee Lauder Cos., Inc. (The), Class A		25,480	$	1,378,978
Kao Corp.		85,654		2,362,199
USANA Health Sciences, Inc.⁽¹⁾		7,218		296,804


			$	4,037,981




Pharmaceuticals — 7.9%

Abbott Laboratories		115,361	$	7,437,323
Allergan, Inc.		27,084		2,507,166
Astellas Pharma, Inc.		58,400		2,548,501
AstraZeneca PLC		135,442		6,052,585
Bayer AG		45,192		3,256,502
Chugai Pharmaceutical Co., Ltd.		114,200		2,164,919
Daiichi Sankyo Co., Ltd.		41,500		699,767
Eisai Co., Ltd.		59,846		2,620,712
Eli Lilly & Co.		41,259		1,770,424
GlaxoSmithKline PLC		541,207		12,292,994
Hisamitsu Pharmaceutical Co., Inc.		4,800		236,230
Johnson & Johnson		116,341		7,859,998
Merck & Co., Inc.		212,993		8,892,458
Mitsubishi Tanabe Pharma Corp.		10,000		143,796
Novartis AG		240,605		13,452,541
Pfizer, Inc.		109,562		2,519,926
Roche Holding AG PC		90,220		15,583,964
Sanofi		129,268		9,785,690
Takeda Pharmaceutical Co., Ltd.		20,531		932,145
UCB SA		9,177		463,579
Watson Pharmaceuticals, Inc.⁽¹⁾		32,108		2,375,671


			$	103,596,891




Professional Services — 0.3%

Adecco SA⁽¹⁾		26,539	$	1,180,183
Equifax, Inc.		15,217		709,112
Experian PLC		29,123		410,872
Intertek Group PLC		7,167		300,268
Robert Half International, Inc.		36,884		1,053,776


			$	3,654,211




Real Estate Investment Trusts (REITs) — 0.9%

American Tower Corp.		19,546	$	1,366,461
AvalonBay Communities, Inc.		19,158		2,710,474
British Land Co. PLC		195,831		1,568,116
Capital Shopping Centres Group PLC		189,600		957,833
Japan Real Estate Investment Corp.		37		339,244
Nippon Building Fund, Inc.		40		386,747
Simon Property Group, Inc.		32,545		5,065,954


			$	12,394,829




Real Estate Management & Development — 0.3%

Capital & Counties Properties PLC		189,600	$	623,202
CB Richard Ellis Group, Inc., Class A⁽¹⁾		41,385		677,059
Daito Trust Construction Co., Ltd.		6,300		597,190
Heiwa Real Estate Co., Ltd.		202,500		473,780
Nomura Real Estate Holdings, Inc.		27,400		501,758
NTT Urban Development Corp.		443		358,401
Sumitomo Realty & Development Co., Ltd.		23,000		565,716


			$	3,797,106




Road & Rail — 0.6%

Central Japan Railway Co.		55	$	433,173
CSX Corp.		115,014		2,571,713
East Japan Railway Co.		11,200		703,262
Hankyu Hanshin Holdings, Inc.		128		646
Kansas City Southern		23,993		1,668,953
Keio Corp.		139,000		1,007,468
Ryder System, Inc.		14,154		509,686
Tobu Railway Co., Ltd.		135,000		709,744


			$	7,604,645




Semiconductors & Semiconductor Equipment — 3.5%

ARM Holdings PLC		410,900	$	3,255,403
Broadcom Corp., Class A⁽¹⁾		124,725		4,215,705
Cirrus Logic, Inc.⁽¹⁾		62,702		1,873,536
Cree, Inc.⁽¹⁾		17,003		436,467
Cypress Semiconductor Corp.⁽¹⁾		217,447		2,874,649
Intel Corp.		797,920		21,264,568
NXP Semiconductors NV⁽¹⁾		54,841		1,275,053
ON Semiconductor Corp.⁽¹⁾		53,708		381,327
ROHM Co., Ltd.		6,300		242,767
STMicroelectronics NV		36,627		199,312
Taiwan Semiconductor Manufacturing Co., Ltd. ADR⁽¹⁾		91,231		1,273,585
Texas Instruments, Inc.		157,242		4,511,273
Tokyo Electron, Ltd.		67,300		3,156,027
Veeco Instruments, Inc.⁽¹⁾		19,590		673,112


			$	45,632,784

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Software — 5.2%

Citrix Systems, Inc.⁽¹⁾		46,346	$	3,890,283
Compuware Corp.⁽¹⁾		66,874		621,260
Concur Technologies, Inc.⁽¹⁾		29,482		2,007,724
Dassault Systemes SA		8,000		750,573
Konami Corp.		56,900		1,289,286
Microsoft Corp.		1,282,918		39,244,462
Nuance Communications, Inc.⁽¹⁾		90,485		2,155,353
Oracle Corp.		529,690		15,731,793
Sage Group PLC (The)		110,516		480,996
Trend Micro, Inc.		69,397		2,044,459


			$	68,216,189




Specialty Retail — 1.9%

Abercrombie & Fitch Co., Class A		10,682	$	364,684
CarMax, Inc.⁽¹⁾		5,464		141,736
Fast Retailing Co., Ltd.		50,300		10,064,606
Gap, Inc. (The)		73,351		2,006,883
Hennes & Mauritz AB, Class B		21,800		782,487
Home Depot, Inc. (The)		134,573		7,131,023
Lowe’s Companies, Inc.		115,992		3,298,813
Tiffany & Co.		26,337		1,394,544
USS Co., Ltd.		2,720		293,493
Yamada Denki Co., Ltd.		4,360		223,225


			$	25,701,494




Textiles, Apparel & Luxury Goods — 0.9%

Adidas AG		18,804	$	1,347,831
Asics Corp.		20,000		253,712
Christian Dior SA		10,660		1,466,036
Coach, Inc.		16,626		972,288
Hanesbrands, Inc.⁽¹⁾		25,679		712,079
LVMH Moet Hennessy Louis Vuitton SA		10,000		1,521,897
NIKE, Inc., Class B		30,110		2,643,056
Onward Holdings Co., Ltd.		30,000		227,051
Swatch Group, Ltd. (The)		7,745		3,061,145


			$	12,205,095




Thrifts & Mortgage Finance — 0.1%

Hudson City Bancorp, Inc.		258,361	$	1,645,760


			$	1,645,760




Tobacco — 2.5%

Altria Group, Inc.		22,116	$	764,108
British American Tobacco PLC		275,025		13,982,269
Imperial Tobacco Group PLC		177,291		6,830,712
Japan Tobacco, Inc.		81,800		2,423,377
Philip Morris International, Inc.		104,479		9,116,838


			$	33,117,304




Trading Companies & Distributors — 0.5%

Marubeni Corp.		147,000	$	979,446
Mitsubishi Corp.		77,500		1,566,607
Sumitomo Corp.		122,000		1,707,001
Wolseley PLC		51,754		1,929,010


			$	6,182,064




Transportation Infrastructure — 0.1%

ADP		13,565	$	1,026,004
Kamigumi Co., Ltd.		46,000		365,935


			$	1,391,939




Wireless Telecommunication Services — 2.0%

KDDI Corp.		587	$	3,786,682
MetroPCS Communications, Inc.⁽¹⁾		31,693		191,743
Rogers Communications, Inc., Class B		46,378		1,679,347
Softbank Corp.		149,098		5,549,971
Vodafone Group PLC		5,349,088		15,034,980


			$	26,242,723



Total Common Stocks — 101.1%
(identified cost $1,089,245,771)			$	1,332,422,660




Warrants — 0.0%⁽²⁾

Security	Shares		Value




Oil, Gas & Consumable Fuels — 0.0%⁽²⁾

Kinder Morgan, Inc., Expires 5/25/17⁽¹⁾		26,668	$	57,603



Total Warrants
(identified cost $44,908)			$	57,603



Total Investments — 101.1%
(identified cost $1,089,290,679)			$	1,332,480,263

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Portfolio of Investments (Unaudited) — continued


Call Options Written — (2.1)%
Exchange-Traded Options — (1.0)%

	Number of		Strike		Expiration
Description	Contracts		Price		Date		Value


NASDAQ 100 Index		285	$	2,575		7/21/2012	$	(1,963,650	)
NASDAQ 100 Index		250		2,600		7/21/2012		(1,301,250	)
NASDAQ 100 Index		125		2,605		7/21/2012		(616,250	)
NASDAQ 100 Index		250		2,615		7/21/2012		(1,067,500	)
NASDAQ 100 Index		110		2,625		7/21/2012		(402,050	)
S&P 500 Index		355		1,340		7/21/2012		(1,219,425	)
S&P 500 Index		825		1,345		7/21/2012		(2,536,875	)
S&P 500 Index		715		1,350		7/21/2012		(1,944,800	)
S&P 500 Index		715		1,355		7/21/2012		(1,705,275	)
S&P 500 Index		345		1,360		7/21/2012		(712,425	)


							$	(13,469,500	)




Over-the-Counter Options — (1.1)%

	Number of		Strike		Expiration
Description	Contracts		Price		Date		Value


Dow Jones Euro Stoxx 50 Index⁽³⁾		27,000	EUR	2,200		7/20/2012	$	(2,806,940	)
Dow Jones Euro Stoxx 50 Index⁽⁴⁾		26,500	EUR	2,225		7/20/2012		(2,179,822	)
Dow Jones Euro Stoxx 50 Index⁽⁵⁾		25,550	EUR	2,225		7/20/2012		(2,101,678	)
FTSE 100 Index⁽⁶⁾		5,750	GBP	5,550		7/20/2012		(875,772	)
FTSE 100 Index⁽⁵⁾		5,550	GBP	5,550		7/20/2012		(845,311	)
FTSE 100 Index⁽³⁾		2,550	GBP	5,600		7/20/2012		(282,553	)
FTSE 100 Index⁽⁴⁾		2,600	GBP	5,650		7/20/2012		(199,528	)
Nikkei 225 Index⁽⁴⁾		1,130,000	JPY	8,750		7/13/2012		(4,276,287	)
SMI Index⁽⁵⁾		5,950	CHF	6,000		7/20/2012		(712,132	)
SMI Index⁽⁴⁾		1,350	CHF	6,000		7/20/2012		(161,576	)
SMI Index⁽⁶⁾		1,350	CHF	6,100		7/20/2012		(75,597	)


							$	(14,517,196	)



Total Call Options Written
(premiums received $21,820,807)							$	(27,986,696	)



Other Assets, Less Liabilities — 1.0%							$	13,526,088



Net Assets — 100.0%							$	1,318,019,655

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


ADR		- American Depositary Receipt
PC		- Participation Certificate
PFC Shares		- Preference Shares
CHF		- Swiss Franc
EUR		- Euro
GBP		- British Pound Sterling
JPY		- Japanese Yen


⁽¹⁾		Non-income producing security.

⁽²⁾		Amount is less than 0.05%.

⁽³⁾		Counterparty is Barclays Bank PLC.

⁽⁴⁾		Counterparty is Credit Suisse International.

⁽⁵⁾		Counterparty is Citibank NA.

⁽⁶⁾		Counterparty is Morgan Stanley & Co. International PLC


Country Concentration of Portfolio

	Percentage
Country	of Net Assets			Value


United States		54.3	%	$	715,814,364
United Kingdom		12.8			168,659,374
Japan		10.7			140,865,192
France		5.6			73,211,620
Switzerland		5.3			69,632,204
Germany		5.1			67,153,949
Spain		1.8			24,297,379
Italy		1.6			21,204,523
Netherlands		1.4			18,888,891
Ireland		0.5			7,138,607
China		0.4			5,690,001
Belgium		0.4			4,587,512
Canada		0.3			4,038,772
Other Countries, less than 0.3% each		0.9			11,297,875


Total Investments		101.1	%	$	1,332,480,263

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Statement of Assets and Liabilities (Unaudited)


Assets	June 30, 2012

Investments, at value (identified cost, $1,089,290,679)	$	1,332,480,263
Cash		10,718,793
Foreign currency, at value (identified cost, $591,280)		591,537
Dividends receivable		1,954,712
Receivable for investments sold		44,954
Tax reclaims receivable		1,528,428


Total assets	$	1,347,318,687





Liabilities

Written options outstanding, at value (premiums received, $21,820,807)	$	27,986,696
Payable to affiliates:
Investment adviser fee		1,065,477
Trustees’ fees		13,433
Accrued expenses		233,426


Total liabilities	$	29,299,032


Net Assets	$	1,318,019,655





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized, 107,229,535 shares issued and outstanding	$	1,072,295
Additional paid-in capital		1,116,097,898
Accumulated net realized gain		10,757,407
Accumulated distributions in excess of net investment income		(46,936,863	)
Net unrealized appreciation		237,028,918


Net Assets	$	1,318,019,655





Net Asset Value

($1,318,019,655 ¸ 107,229,535 common shares issued and outstanding)	$	12.29

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Statement of Operations (Unaudited)


	Six Months Ended
Investment Income	June 30, 2012

Dividends (net of foreign taxes, $1,569,280)	$	23,375,223


Total investment income	$	23,375,223





Expenses

Investment adviser fee	$	6,732,190
Trustees’ fees and expenses		28,441
Custodian fee		260,163
Transfer and dividend disbursing agent fees		10,148
Legal and accounting services		35,942
Printing and postage		135,017
Miscellaneous		73,392


Total expenses	$	7,275,293


Deduct —
Reduction of custodian fee	$	2,936


Total expense reductions	$	2,936



Net expenses	$	7,272,357



Net investment income	$	16,102,866





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	23,580,485
Written options		(5,226,883	)
Foreign currency transactions		17,919


Net realized gain	$	18,371,521


Change in unrealized appreciation (depreciation) —
Investments	$	53,161,412
Written options		(16,861,823	)
Foreign currency		(76,048	)


Net change in unrealized appreciation (depreciation)	$	36,223,541



Net realized and unrealized gain	$	54,595,062



Net increase in net assets from operations	$	70,697,928

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Statements of Changes in Net Assets


	Six Months Ended
	June 30, 2012			Year Ended
Increase (Decrease) in Net Assets	(Unaudited)			December 31, 2011

From operations —
Net investment income	$	16,102,866		$	21,243,219
Net realized gain (loss) from investment transactions, written options and foreign currency transactions		18,371,521			(4,836,046	)
Net change in unrealized appreciation (depreciation) from investments, written options and foreign currency		36,223,541			(4,599,133	)


Net increase in net assets from operations	$	70,697,928		$	11,808,040


Distributions to shareholders —
From net investment income	$	(62,622,048	)*	$	(20,783,660	)
Tax return of capital		–			(108,921,186	)


Total distributions	$	(62,622,048	)	$	(129,704,846	)



Net increase (decrease) in net assets	$	8,075,880		$	(117,896,806	)





Net Assets

At beginning of period	$	1,309,943,775		$	1,427,840,581


At end of period	$	1,318,019,655		$	1,309,943,775





Accumulated distributions in excess of net investment income included in net assets

At end of period	$	(46,936,863	)	$	(417,681	)


*		A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Financial Highlights


	Six Months Ended			Year Ended December 31,
	June 30, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	12.220		$	13.320		$	13.840		$	12.450		$	19.670		$	19.560





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.150		$	0.198		$	0.160		$	0.199		$	0.287		$	0.213
Net realized and unrealized gain (loss)		0.504			(0.088	)		0.792			2.991			(5.707	)		1.697


Total income (loss) from operations	$	0.654		$	0.110		$	0.952		$	3.190		$	(5.420	)	$	1.910





Less Distributions

From net investment income	$	(0.584	)*	$	(0.194	)	$	(0.167	)	$	(0.204	)	$	(0.285	)	$	(0.039	)
From net realized gain		—			—			(0.019	)		—			—			(0.098	)
Tax return of capital		—			(1.016	)		(1.286	)		(1.596	)		(1.515	)		(1.663	)


Total distributions	$	(0.584	)	$	(1.210	)	$	(1.472	)	$	(1.800	)	$	(1.800	)	$	(1.800	)



Net asset value — End of period	$	12.290		$	12.220		$	13.320		$	13.840		$	12.450		$	19.670



Market value — End of period	$	10.480		$	10.280		$	12.250		$	13.890		$	10.120		$	17.360



Total Investment Return on Net Asset Value⁽²⁾		6.10	%⁽³⁾		2.21	%		8.24	%		28.83	%		(27.36	)%		10.55	%



Total Investment Return on Market Value⁽²⁾		7.55	%⁽³⁾		(6.50	)%		(0.81	)%		59.07	%		(33.09	)%		(6.08	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,318,020		$	1,309,944		$	1,427,841		$	1,478,242		$	1,323,987		$	2,091,164
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.08	%⁽⁵⁾		1.08	%		1.09	%		1.09	%		1.08	%		1.08	%
Net investment income		2.40	%⁽⁵⁾		1.53	%		1.23	%		1.57	%		1.76	%		1.07	%
Portfolio Turnover		3	%⁽³⁾		17	%		12	%		31	%		33	%		13	%


⁽¹⁾		Computed using average shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
⁽³⁾		Not annualized.
⁽⁴⁾		Excludes the effect of custody fee credits, if any, of less than 0.005%.
⁽⁵⁾		Annualized.
*		A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

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.

A Investment Valuation — Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options. Over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the 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. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.

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.

At December 31, 2011, the Fund, for federal income tax purposes, had deferred capital losses of $684,433 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year.

As of June 30, 2012, 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.

E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Notes to Financial Statements (Unaudited) — continued

F Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. 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 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.

I Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the strike price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

J Interim Financial Statements — The interim financial statements relating to June 30, 2012 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

Subject to its Managed Distribution Plan, the Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended June 30, 2012, the amount of distributions estimated to be a tax return of capital was approximately $39,118,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2012, the Fund’s investment adviser fee amounted to $6,732,190. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM. EVM pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Except for Trustees of the Fund who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2012, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Notes to Financial Statements (Unaudited) — continued

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $40,078,909 and $96,916,462, respectively, for the six months ended June 30, 2012.

5 Common Shares of Beneficial Interest

The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no transactions in common shares for the six months ended June 30, 2012 and year ended December 31, 2011.

6 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2012, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	1,090,751,175



Gross unrealized appreciation	$	326,861,392
Gross unrealized depreciation		(85,132,304	)



Net unrealized appreciation	$	241,729,088

7 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of written call options at June 30, 2012 is included in the Portfolio of Investments.

Written options activity for the six months ended June 30, 2012 was as follows:


	Number of			Premiums
	Contracts			Received


Outstanding, beginning of period		1,288,865		$	25,626,665
Options written		7,701,235			120,746,852
Options terminated in closing purchase transactions		(2,962,845	)		(104,069,432	)
Options expired		(4,789,130	)		(20,483,278	)



Outstanding, end of period		1,238,125		$	21,820,807

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At June 30, 2012, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline. The Fund is not subject to counterparty credit risk with respect to its written options as the Fund, not the counterparty, is obligated to perform under such derivatives.

The Fund enters into over-the-counter written options that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At June 30, 2012, the fair value of derivatives with credit-related contingent features in a net liability position was $14,517,196.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Notes to Financial Statements (Unaudited) — continued

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, 2012 was as follows:


	Fair Value

Derivative	Asset Derivative		Liability Derivative


Written options	$	—	$	(27,986,696	)⁽¹⁾


⁽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, 2012 was as follows:


	Realized Gain (Loss)			Change in Unrealized
	on Derivatives Recognized			Appreciation (Depreciation) on
Derivative	in Income			Derivatives Recognized in Income


Written options	$	(5,226,883	)⁽¹⁾	$	(16,861,823	)⁽²⁾


⁽¹⁾		Statement of Operations location: Net realized gain (loss) – Written options.
⁽²⁾		Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options.

8 Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

9 Fair Value Measurements

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


•	Level 1 – quoted prices in active markets for identical investments

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

•	Level 3 – significant unobservable inputs (including a 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.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Notes to Financial Statements (Unaudited) — continued

At June 30, 2012, 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	$	103,589,750		$	61,108,734		$	—	$	164,698,484
Consumer Staples		51,766,467			87,099,078			—		138,865,545
Energy		51,851,795			59,639,601			—		111,491,396
Financials		69,500,709			98,985,917			—		168,486,626
Health Care		85,209,189			73,172,340			—		158,381,529
Industrials		55,421,149			62,903,495			—		118,324,644
Information Technology		276,401,592			33,448,205			—		309,849,797
Materials		12,206,498			51,209,070			—		63,415,568
Telecommunication Services		18,110,928			42,941,303			—		61,052,231
Utilities		13,186,958			24,669,882			—		37,856,840



Total Common Stocks	$	737,245,035		$	595,177,625	*	$	—	$	1,332,422,660



Warrants	$	57,603		$	—		$	—	$	57,603



Total Investments	$	737,302,638		$	595,177,625		$	—	$	1,332,480,263




Liability Description



Call Options Written	$	(13,469,500	)	$	(14,517,196	)	$	—	$	(27,986,696	)



Total	$	(13,469,500	)	$	(14,517,196	)	$	—	$	(27,986,696	)


*	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, 2011 whose fair value was determined using Level 3 inputs. At June 30, 2012, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

10 Legal Proceedings

In November 2010, the Fund was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (“UCC”) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (“Tribune”) in 2007 when Tribune effected a leveraged buyout transaction and was converted to a privately held company. The UCC seeks to recover payments of the proceeds of the LBO. This adversary proceeding in the Bankruptcy Court has been stayed pending further order of the Bankruptcy Court. The value of the proceeds received by the Fund is approximately $891,000 (equal to 0.07% of net assets at June 30, 2012).

In addition, on June 2, 2011, another group of Tribune creditors filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders. The Fund also has been named in one or more of these lawsuits.

The Fund cannot predict the outcome of these proceedings or the effect, if any, on the Fund’s net asset value. The attorneys’ fees and costs related to these actions will be expensed by the Fund as incurred.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Annual Meeting of Shareholders

The Fund held its Annual Meeting of Shareholders on April 20, 2012. The following action was taken by the shareholders:

Item 1: The election of Scott E. Eston, Benjamin C. Esty, Thomas E. Faust Jr. and Allen R. Freedman as Class I Trustees of the Fund for a three-year term expiring in 2015 and Harriett Tee Taggart as a Class II Trustee of the Fund for a one-year term expiring in 2013.


Nominee for Trustee	Number of Shares
Elected by All Shareholders	For		Withheld


Scott E. Eston		98,212,259		2,907,140
Benjamin C. Esty		98,166,808		2,952,591
Thomas E. Faust Jr.		98,174,532		2,944,867
Allen R. Freedman		98,105,447		3,013,952
Harriett Tee Taggart		98,192,947		2,926,452

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 23, 2012, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2012, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses


	•	An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
	•	An independent report comparing each fund’s total expense ratio and its components to comparable funds;
	•	An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;
	•	Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;
	•	For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;
	•	Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading


	•	Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
	•	Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;
	•	Data relating to portfolio turnover rates of each fund;
	•	The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
	•	Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser


	•	Reports detailing the financial results and condition of each adviser;
	•	Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
	•	Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
	•	Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;
	•	Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
	•	Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
	•	A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Board of Trustees’ Contract Approval — continued

Other Relevant Information


	•	Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
	•	Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
	•	The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2012, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met ten, nineteen, seven, eight and fourteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as risk management techniques. The Board and its Committees also 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 Eaton Vance Management and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of Eaton Vance Management, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser and coordinating its activities in implementing the Fund’s investment strategy. In particular, the Board considered, where relevant, the abilities and experience of such investment personnel in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on the S&P 500 Index and the NASDAQ 100. The Board noted 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 noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading,

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Board of Trustees’ Contract Approval — continued

frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and 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 a relevant universe of similarly managed funds identified by an independent data provider as well as a customized peer group of similarly managed funds and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three- and five-year periods ended September 30, 2011 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2011, as compared to a group of similarly managed funds selected by an independent data provider. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their 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.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

Officers and Trustees


Officers of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund


Walter A. Row, III President Duncan W. Richardson Vice President Barbara E. Campbell Treasurer		Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer


Trustees of Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund


Ralph F. Verni Chairman Scott E. Eston Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman		William H. Park Ronald A. Pearlman Helen Frame Peters Lynn A. Stout Harriett Tee Taggart


*		Interested Trustee

Number of Employees

The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of June 30, 2012, Fund records indicate that there are 152 registered shareholders and approximately 60,916 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive Fund reports directly, which contain important information about the Fund, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is ETW.

Eaton Vance

Tax-Managed Global Buy-Write Opportunities Fund

June 30, 2012

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:


•	Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•	None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•	Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•	We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program. On August 6, 2012, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its currently outstanding common shares 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. Each Fund’s repurchase activity, including the numbers of shares purchased, average price and average discount to net asset value, will be disclosed in the Fund’s annual and semi-annual reports to shareholders.

Closed-End Fund Information. The Eaton Vance closed-end funds make certain fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each month. Certain fund performance data for the funds, including total returns, are posted to the website shortly after the end of each month. 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 “Individual Investors – Closed-End Funds”.

Investment Adviser and Administrator
Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser
Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Custodian
State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent
American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Fund Offices
Two International Place

Boston, MA 02110


2552-8/12	CE-TMGBWOFSRC

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Not required in this filing

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits


(a)(1)		Registrant’s Code of Ethics — Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

(c)		Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

Signatures

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

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund



	By:	/s/ Walter A. Row, III
		Walter A. Row, III
		President

Date: August 8, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



	By:	/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer

Date: August 8, 2012



	By:	/s/ Walter A. Row, III
		Walter A. Row, III
		President

Date: August 8, 2012