Eaton Vance Tax-Advantaged Global Dividend Opportu
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21519
Eaton Vance Tax-Advantaged Global Dividend 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)
October 31
Date of Fiscal Year End
April 30, 2009
Date of Reporting Period
 
 

 


TABLE OF CONTENTS

Item 1. Reports to Stockholders
Item 2. Code of Ethics
Item 3. Audit Committee Financial Expert
Item 4. Principal Accountant Fees and Services
Item 5. Audit Committee of Listed registrants
Item 6. Schedule of Investments
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Item 10. Submission of Matters to a Vote of Security Holders
Item 11. Controls and Procedures
Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certification
EX-99.906CERT Section 906 Certification


Table of Contents

Item 1. Reports to Stockholders

 


Table of Contents

(EATON VANCE COVER)
Eaton Vance Investment Mangers Semiannual Report April 30, 2009 EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND


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IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
 
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 Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
 
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
 
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
 
 
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
 
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
 
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
 
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
 
 
 
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its 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 www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.


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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
INVESTMENT UPDATE

Economic and Market Conditions

(Aamer Khan Photo)
Aamer Khan, CFA
Co-Portfolio Manager
(Martha Locke Photo)
Martha Locke, CFA
Co-Portfolio Manager
(Thomas H. Luster Photo)
Thomas H. Luster, CFA
Co-Portfolio Manager
(Judith A. Saryan Photo)
Judith A. Saryan, CFA
Co-Portfolio Manager
  U.S. and European stocks rallied in the later stages of the six-month period that ended April 30, 2009. After the worst January in history and a dismal February, the battered equity markets, as measured by the Standard & Poor’s 500 Index (S&P 500) and the FTSE Eurotop 100 Index, exhibited renewed life in March and April. Much of the momentum was spurred by the global efforts to help banks eliminate illiquid assets and revive credit. However, the rally was not enough to prevent stocks from posting negative returns for the six-month period overall, as the S&P 500 fell 8.52% and the FTSE Eurotop 100 Index lost a more modest 1.75%.
 
  Overall, growth stocks outperformed value stocks for the period, reversing the trend of 2008. As investors grew less risk-averse against a more positive economic backdrop, they migrated from the traditional value sectors of financials and consumer staples to such growth areas as information technology and consumer discretionary.
 
  The U.S. economy, as measured by gross domestic product (GDP), continued to contract during the period, declining 6.3% (annualized) in the fourth quarter of 2008 and 5.7% (annualized) in the first quarter of 2009, according to the U.S. Department of Commerce. Most of the major GDP components contributed to the decline, but a sharp downturn in consumer spending was particularly influential. This same slowdown had a negative effect on other economies, as world trade and import/export activity declined considerably.


Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Management Discussion
  The Fund is a closed-end fund and trades on the New York Stock Exchange under the symbol “ETO.” Although posting a negative return, the Fund outperformed the Russell 1000 Value Index (the Index) for the six months that ended April 30, 2009.1
 
  Among the Fund’s common stock holdings, the most-significant contributions to performance came from stocks in the financials, materials and energy sectors. In financials, the Fund was underweighted in several industries that performed poorly, thus benefiting relative performance. Most notable were the Fund’s limited holdings in diversified financials and commercial banks, where quality dividend investing became scarce. Stock selection within the materials sector also helped performance. Relative to the Index, higher allocations in the metals & mining industry and more exposure to the chemical industry contributed positively to Fund performance. Similarly, the Fund’s exposure to the energy sector benefited from overweighting the oil, gas and energy equipment industries relative to the Index.
Eaton Vance Tax-advantaged Global Dividend Opportunities Fund
Total Return Performance 10/31/08 — 4/30/09
             
NYSE Symbol       ETO
 
At Net Asset Value (NAV)2
        -10.50 %
At Share Price2     -10.84 %
 
           
Russell 1000 Value Index1     -13.27 %
Merrill Lynch Fixed Rate Preferred Stock Index1     -11.62 %
Lipper Global Funds Average (at NAV)1     -1.72 %
 
           
Premium/(Discount) to NAV (4/30/09)     -17.00 %
Total Distributions per share   $ 0.826  
Distribution Rate3
  At NAV     9.23 %
 
  At Share Price     11.11 %
See page 3 for more performance information.
 
1   It is not possible to invest directly in an Index or a Lipper Classification. The Indices’ total returns do not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Unlike the Fund, an Index’s return does not reflect the effect of leverage. The Lipper total return is the average total return, at net asset value, of the funds that are in the same Lipper Classification as the Fund.
 
2   Performance results reflect the effects of leverage.
 
3   The Distribution Rate is based on the Fund’s most recent monthly distribution per share (annualized) divided by the Fund’s NAV or share price at the end of the period. The Fund’s monthly distributions may be comprised of ordinary income, net realized capital gains and return of capital.

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.


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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
INVESTMENT UPDATE

  Limiting relative performance during the past six months were the Fund’s common stock holdings in the telecommunication services sector. Specifically, wireless telecommunications underperformed and the Fund had more exposure to this industry than the Index.
 
  As of April 30, 2009, the Fund had approximately 13% of total investments in preferred stocks, which were affected by the crisis in the financial sector and the resulting severe economic slowdown. Nevertheless, preferred stocks showed significant signs of recovery recently. Preferred stocks rallied strongly during the last two months of the semiannual period as a result of forceful steps the government took to deal with systemic financial risk and bank capital adequacy. Many banks expressed interest in repaying government capital support and even raised private capital without government backing. Not surprisingly, preferred stock prices began to rise, volatility fell, and liquidity and investor interest returned to the sector in a substantial way. While returns were generally negative for the six-month period, the Fund’s preferred stock holdings significantly outperformed the Merrill Lynch Fixed Rate Preferred Stock Index, an unmanaged, broad-based index of preferred stocks.1
 
  Based on the Fund’s objective of providing a high level of after-tax total return, which consists primarily of tax-favored dividend income and capital appreciation, the Fund was invested primarily in securities that generated a relatively high level of qualified dividend income (QDI). The Fund’s investments in preferred stocks and, within the common stock portfolio, its exposure to the energy, materials and industrials sectors, all contributed to the Fund’s QDI for the period.
 
  The portfolio managers believe that U.S. and global companies are in the process of transitioning from a 20-year-plus cycle of disinflation to a new cycle of generally rising inflation. To take advantage of the potential effects of rising inflation, a portion of the Fund’s assets are generally invested in “hard asset” stocks — companies with significant assets such as plant, equipment and land on their balance sheets, as well as companies with increased commodity exposure — including those in the materials and industrials sectors.
  Beginning with the January 2009 distribution, the Fund’s monthly distribution rate was reduced from $0.1795 to $0.1167. The adjustment to the Fund’s monthly distribution rate primarily reflects the reduced amount of dividend income the Fund expects to receive due to the impact of the ongoing financial crisis on corporate dividend rates. It also reflects, to a lesser extent, the increased costs of implementing the Fund’s dividend capture trading strategy, which can expose the Fund to increased trading costs and greater potential for capital loss or gain. Since the Fund’s inception, the Fund increased its monthly distribution rate at least six times and made at least two special distributions. At the current distribution level, the Fund’s monthly distribution is above its initial level. As portfolio and market conditions change, the rate of distributions on the Fund’s shares could change.
 
  As of April 30, 2009, the Fund had leverage in the amount of 27% of the Fund’s total assets. The Fund employs leverage through debt financing. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of the Fund’s leverage rises and falls with changes in short-term interest rates.2
 
  As always, we thank you for your continued confidence and participation in the Fund.
 
1   It is not possible to invest directly in an Index.
 
2   In the event of a rise in long-term interest rates, the value of the Fund’s portfolio could decline, which would reduce the asset coverage for its debt financing.

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


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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
FUND PERFORMANCE

Performance1
         
NYSE Symbol   ETO
 
 
       
Average Annual Total Returns (at share price, New York Stock Exchange)
 
Six Months
    -10.84 %
One Year
    -55.18  
Five Years
    -1.57  
Life of Fund (4/30/04)
    -0.66  
         
Average Annual Total Returns (at net asset value)        
 
Six Months
    -10.50 %
One Year
    -50.88  
Five Years
    3.18  
Life of Fund (4/30/04)
    3.11  
 
1   Performance results reflect the effects of leverage.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Fund Composition
Top Ten Common Stock Holdings2
By total investments
         
International Business Machines Corp.
    3.4 %
Sanofi-Aventis SA
    3.1  
Chevron Corp.
    3.1  
Nestle SA ADR
    2.7  
Total SA ADR
    2.6  
StatoilHydro ASA
    2.6  
Companhia Vale do Rio Doce ADR
    2.6  
Enbridge, Inc.
    2.5  
Vivendi SA
    2.4  
Siemens AG
    2.1  
 
2   Top Ten Common Stock Holdings represented 27.1% of the Fund’s total investments as of 4/30/09. Excludes cash equivalents.
Equity Sector Weightings3
By total investments
(BAR CHART)
 
3   As a percentage of the Fund’s total investments as of 4/30/09. Excludes cash equivalents.


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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Common Stocks(1) — 107.0%
 
Security   Shares     Value      
 
 
 
Air Freight & Logistics — 2.1%
 
Deutsche Post AG
    410,000     $ 4,730,494      
 
 
            $ 4,730,494      
 
 
 
 
Airlines — 2.2%
 
Deutsche Lufthansa AG
    380,000     $ 4,847,546      
 
 
            $ 4,847,546      
 
 
 
 
Chemicals — 4.5%
 
BASF AG(2)
    135,000     $ 5,094,574      
Potash Corp. of Saskatchewan, Inc. 
    55,000       4,756,950      
 
 
            $ 9,851,524      
 
 
 
 
Commercial Banks — 2.2%
 
Wells Fargo & Co. 
    240,000     $ 4,802,400      
 
 
            $ 4,802,400      
 
 
 
 
Commercial Services & Supplies — 1.7%
 
Waste Management, Inc. 
    138,000     $ 3,680,460      
 
 
            $ 3,680,460      
 
 
 
 
Computers & Peripherals — 4.7%
 
International Business Machines Corp. 
    100,000     $ 10,321,000      
 
 
            $ 10,321,000      
 
 
 
 
Diversified Telecommunication Services — 11.0%
 
AT&T, Inc. 
    230,000     $ 5,892,600      
Belgacom SA
    150,000       4,360,155      
Deutsche Telekom AG
    400,000       4,837,254      
Portugal Telecom SGPS SA
    300,000       2,287,495      
Telefonos de Mexico SA de CV ADR
    200,000       3,200,000      
Telstra Corp., Ltd. 
    1,500,000       3,623,868      
 
 
            $ 24,201,372      
 
 
 
 
Electric Utilities — 7.4%
 
E.ON AG
    145,000     $ 4,903,458      
Endesa SA
    80,000       1,720,268      
Entergy Corp. 
    75,000       4,857,750      
Fortum Oyj
    240,000       4,840,849      
 
 
            $ 16,322,325      
 
 
 
Energy Equipment & Services — 5.4%
 
Diamond Offshore Drilling, Inc. 
    80,000     $ 5,792,800      
Halliburton Co. 
    300,000       6,066,000      
 
 
            $ 11,858,800      
 
 
 
 
Food Products — 5.2%
 
Nestle SA ADR
    250,000     $ 8,112,500      
Parmalat SpA
    1,750,000       3,475,710      
 
 
            $ 11,588,210      
 
 
 
 
Gas Utilities — 1.2%
 
GDF Suez
    75,000     $ 2,693,568      
 
 
            $ 2,693,568      
 
 
 
 
Health Care Providers & Services — 2.2%
 
Fresenius Medical Care AG & Co. KGaA
    125,000     $ 4,850,774      
 
 
            $ 4,850,774      
 
 
 
 
Household Products — 2.1%
 
Kimberly-Clark de Mexico SA de CV
    1,250,000     $ 4,558,706      
 
 
            $ 4,558,706      
 
 
 
 
Industrial Conglomerates — 2.9%
 
Siemens AG
    95,000     $ 6,387,306      
 
 
            $ 6,387,306      
 
 
 
 
Insurance — 3.7%
 
Aviva PLC
    634,830     $ 2,922,772      
Travelers Companies, Inc. (The)
    127,000       5,224,780      
 
 
            $ 8,147,552      
 
 
 
 
Media — 7.2%
 
Time Warner, Inc. 
    160,000     $ 3,492,800      
Vivendi SA
    275,000       7,394,489      
Wolters Kluwer NV
    300,000       4,936,680      
 
 
            $ 15,823,969      
 
 
 
 
Metals & Mining — 6.3%
 
BHP Billiton, Ltd. ADR
    130,000     $ 6,258,200      
Companhia Vale do Rio Doce ADR
    470,000       7,759,700      
 
 
            $ 14,017,900      
 
 
 

 
See notes to financial statements

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Oil, Gas & Consumable Fuels — 19.6%
 
Chevron Corp. 
    140,000     $ 9,254,000      
Enbridge, Inc. 
    242,200       7,471,870      
Exxon Mobil Corp. 
    72,000       4,800,240      
Occidental Petroleum Corp. 
    105,000       5,910,450      
StatoilHydro ASA
    425,000       7,920,936      
Total SA ADR
    160,000       7,955,200      
 
 
            $ 43,312,696      
 
 
 
 
Pharmaceuticals — 10.2%
 
Bristol-Myers Squibb Co. 
    300,000     $ 5,760,000      
Pfizer, Inc. 
    165,000       2,204,400      
Roche Holding AG
    40,000       5,044,165      
Sanofi-Aventis SA
    165,000       9,555,494      
 
 
            $ 22,564,059      
 
 
 
 
Textiles, Apparel & Luxury Goods — 2.7%
 
VF Corp. 
    100,000     $ 5,927,000      
 
 
            $ 5,927,000      
 
 
 
 
Tobacco — 2.5%
 
Philip Morris International, Inc. 
    150,000     $ 5,430,000      
 
 
            $ 5,430,000      
 
 
     
Total Common Stocks
   
(identified cost $211,935,609)
  $ 235,917,661      
 
 
                     
                     
Preferred Stocks — 17.7%
 
Security   Shares     Value      
 
 
 
Commercial Banks — 7.8%
 
Abbey National Capital Trust I, 8.963%(3)
    1,000     $ 666,862      
ABN AMRO North America Capital Funding Trust, 6.968%(3)(4)
    950       277,875      
Barclays Bank PLC, 8.55%(3)(4)
    2,500       1,367,950      
BBVA International SA Unipersonal, 5.919%(1)(3)
    1,000       487,730      
BNP Paribas, 7.195%(3)(4)
    25       1,686,982      
BNP Paribas Capital Trust, 9.003%(3)(4)
    4,000       2,402,020      
Credit Agricole SA/London, 6.637%(3)(4)
    1,100       583,735      
DB Contingent Capital Trust II, 6.55%(1)
    25,000       336,750      
Den Norske Bank, 7.729%(3)(4)
    3,600       2,200,388      
HSBC Capital Funding LP, 9.547%(3)(4)
    1,000       812,311      
JPMorgan Chase & Co., 7.90%(3)
    2,500       1,907,010      
Landsbanki Islands HF, 7.431%(3)(4)(5)
    2,150       1,290      
Lloyds Banking Group PLC, 6.657%(3)(4)
    1,900       636,434      
PNC Financial Services Group, Inc., 9.875%(3)
    90,000       1,930,500      
Royal Bank of Scotland Group PLC, 7.25%(1)
    26,852       233,881      
Royal Bank of Scotland Group PLC, 7.64%(3)
    9       272,954      
Santander Finance Unipersonal, 6.50%(1)
    58,500       876,915      
Standard Chartered PLC, 6.409%(3)(4)
    11       621,454      
 
 
            $ 17,303,041      
 
 
 
 
Diversified Financial Services — 1.0%
 
Bank of America Corp., 6.625%
    46,000     $ 571,780      
Bank of America Corp., 6.70%
    58,000       675,700      
CoBank, ACB, 11.00%
    20,000       879,850      
 
 
            $ 2,127,330      
 
 
 
 
Food Products — 0.5%
 
Dairy Farmers of America, 7.875%(4)
    18,500     $ 1,014,610      
 
 
            $ 1,014,610      
 
 
 
 
Insurance — 5.9%
 
Aegon NV, 6.375%(1)
    95,000     $ 907,250      
Arch Capital Group, Ltd., Series B, 7.875%(1)
    15,000       288,450      
AXA SA, 6.379%(3)(4)
    500       211,868      
AXA SA, 6.463%(3)(4)
    4,400       1,867,228      
Endurance Specialty Holdings, Ltd., 7.75%(1)
    14,750       236,738      
ING Capital Funding Trust III, 8.439%(3)
    1,200       550,088      
ING Groep NV, 8.50%(1)
    100,000       1,413,000      
MetLife, Inc., 6.50%(1)
    100,000       1,830,000      
PartnerRe, Ltd., 6.50%(1)
    20,000       357,200      
Prudential PLC, 6.50%
    2,600       1,369,911      
RenaissanceRe Holdings, Ltd., 6.08%(1)
    113,000       1,812,520      
Zurich Regcaps Fund Trust VI, 1.802%(3)(4)
    2,500       2,052,344      
 
 
            $ 12,896,597      
 
 
 
 
Oil, Gas & Consumable Fuels — 2.5%
 
Kinder Morgan GP, Inc., 8.33%(3)(4)
    5,000     $ 5,583,125      
 
 
            $ 5,583,125      
 
 
     
Total Preferred Stocks
   
(identified cost $60,853,672)
  $ 38,924,703      
 
 

 
See notes to financial statements

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Table of Contents

 
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Corporate Bonds & Notes — 4.5%
 
Principal
               
Amount
               
(000’s omitted)       Security   Value      
 
 
 
Agriculture — 0.4%
 
$ 1,000     Bunge Ltd. Finance Corp., 5.10%, 7/15/15   $ 870,565      
 
 
            $ 870,565      
 
 
 
 
Broadcasting and Cable — 0.5%
 
$ 1,000     Time Warner Cable, Inc., 8.75%, 2/14/19   $ 1,126,070      
 
 
            $ 1,126,070      
 
 
 
 
Energy — 0.5%
 
$ 1,000     Energy Transfer Partners LP, Sr. Notes, 9.70%, 3/15/19   $ 1,112,681      
 
 
            $ 1,112,681      
 
 
 
 
Foods-Retail — 0.9%
 
$ 1,000     Safeway, Inc., Sr. Notes, 6.25%, 3/15/14   $ 1,063,860      
  1,000     Yum! Brands, Inc., 6.875%, 11/15/37     871,848      
 
 
            $ 1,935,708      
 
 
 
 
Metals and Mining — 0.4%
 
$ 775     BHP Billiton Finance USA, Ltd., 5.40%, 3/29/17   $ 771,436      
 
 
            $ 771,436      
 
 
 
 
Oil and Gas-Equipment and Services — 0.4%
 
$ 1,000     Transocean, Inc., Sr. Notes, 6.00%, 3/15/18   $ 990,517      
 
 
            $ 990,517      
 
 
 
 
Retail-Drug Stores — 0.5%
 
$ 1,000     CVS Caremark Corp., Sr. Notes, 5.75%, 6/1/17   $ 1,006,683      
 
 
            $ 1,006,683      
 
 
 
 
Tobacco — 0.5%
 
$ 1,000     Altria Group Inc., 9.95%, 11/10/38   $ 1,100,465      
 
 
            $ 1,100,465      
 
 
 
Utilities — 0.4%
 
$ 1,000     Georgia Power Co., Sr. Notes, 5.95%, 2/1/39   $    989,299      
 
 
            $ 989,299      
 
 
     
Total Corporate Bonds & Notes
   
(identified cost $9,685,337)
  $ 9,903,424      
 
 
                     
                     
                     
Short-Term Investments — 8.3%
 
    Interest
           
Description   (000’s omitted)     Value      
 
 
Cash Management Portfolio, 0.13%(6)
  $ 18,382     $ 18,382,145      
 
 
     
Total Short-Term Investments
   
(identified cost $18,382,145)
  $ 18,382,145      
 
 
     
Total Investments — 137.5%
   
(identified cost $300,856,763)
  $ 303,127,933      
 
 
             
Other Assets, Less Liabilities — (37.5)%
  $ (82,660,725 )    
 
 
             
Net Assets — 100.0%
  $ 220,467,208      
 
 
 
ADR - American Depository Receipt
 
(1) Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.
 
(2) Non-income producing security.
 
(3) Variable rate security. The stated interest rate represents the rate in effect at April 30, 2009.
 
(4) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2009, the aggregate value of the securities is $21,319,614 or 9.7% of the Fund’s net assets.
 
(5) Defaulted security.
 
(6) Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2009.
 
 

 
See notes to financial statements

6


Table of Contents

 
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Country Concentration of Portfolio
 
    Percentage of
           
Country   Total Investments     Value      
 
 
United States
    45.4 %   $ 137,631,730      
Germany
    11.8       35,651,406      
France
    10.5       31,948,564      
Switzerland
    4.3       13,156,665      
Canada
    4.0       12,228,820      
Australia
    3.5       10,653,503      
Norway
    3.3       10,121,324      
United Kingdom
    2.7       8,237,666      
Brazil
    2.6       7,759,700      
Mexico
    2.6       7,758,706      
Netherlands
    2.4       7,256,930      
Finland
    1.6       4,840,849      
Belgium
    1.4       4,360,155      
Italy
    1.2       3,475,710      
Spain
    0.9       2,597,183      
Portugal
    0.8       2,287,495      
Bermuda
    0.7       2,169,720      
Cayman Islands
    0.3       990,517      
Iceland
    0.0       1,290      
 
 
Total Investments
    100.0 %   $ 303,127,933      
 
 

 
See notes to financial statements

7


Table of Contents

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
FINANCIAL STATEMENTS (Unaudited)
 
Statement of Assets and Liabilities
 
             
As of April 30, 2009          
 
Assets
 
Unaffiliated investments, at value (identified cost, $282,474,618)
  $ 284,745,788      
Affiliated investment, at value (identified cost, $18,382,145)
    18,382,145      
Receivable for investments sold
    13,226,993      
Dividends and interest receivable
    2,103,285      
Interest receivable from affiliated investment
    1,070      
Tax reclaims receivable
    631,723      
 
 
Total assets
  $ 319,091,004      
 
 
             
             
 
Liabilities
 
Notes payable
  $ 85,000,000      
Payable for investments purchased
    13,394,888      
Payable to affiliate for investment adviser fee
    154,871      
Payable to affiliate for Trustees’ fees
    1,350      
Accrued expenses
    72,687      
 
 
Total liabilities
  $ 98,623,796      
 
 
Net Assets
  $ 220,467,208      
 
 
             
             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized, 14,519,257 shares issued and outstanding
  $ 145,193      
Additional paid-in capital
    275,026,709      
Accumulated net realized loss (computed on the basis of identified cost)
    (61,907,851 )    
Accumulated undistributed net investment income
    4,911,163      
Net unrealized appreciation (computed on the basis of identified cost)
    2,291,994      
 
 
Net Assets
  $ 220,467,208      
 
 
             
             
 
Net Asset Value
 
($220,467,208 ¸ 14,519,257 common shares issued and outstanding)
  $ 15.18      
 
 
 
Statement of Operations
 
             
For the Six Months Ended
         
April 30, 2009          
 
Investment Income
 
Dividends (net of foreign taxes, $951,057)
  $ 16,356,696      
Interest
    138,870      
Interest income allocated from affiliated investment
    47,674      
Expenses allocated from affiliated investment
    (26,213 )    
 
 
Total investment income
  $ 16,517,027      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 1,322,045      
Trustees’ fees and expenses
    8,233      
Interest expense and fees
    1,032,399      
Custodian fee
    82,376      
Legal and accounting services
    45,308      
Printing and postage
    23,524      
Transfer and dividend disbursing agent fees
    11,001      
Miscellaneous
    32,371      
 
 
Total expenses
  $ 2,557,257      
 
 
Deduct —
           
Reduction of investment adviser fee
  $ 316,557      
 
 
Total expense reductions
  $ 316,557      
 
 
             
Net expenses
  $ 2,240,700      
 
 
             
Net investment income
  $ 14,276,327      
 
 
             
             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
           
Investment transactions (identified cost basis)
  $ (35,703,417 )    
Foreign currency transactions
    11,196      
 
 
Net realized loss
  $ (35,692,221 )    
 
 
Change in unrealized appreciation (depreciation) —
           
Investments (identified cost basis)
  $ (9,087,099 )    
Foreign currency
    60,430      
 
 
Net change in unrealized appreciation (depreciation)
  $ (9,026,669 )    
 
 
             
Net realized and unrealized loss
  $ (44,718,890 )    
 
 
             
Net decrease in net assets from operations
  $ (30,442,563 )    
 
 

 
See notes to financial statements

8


Table of Contents

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
FINANCIAL STATEMENTS CONT’D
 
Statements of Changes in Net Assets
 
                     
    Six Months Ended
           
Increase (Decrease)
  April 30, 2009
    Year Ended
     
in Net Assets   (Unaudited)     October 31, 2008      
 
From operations —
                   
Net investment income
  $ 14,276,327     $ 36,788,816      
Net realized loss from investment and
foreign currency transactions
    (35,692,221 )     (23,539,602 )    
Net change in unrealized appreciation (depreciation) of investments and
foreign currency
    (9,026,669 )     (257,837,489 )    
Distributions to preferred shareholders
from net investment income
          (2,898,188 )    
 
 
Net decrease in net assets from operations
  $ (30,442,563 )   $ (247,486,463 )    
 
 
Distributions to common shareholders —
                   
From net investment income
  $ (11,990,002 )   $ (33,880,687 )    
 
 
Total distributions to common shareholders
  $ (11,990,002 )   $ (33,880,687 )    
 
 
Net decrease in net assets
  $ (42,432,565 )   $ (281,367,150 )    
 
 
                     
                     
 
Net Assets Applicable to
Common Shares
 
At beginning of period
  $ 262,899,773     $ 544,266,923      
 
 
At end of period
  $ 220,467,208     $ 262,899,773      
 
 
                     
                     
 
Accumulated undistributed
net investment income
included in net assets
applicable to common shares
 
At end of period
  $ 4,911,163     $ 2,624,838      
 
 
 
 
Statement of Cash Flows
 
             
    For the Six Months Ended
     
Cash Flows From
  April 30, 2009
     
Operating Activities   (Unaudited)      
 
Net decrease in net assets from operations
  $ (30,442,563 )    
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
           
Investments purchased
    (172,517,683 )    
Investments sold
    210,450,137      
Increase in short term investments, net
    (12,598,982 )    
Net accretion/amortization of premium (discount)
    (896 )    
Increase in dividends and interest receivable
    (1,330,476 )    
Decrease in interest receivable from affiliated investment
    31,181      
Increase in receivable for investments sold
    (13,226,993 )    
Increase in tax reclaims receivable
    (374,382 )    
Increase in payable for investments purchased
    13,394,888      
Decrease in payable to affiliate for investment adviser fee
    (54,771 )    
Increase in payable to affiliate for Trustees’ fees
    144      
Decrease in accrued expenses
    (130,118 )    
Net change in unrealized (appreciation) depreciation of investments
    9,087,099      
Net realized loss on investments
    35,703,417      
 
 
Net cash provided by operating activities
  $ 37,990,002      
 
 
             
             
 
Cash Flows From Financing Activities
 
Cash distributions paid, net of reinvestments
  $ (11,990,002 )    
Repayment of notes payable
    (26,000,000 )    
 
 
Net cash used in financing activities
  $ (37,990,002 )    
 
 
             
Net change in cash
  $      
 
 
             
Cash at beginning of period
  $      
 
 
             
Cash at end of period
  $      
 
 
             
             
 
Supplemental disclosure of
cash flow information:
 
Cash paid for interest and fees on borrowings
  $ 1,040,384      
 
 

 
See notes to financial statements

9


Table of Contents

 
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
FINANCIAL STATEMENTS CONT’D
 
Financial Highlights
 
Selected data for a common share outstanding during the periods stated
                                                     
    Six Months Ended
    Year Ended October 31,                        
    April 30, 2009
   
    Period Ended
    Year Ended
    Period Ended
     
    (Unaudited)     2008     2007     October 31, 2006(1)      March 31, 2006     March 31, 2005(2)       
 
Net asset value — Beginning of period (Common shares)
  $ 18.110     $ 37.490     $ 29.650     $ 28.030     $ 23.500     $ 19.100 (3)    
 
 
                                                     
                                                     
 
Income (loss) from operations
 
Net investment income(4)
  $ 0.983     $ 2.534     $ 2.522     $ 1.456     $ 1.931     $ 1.670      
Net realized and unrealized gain (loss)
    (3.087 )     (19.380 )     7.900       1.415       4.640       4.136      
Distributions to preferred shareholders from net investment income
          (0.200 )     (0.459 )     (0.263 )     (0.340 )     (0.152 )    
 
 
Total income (loss) from operations
  $ (2.104 )   $ (17.046 )   $ 9.963     $ 2.608     $ 6.231     $ 5.654      
 
 
                                                     
                                                     
 
Less distributions to common shareholders
 
From net investment income
  $ (0.826 )   $ (2.334 )   $ (2.123 )   $ (0.988 )   $ (1.699 )   $ (1.095 )    
From net realized gain
                            (0.002 )          
 
 
Total distributions to common shareholders
  $ (0.826 )   $ (2.334 )   $ (2.123 )   $ (0.988 )   $ (1.701 )   $ (1.095 )    
 
 
                                                     
Preferred and Common shares offering costs charged to paid-in capital(4)
  $     $     $     $     $     $ (0.059 )    
 
 
                                                     
Preferred shares underwriting discounts(4)
  $     $     $     $     $     $ (0.100 )    
 
 
                                                     
Net asset value — End of period (Common shares)
  $ 15.180     $ 18.110     $ 37.490     $ 29.650     $ 28.030     $ 23.500      
 
 
                                                     
Market value — End of period (Common shares)
  $ 12.600     $ 15.090     $ 35.970     $ 28.340     $ 26.000     $ 20.080      
 
 
                                                     
Total Investment Return on Net Asset Value(5)
    (10.50 )%(15)     (47.35 )%     35.13 %     9.70 %(15)     28.18 %     30.16 %(6)(15)    
 
 
                                                     
Total Investment Return on Market Value(5)
    (10.84 )%(15)     (54.28 )%     35.65 %     13.04 %(15)     39.14 %     11.21 %(6)(15)    
 
 

 
See notes to financial statements

10


Table of Contents

 
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
FINANCIAL STATEMENTS CONT’D
 
Financial Highlights
 
Selected data for a common share outstanding during the periods stated
                                                     
    Six Months Ended
    Year Ended October 31,                        
    April 30, 2009
   
    Period Ended
    Year Ended
    Period Ended
     
    (Unaudited)     2008     2007     October 31, 2006(1)      March 31, 2006     March 31, 2005(2)       
 
 
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of period (000’s omitted)
  $ 220,467     $ 262,900     $ 544,267     $ 430,130     $ 406,636     $ 340,868      
Ratios (As a percentage of average daily net assets applicable to common shares):(7)
                                                   
Expenses before custodian fee reduction excluding interest and fees(8)
    1.12 %(9)     1.02 %     1.06 %     1.13 %(9)     1.17 %     1.14 %(9)    
Interest and fee expense(10)
    0.93 %(9)     0.54 %                            
Total expenses before custodian fee reduction(8)
    2.05 %(9)     1.56 %     1.06 %     1.13 %(9)     1.17 %     1.14 %(9)    
Net investment income
    12.89 %(9)     8.07 %     7.64 %     8.71 %(9)     7.52 %     8.64 %(9)    
Portfolio Turnover
    55 %(15)     113 %     78 %     29 %(15)     116 %     110 %(15)    
 
 
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares and borrowings, are as follows:
Ratios (As a percentage of average daily net assets applicable to common shares
plus preferred shares and borrowings):(7)
Expenses before custodian fee reduction excluding interest and fees(8)
    0.78 %(9)     0.77 %     0.82 %     0.84 %(9)     0.84 %     0.83 %(9)    
Interest and fee expense(10)
    0.65 %(9)     0.41 %                            
Total expenses before custodian fee reduction(8)
    1.43 %(9)     1.18 %     0.82 %     0.84 %(9)     0.84 %     0.83 %(9)    
Net investment income
    8.99 %(9)     6.13 %     5.86 %     6.45 %(9)     5.41 %     6.34 %(9)    
 
 
Senior Securities:
                                                   
Total notes payable outstanding (in 000’s)
  $ 85,000     $ 111,000     $     $     $     $      
Asset coverage per $1,000 of notes payable(11)
  $ 3,594     $ 3,368     $     $     $     $      
Total preferred shares outstanding
    (12)     (12)     5,800       5,800       5,800       5,800      
Asset coverage per preferred share(13)
  $ (12)   $ (12)   $ 118,868     $ 99,182     $ 95,119     $ 83,774      
Involuntary liquidation preference per preferred share(14)
  $ (12)   $ (12)   $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(14)
  $ (12)   $ (12)   $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
 (1) For the seven-month period ended October 31, 2006. The Fund changed its fiscal year-end from March 31 to October 31.
 
 (2) For the period from the start of business, April 30, 2004, to March 31, 2005.
 
 (3) Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder from the $20.00 offering price.
 
 (4) Computed using average common shares outstanding.
 
 (5) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
 
 (6) Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested.
 
 (7) Ratios do not reflect the effect of dividend payments to preferred shareholders.
 
 (8) Excludes the effect of custody fee credits, if any, of less than 0.005%.
 
 (9) Annualized.
 
(10) Interest and fee expense relates to the notes payable incurred to redeem the Fund’s preferred shares (See Note 7).
 
(11) Calculated by subtracting the Fund’s total liabilities (not including the notes payable) from the Fund’s total assets, and dividing the result by the notes payable balance in thousands.
 
(12) The Fund’s preferred shares were fully redeemed during the year ended October 31, 2008.
 
(13) Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
 
(14) Plus accumulated and unpaid dividends.
 
(15) Not annualized.

 
See notes to financial statements

11


Table of Contents

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
1   Significant Accounting Policies
 
Eaton Vance Tax-Advantaged Global Dividend 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 investment objective is to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund pursues its objective by investing primarily in dividend-paying common and preferred stocks.
 
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 listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. The value of preferred equity securities that are valued by a pricing service on a bond basis will be adjusted by an income factor, to be determined by the investment adviser, to reflect the next anticipated regular dividend. Debt obligations, including listed securities and securities for which quotations are readily available, will normally be valued on the basis of reported trades or market quotations provided by independent pricing services, when in the services’ judgment, these prices are representative of the securities’ market values. For debt securities where market quotations are not readily available, the pricing services 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, issuer spreads, as well as industry and economic events. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
The Fund may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research, a subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act, pursuant to which Cash Management must comply with certain conditions. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Management may value its investment securities based on available market quotations provided by a pricing service.
 
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.

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
 
D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its 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 October 31, 2008, the Fund, for federal income tax purposes, had a capital loss carryforward of $25,409,868 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on October 31, 2013 ($1,109,278), October 31, 2014 ($2,962,393), October 31, 2015 ($54,293) and October 31, 2016 ($21,283,904).
 
As of April 30, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended October 31, 2008 remains subject to examination by the Internal Revenue Service.
 
E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.
 
F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
 
G  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
 
H  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
 
I  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.
 
J  Interim Financial Statements — The interim financial statements relating to April 30, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
 
2   Distributions to Shareholders
 
The Fund intends to make monthly distributions of net investment income to shareholders. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains, (reduced by available capital loss carryforwards from prior years, if any). 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

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
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.
 
3   Investment Adviser Fee and Other Transactions with Affiliates
 
The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.85% 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. The portion of the adviser fee payable by Cash Management on the Fund’s investment of cash therein is credited against the Fund’s adviser fee. For the six months ended April 30, 2009, the Fund’s adviser fee totaled $1,347,145 of which $25,100 was allocated from Cash Management and $1,322,045 was paid or accrued directly by the Fund. EVM also serves as administrator of the Fund, but receives no compensation.
 
In addition, EVM has contractually agreed to reimburse the Fund for fees and other expenses at an annual rate of 0.20% of the Fund’s average daily gross assets during the first five full years of the Fund’s operations, 0.15% of the Fund’s average daily gross assets in year six, 0.10% in year seven and 0.05% in year eight. The Fund concluded its first five full years of operations on April 30, 2009. Pursuant to this agreement, EVM waived $316,557 of its adviser fee for the six months ended April 30, 2009.
 
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 April 30, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
 
4   Purchases and Sales of Investments
 
Purchases and sales of investments, other than short-term obligations, aggregated $172,517,683 and $210,450,137, respectively, for the six months ended April 30, 2009.
 
5   Common Shares of Beneficial Interest
 
The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no transactions in common shares for the six months ended April 30, 2009 and the year ended October 31, 2008.
 
6   Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at April 30, 2009, as determined on a federal income tax basis, were as follows:
 
             
Aggregate cost
  $ 301,474,980      
 
 
Gross unrealized appreciation
  $ 32,058,636      
Gross unrealized depreciation
    (30,405,683 )    
 
 
Net unrealized appreciation
  $ 1,652,953      
 
 
 
7   Committed Facility Agreement
 
The Fund has entered into a Committed Facility Agreement, as amended (the Agreement) with a major financial institution that allows it to borrow up to $145 million over a rolling 180 calendar day period. Interest is charged at a rate above 3-month LIBOR (1-month LIBOR up to January 1, 2009). The Fund is charged a commitment fee of 0.55% (0.25% prior to January 1, 2009) per annum on the unused portion of the commitment. Under the terms of the Agreement, the Fund is required to satisfy certain collateral requirements and maintain a certain level of net assets. At April 30, 2009, the Fund had borrowings outstanding under the Agreement of $85 million at an interest rate of 1.82%. For the six months ended April 30, 2009, the average borrowings under the Agreement and the average interest rate (annualized) were $97,093,423 and 1.89%, respectively.
 
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 stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.
 
9   Fair Value Measurements
 
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective November 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •  Level 1 – quoted prices in active markets for identical investments
 
  •  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At April 30, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                 
        Investments in
     
    Valuation Inputs   Securities      
 
Level 1
  Quoted Prices   $ 193,543,187      
Level 2
  Other Significant Observable Inputs     109,584,746      
Level 3
  Significant Unobservable Inputs          
 
 
Total
      $ 303,127,933      
 
 
 
The Fund held no investments or other financial instruments as of October 31, 2008 whose fair value was determined using Level 3 inputs.

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
ANNUAL MEETING OF SHAREHOLDERS
 
 
The Fund held its Annual Meeting of Shareholders on February 27, 2009. The following action was taken by the shareholders:
 
Item 1:  The election of Thomas E. Faust Jr., William H. Park and Heidi L. Steiger as Class II Trustees of the Fund for a three-year term expiring in 2012; the election of Benjamin C. Esty as Class I Trustee of the Fund for a two-year term expiring in 2011; the election of Helen Frame Peters as Class III Trustee for a one-year term expiring in 2010.
 
                     
Nominee for Trustee
  Number of Shares      
Elected by All Shareholders   For     Withheld      
 
 
Benjamin C. Esty
    13,033,154       405,985      
Thomas E. Faust Jr. 
    13,038,271       400,868      
William H. Park
    13,038,504       400,635      
Heidi L. Steiger
    13,056,250       382,889      
Helen Frame Peters
    13,032,757       406,382      

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
DIVIDEND REINVESTMENT PLAN
 
 
The Fund offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (the Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
 
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Fund’s transfer agent, American Stock Transfer & Trust Company, or you will not be able to participate.
 
The Plan Agent’s service fee for handling distributions will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
 
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
 
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
 
Any inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer & Trust Company, at 1-866-439-6787.

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
 
 
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
 
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
 
Please print exact name on account:
Shareholder signature                                  Date
Shareholder signature                                  Date
 
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
 
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
 
This authorization form, when signed, should be mailed to the following address:
 
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
 
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 diversified, closed-end management investment company and has no employees.
 
Number of Shareholders
As of April 30, 2009, our records indicate that there are 48 registered shareholders and approximately 12,790 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 our 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 ETO.

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENT
 
Overview of the Contract Review Process
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.
 
At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:
 
Information about Fees, Performance and Expenses
 
  •  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
  •  An independent report comparing each fund’s total expense ratio and its components to comparable funds;
  •  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
  •  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
  •  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
  •  Profitability analyses for each adviser with respect to each fund;
 
Information about Portfolio Management
 
  •  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
  •  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
  •  Data relating to portfolio turnover rates of each fund;
  •  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
 
Information about each Adviser
 
  •  Reports detailing the financial results and condition of each adviser;
  •  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
  •  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
  •  Copies of or descriptions of each adviser’s proxy voting policies and procedures;
  •  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
  •  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
 
Other Relevant Information
 
  •  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
  •  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
  •  The terms of each advisory agreement.

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENT CONT’D
 
 
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.
 
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
 
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
 
Results of the Process
 
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement between Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the “Fund”), and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the 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 agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
 
Nature, Extent and Quality of Services
 
In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
 
The Board considered the 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, including recent changes to such personnel. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in particular foreign markets or industries. The Board noted the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
 
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
 
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.
 
The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF INVESTMENT ADVISORY AGREEMENT CONT’D
 
availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls. In addition, the Board considered the Adviser’s actions with respect to the Auction Preferred Shares (“APS”) issued by the Fund, including the Adviser’s efforts to seek alternative forms of debt and other leverage that may over time reduce financing costs associated with APS and enable the Fund to restore liquidity for APS holders.
 
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment 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 and appropriate benchmark indices. The Board reviewed comparative performance data for the one- and three-year periods ended September 30, 2008 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, including any administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered that the Adviser had waived fees and/or paid expenses for the Fund.
 
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.
 
Profitability
 
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other 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 are reasonable.
 
Economies of Scale
 
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.

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Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund 
 
OFFICERS AND TRUSTEES
 
 
     
Officers
Duncan W. Richardson
President

Thomas E. Faust Jr.
Vice President and Trustee

Aamer Khan
Vice President

Martha G. Locke
Vice President

Thomas H. Luster
Vice President

Judith A. Saryan
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

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

Benjamin C. Esty

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout

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Investment Adviser and Administrator of
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
Eaton Vance Management
Two International Place
Boston, MA 02110
 
 
 
Custodian
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
 
 
 
Transfer Agent
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
 
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
Two International Place
Boston, MA 02110


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2159-6/09 CE-TAGDOSRC


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Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Contract Review Committee except as contemplated under the Fund Policy. The Board’s Contract Review Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from

 


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exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Contract Review Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
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.

 


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(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.

 


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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
         
     
 
By: /s/ Duncan W. Richardson    
 
 
 
Duncan W. Richardson
   
 
  President    
 
Date:   June 15, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
 
By: /s/ Barbara E. Campbell    
 
 
 
Barbara E. Campbell
Treasurer
   
 
Date:   June 15, 2009
         
     
 
By: /s/ Duncan W. Richardson    
 
 
 
Duncan W. Richardson
President
   
 
Date:   June 15, 2009