Edgar Filing: Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

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

October 31, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund (ETO)

Annual Report

October 31, 2016

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.1800 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.

The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Annual Report October 31, 2016

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Financial Statements			6

Report of Independent Registered Public Accounting Firm			22

Federal Tax Information			23

Dividend Reinvestment Plan			24

Management and Organization			26

Important Notices			29

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Most global equity markets delivered moderate gains for the 12-month period ended October 31, 2016. Continued low interest rates and a rebound in oil prices were countered by geopolitical tensions and concerns about sluggish economic growth.

Global stocks moved in a choppy pattern during the first two months of the period. Worries about a possible interest rate hike by the U.S. Federal Reserve (the Fed) offset positive economic news, including further gains in the U.S. job market and higher European retail sales.

Expressing confidence in the economy, the Fed finally made its long-anticipated move in mid-December 2015, raising interest rates for the first time in nine years. Following the quarter-point increase, global stocks rose briefly before turbulence struck equity markets in early 2016. Stocks worldwide slid amid worries about falling oil prices, declining interest rates and slowing global growth, particularly in China. However, equity markets turned around in mid-February and soon overcame their earlier losses. Coinciding with the move was a reversal in crude oil prices, which rose following a prolonged decline.

In June 2016, Britain’s “Brexit” vote to leave the European Union sent stocks into a two-day tailspin, but equity markets quickly rallied, recovering the lost ground. In the U.S., major stock indexes reached multiple record highs during July and August 2016.

Global stocks pulled back in late August 2016 amid retreating oil prices and fears about a possible interest rate increase. The Fed’s decision at its September 2016 meeting to leave rates unchanged, along with an agreement by the Organization of the Petroleum Exporting Countries (OPEC) to curb oil production, sent stocks briefly higher. In the final month of the period, global equities drifted lower on worries about the U.S. presidential election as well as concerns about China’s lagging economy and the possibility of rising interest rates.

For the 12-month period, the MSCI World Index,² a proxy for global equities, returned 1.18%. The MSCI EAFE Index, an index of developed-market international equities, declined 3.23%, while the MSCI Emerging Markets Index returned 9.27%. In the U.S., the blue-chip Dow Jones Industrial Average advanced 5.49%, while the broader U.S. equity market, as represented by the S&P 500 Index, gained 4.51%.

Fund Performance

For the 12-month period ended October 31, 2016, Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the Fund) had a total return of 0.25% at net asset value (NAV), underperforming the 1.18% return of the Fund’s primary benchmark, the MSCI World Index (the Index).

The Fund’s common stock allocation underperformed the Index during the period. Stock selection in the health care and financials sectors detracted from performance versus the

Index, as did security selection and an underweight in the materials sector, which was the strongest-performing sector in the Index during the period.

In health care, the Fund’s out-of-Index holding in Teva Pharmaceutical Industries, Ltd. ADR and overweight positions, relative to the Index, in drug makers Novo Nordisk A/S and Bayer AG detracted from performance versus the Index. All three stocks were hurt by headline news about high drug prices, which raised concerns during an election year that a new administration might press for increased scrutiny of drug prices. Within financials, the Fund’s overweight position in financial services giant Credit Suisse Group AG declined in value, as a difficult global environment for Credit Suisse’s securities trading business hindered the firm’s efforts to restructure itself and led to concerns it might need to raise additional capital. As of period-end, Bayer and Credit Suisse were no longer held in the portfolio.

In contrast, stock selection in the industrials, consumer discretionary and energy sectors aided Fund performance versus the Index. Within industrials, the Fund’s overweight position in industrial management firm Melrose Industries PLC rose sharply on the firm’s acquisition of Nortek, a supplier to the North American residential and non-residential construction industry.

For the 12-month period, the Fund’s preferred security allocation (i.e., preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and notes with preferred characteristics) helped Fund performance versus the Index. The preferred allocation outperformed both the Index and the overall preferred market, as measured by the BofA Merrill Lynch Fixed Rate Preferred Securities Index (“BofA Index”). That outperformance was driven by several emerging market holdings that performed well; by an overweight in institutional issues that trade in the over-the-counter market, which in general performed better than retail (exchange-traded) issues; and by the preferred allocation’s longer duration⁸ relative to the BofA Index. A longer duration positioned the Fund to benefit more when rates fell during the period and prices rose. As of period end, the Fund had 22.5% of its total investments in preferred securities.

The Fund’s use of leverage⁶ had the effect of achieving additional exposure to the common and preferred markets, thus magnifying the Fund’s exposure to its underlying investments. During the period, leverage magnified both the positive performance of the Fund’s preferred security allocation and the negative performance of the Fund’s common stock allocation. As common stocks comprised a significantly larger portion of the Fund than preferred securities, the net effect of leverage was a detractor from performance versus the Index.

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Performance^2,3

Portfolio Managers Michael A. Allison, CFA and John H. Croft, CFA of Eaton Vance Management; Christopher M. Dyer, CFA of Eaton Vance Management (International) Limited


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		04/30/2004		0.25	%		10.84	%		5.84	%
Fund at Market Price		—		1.69			13.14			5.76
MSCI World Index		—		1.18	%		9.01	%		3.89	%
BofA Merrill Lynch Fixed Rate Preferred Securities Index		—		7.23			7.31			3.26
Blended Index		—		2.44			8.77			4.02


% Premium/Discount to NAV⁴
										–5.14	%
Distributions⁵
Total Distributions per share for the period									$	2.160
Distribution Rate at NAV										9.91	%
Distribution Rate at Market Price										10.45	%


% Total Leverage⁶
Borrowings										27.16	%

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Fund Profile

Common Stock Sector Allocation (% of total investments)

LOGO

Country Allocation (% of total investments)⁷

LOGO

Top 10 Common Stock Holdings (% of total investments)


Alphabet, Inc., Class C	3.2	%

Wells Fargo & Co.	1.9

Time Warner, Inc.	1.9

Facebook, Inc., Class A	1.8

Nippon Telegraph & Telephone Corp.	1.7

Kubota Corp.	1.7

Union Pacific Corp.	1.7

JPMorgan Chase & Co.	1.5

Reynolds American, Inc.	1.5

Johnson & Johnson	1.5

Total	18.4	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Endnotes and Additional Disclosures

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”.The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Dow Jones Industrial Average is a price- weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. BofA Merrill Lynch Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. BofA Merrill Lynch^®indices not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. The blended index consists of 80% MSCI World Index and 20% BofA Merrill Lynch Fixed Rate Preferred Securities Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴	The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

⁵

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

⁶

Total leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

⁷	The Fund may obtain exposure to certain market segments through investments in exchange-traded funds (ETFs). For purposes of the chart, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁸	Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Fund profile subject to change due to active management.


		5

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Portfolio of Investments


Common Stocks — 104.3%


Security	Shares		Value


Aerospace & Defense — 2.0%
CAE, Inc.		267,471	$	3,756,918
United Technologies Corp.⁽¹⁾		25,149		2,570,228

			$	6,327,146


Banks — 10.4%
BNP Paribas SA		40,725	$	2,361,368
DBS Group Holdings, Ltd.		164,021		1,767,934
ING Groep NV		180,007		2,362,954
JPMorgan Chase & Co.⁽¹⁾		96,726		6,699,243
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾		752,359		3,882,028
PNC Financial Services Group, Inc. (The)		44,908		4,293,205
U.S. Bancorp⁽¹⁾		68,310		3,057,556
Wells Fargo & Co.⁽¹⁾		181,191		8,336,598

			$	32,760,886


Beverages — 4.2%
Anheuser-Busch InBev SA/NV⁽¹⁾		41,735	$	4,789,917
Constellation Brands, Inc., Class A⁽¹⁾		25,986		4,342,781
Diageo PLC⁽¹⁾		153,796		4,093,517

			$	13,226,215


Biotechnology — 3.0%
Celgene Corp.⁽¹⁾⁽²⁾		35,488	$	3,626,164
Shire PLC ADR⁽¹⁾		34,450		5,809,648

			$	9,435,812


Chemicals — 1.8%
BASF SE		26,834	$	2,368,851
PPG Industries, Inc.⁽¹⁾		34,986		3,258,246

			$	5,627,097


Commercial Services & Supplies — 0.8%
Brambles, Ltd.⁽¹⁾		285,494	$	2,499,586

			$	2,499,586


Containers & Packaging — 0.6%
Sealed Air Corp.		43,668	$	1,992,571

			$	1,992,571


Diversified Telecommunication Services — 2.3%
Nippon Telegraph & Telephone Corp.⁽¹⁾		163,016	$	7,227,613

			$	7,227,613


Security	Shares		Value


Electric Utilities — 2.8%
American Electric Power Co., Inc.⁽¹⁾		52,306	$	3,391,521
NextEra Energy, Inc.⁽¹⁾		43,083		5,514,624

			$	8,906,145


Electrical Equipment — 2.5%
Legrand SA		67,789	$	3,829,863
Melrose Industries PLC⁽¹⁾		1,905,282		3,931,918

			$	7,761,781


Electronic Equipment, Instruments & Components — 2.1%
Keyence Corp.⁽¹⁾		8,896	$	6,521,581

			$	6,521,581


Energy Equipment & Services — 1.6%
Halliburton Co.⁽¹⁾		48,728	$	2,241,488
Schlumberger, Ltd.⁽¹⁾		35,782		2,799,226

			$	5,040,714


Equity Real Estate Investment Trusts (REITs) — 2.4%
American Tower Corp.⁽¹⁾		26,738	$	3,133,426
Equity Residential		74,286		4,587,161

			$	7,720,587


Food Products — 0.7%
Kerry Group PLC, Class A		32,636	$	2,368,586

			$	2,368,586


Health Care Equipment & Supplies — 1.3%
Medtronic PLC⁽¹⁾		50,560	$	4,146,931

			$	4,146,931


Hotels, Restaurants & Leisure — 0.6%
Accor SA⁽¹⁾		51,923	$	1,970,289

			$	1,970,289


Household Durables — 1.9%
Newell Brands, Inc.⁽¹⁾		122,734	$	5,893,687

			$	5,893,687


Household Products — 1.2%
Reckitt Benckiser Group PLC⁽¹⁾		44,074	$	3,942,882

			$	3,942,882


		6		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Portfolio of Investments — continued


Security	Shares		Value


Industrial Conglomerates — 0.9%
General Electric Co.⁽¹⁾		98,239	$	2,858,755

			$	2,858,755


Insurance — 6.3%
Aflac, Inc.⁽¹⁾		46,667	$	3,213,956
AIA Group, Ltd.		713,671		4,489,706
Chubb, Ltd.⁽¹⁾		41,722		5,298,694
Prudential PLC⁽¹⁾		155,083		2,530,779
St. James’s Place PLC⁽¹⁾		373,966		4,318,861

			$	19,851,996


Internet & Direct Marketing Retail — 2.0%
Amazon.com, Inc.⁽¹⁾⁽²⁾		7,861	$	6,208,775

			$	6,208,775


Internet Software & Services — 6.9%
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		17,815	$	13,976,580
Facebook, Inc., Class A⁽¹⁾⁽²⁾		61,212		8,018,160

			$	21,994,740


IT Services — 2.0%
Visa, Inc., Class A⁽¹⁾		75,873	$	6,260,281

			$	6,260,281


Machinery — 4.9%
Fortive Corp.⁽¹⁾		110,945	$	5,663,742
Komatsu, Ltd.		116,676		2,597,103
Kubota Corp.		445,579		7,181,999

			$	15,442,844


Media — 3.6%
Interpublic Group of Cos., Inc.⁽¹⁾		153,586	$	3,438,791
Time Warner, Inc.⁽¹⁾		90,158		8,023,160

			$	11,461,951


Metals & Mining — 0.7%
Rio Tinto, Ltd.		57,400	$	2,374,894

			$	2,374,894


Multi-Utilities — 1.3%
National Grid PLC⁽¹⁾		160,853	$	2,092,340
Sempra Energy⁽¹⁾		18,541		1,985,741

			$	4,078,081


Security	Shares		Value


Oil, Gas & Consumable Fuels — 5.4%
Anadarko Petroleum Corp.⁽¹⁾		94,550	$	5,620,052
Chevron Corp.⁽¹⁾		36,789		3,853,648
Occidental Petroleum Corp.⁽¹⁾		54,491		3,972,939
Royal Dutch Shell PLC, Class B⁽¹⁾		145,671		3,757,219

			$	17,203,858


Personal Products — 1.1%
Estee Lauder Cos., Inc. (The), Class A⁽¹⁾		39,391	$	3,432,138

			$	3,432,138


Pharmaceuticals — 9.3%
Allergan PLC⁽¹⁾⁽²⁾		26,141	$	5,461,901
Eli Lilly & Co.⁽¹⁾		78,491		5,795,775
Johnson & Johnson⁽¹⁾		56,388		6,540,444
Novo Nordisk A/S, Class B⁽¹⁾		97,617		3,477,653
Roche Holding AG PC⁽¹⁾		17,843		4,098,208
Teva Pharmaceutical Industries, Ltd. ADR⁽¹⁾		96,168		4,110,220

			$	29,484,201


Professional Services — 1.2%
Verisk Analytics, Inc.⁽¹⁾⁽²⁾		47,382	$	3,864,002

			$	3,864,002


Road & Rail — 2.3%
Union Pacific Corp.⁽¹⁾		81,377	$	7,175,824

			$	7,175,824


Semiconductors & Semiconductor Equipment — 2.1%
ASML Holding NV⁽¹⁾		57,224	$	6,053,951
NXP Semiconductors NV⁽¹⁾⁽²⁾		6,815		681,500

			$	6,735,451


Software — 0.7%
Microsoft Corp.		35,881	$	2,149,990

			$	2,149,990


Specialty Retail — 2.5%
Industria de Diseno Textil SA		92,281	$	3,219,907
Lowe’s Cos., Inc.⁽¹⁾		69,885		4,657,835

			$	7,877,742


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Portfolio of Investments — continued


Security	Shares		Value


Technology Hardware, Storage & Peripherals — 1.1%
Apple, Inc.⁽¹⁾		29,360	$	3,333,534

			$	3,333,534


Textiles, Apparel & Luxury Goods — 3.1%
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		20,806	$	3,787,964
NIKE, Inc., Class B⁽¹⁾		53,908		2,705,103
Pandora A/S⁽¹⁾		24,741		3,217,703

			$	9,710,770


Tobacco — 2.8%
Imperial Brands PLC⁽¹⁾		47,486	$	2,296,984
Reynolds American, Inc.⁽¹⁾		120,886		6,658,401

			$	8,955,385


Trading Companies & Distributors — 1.2%
Brenntag AG		71,858	$	3,841,542

			$	3,841,542


Wireless Telecommunication Services — 0.7%
Vodafone Group PLC⁽¹⁾		855,159	$	2,348,544

			$	2,348,544


Total Common Stocks (identified cost $291,923,424)			$	330,015,407


Preferred Stocks — 11.8%


Security	Shares		Value

Banks — 6.7%
AgriBank FCB, 6.875% to 1/1/24⁽³⁾		16,581	$	1,784,530
CoBank ACB, Series F, 6.25% to 10/1/22⁽³⁾		16,600		1,777,757
Farm Credit Bank of Texas, 6.75% to 9/15/23⁽³⁾		2,500		270,703
Farm Credit Bank of Texas, Series 1, 10.00%		906		1,107,585
First Tennessee Bank, 3.75%⁽⁴⁾⁽⁵⁾		840		588,026
Huntington Bancshares, Inc., Series A, 8.50% (Convertible)		960		1,363,190
IBERIABANK Corp., Series C, 6.60% to 5/1/26⁽³⁾		35,990		947,257
JPMorgan Chase & Co., Series O, 5.50%		40,767		1,036,297
KeyCorp, Series A, 7.75% (Convertible)		17,976		2,453,724
People’s United Financial, Inc., Series A, 5.625% to 12/15/26⁽³⁾		17,600		459,360
Regions Financial Corp., Series A, 6.375%		40,920		1,063,102
SunTrust Banks, Inc., Series E, 5.875%		58,779		1,524,140
Texas Capital Bancshares, Inc., 6.50%		67,865		1,746,166
Texas Capital Bancshares, Inc., Series A, 6.50%		6,900		177,951


Security	Shares		Value


Bank (continued)
Webster Financial Corp., Series E, 6.40%		55,731	$	1,444,548
Wells Fargo & Co., Series L, 7.50% (Convertible)		2,672		3,486,960

			$	21,231,296


Capital Markets — 0.4%
Goldman Sachs Group, Inc. (The), Series N, 6.30%		13,050	$	347,913
KKR & Co., LP, Series A, 6.75%		17,247		466,704
State Street Corp., Series D, 5.90% to 3/15/24⁽³⁾		13,771		386,276

			$	1,200,893


Consumer Finance — 0.3%
Discover Financial Services, Series B, 6.50%		37,641	$	985,818

			$	985,818


Diversified Financial Services — 0.3%
KKR Financial Holdings, LLC, Series A, 7.375%		37,254	$	968,232

			$	968,232


Electric Utilities — 0.9%
NextEra Energy Capital Holdings, Inc., Series G, 5.70%		30,646	$	783,924
NextEra Energy Capital Holdings, Inc., Series I, 5.125%		19,531		489,447
Southern Co. (The), 6.25%		53,497		1,428,905

			$	2,702,276


Equity Real Estate Investment Trusts (REITs) — 0.7%
DDR Corp., Series J, 6.50%		65,000	$	1,673,100
Vornado Realty Trust, Series K, 5.70%		25,220		638,823

			$	2,311,923


Food Products — 0.9%
Dairy Farmers of America, 7.875%⁽⁵⁾		22,100	$	2,352,961
Ocean Spray Cranberries, Inc., 6.25%⁽⁵⁾		6,085		547,840

			$	2,900,801


Machinery — 0.2%
Stanley Black & Decker, Inc., 5.75%		29,109	$	753,341

			$	753,341


Multi-Utilities — 0.2%
DTE Energy Co., Series C, 5.25%		17,395	$	445,312

			$	445,312


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Portfolio of Investments — continued


Security	Shares		Value


Pipelines — 0.4%
NuStar Logistics LP, 7.625% to 1/15/18⁽³⁾		49,138	$	1,258,424

			$	1,258,424


Thrifts & Mortgage Finance — 0.8%
Elmira Savings Bank, 8.998% to 12/31/17⁽³⁾		825	$	783,750
EverBank Financial Corp., Series A, 6.75%		69,734		1,780,309

			$	2,564,059


Total Preferred Stocks (identified cost $34,330,008)			$	37,322,375


Corporate Bonds & Notes — 15.7%


Security	Principal Amount (000’s omitted)		Value

Banks — 6.5%
Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26^(3)(5)(6)	$	240	$	264,010
Banco do Brasil SA, 9.00% to 6/18/24^(3)(5)(6)		620		576,600
Bank of America Corp., Series AA, 6.10% to 3/17/25⁽³⁾⁽⁶⁾		2,270		2,374,443
Barclays PLC, 8.25% to 12/15/18⁽³⁾⁽⁶⁾		945		959,529
Caixa Economica Federal, 7.25% to 7/23/19, 7/23/24⁽³⁾⁽⁵⁾		1,081		1,036,528
Citigroup, Inc., Series T, 6.25% to 8/15/26⁽³⁾⁽⁶⁾		2,100		2,263,590
Credit Agricole SA, 7.875% to 1/23/24^(3)(5)(6)		781		794,183
Deutsche Bank AG, 7.50% to 4/30/25⁽³⁾⁽⁶⁾		1,020		836,400
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽³⁾⁽⁶⁾		905		952,196
JPMorgan Chase & Co., Series Z, 5.30% to 5/1/20⁽³⁾⁽⁶⁾		3,156		3,211,230
Lloyds Banking Group PLC, 6.657% to 5/21/37^(3)(5)(6)		457		510,698
Lloyds Banking Group PLC, 7.50% to 6/27/24⁽³⁾⁽⁶⁾		2,477		2,557,502
PNC Financial Services Group, Inc. (The), Series S, 5.00% to 11/1/26⁽³⁾⁽⁶⁾		440		438,900
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25⁽³⁾⁽⁶⁾		1,460		1,390,650
Standard Chartered PLC, 7.014% to 7/30/37^(3)(5)(6)		1,337		1,478,722
Zions Bancorporation, Series I, 5.80% to 9/15/23⁽³⁾⁽⁶⁾		220		213,675
Zions Bancorporation, Series J, 7.20% to 9/15/23⁽³⁾⁽⁶⁾		844		904,135

			$	20,762,991


Capital Markets — 2.1%
Goldman Sachs Group, Inc. (The), Series M, 5.375% to 5/10/20⁽³⁾⁽⁶⁾	$	1,640	$	1,650,250
Morgan Stanley, Series J, 5.55% to 7/15/20⁽³⁾⁽⁶⁾		2,435		2,495,875
UBS Group AG, 6.875% to 8/7/25^(3)(6)(7)		2,421		2,402,363

			$	6,548,488


Security	Principal Amount (000’s omitted)		Value


Diversified Financial Services — 0.9%
Cadence Financial Corp., 4.875%, 6/28/19⁽⁵⁾	$	1,220	$	1,162,050
Leucadia National Corp., 6.625%, 10/23/43		1,281		1,273,501
Textron Financial Corp., 6.00% to 2/15/17, 2/15/67⁽³⁾⁽⁵⁾		553		400,925

			$	2,836,476


Electric Utilities — 2.4%
AES Gener SA, 8.375% to 6/18/19, 12/18/73⁽³⁾⁽⁵⁾	$	1,936	$	2,061,840
AES Panama SA, 6.00%, 6/25/22⁽⁵⁾		223		233,340
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽³⁾		2,250		2,490,790
Enel SpA, 8.75% to 9/24/23, 9/24/73⁽³⁾⁽⁵⁾		2,210		2,584,595
NextEra Energy Capital Holdings, Inc., Series D, 7.30% to 9/1/17, 9/1/67⁽³⁾		225		226,688

			$	7,597,253


Energy Equipment & Services — 0.0%⁽⁸⁾
Abengoa Finance S.A.U., 7.75%, 2/1/20⁽⁵⁾⁽⁹⁾	$	1,338	$	53,520

			$	53,520


Food Products — 0.7%
Land O’ Lakes, Inc., 8.00%⁽⁵⁾⁽⁶⁾	$	2,103	$	2,229,180

			$	2,229,180


Insurance — 1.2%
Genworth Financial, Inc., 7.625%, 9/24/21	$	202	$	189,375
Voya Financial, Inc., 5.65% to 5/15/23, 5/15/53⁽³⁾		1,080		1,075,950
XLIT, Ltd., Series E, 6.50% to 4/15/17⁽³⁾⁽⁶⁾		3,306		2,543,554

			$	3,808,879


Metals & Mining — 0.6%
BHP Billiton Finance USA, Ltd., 6.75% to 10/19/25, 10/19/75⁽³⁾⁽⁵⁾	$	1,634	$	1,854,590

			$	1,854,590


Multi-Utilities — 0.1%
Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54⁽³⁾	$	275	$	286,687

			$	286,687


Oil, Gas & Consumable Fuels — 0.0%⁽⁸⁾
Odebrecht Oil & Gas Finance, Ltd., 7.00% to 6/17/24^(3)(5)(6)(9)	$	2,053	$	136,524

			$	136,524


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Pipelines — 0.3%
Transcanada Trust, Series 16-A, 5.875% to 8/15/26, 8/15/76⁽³⁾	$	865	$	927,712

			$	927,712


Telecommunications — 0.7%
Colombia Telecomunicaciones SA ESP, 8.50% to 3/30/20^(3)(5)(6)	$	2,459	$	2,190,969

			$	2,190,969


Thrifts & Mortgage Finance — 0.2%
Flagstar Bancorp, Inc., 6.125%, 7/15/21⁽⁵⁾	$	570	$	594,279

			$	594,279


Total Corporate Bonds & Notes (identified cost $51,264,328)			$	49,827,548


Exchange-Traded Funds — 3.2%


Security	Shares		Value

Equity Funds — 3.2%
iShares U.S. Preferred Stock ETF		262,175	$	10,211,716


Total Exchange-Traded Funds (identified cost $10,274,680)			$	10,211,716


Short-Term Investments — 2.0%


Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.68%⁽¹⁰⁾		6,227,554	$	6,228,800


Total Short-Term Investments (identified cost $6,228,588)			$	6,228,800


Total Investments — 137.0% (identified cost $394,021,028)			$	433,605,846


Other Assets, Less Liabilities — (37.0)%			$	(117,128,216	)


Net Assets — 100.0%			$	316,477,630

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

⁽¹⁾

Security (or a portion thereof) has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.

⁽²⁾

Non-income producing security.

⁽³⁾

Security converts to floating rate after the indicated fixed-rate coupon period.

⁽⁴⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2016.

⁽⁵⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2016, the aggregate value of these securities is $21,651,380 or 6.8% of the Fund’s net assets.

⁽⁶⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁷⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2016, the aggregate value of these securities is $2,402,363 or 0.8% of the Fund’s net assets.

⁽⁸⁾

Amount is less than 0.05%.

⁽⁹⁾

Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

⁽¹⁰⁾	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 October 31, 2016.


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Portfolio of Investments — continued


Country Concentration of Portfolio


Country	Percentage of Total Investments			Value
United States		62.6	%	$	271,356,629
United Kingdom		8.0			34,827,820
Japan		6.3			27,410,324
Netherlands		3.0			12,855,624
France		2.9			12,743,667
Canada		1.7			7,175,420
Germany		1.6			7,046,793
Denmark		1.5			6,695,356
Switzerland		1.5			6,500,571
Ireland		1.1			4,912,140
Belgium		1.1			4,789,917
Australia		1.1			4,618,186
Hong Kong		1.0			4,489,706
Israel		0.9			4,110,220
Spain		0.8			3,273,427
Italy		0.6			2,584,595
Colombia		0.5			2,190,969
Chile		0.5			2,061,840
Singapore		0.4			1,767,934
Brazil		0.4			1,749,652
Panama		0.1			233,340
Exchange-Traded Funds		2.4			10,211,716

Total Investments		100.0	%	$	433,605,846

Abbreviations:


ADR	–	American Depositary Receipt
PC	–	Participation Certificate


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Statement of Assets and Liabilities


Assets	October 31, 2016
Unaffiliated investments, at value (identified cost, $387,792,440)	$	427,377,046
Affiliated investment, at value (identified cost, $6,228,588)		6,228,800
Foreign currency, at value (identified cost, $1,790)		1,797
Dividends and interest receivable		1,017,533
Receivable for investments sold		5,820,361
Tax reclaims receivable		676,865
Total assets	$	441,122,402

Liabilities
Notes payable	$	118,000,000
Payable for investments purchased		5,974,337
Due to custodian		90,439
Payable to affiliates:
Investment adviser fee		317,609
Trustees’ fees		1,943
Accrued expenses		260,444
Total liabilities	$	124,644,772
Net Assets	$	316,477,630

Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized, 14,524,552 shares issued and outstanding	$	145,246
Additional paid-in capital		275,055,110
Accumulated net realized gain		1,083,828
Accumulated undistributed net investment income		652,486
Net unrealized appreciation		39,540,960
Net Assets	$	316,477,630

Net Asset Value
($316,477,630 ÷ 14,524,552 common shares issued and outstanding)	$	21.79


		12		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Statement of Operations


Investment Income	Year Ended October 31, 2016
Dividends (net of foreign taxes, $245,861)	$	13,595,673
Interest		3,880,588
Interest allocated from/dividends from affiliated investment		23,226
Expenses allocated from affiliated investment		(646	)
Total investment income	$	17,498,841

Expenses
Investment adviser fee	$	3,780,488
Trustees’ fees and expenses		23,747
Custodian fee		199,993
Transfer and dividend disbursing agent fees		18,049
Legal and accounting services		74,738
Printing and postage		115,501
Interest expense and fees		1,261,029
Miscellaneous		85,677
Total expenses	$	5,559,222

Net investment income	$	11,939,619

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	16,921,147
Investment transactions in/allocated from affiliated investment		805
Proceeds from securities litigation settlements		30,935
Foreign currency transactions		159,171
Net realized gain	$	17,112,058
Change in unrealized appreciation (depreciation) —
Investments	$	(30,455,788	)
Investments — affiliated investment		212
Foreign currency		(66,001	)
Net change in unrealized appreciation (depreciation)	$	(30,521,577	)

Net realized and unrealized loss	$	(13,409,519	)

Net decrease in net assets from operations	$	(1,469,900	)


		13		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2016			2015
From operations —
Net investment income	$	11,939,619		$	14,492,474
Net realized gain from investment, foreign currency and forward foreign currency exchange contract transactions and proceeds from securities litigation settlements		17,112,058			13,927,431
Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts		(30,521,577	)		(13,443,653	)
Net increase (decrease) in net assets from operations	$	(1,469,900	)	$	14,976,252
Distributions to shareholders —
From net investment income	$	(11,299,418	)	$	(14,474,641	)
From net realized gain		(20,073,614	)		(30,995,480	)
Total distributions	$	(31,373,032	)	$	(45,470,121	)
Capital share transactions —
Reinvestment of distributions	$	—		$	133,220
Net increase in net assets from capital share transactions	$	—		$	133,220

Net decrease in net assets	$	(32,842,932	)	$	(30,360,649	)

Net Assets
At beginning of year	$	349,320,562		$	379,681,211
At end of year	$	316,477,630		$	349,320,562

Accumulated undistributed net investment income included in net assets
At end of year	$	652,486		$	116,572


		14		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Statement of Cash Flows


Cash Flows From Operating Activities	Year Ended October 31, 2016
Net decrease in net assets from operations	$	(1,469,900	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(278,887,522	)
Investments sold		296,328,465
Increase in short-term investments, net		(1,877,981	)
Net amortization/accretion of premium (discount)		(36,060	)
Increase in dividends and interest receivable		(181,009	)
Decrease in interest receivable from affiliated investment		877
Increase in tax reclaims receivable		(19,643	)
Decrease in payable to affiliate for investment adviser fee		(12,891	)
Decrease in payable to affiliate for Trustees’ fees		(278	)
Increase in accrued expenses		115,341
Net change in unrealized (appreciation) depreciation from investments		30,455,576
Net realized gain from investments		(16,921,952	)
Net cash provided by operating activities	$	27,493,023

Cash Flows From Financing Activities
Distributions paid, net of reinvestments	$	(31,373,032	)
Increase in due to custodian		90,439
Net cash used in financing activities	$	(31,282,593	)

Net decrease in cash*	$	(3,789,570	)

Cash at beginning of year⁽¹⁾	$	3,791,367

Cash at end of year⁽¹⁾	$	1,797

Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	1,220,668

*	Includes net change in unrealized appreciation (depreciation) on foreign currency of $51,051.

⁽¹⁾	Balance includes foreign currency, at value.


		15		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Financial Highlights


	Year Ended October 31,
	2016			2015			2014			2013			2012
Net asset value — Beginning of year	$	24.050		$	26.150		$	25.880		$	22.420		$	20.930

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.822	⁽²⁾	$	0.998		$	1.549	⁽²⁾	$	1.614	⁽²⁾	$	1.406
Net realized and unrealized gain (loss)		(0.922	)		0.033			1.070			3.493			1.484

Total income (loss) from operations	$	(0.100	)	$	1.031		$	2.619		$	5.107		$	2.890

Less Distributions
From net investment income	$	(0.778	)	$	(0.997	)	$	(1.527	)	$	(1.647	)	$	(1.400	)
From net realized gain		(1.382	)		(2.134	)		(0.822	)		—			—

Total distributions	$	(2.160	)	$	(3.131	)	$	(2.349	)	$	(1.647	)	$	(1.400	)

Net asset value — End of year	$	21.790		$	24.050		$	26.150		$	25.880		$	22.420

Market value — End of year	$	20.670		$	22.490		$	25.260		$	23.630		$	19.660

Total Investment Return on Net Asset Value⁽³⁾		0.25	%		4.80	%		11.07	%		24.18	%		15.51	%

Total Investment Return on Market Value⁽³⁾		1.69	%		1.46	%		17.50	%		29.31	%		18.30	%

Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	316,478		$	349,321		$	379,681		$	375,708		$	325,528
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees⁽⁴⁾		1.32	%		1.28	%		1.26	%		1.30	%		1.30	%
Interest and fee expense		0.39	%		0.26	%		0.24	%		0.30	%		0.48	%
Total expenses⁽⁴⁾		1.71	%		1.54	%		1.50	%		1.60	%		1.78	%
Net investment income		3.67	%⁽²⁾		4.03	%		5.87	%⁽²⁾		6.68	%⁽²⁾		6.60	%
Portfolio Turnover		63	%		72	%		89	%		91	%		97	%
Senior Securities:
Total notes payable outstanding (in 000’s)	$	118,000		$	118,000		$	118,000		$	118,000		$	118,000
Asset coverage per $1,000 of notes payable⁽⁵⁾	$	3,682		$	3,960		$	4,218		$	4,184		$	3,759

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾

Net investment income per share includes special dividends which amounted to $0.230, $0.692 and $0.393 per share for the years ended October 31, 2016, 2014 and 2013, respectively. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.65%, 3.25% and 5.25% for the years ended October 31, 2016, 2014 and 2013, respectively.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

⁽⁴⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾	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.


		16		See Notes to Financial Statements.

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Notes to Financial Statements

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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Prior to Cash Reserves Fund’s issuance of units in October 2016, the value of the Fund’s investment in Cash Reserves Fund reflected the Fund’s proportionate interest in its net assets and the Fund recorded its pro rata share of Cash Reserves Fund’s income, expenses and realized gain or loss.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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


		17

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Notes to Financial Statements — continued

decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended October 31, 2016, the Fund recorded no income for reclaims of previously withheld dividend taxes and approximately $74,000 of previously recorded income for dividend tax reclaims is unpaid and included in Tax reclaims receivable in the Statement of Assets and Liabilities. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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 tax is necessary. The Fund also seeks to avoid payment of federal excise tax.

As of October 31, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

I When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

J 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 unrestricted cash on hand at its custodian and does not include any short-term investments.

2 Distributions to Shareholders and Income Tax Information

Subject to its Managed Distribution Plan, the Fund intends to make monthly distributions from its net investment income, net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and other sources. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in


		18

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Notes to Financial Statements — continued

capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.

The tax character of distributions declared for the years ended October 31, 2016 and October 31, 2015 was as follows:


	Year Ended October 31,
	2016		2015

Distributions declared from:
Ordinary income	$	11,299,418	$	14,474,641
Long-term capital gains	$	20,073,614	$	30,995,480

In addition to the monthly distributions pursuant to its Managed Distribution Plan, the Fund made a special distribution of approximately $14.1 million or $0.971 per share in December 2014 to meet its capital gains distribution requirements. Such amount is included in distributions from long-term capital gains for the year ended October 31, 2015.

During the year ended October 31, 2016, accumulated net realized gain was increased by $110,010, accumulated undistributed net investment income was decreased by $104,287 and paid-in capital was decreased by $5,723 due to differences between book and tax accounting, primarily for foreign currency gain (loss), premium amortization, accretion of market discount, distributions from real estate investment trusts, defaulted bond interest, non-deductible expenses and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


Undistributed long-term capital gains	$	2,345,142
Net unrealized appreciation	$	38,279,646
Other temporary differences	$	652,486

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, foreign currency transactions, investments in partnerships, premium amortization, accretion of market discount, preferred securities and defaulted bond interest.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2016, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	395,284,722

Gross unrealized appreciation	$	54,183,987
Gross unrealized depreciation		(15,862,863	)

Net unrealized appreciation	$	38,321,124

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. For the year ended October 31, 2016, the Fund’s investment adviser fee amounted to $3,780,488. Pursuant to a sub-advisory agreement effective November 16, 2015, EVM pays Eaton Vance Management (International) Limited (EVMI), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.


		19

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Notes to Financial Statements — continued

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $278,784,701 and $301,679,790, respectively, for the year ended October 31, 2016.

5 Common Shares of Beneficial Interest

The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the year ended October 31, 2016. Common shares issued by the Fund pursuant to its dividend reinvestment plan for the year ended October 31, 2015 were 5,295.

On November 11, 2013, the Board of Trustees of the Fund authorized the repurchase by the Fund of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the years ended October 31, 2016 and October 31, 2015.

6 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At October 31, 2016, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $90,439. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at October 31, 2016. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2016. The Fund’s average overdraft advances during the year ended October 31, 2016 were not significant.

7 Committed Facility Agreement

The Fund has entered into a Committed Facility Agreement, as amended (the Agreement) with major financial institutions that allows it to borrow up to $118 million ($147 million prior to December 22, 2015) over a rolling 360 calendar day period (rolling 179 calendar day period effective December 30, 2016). Interest is charged at a rate above 1-month LIBOR and is payable monthly. The Fund is charged a commitment fee of 0.35% per annum on the unused portion of the commitment if outstanding borrowings are less than 80% of the borrowing limit. Under the terms of the Agreement, the Fund is required to satisfy certain collateral requirements and maintain a certain level of net assets. At October 31, 2016, the Fund had borrowings outstanding under the Agreement of $118 million at an interest rate of 1.28%. The carrying amount of the borrowings at October 31, 2016 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2016. For the year ended October 31, 2016, the average borrowings under the Agreement and the average interest rate (excluding fees) were $118 million and 1.07%, 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 securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

9 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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


		20

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Notes to Financial Statements — continued

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

At October 31, 2016, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks
Consumer Discretionary	$	30,927,351	$	12,195,863		$	—	$	43,123,214
Consumer Staples		19,223,237		12,701,969			—		31,925,206
Energy		18,487,353		3,757,219			—		22,244,572
Financials		30,899,252		21,713,630			—		52,612,882
Health Care		35,491,083		7,575,861			—		43,066,944
Industrials		25,889,469		23,882,011			—		49,771,480
Information Technology		34,420,045		12,575,532			—		46,995,577
Materials		5,250,817		4,743,745			—		9,994,562
Real Estate		7,720,587		—			—		7,720,587
Telecommunication Services		—		9,576,157			—		9,576,157
Utilities		10,891,886		2,092,340			—		12,984,226

Total Common Stocks	$	219,201,080	$	110,814,327	*	$	—	$	330,015,407

Preferred Stocks
Consumer Staples	$	—	$	2,900,801		$	—	$	2,900,801
Energy		1,258,424		—			—		1,258,424
Financials		20,637,947		6,312,351			—		26,950,298
Industrials		753,341		—			—		753,341
Real Estate		2,311,923		—			—		2,311,923
Utilities		3,147,588		—			—		3,147,588

Total Preferred Stocks	$	28,109,223	$	9,213,152		$	—	$	37,322,375

Corporate Bonds & Notes	$	—	$	49,827,548		$	—	$	49,827,548
Exchange-Traded Funds		10,211,716		—			—		10,211,716
Short-Term Investments		—		6,228,800			—		6,228,800

Total Investments	$	257,522,019	$	176,083,827		$	—	$	433,605,846

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

The Fund held no investments or other financial instruments as of October 31, 2015 whose fair value was determined using Level 3 inputs. At October 31, 2016, investments having a value of $11,686,306 at October 31, 2015 were transferred from Level 2 to Level 1 during the year then ended. The change in level designation is due to the availability of closing prices on an exchange for certain preferred equity securities.


		21

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the “Fund”), including the portfolio of investments, as of October 31, 2016, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2016, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 16, 2016


		22

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2017 will show the tax status of all distributions paid to your account in calendar year 2016. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Dividend Income. For the fiscal year ended October 31, 2016, the Fund designates approximately $13,313,936, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2016 ordinary income dividends, 62.44% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2016, $18,320,609 or, if subsequently determined to be different, the net capital gain of such year.


		23

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Dividend Reinvestment Plan

The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (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, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV 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 NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by AST, the Plan agent (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 the Fund’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Fund. Plan participants 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 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 Agent to sell part or all of his or her Shares and remit the proceeds, the 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 Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.


		24

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

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

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, LLC

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 closed-end management investment company and has no employees.

Number of Shareholders

As of October 31, 2016, Fund records indicate that there are 9 registered shareholders and approximately 12,292 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

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

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is ETO.


		25

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Management and Organization

Fund Management. The Trustees of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the Fund) are responsible for the overall management and supervision of the Fund’s affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 176 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.


Name and Year of Birth	Position(s) with the Fund	Term Expiring; Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee

Thomas E. Faust Jr. 1958	Class II Trustee	Until 2018. Trustee since 2007.	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 176 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Fund. Directorships in the Last Five Years.⁽²⁾ Director of EVC and Hexavest Inc. (investment management firm).


Noninterested Trustees

Scott E. Eston 1956	Class I Trustee	Until 2017. Trustee since 2011.	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., LLC (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand LLP (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance funds effective September 30, 2017. Directorships in the Last Five Years.⁽²⁾ None.

Mark R. Fetting⁽³⁾ 1954	Class II Trustee	Until 2018. Trustee since 2016.	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).

Cynthia E. Frost 1961	Class I Trustee	Until 2017. Trustee since 2014.	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.

George J. Gorman 1952	Class III Trustee	Until 2019. Trustee since 2014.	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).


		26

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Management and Organization — continued


Name and Year of Birth	Position(s) with the Fund	Term Expiring; Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)

Valerie A. Mosley 1960	Class I Trustee	Until 2017. Trustee since 2014.	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.⁽²⁾ Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

William H. Park 1947	Chairperson of the Board and Class II Trustee	Until 2018. Chairperson of the Board since 2016 and Trustee since 2003.	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.⁽²⁾ None.

Helen Frame Peters 1948	Class III Trustee	Until 2019. Trustee since 2008.	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.⁽²⁾ Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Susan J. Sutherland 1957	Class III Trustee	Until 2019. Trustee since 2015.	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Harriett Tee Taggart 1948	Class II Trustee	Until 2018. Trustee since 2011.	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.⁽²⁾ Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni 1943	Class III Trustee	Until 2019. Trustee since 2005.	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (financial services cooperative) (2002-2006). Consistent with the Trustee retirement policy, Mr. Verni is currently expected to retire as a Trustee of all Eaton Vance funds effective July 1, 2017. Directorships in the Last Five Years.⁽²⁾ None.


		27

Eaton Vance

Tax-Advantaged Global Dividend Opportunities Fund

October 31, 2016

Management and Organization — continued


Name and Year of Birth	Position(s) with the Fund	Term Expiring; Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)

Scott E. Wennerholm⁽³⁾ 1959	Class I Trustee	Until 2017. Trustee since 2016.	Consultant at GF Parish Group (executive recruiting firm). Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.


Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Fund	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years
Michael A. Allison 1964	President	2015	Vice President of EVM and BMR.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.

Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾

Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

⁽²⁾

During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾	Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

⁽⁴⁾	Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.


		28

Eaton Vance Funds

IMPORTANT NOTICES

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

•

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

•

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

•

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

•

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

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

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

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

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

Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.


		29

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Management (International) Limited

125 Old Broad St.

London, EC2N 1AR

United Kingdom

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15^th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

2159 10.31.16

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. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee of its conclusion that, in light of the facts surrounding its lending relationships, D&T’s objectivity and impartiality in the planning and conduct of the audits of the Funds financial statements will not be compromised, D&T is in a position to continue as the auditor for the Funds and no actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to the auditor independence issue described above. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. After giving consideration to the guidance provided in the No-Action Letter, D&T affirmed to the Audit Committee that D&T is an independent accountant with respect to the Funds within the meaning of the rules and standards of the PCAOB and the securities laws and regulations administered by the SEC. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

(a) –(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2015 and October 31, 2016 by D&T for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.


Fiscal Years Ended	10/31/15		10/31/16
Audit Fees	$	48,560	$	49,127
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,402	$	13,016
All Other Fees⁽³⁾	$	0	$	0

Total	$	59,962	$	62,143

⁽¹⁾	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2015 and October 31, 2016; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.


Fiscal Years Ended	10/31/15		10/31/16
Registrant	$	11,402	$	13,016
Eaton Vance⁽¹⁾	$	46,000	$	56,434

⁽¹⁾	The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. Ralph F. Verni (Chair), Scott E. Eston, George J. Gorman, William H. Park and Scott E. Wennerholm are the members of the registrant’s audit committee.

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 Special Committee except as contemplated under the Fund Policy. The Board’s Special 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 them 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 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 personnel 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 Special 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

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Fund and Eaton Vance Management (International) Limited (“EVMI”) is the sub-adviser of the Fund. Michael A. Allison, John H. Croft and Christopher M. Dyer comprise the investment team responsible for the overall and day-to-day management of the Fund’s investments.

Mr. Allison is a Vice President of EVM, is a member of EVM’s Equity Strategy Committee and has been a portfolio manager of the Fund since November 2013. Mr. Croft is a Vice President of EVM and has been a portfolio manager of the Fund since March 2010. Messrs. Allison and Croft have managed other Eaton Vance portfolios for more than five years. Mr. Dyer is a Vice President of EVMI, is the Director of Global Equity for the Eaton Vance organization and has been a portfolio manager of the Fund since September 2015. Prior to joining EVMI in 2015, Mr. Dyer was Head of European Equity for Goldman Sachs Asset Management (GSAM), where he was affiliated since 2001. This information is provided as of the date of filing this report.

The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.


	Number of All Accounts		Total Assets of All Accounts			Number of Accounts Paying a Performance Fee		Total Assets of Accounts Paying a Performance Fee
Michael A. Allison
Registered Investment Companies		15	$	24,462.1			0	$	0
Other Pooled Investment Vehicles		14	$	11,425.5	⁽¹⁾		0	$	0
Other Accounts		12	$	36.3			0	$	0

John H. Croft
Registered Investment Companies		8	$	4,815.8			0	$	0
Other Pooled Investment Vehicles		0	$	0			0	$	0
Other Accounts		58	$	1,535.5	⁽²⁾		0	$	0

Christopher M. Dyer
Registered Investment Companies		8	$	5,578.6			0	$	0
Other Pooled Investment Vehicles		0	$	0			0	$	0
Other Accounts		3	$	5.0			0	$	0

⁽¹⁾	Certain of these “Other Pooled Investment Vehicles” invest a substantial portion of their assets either in a registered investment company or in a separate pooled investment vehicle managed by this portfolio manager or another Eaton Vance portfolio manager.

⁽²⁾	For “Other Accounts” that are part of a wrap account program, the number of accounts is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer accounts within each wrap account program.

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.


Portfolio Manager		Dollar Range of Equity Securities Beneficially Owned in the Fund
Michael A. Allison		$1 - $10,000
John H. Croft		$10,001 - $50,000
Christopher M. Dyer		None

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate EVM or EVMI based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. EVM and EVMI have adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern EVM’s and EVMI’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

Compensation Structure for EVM and EVMI

Compensation of EVM’s and EVMI’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of Eaton Vance Corp.’s (“EVC’s”) nonvoting common stock and restricted shares of EVC’s nonvoting common stock. EVM’s and EVMI’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s and EVMI’s employees. Compensation of EVM’s and EVMI’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM and EVMI compensate its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio (Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s and EVMI’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. A portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash bonus to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

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

No such purchases this period.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits



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

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

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

(b)		Combined Section 906 certification.

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

Signatures

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

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund


By:		/s/ Michael A. Allison
		Michael A. Allison
		President

Date:		December 16, 2016

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


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		December 16, 2016

By:		/s/ Michael A. Allison
		Michael A. Allison
		President

Date:		December 16, 2016