Eaton Vance Tax-Advantaged Global Dividend Opportu
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
(registrants Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2009
Date of Reporting Period
Eaton Vance Investment Mangers
Semiannual Report April 30, 2009
EATON VANCE
TAX-ADVANTAGED
GLOBAL
DIVIDEND
OPPORTUNITIES
FUND |
IMPORTANT
NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed
to ensuring your financial privacy. Each of the financial
institutions identified below has in effect the following policy
(Privacy Policy) with respect to nonpublic personal
information about its customers:
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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.
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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 customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
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Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
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We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Policy periodically for changes by accessing the link on our
homepage: www.eatonvance.com.
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Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Boston
Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton
Vance customers who are individuals and who have a direct
relationship with us. If a customers account (i.e., fund
shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such
advisers privacy policies apply to the customer. This
notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vances Privacy Policy,
please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities
and Exchange Commission (the SEC) permits funds to
deliver only one copy of shareholder documents, including
prospectuses, proxy statements and shareholder reports, to fund
investors with multiple accounts at the same residential or post
office box address. This practice is often called
householding and it helps eliminate duplicate
mailings to shareholders.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be
householded, please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser.
Your instructions that householding not apply to delivery of
your Eaton Vance documents will be effective within 30 days
of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its
underlying Portfolio (if applicable) will file a schedule of its
portfolio holdings on Form N-Q with the SEC for the first
and third quarters of each fiscal year. The Form N-Q will
be available on the Eaton Vance website www.eatonvance.com, by
calling Eaton Vance at 1-800-262-1122 or in the EDGAR database
on the SECs website at www.sec.gov. Form N-Q may also
be reviewed and copied at the SECs public reference room
in Washington, D.C. (call 1-800-732-0330 for information on the
operation of the public reference room).
Proxy Voting. From time to time, funds are required
to vote proxies related to the securities held by the funds. The
Eaton Vance Funds or their underlying Portfolios (if applicable)
vote proxies according to a set of policies and procedures
approved by the Funds and Portfolios Boards. You may
obtain a description of these policies and procedures and
information on how the Funds or Portfolios voted proxies
relating to portfolio securities during the most recent
12 month period ended June 30, without charge, upon
request, by calling
1-800-262-1122.
This description is also available on the SECs website at
www.sec.gov.
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
INVESTMENT UPDATE
Economic and Market Conditions
Aamer Khan, CFA
Co-Portfolio Manager
Martha Locke, CFA
Co-Portfolio Manager
Thomas H. Luster, CFA
Co-Portfolio Manager
Judith A. Saryan, CFA
Co-Portfolio Manager
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U.S. and European stocks rallied in the later
stages of the six-month period that ended April 30,
2009. After the worst January in history
and a dismal February, the battered
equity markets, as measured by the
Standard & Poors 500 Index (S&P 500)
and the FTSE Eurotop 100 Index,
exhibited renewed life in March and
April. Much of the momentum was
spurred by the global efforts to help
banks eliminate illiquid assets and
revive credit. However, the rally was
not enough to prevent stocks from
posting negative returns for the
six-month period overall, as the S&P
500 fell 8.52% and the FTSE Eurotop
100 Index lost a more modest 1.75%. |
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Overall, growth stocks
outperformed value stocks for the
period, reversing the trend of 2008.
As investors grew less risk-averse
against a more positive economic
backdrop, they migrated from the
traditional value sectors of
financials and consumer staples to
such growth areas as information
technology and consumer discretionary. |
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The U.S. economy, as measured
by gross domestic product (GDP),
continued to contract during the
period, declining 6.3% (annualized)
in the fourth quarter of 2008 and
5.7% (annualized) in the first
quarter of 2009, according to the
U.S. Department of Commerce. Most of
the major GDP components contributed
to the decline, but a sharp downturn
in consumer spending was
particularly influential. This same
slowdown had a negative effect on
other economies, as world trade and
import/export activity declined
considerably. |
Past performance is no guarantee of future results.
Returns are historical and are calculated by
determining the percentage change in net asset value
or share price (as applicable) with all distributions
reinvested. The Funds performance at market share
price will differ from its results at NAV. Although
share price performance generally reflects investment
results over time, during shorter periods, returns at
share price can also be affected by factors such as
changing perceptions about the Fund, market
conditions, fluctuations in supply and demand for the
Funds shares, or changes in Fund distributions.
Investment return and principal value will fluctuate
so that shares, when sold, may be worth more or less
than their original cost. Performance is for the
stated time period only; due to market volatility, the
Funds current performance may be lower or higher than
the quoted return. For performance as of the most
recent month end, please refer to www.eatonvance.com.
Management Discussion
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The Fund is a closed-end fund and trades on the
New York Stock Exchange under the symbol ETO.
Although posting a negative return, the Fund
outperformed the Russell 1000 Value Index (the Index)
for the six months that ended April 30,
2009.1 |
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Among the Funds common stock holdings, the
most-significant contributions to performance came from
stocks in the financials, materials and energy sectors.
In financials, the Fund was underweighted in several
industries that performed poorly, thus benefiting
relative performance. Most notable were the Funds
limited holdings in diversified financials and commercial
banks, where quality dividend investing became scarce.
Stock selection within the materials sector also helped
performance. Relative to the Index, higher allocations in
the metals & mining industry and more exposure
to the chemical industry contributed positively to Fund
performance. Similarly, the Funds exposure to the energy
sector benefited from overweighting the oil, gas and
energy equipment industries relative to the Index. |
Eaton Vance Tax-advantaged Global Dividend Opportunities Fund
Total Return Performance 10/31/08 4/30/09
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NYSE Symbol |
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ETO |
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At Net Asset Value (NAV)2 |
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-10.50 |
% |
At Share Price2 |
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-10.84 |
% |
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Russell 1000 Value Index1 |
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-13.27 |
% |
Merrill Lynch Fixed Rate Preferred Stock Index1 |
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-11.62 |
% |
Lipper Global Funds Average (at NAV)1 |
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-1.72 |
% |
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Premium/(Discount) to NAV (4/30/09) |
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-17.00 |
% |
Total Distributions per share |
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$ |
0.826 |
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Distribution Rate3 |
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At NAV |
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9.23 |
% |
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At Share Price |
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11.11 |
% |
See page 3 for more performance information.
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1 |
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It is not possible to invest directly in an Index or
a Lipper Classification. The Indices total returns do
not reflect commissions or expenses that would have
been incurred if an investor individually purchased or
sold the securities represented in the Indices. Unlike
the Fund, an Indexs return does not reflect the
effect of leverage. The Lipper total return is the average total return,
at net asset value, of the funds that are in the same
Lipper Classification as the Fund. |
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Performance results reflect the effects of leverage. |
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3 |
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The Distribution Rate is based on the
Funds most recent monthly distribution per share
(annualized) divided by the Funds NAV or share price
at the end of the period. The Funds monthly
distributions may be comprised of ordinary income, net
realized capital gains and return of capital. |
Fund shares are not insured by the FDIC and are not
deposits or other obligations of, or guaranteed by,
any depository institution. Shares are subject to
investment risks, including possible loss of
principal invested.
1
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
INVESTMENT UPDATE
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Limiting relative performance during the past six months
were the Funds common stock holdings in the
telecommunication services sector. Specifically,
wireless telecommunications underperformed and the
Fund had more exposure to this industry than the
Index. |
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As of April 30, 2009, the Fund had approximately 13%
of total investments in preferred stocks, which were
affected by the crisis in the financial sector and the
resulting severe economic slowdown. Nevertheless,
preferred stocks showed significant signs of recovery
recently. Preferred stocks rallied strongly during the
last two months of the semiannual period as a result of
forceful steps the government took to deal with systemic
financial risk and bank capital adequacy. Many banks
expressed interest in repaying government capital support
and even raised private capital without government
backing. Not surprisingly, preferred stock prices began
to rise, volatility fell, and liquidity and investor
interest returned to the sector in a substantial way.
While returns were generally negative for the six-month
period, the Funds preferred stock holdings significantly
outperformed the Merrill Lynch Fixed Rate Preferred Stock
Index, an unmanaged, broad-based index of preferred
stocks.1 |
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Based on the Funds objective of
providing a high level of after-tax total return, which
consists primarily of tax-favored dividend income and
capital appreciation, the Fund was invested primarily in
securities that generated a relatively high level of
qualified dividend income (QDI). The Funds investments
in preferred stocks and, within the common stock
portfolio, its exposure to the energy, materials and
industrials sectors, all contributed to the Funds QDI
for the period. |
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The portfolio managers believe that U.S. and global
companies are in the process of transitioning from a
20-year-plus cycle of disinflation to a new cycle of
generally rising inflation. To take advantage of the
potential effects of rising inflation, a portion of the
Funds assets are generally invested in hard asset
stocks companies with significant assets such as
plant, equipment and land on their balance sheets, as
well as companies with increased commodity exposure
including those in the materials and industrials
sectors. |
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Beginning with the January 2009 distribution, the
Funds monthly distribution rate was reduced from
$0.1795 to $0.1167. The adjustment to the Funds monthly
distribution rate primarily reflects the reduced amount
of dividend income the Fund expects to receive due to
the impact of the ongoing financial crisis on corporate dividend rates. It also
reflects, to a lesser extent, the increased costs of
implementing the Funds dividend capture trading
strategy, which can expose the Fund to increased trading
costs and greater potential for capital loss or gain.
Since the Funds inception, the Fund increased its
monthly distribution rate at least six times and made at
least two special distributions. At the current
distribution level, the Funds monthly distribution is
above its initial level. As portfolio and market
conditions change, the rate of distributions on the
Funds shares could change. |
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As of April 30, 2009, the Fund had leverage in
the amount of 27% of the Funds total assets. The
Fund employs leverage through debt financing. Use of financial leverage creates an opportunity for
increased income but, at the same time, creates special
risks (including the likelihood of greater volatility
of net asset value and market price of common shares).
The cost of the Funds leverage rises and falls with
changes in short-term interest rates.2 |
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As always, we thank you for your
continued confidence and participation in the
Fund. |
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1 |
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It is not possible to invest directly in an Index. |
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2 |
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In the event of a rise in long-term
interest rates, the value of the Funds
portfolio could decline, which would
reduce the asset coverage for its debt
financing. |
The views expressed throughout this report are those
of the portfolio managers and are current only
through the end of the period of the report as stated
on the cover. These views are subject to change at
any time based upon market or other conditions, and
the investment adviser disclaims any responsibility
to update such views. These views may not be relied
on as investment advice and, because investment
decisions for a fund are based on many factors, may
not be relied on as an indication of trading intent
on behalf of any Eaton Vance fund. Portfolio
information provided in the report may not be
representative of the Funds current or future
investments and may change due to active management.
2
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of April 30, 2009
FUND PERFORMANCE
Performance1
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NYSE Symbol |
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ETO |
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Average Annual Total Returns (at share price, New York Stock Exchange) |
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Six Months |
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-10.84 |
% |
One Year |
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-55.18 |
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Five Years |
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-1.57 |
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Life of Fund (4/30/04) |
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-0.66 |
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Average Annual Total Returns (at net asset value) |
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Six Months |
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-10.50 |
% |
One Year |
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-50.88 |
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Five Years |
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3.18 |
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Life of Fund (4/30/04) |
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3.11 |
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1 |
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Performance results reflect the effects of leverage. |
Past performance is no guarantee of future
results. Returns are historical and are calculated
by determining the percentage change in net asset
value or share price (as applicable) with all
distributions reinvested. The Funds performance
at market share price will differ from its results
at NAV. Although share price performance generally
reflects investment results over time, during
shorter periods, returns at share price can also
be affected by factors such as changing
perceptions about the Fund, market conditions,
fluctuations in supply and demand for the Funds
shares, or changes in Fund distributions.
Investment return and principal value will
fluctuate so that shares, when sold, may be worth
more or less than their original cost. Performance
is for the stated time period only; due to market
volatility, the Funds current performance may be
lower or higher than the quoted return. For
performance as of the most recent month end,
please refer to www.eatonvance.com.
Fund Composition
Top Ten Common Stock Holdings2
By total investments
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International Business Machines Corp. |
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3.4 |
% |
Sanofi-Aventis SA |
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3.1 |
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Chevron Corp. |
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3.1 |
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Nestle SA ADR |
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2.7 |
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Total SA ADR |
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2.6 |
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StatoilHydro ASA |
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2.6 |
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Companhia Vale do Rio Doce ADR |
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2.6 |
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Enbridge, Inc. |
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2.5 |
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Vivendi SA |
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2.4 |
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Siemens AG |
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2.1 |
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2 |
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Top Ten Common Stock Holdings
represented 27.1% of the Funds total
investments as of 4/30/09. Excludes cash
equivalents. |
Equity Sector Weightings3
By total investments
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3 |
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As a percentage of the Funds
total investments as of 4/30/09.
Excludes cash equivalents. |
3
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
PORTFOLIO OF
INVESTMENTS (Unaudited)
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Common
Stocks(1) 107.0%
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Security
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Shares
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Value
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Air
Freight & Logistics 2.1%
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Deutsche Post AG
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410,000
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$
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4,730,494
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$
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4,730,494
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Airlines 2.2%
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Deutsche Lufthansa AG
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380,000
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$
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4,847,546
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$
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4,847,546
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Chemicals 4.5%
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BASF AG(2)
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135,000
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$
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5,094,574
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Potash Corp. of Saskatchewan, Inc.
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55,000
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4,756,950
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$
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9,851,524
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Commercial
Banks 2.2%
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Wells Fargo & Co.
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240,000
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$
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4,802,400
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$
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4,802,400
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Commercial
Services & Supplies 1.7%
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Waste Management, Inc.
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138,000
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$
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3,680,460
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$
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3,680,460
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Computers
& Peripherals 4.7%
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International Business Machines Corp.
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100,000
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$
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10,321,000
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$
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10,321,000
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Diversified
Telecommunication Services 11.0%
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AT&T, Inc.
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230,000
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$
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5,892,600
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Belgacom SA
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150,000
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4,360,155
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Deutsche Telekom AG
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400,000
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4,837,254
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Portugal Telecom SGPS SA
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300,000
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2,287,495
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Telefonos de Mexico SA de CV ADR
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200,000
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3,200,000
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Telstra Corp., Ltd.
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1,500,000
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3,623,868
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$
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24,201,372
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Electric
Utilities 7.4%
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E.ON AG
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145,000
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$
|
4,903,458
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Endesa SA
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80,000
|
|
|
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1,720,268
|
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|
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Entergy Corp.
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75,000
|
|
|
|
4,857,750
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|
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Fortum Oyj
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240,000
|
|
|
|
4,840,849
|
|
|
|
|
|
|
|
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|
$
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16,322,325
|
|
|
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Energy
Equipment & Services 5.4%
|
|
Diamond Offshore Drilling, Inc.
|
|
|
80,000
|
|
|
$
|
5,792,800
|
|
|
|
Halliburton Co.
|
|
|
300,000
|
|
|
|
6,066,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,858,800
|
|
|
|
|
|
|
|
Food
Products 5.2%
|
|
Nestle SA ADR
|
|
|
250,000
|
|
|
$
|
8,112,500
|
|
|
|
Parmalat SpA
|
|
|
1,750,000
|
|
|
|
3,475,710
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,588,210
|
|
|
|
|
|
|
|
Gas
Utilities 1.2%
|
|
GDF Suez
|
|
|
75,000
|
|
|
$
|
2,693,568
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,693,568
|
|
|
|
|
|
|
|
Health
Care Providers & Services 2.2%
|
|
Fresenius Medical Care AG & Co. KGaA
|
|
|
125,000
|
|
|
$
|
4,850,774
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,850,774
|
|
|
|
|
|
|
|
Household
Products 2.1%
|
|
Kimberly-Clark de Mexico SA de CV
|
|
|
1,250,000
|
|
|
$
|
4,558,706
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,558,706
|
|
|
|
|
|
|
|
Industrial
Conglomerates 2.9%
|
|
Siemens AG
|
|
|
95,000
|
|
|
$
|
6,387,306
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,387,306
|
|
|
|
|
|
|
|
Insurance 3.7%
|
|
Aviva PLC
|
|
|
634,830
|
|
|
$
|
2,922,772
|
|
|
|
Travelers Companies, Inc. (The)
|
|
|
127,000
|
|
|
|
5,224,780
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,147,552
|
|
|
|
|
|
|
|
Media 7.2%
|
|
Time Warner, Inc.
|
|
|
160,000
|
|
|
$
|
3,492,800
|
|
|
|
Vivendi SA
|
|
|
275,000
|
|
|
|
7,394,489
|
|
|
|
Wolters Kluwer NV
|
|
|
300,000
|
|
|
|
4,936,680
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,823,969
|
|
|
|
|
|
|
|
Metals
& Mining 6.3%
|
|
BHP Billiton, Ltd. ADR
|
|
|
130,000
|
|
|
$
|
6,258,200
|
|
|
|
Companhia Vale do Rio Doce ADR
|
|
|
470,000
|
|
|
|
7,759,700
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,017,900
|
|
|
|
|
|
|
See
notes to financial statements
4
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels 19.6%
|
|
Chevron Corp.
|
|
|
140,000
|
|
|
$
|
9,254,000
|
|
|
|
Enbridge, Inc.
|
|
|
242,200
|
|
|
|
7,471,870
|
|
|
|
Exxon Mobil Corp.
|
|
|
72,000
|
|
|
|
4,800,240
|
|
|
|
Occidental Petroleum Corp.
|
|
|
105,000
|
|
|
|
5,910,450
|
|
|
|
StatoilHydro ASA
|
|
|
425,000
|
|
|
|
7,920,936
|
|
|
|
Total SA ADR
|
|
|
160,000
|
|
|
|
7,955,200
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,312,696
|
|
|
|
|
|
|
|
Pharmaceuticals 10.2%
|
|
Bristol-Myers Squibb Co.
|
|
|
300,000
|
|
|
$
|
5,760,000
|
|
|
|
Pfizer, Inc.
|
|
|
165,000
|
|
|
|
2,204,400
|
|
|
|
Roche Holding AG
|
|
|
40,000
|
|
|
|
5,044,165
|
|
|
|
Sanofi-Aventis SA
|
|
|
165,000
|
|
|
|
9,555,494
|
|
|
|
|
|
|
|
|
|
|
|
$
|
22,564,059
|
|
|
|
|
|
|
|
Textiles,
Apparel & Luxury Goods 2.7%
|
|
VF Corp.
|
|
|
100,000
|
|
|
$
|
5,927,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,927,000
|
|
|
|
|
|
|
|
Tobacco 2.5%
|
|
Philip Morris International, Inc.
|
|
|
150,000
|
|
|
$
|
5,430,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,430,000
|
|
|
|
|
|
|
|
|
Total
Common Stocks
|
|
|
(identified
cost $211,935,609)
|
|
$
|
235,917,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Stocks 17.7%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Commercial
Banks 7.8%
|
|
Abbey National Capital Trust I,
8.963%(3)
|
|
|
1,000
|
|
|
$
|
666,862
|
|
|
|
ABN AMRO North America Capital Funding Trust,
6.968%(3)(4)
|
|
|
950
|
|
|
|
277,875
|
|
|
|
Barclays Bank PLC,
8.55%(3)(4)
|
|
|
2,500
|
|
|
|
1,367,950
|
|
|
|
BBVA International SA Unipersonal,
5.919%(1)(3)
|
|
|
1,000
|
|
|
|
487,730
|
|
|
|
BNP Paribas,
7.195%(3)(4)
|
|
|
25
|
|
|
|
1,686,982
|
|
|
|
BNP Paribas Capital Trust,
9.003%(3)(4)
|
|
|
4,000
|
|
|
|
2,402,020
|
|
|
|
Credit Agricole SA/London,
6.637%(3)(4)
|
|
|
1,100
|
|
|
|
583,735
|
|
|
|
DB Contingent Capital Trust II,
6.55%(1)
|
|
|
25,000
|
|
|
|
336,750
|
|
|
|
Den Norske Bank,
7.729%(3)(4)
|
|
|
3,600
|
|
|
|
2,200,388
|
|
|
|
HSBC Capital Funding LP,
9.547%(3)(4)
|
|
|
1,000
|
|
|
|
812,311
|
|
|
|
JPMorgan Chase & Co.,
7.90%(3)
|
|
|
2,500
|
|
|
|
1,907,010
|
|
|
|
Landsbanki Islands HF,
7.431%(3)(4)(5)
|
|
|
2,150
|
|
|
|
1,290
|
|
|
|
Lloyds Banking Group PLC,
6.657%(3)(4)
|
|
|
1,900
|
|
|
|
636,434
|
|
|
|
PNC Financial Services Group, Inc.,
9.875%(3)
|
|
|
90,000
|
|
|
|
1,930,500
|
|
|
|
Royal Bank of Scotland Group PLC,
7.25%(1)
|
|
|
26,852
|
|
|
|
233,881
|
|
|
|
Royal Bank of Scotland Group PLC,
7.64%(3)
|
|
|
9
|
|
|
|
272,954
|
|
|
|
Santander Finance Unipersonal,
6.50%(1)
|
|
|
58,500
|
|
|
|
876,915
|
|
|
|
Standard Chartered PLC,
6.409%(3)(4)
|
|
|
11
|
|
|
|
621,454
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17,303,041
|
|
|
|
|
|
|
|
Diversified
Financial Services 1.0%
|
|
Bank of America Corp., 6.625%
|
|
|
46,000
|
|
|
$
|
571,780
|
|
|
|
Bank of America Corp., 6.70%
|
|
|
58,000
|
|
|
|
675,700
|
|
|
|
CoBank, ACB, 11.00%
|
|
|
20,000
|
|
|
|
879,850
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,127,330
|
|
|
|
|
|
|
|
Food
Products 0.5%
|
|
Dairy Farmers of America,
7.875%(4)
|
|
|
18,500
|
|
|
$
|
1,014,610
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,014,610
|
|
|
|
|
|
|
|
Insurance 5.9%
|
|
Aegon NV,
6.375%(1)
|
|
|
95,000
|
|
|
$
|
907,250
|
|
|
|
Arch Capital Group, Ltd., Series B,
7.875%(1)
|
|
|
15,000
|
|
|
|
288,450
|
|
|
|
AXA SA,
6.379%(3)(4)
|
|
|
500
|
|
|
|
211,868
|
|
|
|
AXA SA,
6.463%(3)(4)
|
|
|
4,400
|
|
|
|
1,867,228
|
|
|
|
Endurance Specialty Holdings, Ltd.,
7.75%(1)
|
|
|
14,750
|
|
|
|
236,738
|
|
|
|
ING Capital Funding Trust III,
8.439%(3)
|
|
|
1,200
|
|
|
|
550,088
|
|
|
|
ING Groep NV,
8.50%(1)
|
|
|
100,000
|
|
|
|
1,413,000
|
|
|
|
MetLife, Inc.,
6.50%(1)
|
|
|
100,000
|
|
|
|
1,830,000
|
|
|
|
PartnerRe, Ltd.,
6.50%(1)
|
|
|
20,000
|
|
|
|
357,200
|
|
|
|
Prudential PLC, 6.50%
|
|
|
2,600
|
|
|
|
1,369,911
|
|
|
|
RenaissanceRe Holdings, Ltd.,
6.08%(1)
|
|
|
113,000
|
|
|
|
1,812,520
|
|
|
|
Zurich Regcaps Fund Trust VI,
1.802%(3)(4)
|
|
|
2,500
|
|
|
|
2,052,344
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,896,597
|
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels 2.5%
|
|
Kinder Morgan GP, Inc.,
8.33%(3)(4)
|
|
|
5,000
|
|
|
$
|
5,583,125
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,583,125
|
|
|
|
|
|
|
|
|
Total
Preferred Stocks
|
|
|
(identified
cost $60,853,672)
|
|
$
|
38,924,703
|
|
|
|
|
|
See
notes to financial statements
5
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
& Notes 4.5%
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Agriculture 0.4%
|
|
$
|
1,000
|
|
|
Bunge Ltd. Finance Corp., 5.10%, 7/15/15
|
|
$
|
870,565
|
|
|
|
|
|
|
|
|
|
|
|
$
|
870,565
|
|
|
|
|
|
|
|
Broadcasting
and Cable 0.5%
|
|
$
|
1,000
|
|
|
Time Warner Cable, Inc., 8.75%, 2/14/19
|
|
$
|
1,126,070
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,126,070
|
|
|
|
|
|
|
|
Energy 0.5%
|
|
$
|
1,000
|
|
|
Energy Transfer Partners LP, Sr. Notes, 9.70%, 3/15/19
|
|
$
|
1,112,681
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,112,681
|
|
|
|
|
|
|
|
Foods-Retail 0.9%
|
|
$
|
1,000
|
|
|
Safeway, Inc., Sr. Notes, 6.25%, 3/15/14
|
|
$
|
1,063,860
|
|
|
|
|
1,000
|
|
|
Yum! Brands, Inc., 6.875%, 11/15/37
|
|
|
871,848
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,935,708
|
|
|
|
|
|
|
|
Metals
and Mining 0.4%
|
|
$
|
775
|
|
|
BHP Billiton Finance USA, Ltd., 5.40%, 3/29/17
|
|
$
|
771,436
|
|
|
|
|
|
|
|
|
|
|
|
$
|
771,436
|
|
|
|
|
|
|
|
Oil
and Gas-Equipment and Services 0.4%
|
|
$
|
1,000
|
|
|
Transocean, Inc., Sr. Notes, 6.00%, 3/15/18
|
|
$
|
990,517
|
|
|
|
|
|
|
|
|
|
|
|
$
|
990,517
|
|
|
|
|
|
|
|
Retail-Drug
Stores 0.5%
|
|
$
|
1,000
|
|
|
CVS Caremark Corp., Sr. Notes, 5.75%, 6/1/17
|
|
$
|
1,006,683
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,006,683
|
|
|
|
|
|
|
|
Tobacco 0.5%
|
|
$
|
1,000
|
|
|
Altria Group Inc., 9.95%, 11/10/38
|
|
$
|
1,100,465
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,100,465
|
|
|
|
|
|
|
Utilities 0.4%
|
|
$
|
1,000
|
|
|
Georgia Power Co., Sr. Notes, 5.95%, 2/1/39
|
|
$
|
989,299
|
|
|
|
|
|
|
|
|
|
|
|
$
|
989,299
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds & Notes
|
|
|
(identified
cost $9,685,337)
|
|
$
|
9,903,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 8.3%
|
|
|
|
Interest
|
|
|
|
|
|
|
Description
|
|
(000s
omitted)
|
|
|
Value
|
|
|
|
|
|
Cash Management Portfolio,
0.13%(6)
|
|
$
|
18,382
|
|
|
$
|
18,382,145
|
|
|
|
|
|
|
|
|
Total
Short-Term Investments
|
|
|
(identified
cost $18,382,145)
|
|
$
|
18,382,145
|
|
|
|
|
|
|
|
|
Total
Investments 137.5%
|
|
|
(identified
cost $300,856,763)
|
|
$
|
303,127,933
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (37.5)%
|
|
$
|
(82,660,725
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets 100.0%
|
|
$
|
220,467,208
|
|
|
|
|
|
ADR - American Depository Receipt
|
|
|
(1)
|
|
Security has been segregated as collateral with the custodian
for borrowings under the Committed Facility Agreement. |
|
(2)
|
|
Non-income producing security. |
|
(3)
|
|
Variable rate security. The stated interest rate represents the
rate in effect at April 30, 2009. |
|
(4)
|
|
Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At April 30, 2009, the aggregate
value of the securities is $21,319,614 or 9.7% of the
Funds net assets. |
|
(5)
|
|
Defaulted security. |
|
(6)
|
|
Affiliated investment company available to Eaton Vance
portfolios and funds which invests in high quality, U.S. dollar
denominated money market instruments. The rate shown is the
annualized seven-day yield as of April 30, 2009. |
See
notes to financial statements
6
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
PORTFOLIO OF
INVESTMENTS (Unaudited) CONTD
|
|
|
|
|
|
|
|
|
|
|
Country
Concentration of Portfolio
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Country
|
|
Total
Investments
|
|
|
Value
|
|
|
|
|
|
United States
|
|
|
45.4
|
%
|
|
$
|
137,631,730
|
|
|
|
Germany
|
|
|
11.8
|
|
|
|
35,651,406
|
|
|
|
France
|
|
|
10.5
|
|
|
|
31,948,564
|
|
|
|
Switzerland
|
|
|
4.3
|
|
|
|
13,156,665
|
|
|
|
Canada
|
|
|
4.0
|
|
|
|
12,228,820
|
|
|
|
Australia
|
|
|
3.5
|
|
|
|
10,653,503
|
|
|
|
Norway
|
|
|
3.3
|
|
|
|
10,121,324
|
|
|
|
United Kingdom
|
|
|
2.7
|
|
|
|
8,237,666
|
|
|
|
Brazil
|
|
|
2.6
|
|
|
|
7,759,700
|
|
|
|
Mexico
|
|
|
2.6
|
|
|
|
7,758,706
|
|
|
|
Netherlands
|
|
|
2.4
|
|
|
|
7,256,930
|
|
|
|
Finland
|
|
|
1.6
|
|
|
|
4,840,849
|
|
|
|
Belgium
|
|
|
1.4
|
|
|
|
4,360,155
|
|
|
|
Italy
|
|
|
1.2
|
|
|
|
3,475,710
|
|
|
|
Spain
|
|
|
0.9
|
|
|
|
2,597,183
|
|
|
|
Portugal
|
|
|
0.8
|
|
|
|
2,287,495
|
|
|
|
Bermuda
|
|
|
0.7
|
|
|
|
2,169,720
|
|
|
|
Cayman Islands
|
|
|
0.3
|
|
|
|
990,517
|
|
|
|
Iceland
|
|
|
0.0
|
|
|
|
1,290
|
|
|
|
|
|
Total Investments
|
|
|
100.0
|
%
|
|
$
|
303,127,933
|
|
|
|
|
|
See
notes to financial statements
7
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
FINANCIAL
STATEMENTS (Unaudited)
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
As of
April 30, 2009
|
|
|
|
|
|
|
Assets
|
|
Unaffiliated investments, at value (identified cost,
$282,474,618)
|
|
$
|
284,745,788
|
|
|
|
Affiliated investment, at value (identified cost, $18,382,145)
|
|
|
18,382,145
|
|
|
|
Receivable for investments sold
|
|
|
13,226,993
|
|
|
|
Dividends and interest receivable
|
|
|
2,103,285
|
|
|
|
Interest receivable from affiliated investment
|
|
|
1,070
|
|
|
|
Tax reclaims receivable
|
|
|
631,723
|
|
|
|
|
|
Total assets
|
|
$
|
319,091,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Notes payable
|
|
$
|
85,000,000
|
|
|
|
Payable for investments purchased
|
|
|
13,394,888
|
|
|
|
Payable to affiliate for investment adviser fee
|
|
|
154,871
|
|
|
|
Payable to affiliate for Trustees fees
|
|
|
1,350
|
|
|
|
Accrued expenses
|
|
|
72,687
|
|
|
|
|
|
Total liabilities
|
|
$
|
98,623,796
|
|
|
|
|
|
Net Assets
|
|
$
|
220,467,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 14,519,257 shares issued and outstanding
|
|
$
|
145,193
|
|
|
|
Additional paid-in capital
|
|
|
275,026,709
|
|
|
|
Accumulated net realized loss (computed on the basis of
identified cost)
|
|
|
(61,907,851
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
4,911,163
|
|
|
|
Net unrealized appreciation (computed on the basis of identified
cost)
|
|
|
2,291,994
|
|
|
|
|
|
Net Assets
|
|
$
|
220,467,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value
|
|
($220,467,208
¸
14,519,257 common shares issued and outstanding)
|
|
$
|
15.18
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
|
April 30,
2009
|
|
|
|
|
|
|
Investment
Income
|
|
Dividends (net of foreign taxes, $951,057)
|
|
$
|
16,356,696
|
|
|
|
Interest
|
|
|
138,870
|
|
|
|
Interest income allocated from affiliated investment
|
|
|
47,674
|
|
|
|
Expenses allocated from affiliated investment
|
|
|
(26,213
|
)
|
|
|
|
|
Total investment income
|
|
$
|
16,517,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
1,322,045
|
|
|
|
Trustees fees and expenses
|
|
|
8,233
|
|
|
|
Interest expense and fees
|
|
|
1,032,399
|
|
|
|
Custodian fee
|
|
|
82,376
|
|
|
|
Legal and accounting services
|
|
|
45,308
|
|
|
|
Printing and postage
|
|
|
23,524
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
11,001
|
|
|
|
Miscellaneous
|
|
|
32,371
|
|
|
|
|
|
Total expenses
|
|
$
|
2,557,257
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of investment adviser fee
|
|
$
|
316,557
|
|
|
|
|
|
Total expense reductions
|
|
$
|
316,557
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
2,240,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
14,276,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions (identified cost basis)
|
|
$
|
(35,703,417
|
)
|
|
|
Foreign currency transactions
|
|
|
11,196
|
|
|
|
|
|
Net realized loss
|
|
$
|
(35,692,221
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments (identified cost basis)
|
|
$
|
(9,087,099
|
)
|
|
|
Foreign currency
|
|
|
60,430
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(9,026,669
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(44,718,890
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(30,442,563
|
)
|
|
|
|
|
See
notes to financial statements
8
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
FINANCIAL
STATEMENTS CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
Increase
(Decrease)
|
|
April 30,
2009
|
|
|
Year Ended
|
|
|
|
in Net Assets
|
|
(Unaudited)
|
|
|
October 31,
2008
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
14,276,327
|
|
|
$
|
36,788,816
|
|
|
|
Net realized loss from investment and
foreign currency transactions
|
|
|
(35,692,221
|
)
|
|
|
(23,539,602
|
)
|
|
|
Net change in unrealized appreciation (depreciation) of
investments and
foreign currency
|
|
|
(9,026,669
|
)
|
|
|
(257,837,489
|
)
|
|
|
Distributions to preferred shareholders
from net investment income
|
|
|
|
|
|
|
(2,898,188
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(30,442,563
|
)
|
|
$
|
(247,486,463
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(11,990,002
|
)
|
|
$
|
(33,880,687
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(11,990,002
|
)
|
|
$
|
(33,880,687
|
)
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(42,432,565
|
)
|
|
$
|
(281,367,150
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares
|
|
At beginning of period
|
|
$
|
262,899,773
|
|
|
$
|
544,266,923
|
|
|
|
|
|
At end of period
|
|
$
|
220,467,208
|
|
|
$
|
262,899,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income
included in net assets
applicable to common shares
|
|
At end of period
|
|
$
|
4,911,163
|
|
|
$
|
2,624,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
Cash Flows From
|
|
April 30,
2009
|
|
|
|
Operating Activities
|
|
(Unaudited)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(30,442,563
|
)
|
|
|
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by operating activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(172,517,683
|
)
|
|
|
Investments sold
|
|
|
210,450,137
|
|
|
|
Increase in short term investments, net
|
|
|
(12,598,982
|
)
|
|
|
Net accretion/amortization of premium (discount)
|
|
|
(896
|
)
|
|
|
Increase in dividends and interest receivable
|
|
|
(1,330,476
|
)
|
|
|
Decrease in interest receivable from affiliated investment
|
|
|
31,181
|
|
|
|
Increase in receivable for investments sold
|
|
|
(13,226,993
|
)
|
|
|
Increase in tax reclaims receivable
|
|
|
(374,382
|
)
|
|
|
Increase in payable for investments purchased
|
|
|
13,394,888
|
|
|
|
Decrease in payable to affiliate for investment adviser fee
|
|
|
(54,771
|
)
|
|
|
Increase in payable to affiliate for Trustees fees
|
|
|
144
|
|
|
|
Decrease in accrued expenses
|
|
|
(130,118
|
)
|
|
|
Net change in unrealized (appreciation) depreciation of
investments
|
|
|
9,087,099
|
|
|
|
Net realized loss on investments
|
|
|
35,703,417
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
37,990,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities
|
|
Cash distributions paid, net of reinvestments
|
|
$
|
(11,990,002
|
)
|
|
|
Repayment of notes payable
|
|
|
(26,000,000
|
)
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(37,990,002
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of period
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of period
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of
cash flow information:
|
|
Cash paid for interest and fees on borrowings
|
|
$
|
1,040,384
|
|
|
|
|
|
See
notes to financial statements
9
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
FINANCIAL
STATEMENTS CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Year Ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
2009
|
|
|
|
|
|
Period Ended
|
|
|
Year Ended
|
|
|
Period Ended
|
|
|
|
|
|
(Unaudited)
|
|
|
2008
|
|
|
2007
|
|
|
October 31,
2006(1)
|
|
|
March 31,
2006
|
|
|
March 31,
2005(2)
|
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
18.110
|
|
|
$
|
37.490
|
|
|
$
|
29.650
|
|
|
$
|
28.030
|
|
|
$
|
23.500
|
|
|
$
|
19.100
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income(4)
|
|
$
|
0.983
|
|
|
$
|
2.534
|
|
|
$
|
2.522
|
|
|
$
|
1.456
|
|
|
$
|
1.931
|
|
|
$
|
1.670
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(3.087
|
)
|
|
|
(19.380
|
)
|
|
|
7.900
|
|
|
|
1.415
|
|
|
|
4.640
|
|
|
|
4.136
|
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
|
|
|
|
(0.200
|
)
|
|
|
(0.459
|
)
|
|
|
(0.263
|
)
|
|
|
(0.340
|
)
|
|
|
(0.152
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(2.104
|
)
|
|
$
|
(17.046
|
)
|
|
$
|
9.963
|
|
|
$
|
2.608
|
|
|
$
|
6.231
|
|
|
$
|
5.654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.826
|
)
|
|
$
|
(2.334
|
)
|
|
$
|
(2.123
|
)
|
|
$
|
(0.988
|
)
|
|
$
|
(1.699
|
)
|
|
$
|
(1.095
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.002
|
)
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.826
|
)
|
|
$
|
(2.334
|
)
|
|
$
|
(2.123
|
)
|
|
$
|
(0.988
|
)
|
|
$
|
(1.701
|
)
|
|
$
|
(1.095
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred and Common shares offering costs charged to paid-in
capital(4)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.059
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares underwriting
discounts(4)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.100
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
15.180
|
|
|
$
|
18.110
|
|
|
$
|
37.490
|
|
|
$
|
29.650
|
|
|
$
|
28.030
|
|
|
$
|
23.500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
12.600
|
|
|
$
|
15.090
|
|
|
$
|
35.970
|
|
|
$
|
28.340
|
|
|
$
|
26.000
|
|
|
$
|
20.080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value(5)
|
|
|
(10.50
|
)%(15)
|
|
|
(47.35
|
)%
|
|
|
35.13
|
%
|
|
|
9.70
|
%(15)
|
|
|
28.18
|
%
|
|
|
30.16
|
%(6)(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value(5)
|
|
|
(10.84
|
)%(15)
|
|
|
(54.28
|
)%
|
|
|
35.65
|
%
|
|
|
13.04
|
%(15)
|
|
|
39.14
|
%
|
|
|
11.21
|
%(6)(15)
|
|
|
|
|
See
notes to financial statements
10
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
FINANCIAL
STATEMENTS CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Year Ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
2009
|
|
|
|
|
|
Period Ended
|
|
|
Year Ended
|
|
|
Period Ended
|
|
|
|
|
|
(Unaudited)
|
|
|
2008
|
|
|
2007
|
|
|
October 31,
2006(1)
|
|
|
March 31,
2006
|
|
|
March 31,
2005(2)
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
220,467
|
|
|
$
|
262,900
|
|
|
$
|
544,267
|
|
|
$
|
430,130
|
|
|
$
|
406,636
|
|
|
$
|
340,868
|
|
|
|
Ratios (As a percentage of average daily net assets applicable
to common
shares):(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before custodian fee reduction excluding interest and
fees(8)
|
|
|
1.12
|
%(9)
|
|
|
1.02
|
%
|
|
|
1.06
|
%
|
|
|
1.13
|
%(9)
|
|
|
1.17
|
%
|
|
|
1.14
|
%(9)
|
|
|
Interest and fee
expense(10)
|
|
|
0.93
|
%(9)
|
|
|
0.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses before custodian fee
reduction(8)
|
|
|
2.05
|
%(9)
|
|
|
1.56
|
%
|
|
|
1.06
|
%
|
|
|
1.13
|
%(9)
|
|
|
1.17
|
%
|
|
|
1.14
|
%(9)
|
|
|
Net investment income
|
|
|
12.89
|
%(9)
|
|
|
8.07
|
%
|
|
|
7.64
|
%
|
|
|
8.71
|
%(9)
|
|
|
7.52
|
%
|
|
|
8.64
|
%(9)
|
|
|
Portfolio Turnover
|
|
|
55
|
%(15)
|
|
|
113
|
%
|
|
|
78
|
%
|
|
|
29
|
%(15)
|
|
|
116
|
%
|
|
|
110
|
%(15)
|
|
|
|
|
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares and borrowings,
are as follows:
|
Ratios (As a percentage of average daily net assets applicable
to common shares
plus preferred shares and
borrowings):(7)
|
Expenses before custodian fee reduction excluding interest and
fees(8)
|
|
|
0.78
|
%(9)
|
|
|
0.77
|
%
|
|
|
0.82
|
%
|
|
|
0.84
|
%(9)
|
|
|
0.84
|
%
|
|
|
0.83
|
%(9)
|
|
|
Interest and fee
expense(10)
|
|
|
0.65
|
%(9)
|
|
|
0.41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses before custodian fee
reduction(8)
|
|
|
1.43
|
%(9)
|
|
|
1.18
|
%
|
|
|
0.82
|
%
|
|
|
0.84
|
%(9)
|
|
|
0.84
|
%
|
|
|
0.83
|
%(9)
|
|
|
Net investment income
|
|
|
8.99
|
%(9)
|
|
|
6.13
|
%
|
|
|
5.86
|
%
|
|
|
6.45
|
%(9)
|
|
|
5.41
|
%
|
|
|
6.34
|
%(9)
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable outstanding (in 000s)
|
|
$
|
85,000
|
|
|
$
|
111,000
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Asset coverage per $1,000 of notes
payable(11)
|
|
$
|
3,594
|
|
|
$
|
3,368
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Total preferred shares outstanding
|
|
|
|
(12)
|
|
|
|
(12)
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
Asset coverage per preferred
share(13)
|
|
$
|
|
(12)
|
|
$
|
|
(12)
|
|
$
|
118,868
|
|
|
$
|
99,182
|
|
|
$
|
95,119
|
|
|
$
|
83,774
|
|
|
|
Involuntary liquidation preference per preferred
share(14)
|
|
$
|
|
(12)
|
|
$
|
|
(12)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share(14)
|
|
$
|
|
(12)
|
|
$
|
|
(12)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
For the seven-month period ended October 31, 2006. The Fund
changed its fiscal year-end from March 31 to
October 31. |
|
(2)
|
|
For the period from the start of business, April 30, 2004,
to March 31, 2005. |
|
(3)
|
|
Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price. |
|
(4)
|
|
Computed using average common shares outstanding. |
|
(5)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
|
(6)
|
|
Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on
the first day and a sale at the net asset value on the last day
of the period reported with all distributions reinvested. Total
investment return on market value is calculated assuming a
purchase at the offering price of $20.00 less the sales load of
$0.90 per share paid by the shareholder on the first day and a
sale at the current market price on the last day of the period
reported with all distributions reinvested. |
|
(7)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders. |
|
(8)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%. |
|
(9)
|
|
Annualized. |
|
(10)
|
|
Interest and fee expense relates to the notes payable incurred
to redeem the Funds preferred shares (See Note 7). |
|
(11)
|
|
Calculated by subtracting the Funds total liabilities (not
including the notes payable) from the Funds total assets,
and dividing the result by the notes payable balance in
thousands. |
|
(12)
|
|
The Funds preferred shares were fully redeemed during the
year ended October 31, 2008. |
|
(13)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding. |
|
(14)
|
|
Plus accumulated and unpaid dividends. |
|
(15)
|
|
Not annualized. |
See
notes to financial statements
11
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
NOTES TO FINANCIAL
STATEMENTS (Unaudited)
1 Significant
Accounting Policies
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
(the Fund) is a Massachusetts business trust registered under
the Investment Company Act of 1940, as amended (the 1940 Act),
as a diversified, closed-end management investment company. The
Funds investment objective is to provide a high level of
after-tax total return consisting primarily of tax-advantaged
dividend income and capital appreciation. The Fund pursues its
objective by investing primarily in dividend-paying common and
preferred stocks.
The following is a summary of significant accounting policies of
the Fund. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A Investment
Valuation Equity securities listed on a U.S.
securities exchange generally are valued at the last sale price
on the day of valuation or, if no sales took place on such date,
at the mean between the closing bid and asked prices therefore
on the exchange where such securities are principally traded.
Equity securities listed on the NASDAQ Global or Global Select
Market generally are valued at the NASDAQ official closing
price. Unlisted or listed securities for which closing sales
prices or closing quotations are not available are valued at the
mean between the latest available bid and asked prices or, in
the case of preferred equity securities that are not listed or
traded in the over-the-counter market, by an independent pricing
service. The value of preferred equity securities that are
valued by a pricing service on a bond basis will be adjusted by
an income factor, to be determined by the investment adviser, to
reflect the next anticipated regular dividend. Debt obligations,
including listed securities and securities for which quotations
are readily available, will normally be valued on the basis of
reported trades or market quotations provided by independent
pricing services, when in the services judgment, these
prices are representative of the securities market values.
For debt securities where market quotations are not readily
available, the pricing services will use various techniques that
consider factors including, but not limited to, prices or yields
of securities with similar characteristics, benchmark yields,
broker/dealer quotes, issuer spreads, as well as industry and
economic events. Short-term debt securities with a remaining
maturity of sixty days or less are generally valued at amortized
cost, which approximates market value. If short-term debt
securities are acquired with a remaining maturity of more than
sixty days, they will be valued by a pricing service. Foreign
securities and currencies are valued in U.S. dollars, based on
foreign currency exchange rate quotations supplied by an
independent quotation service. The independent service uses a
proprietary model to determine the exchange rate. Inputs to the
model include reported trades and implied bid/ask spreads. The
daily valuation of exchange-traded foreign securities generally
is determined as of the close of trading on the principal
exchange on which such securities trade. Events occurring after
the close of trading on foreign exchanges may result in
adjustments to the valuation of foreign securities to more
accurately reflect their fair value as of the close of regular
trading on the New York Stock Exchange. When valuing foreign
equity securities that meet certain criteria, the Trustees have
approved the use of a fair value service that values such
securities to reflect market trading that occurs after the close
of the applicable foreign markets of comparable securities or
other instruments that have a strong correlation to the
fair-valued securities. Investments for which valuations or
market quotations are not readily available or are deemed
unreliable are valued at fair value using methods determined in
good faith by or at the direction of the Trustees of the Fund in
a manner that most fairly reflects the securitys value, or
the amount that the Fund might reasonably expect to receive for
the security upon its current sale in the ordinary course. Each
such determination is based on a consideration of all relevant
factors, which are likely to vary from one pricing context to
another. These factors may include, but are not limited to, the
type of security, the existence of any contractual restrictions
on the securitys disposition, the price and extent of
public trading in similar securities of the issuer or of
comparable companies, quotations or relevant information
obtained from broker-dealers or other market participants,
information obtained from the issuer, analysts,
and/or the
appropriate stock exchange (for exchange-traded securities), an
analysis of the companys financial condition, and an
evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold.
The Fund may invest in Cash Management Portfolio (Cash
Management), an affiliated investment company managed by Boston
Management and Research, a subsidiary of Eaton Vance Management
(EVM). Cash Management values its investment securities
utilizing the amortized cost valuation technique permitted by
Rule 2a-7
of the 1940 Act, pursuant to which Cash Management must comply
with certain conditions. This technique involves initially
valuing a portfolio security at its cost and thereafter assuming
a constant amortization to maturity of any discount or premium.
If amortized cost is determined not to approximate fair value,
Cash Management may value its investment securities based on
available market quotations provided by a pricing service.
B Investment
Transactions Investment transactions for
financial statement purposes are accounted for on a trade date
basis. Realized gains and losses on investments sold are
determined on the basis of identified cost.
12
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
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 Funds understanding of the applicable
countries tax rules and rates. Interest income is recorded
on the basis of interest accrued, adjusted for amortization of
premium or accretion of discount.
D Federal
Taxes The Funds policy is to comply
with the provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute to shareholders
each year substantially all of its net investment income, and
all or substantially all of its net realized capital gains.
Accordingly, no provision for federal income or excise tax is
necessary.
At October 31, 2008, the Fund, for federal income tax
purposes, had a capital loss carryforward of $25,409,868 which
will reduce its taxable income arising from future net realized
gains on investment transactions, if any, to the extent
permitted by the Internal Revenue Code, and thus will reduce the
amount of distributions to shareholders which would otherwise be
necessary to relieve the Fund of any liability for federal
income or excise tax. Such capital loss carryforward will expire
on October 31, 2013 ($1,109,278), October 31, 2014
($2,962,393), October 31, 2015 ($54,293) and
October 31, 2016 ($21,283,904).
As of April 30, 2009, the Fund had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Funds federal
tax returns filed in the
3-year
period ended October 31, 2008 remains subject to
examination by the Internal Revenue Service.
E Expense
Reduction State Street Bank and
Trust Company (SSBT) serves as custodian of the Fund.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Fund maintains with SSBT. All credit balances, if
any, used to reduce the Funds custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F Foreign
Currency Translation Investment valuations,
other assets, and liabilities initially expressed in foreign
currencies are translated each business day into U.S. dollars
based upon current exchange rates. Purchases and sales of
foreign investment securities and income and expenses
denominated in foreign currencies are translated into U.S.
dollars based upon currency exchange rates in effect on the
respective dates of such transactions. Recognized gains or
losses on investment transactions attributable to changes in
foreign currency exchange rates are recorded for financial
statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed.
G Use
of Estimates The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during
the reporting period. Actual results could differ from those
estimates.
H Indemnifications
Under the Funds organizational documents, its
officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their
duties to the Fund, and shareholders are indemnified against
personal liability for the obligations of the Fund.
Additionally, in the normal course of business, the Fund enters
into agreements with service providers that may contain
indemnification clauses. The Funds maximum exposure under
these arrangements is unknown as this would involve future
claims that may be made against the Fund that have not yet
occurred.
I Statement
of Cash Flows The cash amount shown in the
Statement of Cash Flows of the Fund is the amount included in
the Funds Statement of Assets and Liabilities and
represents the cash on hand at its custodian and does not
include any short-term investments.
J Interim
Financial Statements The interim financial
statements relating to April 30, 2009 and for the six
months then ended have not been audited by an independent
registered public accounting firm, but in the opinion of the
Funds management, reflect all adjustments, consisting only
of normal recurring adjustments, necessary for the fair
presentation of the financial statements.
2 Distributions
to Shareholders
The Fund intends to make monthly distributions of net investment
income to shareholders. In addition, at least annually, the Fund
intends to distribute all or substantially all of its net
realized capital gains, (reduced by available capital loss
carryforwards from prior years, if any). Distributions are
recorded on the ex-dividend date. The Fund distinguishes between
distributions on a tax basis and a financial reporting basis.
Accounting principles generally accepted in the United States of
America require that only distributions in excess of tax basis
earnings and profits be reported in the financial statements as
a return
13
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
of capital. Permanent differences between book and tax
accounting relating to distributions are reclassified to paid-in
capital. For tax purposes, distributions from short-term capital
gains are considered to be from ordinary income.
3 Investment
Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for
management and investment advisory services rendered to the
Fund. The fee is computed at an annual rate of 0.85% of the
Funds average daily gross assets and is payable monthly.
Gross assets as referred to herein represent net assets plus
obligations attributable to investment leverage. The portion of
the adviser fee payable by Cash Management on the Funds
investment of cash therein is credited against the Funds
adviser fee. For the six months ended April 30, 2009, the
Funds adviser fee totaled $1,347,145 of which $25,100 was
allocated from Cash Management and $1,322,045 was paid or
accrued directly by the Fund. EVM also serves as administrator
of the Fund, but receives no compensation.
In addition, EVM has contractually agreed to reimburse the Fund
for fees and other expenses at an annual rate of 0.20% of the
Funds average daily gross assets during the first five
full years of the Funds operations, 0.15% of the
Funds average daily gross assets in year six, 0.10% in
year seven and 0.05% in year eight. The Fund concluded its first
five full years of operations on April 30, 2009. Pursuant
to this agreement, EVM waived $316,557 of its adviser fee for
the six months ended April 30, 2009.
Except for Trustees of the Fund who are not members of
EVMs organization, officers and Trustees receive
remuneration for their services to the Fund out of the
investment adviser fee. Trustees of the Fund who are not
affiliated with EVM may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of
the Trustees Deferred Compensation Plan. For the six months
ended April 30, 2009, no significant amounts have been
deferred. Certain officers and Trustees of the Fund are officers
of EVM.
4 Purchases
and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, aggregated $172,517,683 and $210,450,137,
respectively, for the six months ended April 30, 2009.
5 Common
Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend
reinvestment plan. There were no transactions in common shares
for the six months ended April 30, 2009 and the year ended
October 31, 2008.
6 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Fund at April 30, 2009, as determined on
a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
301,474,980
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
32,058,636
|
|
|
|
Gross unrealized depreciation
|
|
|
(30,405,683
|
)
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
1,652,953
|
|
|
|
|
|
7 Committed
Facility Agreement
The Fund has entered into a Committed Facility Agreement, as
amended (the Agreement) with a major financial institution that
allows it to borrow up to $145 million over a rolling 180
calendar day period. Interest is charged at a rate above
3-month
LIBOR
(1-month
LIBOR up to January 1, 2009). The Fund is charged a
commitment fee of 0.55% (0.25% prior to January 1, 2009)
per annum on the unused portion of the commitment. Under the
terms of the Agreement, the Fund is required to satisfy certain
collateral requirements and maintain a certain level of net
assets. At April 30, 2009, the Fund had borrowings
outstanding under the Agreement of $85 million at an
interest rate of 1.82%. For the six months ended April 30,
2009, the average borrowings under the Agreement and the average
interest rate (annualized) were $97,093,423 and 1.89%,
respectively.
8 Risks
Associated with Foreign Investments
Investing in securities issued by companies whose principal
business activities are outside the United States may involve
significant risks not present in domestic investments. For
example, there is generally less publicly available information
about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities
laws. Certain foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and
standards of practice comparable to those applicable to domestic
issuers. Investments in foreign securities also involve the risk
of possible adverse changes in investment or exchange control
regulations, expropriation or confiscatory taxation, limitation
on the removal of funds or other assets of the Fund, political
or financial instability or diplomatic and other developments
which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some
foreign issuers (particularly those located in developing
countries) may be less liquid and more volatile than securities
of comparable U.S. companies. In general, there
14
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund as
of April 30, 2009
NOTES TO FINANCIAL
STATEMENTS (Unaudited) CONTD
is less overall governmental supervision and regulation of
foreign securities markets, broker-dealers and issuers than in
the United States.
9 Fair
Value Measurements
The Fund adopted Financial Accounting Standards Board Statement
of Financial Accounting Standards No. 157 (FAS 157),
Fair Value Measurements, effective November 1,
2008. FAS 157 established a three-tier hierarchy to
prioritize the assumptions, referred to as inputs, used in
valuation techniques to measure fair value. The three-tier
hierarchy of inputs is summarized in the three broad levels
listed below.
|
|
|
|
|
Level 1 quoted prices in active markets for
identical investments
|
|
|
|
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At April 30, 2009, the inputs used in valuing the
Funds investments, which are carried at value, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
193,543,187
|
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
109,584,746
|
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
303,127,933
|
|
|
|
|
|
The Fund held no investments or other financial instruments as
of October 31, 2008 whose fair value was determined using
Level 3 inputs.
15
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
ANNUAL MEETING OF SHAREHOLDERS
The Fund held its Annual Meeting of Shareholders on
February 27, 2009. The following action was taken by the
shareholders:
Item 1: The election of Thomas E. Faust
Jr., William H. Park and Heidi L. Steiger as Class II
Trustees of the Fund for a three-year term expiring in 2012; the
election of Benjamin C. Esty as Class I Trustee of the Fund
for a two-year term expiring in 2011; the election of Helen
Frame Peters as Class III Trustee for a one-year term
expiring in 2010.
|
|
|
|
|
|
|
|
|
|
|
Nominee for
Trustee
|
|
Number of
Shares
|
|
|
|
Elected by All
Shareholders
|
|
For
|
|
|
Withheld
|
|
|
|
|
|
Benjamin C. Esty
|
|
|
13,033,154
|
|
|
|
405,985
|
|
|
|
Thomas E. Faust Jr.
|
|
|
13,038,271
|
|
|
|
400,868
|
|
|
|
William H. Park
|
|
|
13,038,504
|
|
|
|
400,635
|
|
|
|
Heidi L. Steiger
|
|
|
13,056,250
|
|
|
|
382,889
|
|
|
|
Helen Frame Peters
|
|
|
13,032,757
|
|
|
|
406,382
|
|
|
|
16
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
DIVIDEND REINVESTMENT PLAN
The Fund offers a dividend reinvestment plan (the Plan) pursuant
to which shareholders may elect to have distributions
automatically reinvested in common shares (the Shares) of the
Fund. You may elect to participate in the Plan by completing the
Dividend Reinvestment Plan Application Form. If you do not
participate, you will receive all distributions in cash paid by
check mailed directly to you by American Stock
Transfer & Trust Company as dividend paying
agent. On the distribution payment date, if the net asset value
per Share is equal to or less than the market price per Share
plus estimated brokerage commissions, then new Shares will be
issued. The number of Shares shall be determined by the greater
of the net asset value per Share or 95% of the market price.
Otherwise, Shares generally will be purchased on the open market
by the Plan Agent. Distributions subject to income tax (if any)
are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in
the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in
your name with the Funds transfer agent, American Stock
Transfer & Trust Company, or you will not be able
to participate.
The Plan Agents service fee for handling distributions
will be paid by the Fund. Each participant will be charged their
pro rata share of brokerage commissions on all open-market
purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on the following
page. If you withdraw, you will receive shares in your name for
all Shares credited to your account under the Plan. If a
participant elects by written notice to the Plan Agent to have
the Plan Agent sell part or all of his or her Shares and remit
the proceeds, the Plan Agent is authorized to deduct a $5.00 fee
plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held
in your own name, you may complete the form on the following
page and deliver it to the Plan Agent.
Any inquiries regarding the Plan can be directed to the Plan
Agent, American Stock Transfer & Trust Company,
at 1-866-439-6787.
17
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
APPLICATION FOR PARTICIPATION IN
DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in
their own names. If your common shares are held in the name of a
brokerage firm, bank, or other nominee, you should contact your
nominee to see if it will participate in the Plan on your
behalf. If you wish to participate in the Plan, but your
brokerage firm, bank, or nominee is unable to participate on
your behalf, you should request that your common shares be
re-registered in your own name which will enable your
participation in the Plan.
The following authorization and appointment is given with the
understanding that I may terminate it at any time by terminating
my participation in the Plan as provided in the terms and
conditions of the Plan.
Please print exact name on account:
Shareholder
signature Date
Shareholder
signature Date
Please sign exactly as your common shares are registered. All
persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE
YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the
following address:
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
c/o American
Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY
10269-0560
Number of
Employees
The Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end management investment company and
has no employees.
Number of
Shareholders
As of April 30, 2009, our records indicate that there are
48 registered shareholders and approximately 12,790 shareholders
owning the Fund shares in street name, such as through brokers,
banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our
reports directly, which contain important information about the
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York
Stock Exchange symbol
The New York Stock Exchange symbol is ETO.
18
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
Overview
of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940
Act), provides, in substance, that each investment
advisory agreement between a fund and its investment adviser
will continue in effect from year to year only if its
continuance is approved at least annually by the funds
board of trustees, including by a vote of a majority of the
trustees who are not interested persons of the fund
(Independent Trustees), cast in person at a meeting
called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a
Board) of the Eaton Vance group of mutual funds (the
Eaton Vance Funds) held on April 27, 2009, the
Board, including a majority of the Independent Trustees, voted
to approve continuation of existing advisory and
sub-advisory
agreements for the Eaton Vance Funds for an additional
one-year
period. In voting its approval, the Board relied upon the
affirmative recommendation of the Contract Review Committee of
the Board (formerly the Special Committee), which is a committee
comprised exclusively of Independent Trustees. Prior to making
its recommendation, the Contract Review Committee reviewed
information furnished for a series of meetings of the Contract
Review Committee held in February, March and April 2009.
Such information included, among other things, the following:
Information
about Fees, Performance and Expenses
|
|
|
|
|
An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds;
|
|
|
An independent report comparing each funds total expense
ratio and its components to comparable funds;
|
|
|
An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods;
|
|
|
Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices;
|
|
|
Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund;
|
|
|
Profitability analyses for each adviser with respect to each
fund;
|
Information
about Portfolio Management
|
|
|
|
|
Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel;
|
|
|
Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds;
|
|
|
Data relating to portfolio turnover rates of each fund;
|
|
|
The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes;
|
Information
about each Adviser
|
|
|
|
|
Reports detailing the financial results and condition of each
adviser;
|
|
|
Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts;
|
|
|
Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes;
|
|
|
Copies of or descriptions of each advisers proxy voting
policies and procedures;
|
|
|
Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions;
|
|
|
Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates;
|
Other
Relevant Information
|
|
|
|
|
Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
|
|
|
Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
|
|
|
The terms of each advisory agreement.
|
19
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF INVESTMENT ADVISORY
AGREEMENT CONTD
In addition to the information identified above, the Contract
Review Committee considered information provided from time to
time by each adviser throughout the year at meetings of the
Board and its committees. Over the course of the twelve-month
period ended April 30, 2009, the Board met eighteen times
and the Contract Review Committee, the Audit Committee, the
Governance Committee, the Portfolio Management Committee and the
Compliance Reports and Regulatory Matters Committee, each of
which is a Committee comprised solely of Independent Trustees,
met seven, five, six, six and six times, respectively. At such
meetings, the Trustees received, among other things,
presentations by the portfolio managers and other investment
professionals of each adviser relating to the investment
performance of each fund and the investment strategies used in
pursuing the funds investment objective.
For funds that invest through one or more underlying portfolios,
the Board considered similar information about the portfolio(s)
when considering the approval of advisory agreements. In
addition, in cases where the funds investment adviser has
engaged a
sub-adviser,
the Board considered similar information about the
sub-adviser
when considering the approval of any
sub-advisory
agreement.
The Contract Review Committee was assisted throughout the
contract review process by Goodwin Procter LLP, legal counsel
for the Independent Trustees. The members of the Contract Review
Committee relied upon the advice of such counsel and their own
business judgment in determining the material factors to be
considered in evaluating each advisory and
sub-advisory
agreement and the weight to be given to each such factor. The
conclusions reached with respect to each advisory and
sub-advisory
agreement were based on a comprehensive evaluation of all the
information provided and not any single factor. Moreover, each
member of the Contract Review Committee may have placed varying
emphasis on particular factors in reaching conclusions with
respect to each advisory and
sub-advisory
agreement.
Results
of the Process
Based on its consideration of the foregoing, and such other
information as it deemed relevant, including the factors and
conclusions described below, the Contract Review Committee
concluded that the continuance of the investment advisory
agreement between Eaton Vance Tax-Advantaged Global Dividend
Opportunities Fund (the Fund), and Eaton Vance
Management (the Adviser), including its fee
structure, is in the interests of shareholders and, therefore,
the Contract Review Committee recommended to the Board approval
of the agreement. The Board accepted the recommendation of the
Contract Review Committee as well as the factors considered and
conclusions reached by the Contract Review Committee with
respect to the agreement. Accordingly, the Board, including a
majority of the Independent Trustees, voted to approve
continuation of the investment advisory agreement for the Fund.
Nature,
Extent and Quality of Services
In considering whether to approve the investment advisory
agreement of the Fund, the Board evaluated the nature, extent
and quality of services provided to the Fund by the Adviser.
The Board considered the Advisers management capabilities
and investment process with respect to the types of investments
held by the Fund, including the education, experience and number
of its investment professionals and other personnel who provide
portfolio management, investment research, and similar services
to the Fund, including recent changes to such personnel. In
particular, the Board evaluated the abilities and experience of
such investment personnel in analyzing factors such as credit
risk, tax efficiency, and special considerations relevant to
investing in particular foreign markets or industries. The Board
noted the Advisers in-house equity research capabilities
and experience in managing funds that seek to maximize after-tax
returns. The Board also took into account the resources
dedicated to portfolio management and other services, including
the compensation paid to recruit and retain investment
personnel, and the time and attention devoted to the Fund by
senior management.
The Board also reviewed the compliance programs of the Adviser
and relevant affiliates thereof. Among other matters, the Board
considered compliance and reporting matters relating to personal
trading by investment personnel, selective disclosure of
portfolio holdings, late trading, frequent trading, portfolio
valuation, business continuity and the allocation of investment
opportunities. The Board also evaluated the responses of the
Adviser and its affiliates to requests from regulatory
authorities such as the Securities and Exchange Commission and
the Financial Industry Regulatory Authority.
The Board considered shareholder and other administrative
services provided or managed by Eaton Vance Management and its
affiliates, including transfer agency and accounting services.
The Board evaluated the benefits to shareholders of investing in
a fund that is a part of a large family of funds.
The Board considered the Advisers recommendations for
Board action and other steps taken in response to the
unprecedented dislocations experienced in the capital markets
over recent periods, including sustained periods of high
volatility, credit disruption and government intervention. In
particular, the Board considered the Advisers efforts and
expertise with respect to each of the following matters as they
relate to the Fund
and/or other
funds within the Eaton Vance family of funds:
(i) negotiating and maintaining the
20
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF INVESTMENT ADVISORY
AGREEMENT CONTD
availability of bank loan facilities and other sources of credit
used for investment purposes or to satisfy liquidity needs;
(ii) establishing the fair value of securities and other
instruments held in investment portfolios during periods of
market volatility and issuer-specific disruptions; and
(iii) the ongoing monitoring of investment management
processes and risk controls. In addition, the Board considered
the Advisers actions with respect to the Auction Preferred
Shares (APS) issued by the Fund, including the
Advisers efforts to seek alternative forms of debt and
other leverage that may over time reduce financing costs
associated with APS and enable the Fund to restore liquidity for
APS holders.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser, taken as a whole, are appropriate and
consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of similarly managed funds identified by an
independent data provider and appropriate benchmark indices. The
Board reviewed comparative performance data for the
one- and
three-year
periods ended September 30, 2008 for the Fund. The Board
concluded that the performance of the Fund was satisfactory.
Management
Fees and Expenses
The Board reviewed contractual investment advisory fee rates,
including any administrative fee rates, payable by the Fund
(referred to as management fees). As part of its
review, the Board considered the Funds management fees and
total expense ratio for the year ended September 30, 2008,
as compared to a group of similarly managed funds selected by an
independent data provider. The Board considered that the Adviser
had waived fees
and/or paid
expenses for the Fund.
After reviewing the foregoing information, and in light of the
nature, extent and quality of the services provided by the
Adviser, the Board concluded that the management fees charged
for advisory and related services and the Funds total
expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser
and relevant affiliates thereof in providing investment advisory
and administrative services to the Fund and to all Eaton Vance
Funds as a group. The Board considered the level of profits
realized with and without regard to revenue sharing or other
payments by the Adviser and its affiliates to third parties in
respect of distribution services. The Board also considered
other direct or indirect benefits received by the Adviser and
its affiliates in connection with its relationship with the
Fund, including the benefits of research services that may be
available to the Adviser as a result of securities transactions
effected for the Fund and other advisory clients.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the
profits realized by the Adviser and its affiliates are
reasonable.
Economies
of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates,
on the one hand, and the Fund, on the other hand, can expect to
realize benefits from economies of scale as the assets of the
Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from the economies
of scale with respect to the management of any specific fund or
group of funds. The Board also considered the fact that the Fund
is not continuously offered and concluded that, in light of the
level of the advisers profits with respect to the Fund,
the implementation of breakpoints in the advisory fee schedule
is not appropriate at this time. Based upon the foregoing, the
Board concluded that the benefits from economies of scale are
currently being shared equitably by the Adviser and its
affiliates and the Fund.
21
Eaton Vance
Tax-Advantaged Global Dividend Opportunities
Fund
OFFICERS AND TRUSTEES
|
|
|
Officers Duncan W. Richardson President
Thomas E. Faust Jr. Vice President and Trustee
Aamer Khan Vice President
Martha G. Locke Vice President
Thomas H. Luster Vice President
Judith A. Saryan Vice President
Barbara E. Campbell Treasurer
Maureen A. Gemma Secretary and Chief Legal Officer
Paul M. ONeil Chief Compliance Officer
|
|
Trustees Ralph F. Verni Chairman
Benjamin C. Esty
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Heidi L. Steiger
Lynn A. Stout
|
22
This Page Intentionally Left Blank
This Page Intentionally Left Blank
Investment
Adviser and Administrator of
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
Eaton Vance
Management
Two International
Place
Boston, MA 02110
State Street
Bank and Trust Company
200 Clarendon
Street
Boston, MA 02116
American Stock
Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
Two
International Place
Boston, MA
02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide
a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial
Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief
Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive
Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a
holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund
Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds 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 Funds 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 Boards Contract Review Committee except as contemplated under
the Fund Policy. The Boards Contract Review Committee will instruct the investment adviser on the
appropriate course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy voting
service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist
in the voting of proxies through the provision of vote analysis, implementation and recordkeeping
and disclosure services. The investment adviser will generally vote proxies through the Agent.
The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant
to the Policies. It is generally the policy of the investment adviser to vote in accordance with
the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating
to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers
contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover
measures and other proposals designed to limit the ability of shareholders to act on possible
transactions, except in the case of closed-end management investment companies. The investment
adviser generally supports management on social and environmental proposals. The investment
adviser may abstain from voting from time to time where it determines that the costs associated
with voting a proxy outweighs the benefits derived from
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 Funds 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 advisers personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected to be received from
a company included on that list to the personal of the investment adviser identified in the
Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner
inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel
will consult with members of senior management of the investment adviser to determine if a material
conflict of interests exists. If it is determined that a material conflict does exist, the
investment adviser will seek instruction on how to vote from the Contract Review Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial
officer that the effectiveness of the registrants 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
Commissions rules and forms and that the information required to be disclosed by the registrant
has been accumulated and communicated to the registrants principal executive officer and principal
financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial
reporting.
Item 12. Exhibits
|
|
|
(a)(1)
|
|
Registrants Code of Ethics Not applicable (please see Item 2). |
|
|
|
(a)(2)(i)
|
|
Treasurers Section 302 certification. |
|
|
|
(a)(2)(ii)
|
|
Presidents Section 302 certification. |
|
|
|
(b)
|
|
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
|
|
|
|
|
|
|
|
|
By: |
/s/ Duncan W. Richardson |
|
|
|
|
Duncan W. Richardson
|
|
|
|
|
President |
|
|
|
Date: June 15, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
|
By: |
/s/ Barbara E. Campbell |
|
|
|
|
Barbara E. Campbell
Treasurer
|
|
|
|
Date: June 15, 2009
|
|
|
|
|
|
|
|
|
By: |
/s/ Duncan W. Richardson |
|
|
|
|
Duncan W. Richardson
President
|
|
|
|
Date: June 15, 2009