Eaton Vance Tax-Advantaged Global Dividend Opportu
Table of Contents

 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
811-21519
Investment Company Act File Number
 
Eaton Vance Tax-Advantaged Global
Dividend Opportunities Fund
(Exact Name of Registrant as Specified in Charter)
 
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
 
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
 
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
 
October 31
Date of Fiscal Year End
 
July 31, 2009
Date of Reporting Period
 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Signatures
EX-99.CERT Section 302 Certification

Table of Contents

 
Item 1. Schedule of Investments

Table of Contents

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of July 31, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks(1) — 102.6%
 
                 
Security   Shares     Value  
Capital Markets — 1.0%
               
Man Group PLC
    550,000     $ 2,541,904  
                 
            $ 2,541,904  
                 
Chemicals — 1.8%
               
FMC Corp. 
    100,000     $ 4,864,000  
                 
            $ 4,864,000  
                 
Commercial Banks — 3.9%
               
PNC Financial Services Group, Inc. 
    125,000     $ 4,582,500  
Wells Fargo & Co. 
    240,000       5,870,400  
                 
            $ 10,452,900  
                 
Commercial Services & Supplies — 2.1%
               
Waste Management, Inc. 
    198,000     $ 5,565,780  
                 
            $ 5,565,780  
                 
Computers & Peripherals — 2.7%
               
International Business Machines Corp. 
    60,000     $ 7,075,800  
                 
            $ 7,075,800  
                 
Construction & Engineering — 2.1%
               
Fluor Corp. 
    105,000     $ 5,544,000  
                 
            $ 5,544,000  
                 
Diversified Telecommunication Services — 6.6%
               
AT&T, Inc. 
    230,000     $ 6,032,900  
Deutsche Telekom AG
    400,000       5,131,922  
Hellenic Telecommunications Organization SA
    160,000       2,507,029  
Telefonos de Mexico SA de CV ADR
    200,000       3,162,000  
Telkom South Africa, Ltd. 
    140,444       699,330  
                 
            $ 17,533,181  
                 
Electric Utilities — 6.4%
               
E.ON AG
    145,000     $ 5,478,629  
Enel SpA
    1,000,000       5,434,317  
Entergy Corp. 
    75,000       6,024,750  
                 
            $ 16,937,696  
                 
Energy Equipment & Services — 2.5%
               
Halliburton Co. 
    300,000     $ 6,627,000  
                 
            $ 6,627,000  
                 
Food Products — 2.9%
               
Nestle SA ADR
    187,500     $ 7,702,500  
                 
            $ 7,702,500  
                 
Gas Utilities — 1.0%
               
Gas Natural SDG SA
    145,000     $ 2,711,385  
                 
            $ 2,711,385  
                 
Health Care Providers & Services — 2.2%
               
Fresenius Medical Care AG & Co. KGaA
    125,000     $ 5,741,076  
                 
            $ 5,741,076  
                 
Household Products — 2.0%
               
Kimberly-Clark de Mexico SA de CV
    1,250,000     $ 5,204,785  
                 
            $ 5,204,785  
                 
 
1

Table of Contents

                 
Security   Shares     Value  
Industrial Conglomerates — 1.8%
               
Siemens AG
    60,000     $ 4,781,530  
                 
            $ 4,781,530  
                 
Insurance — 3.2%
               
Prudential Financial, Inc. 
    145,000     $ 6,419,150  
Travelers Companies, Inc. (The)
    47,000       2,024,290  
                 
            $ 8,443,440  
                 
IT Services — 1.5%
               
MasterCard, Inc., Class A
    20,000     $ 3,880,600  
                 
            $ 3,880,600  
                 
Machinery — 4.2%
               
Illinois Tool Works, Inc. 
    125,000     $ 5,068,750  
Parker Hannifin Corp. 
    90,000       3,985,200  
Vallourec SA
    15,153       1,993,897  
                 
            $ 11,047,847  
                 
Media — 6.1%
               
McGraw-Hill Cos., Inc. (The)
    160,000     $ 5,016,000  
Time Warner, Inc. 
    160,000       4,265,600  
Vivendi SA
    275,000       7,049,240  
                 
            $ 16,330,840  
                 
Metals & Mining — 10.4%
               
ArcelorMittal
    72,000     $ 2,594,819  
BHP Billiton, Ltd. ADR
    130,000       8,184,800  
KGHM Polska Miedz SA
    95,000       2,825,560  
Newmont Mining Corp. 
    60,000       2,481,000  
United States Steel Corp. 
    145,000       5,763,750  
Vale SA ADR
    300,000       5,919,000  
                 
            $ 27,768,929  
                 
Multi-Utilities — 1.0%
               
National Grid PLC
    300,000     $ 2,798,487  
                 
            $ 2,798,487  
                 
Multiline Retail — 2.3%
               
Target Corp. 
    140,000     $ 6,106,800  
                 
            $ 6,106,800  
                 
Oil, Gas & Consumable Fuels — 16.3%
               
Chevron Corp. 
    90,000     $ 6,252,300  
Enbridge, Inc. 
    167,200       6,494,048  
Exxon Mobil Corp. 
    72,000       5,068,080  
Occidental Petroleum Corp. 
    105,000       7,490,700  
StatoilHydro ASA
    425,000       9,086,857  
Total SA ADR
    160,000       8,904,000  
                 
            $ 43,295,985  
                 
Personal Products — 1.1%
               
Avon Products, Inc. 
    92,500     $ 2,995,150  
                 
            $ 2,995,150  
                 
Pharmaceuticals — 10.4%
               
Bristol-Myers Squibb Co. 
    300,000     $ 6,522,000  
Pfizer, Inc. 
    165,000       2,628,450  
Roche Holding AG
    40,000       6,305,875  
Sanofi-Aventis SA
    123,000       8,047,550  
Teva Pharmaceutical Industries, Ltd. ADR
    80,000       4,267,200  
                 
            $ 27,771,075  
                 
 
2

Table of Contents

                 
Security   Shares     Value  
Software — 1.9%
               
Microsoft Corp. 
    215,000     $ 5,056,800  
                 
            $ 5,056,800  
                 
Specialty Retail — 1.0%
               
Home Depot, Inc. 
    100,000     $ 2,594,000  
                 
            $ 2,594,000  
                 
Textiles, Apparel & Luxury Goods — 2.4%
               
VF Corp. 
    100,000     $ 6,469,000  
                 
            $ 6,469,000  
                 
Tobacco — 1.8%
               
Philip Morris International, Inc. 
    100,000     $ 4,660,000  
                 
            $ 4,660,000  
                 
                 
Total Common Stocks
(identified cost $225,793,348)
          $ 272,502,490  
                 
 
Preferred Stocks — 19.9%
 
                 
Security   Shares     Value  
Capital Markets — 1.3%
               
Morgan Stanley, 4.00%(2)
    200,000     $ 3,370,000  
                 
            $ 3,370,000  
                 
Commercial Banks — 8.4%
               
Abbey National Capital Trust I, 8.963%(2)
    750     $ 595,471  
ABN AMRO North America Capital Funding Trust, 6.968%(2)(3)
    950       419,188  
BBVA International SA Unipersonal, 5.919%(2)
    1,000       667,879  
BNP Paribas, 7.195%(2)(3)
    25       1,866,450  
BNP Paribas Capital Trust, 9.003%(2)(3)
    4,000       3,454,964  
Credit Agricole SA/London, 6.637%(2)(3)
    1,100       716,498  
DB Contingent Capital Trust II, 6.55%
    25,000       493,250  
Den Norske Bank, 7.729%(2)(3)
    3,600       2,928,028  
JPMorgan Chase & Co., 7.90%(2)
    2,500       2,433,630  
Landsbanki Islands HF, 7.431%(2)(3)(4)
    2,150       1,290  
Lloyds Banking Group PLC, 6.657%(2)(3)
    1,900       804,982  
PNC Financial Services Group, Inc., Series F, 9.875%(2)
    90,000       2,359,800  
Royal Bank of Scotland Group PLC, 7.25%
    26,852       420,234  
Royal Bank of Scotland Group PLC, 7.64%(2)
    9       437,586  
Santander Finance Unipersonal, 6.50%
    58,500       1,289,925  
Standard Chartered PLC, 6.409%(2)(3)
    11       704,804  
Wells Fargo & Co., 7.50%
    900       755,964  
Wells Fargo & Co., 7.98%(2)
    2,100       1,882,480  
                 
            $ 22,232,423  
                 
Diversified Financial Services — 1.1%
               
Bank of America Corp., 6.70%
    58,000     $ 1,084,600  
Bank of America Corp., Series I, 6.625%
    46,000       845,940  
CoBank, ACB, 11.00%(3)
    20,000       943,030  
                 
            $ 2,873,570  
                 
Food Products — 0.4%
               
Dairy Farmers of America, 7.875%(3)
    18,500     $ 1,205,969  
                 
            $ 1,205,969  
                 
Insurance — 6.0%
               
Aegon NV, 6.375%
    95,000     $ 1,520,000  
Arch Capital Group, Ltd., Series B, 7.875%
    15,000       330,300  
AXA SA, 6.379%(2)(3)
    500       355,002  
AXA SA, 6.463%(2)(3)
    4,400       2,989,096  
Endurance Specialty Holdings, Ltd., 7.75%
    14,750       301,638  
 
3

Table of Contents

                 
Security   Shares     Value  
ING Capital Funding Trust III, 8.439%(2)
    1,200     $ 831,086  
ING Groep NV, 8.50%
    57,739       1,257,555  
MetLife, Inc., 6.50%
    100,000       2,290,000  
PartnerRe, Ltd., 6.50%
    20,000       435,800  
Prudential PLC, 6.50%
    2,600       2,039,411  
RenaissanceRe Holdings, Ltd., 6.08%
    113,000       2,084,850  
Zurich Regcaps Fund Trust VI, 1.214%(2)(3)
    2,500       1,599,219  
                 
            $ 16,033,957  
                 
Oil, Gas & Consumable Fuels — 2.7%
               
Dominion Resources, Inc., 8.375%
    100,000     $ 2,603,000  
Kinder Morgan GP, Inc., 8.33%(2)(3)
    5,000       4,612,812  
                 
            $ 7,215,812  
                 
                 
Total Preferred Stocks
(identified cost $63,329,020)
          $ 52,931,731  
                 
 
Corporate Bonds & Notes — 5.6%
 
                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Agriculture — 0.3%
               
Bunge Ltd. Finance Corp., 5.10%, 7/15/15
  $ 1,000     $ 940,167  
                 
            $ 940,167  
                 
Broadcasting and Cable — 0.5%
               
Time Warner Cable, Inc., 8.75%, 2/14/19
  $ 1,000     $ 1,242,998  
                 
            $ 1,242,998  
                 
Commercial Banks — 1.0%
               
Capital One Bank USA NA, 8.80%, 7/15/19
  $ 1,000     $ 1,086,524  
Capital One Capital V, 10.25%, 8/15/39
    1,500       1,529,844  
                 
            $ 2,616,368  
                 
Energy — 0.5%
               
Energy Transfer Partners LP, Sr. Notes, 9.70%, 3/15/19
  $ 1,000     $ 1,255,841  
                 
            $ 1,255,841  
                 
Foods-Retail — 0.8%
               
Safeway, Inc., Sr. Notes, 6.25%, 3/15/14
  $ 1,000     $ 1,096,765  
Yum! Brands, Inc., 6.875%, 11/15/37
    1,000       1,059,547  
                 
            $ 2,156,312  
                 
Insurance — 0.8%
               
MetLife, Inc., 10.75%, 8/1/39
  $ 2,000     $ 2,144,850  
                 
            $ 2,144,850  
                 
Oil and Gas-Equipment and Services — 0.4%
               
Transocean, Inc., Sr. Notes, 6.00%, 3/15/18
  $ 1,000     $ 1,078,211  
                 
            $ 1,078,211  
                 
Retail-Drug Stores — 0.4%
               
CVS Caremark Corp., Sr. Notes, 5.75%, 6/1/17
  $ 1,000     $ 1,066,138  
                 
            $ 1,066,138  
                 
Tobacco — 0.5%
               
Altria Group, Inc., 9.95%, 11/10/38
  $ 1,000     $ 1,277,709  
                 
            $ 1,277,709  
                 
 
4

Table of Contents

                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Utilities — 0.4%
               
Georgia Power Co., Sr. Notes, 5.95%, 2/1/39
  $ 1,000     $ 1,089,604  
                 
            $ 1,089,604  
                 
                 
Total Corporate Bonds & Notes
(identified cost $13,432,473)
          $ 14,868,198  
                 
 
Short-Term Investments — 3.4%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Cash Management Portfolio, 0.00%(5)
  $ 9,107     $ 9,107,483  
                 
                 
Total Short-Term Investments
(identified cost $9,107,483)
          $ 9,107,483  
                 
                 
Total Investments — 131.5%
(identified cost $311,662,324)
          $ 349,409,902  
                 
                 
Other Assets, Less Liabilities — (31.5)%
          $ (83,703,950 )
                 
                 
Net Assets — 100.0%
          $ 265,705,952  
                 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
             
         
ADR
  -   American Depository Receipt
         
(1)
      Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.
         
(2)
      Variable rate security. The stated interest rate represents the rate in effect at July 31, 2009.
         
(3)
      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 July 31, 2009, the aggregate value of these securities is $22,601,332 or 8.5% of the Fund’s net assets.
         
(4)
      Defaulted security.
         
(5)
      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 July 31, 2009. Net income allocated from the investment in Cash Management Portfolio for the fiscal year to date ended July 31, 2009 was $22,988.
 
5

Table of Contents

Country Concentration of Portfolio
 
                 
    Percentage of
 		       
Country   Total Investments     Value  
   
United States
    59.2 %   $ 206,818,301  
France
    8.6       30,055,283  
Germany
    6.1       21,133,157  
Switzerland
    4.0       14,008,375  
Norway
    3.4       12,014,885  
Mexico
    2.4       8,366,785  
Australia
    2.3       8,184,800  
United Kingdom
    2.2       7,707,997  
Canada
    1.9       6,494,048  
Brazil
    1.7       5,919,000  
Italy
    1.6       5,434,317  
Israel
    1.2       4,267,200  
Spain
    1.2       4,001,310  
Poland
    0.8       2,825,560  
Netherlands
    0.8       2,777,555  
Luxembourg
    0.7       2,594,819  
Bermuda
    0.7       2,520,650  
Greece
    0.7       2,507,029  
Cayman Islands
    0.3       1,078,211  
South Africa
    0.2       699,330  
Iceland
    0.0       1,290  
                 
Total Investments
    100.0 %   $ 349,409,902  
                 
 
The Fund did not have any open financial instruments at July 31, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 312,286,562  
         
Gross unrealized appreciation
  $ 54,315,067  
Gross unrealized depreciation
    (17,191,727 )
         
Net unrealized appreciation
  $ 37,123,340  
         
 
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective November 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •   Level 1 — quoted prices in active markets for identical investments
 
  •   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
6

Table of Contents

At July 31, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description
  (Level 1)     (Level 2)     (Level 3)     Total  
Common Stocks
                               
Consumer Discretionary
  $ 24,451,400     $ 7,049,240     $ —     $ 31,500,640  
Consumer Staples
    20,562,435       —       —       20,562,435  
Energy
    40,836,128       9,086,857       —       49,922,985  
Financials
    18,896,340       2,541,904       —       21,438,244  
Health Care
    13,417,650       20,094,501       —       33,512,151  
Industrials
    20,163,730       6,775,427       —       26,939,157  
Information Technology
    16,013,200       —       —       16,013,200  
Materials
    27,212,550       5,420,379       —       32,632,929  
Telecommunication Services
    9,194,900       8,338,281       —       17,533,181  
Utilities
    6,024,750       16,422,818       —       22,447,568  
                                 
Total Common Stocks
  $ 196,773,083     $ 75,729,407 *   $       $ 272,502,490  
                                 
Preferred Stocks
                               
Consumer Staples
  $ —     $ 1,205,969     $ —     $ 1,205,969  
Energy
    2,603,000       4,612,812       —       7,215,812  
Financials
    18,839,856       25,670,094       —       44,509,950  
                                 
Total Preferred Stocks
  $ 21,442,856     $ 31,488,875     $ —     $ 52,931,731  
                                 
Corporate Bonds & Notes
  $ —     $ 14,868,198     $ —     $ 14,868,198  
Short-Term Investments
    9,107,483       —       —       9,107,483  
                                 
Total Investments
  $ 227,323,422     $ 122,086,480     $ —     $ 349,409,902  
                                 
 
*  Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.
 
The Fund held no investments or other financial instruments as of October 31, 2008 whose fair value was determined using Level 3 inputs.
 
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
 
7

Table of Contents

 
Item 2. Controls and Procedures
 
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
 
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Table of Contents

 
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:
  September 25, 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/ Duncan W. Richardson    
         
    Duncan W. Richardson    
    President    
         
Date:
  September 25, 2009    
         
By:
  /s/ Barbara E. Campbell    
         
    Barbara E. Campbell    
    Treasurer    
         
Date:
  September 25, 2009